Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35493 | |
Entity Registrant Name | STEEL PARTNERS HOLDINGS L.P. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3727655 | |
Entity Address, Address Line One | 590 Madison Avenue, 32nd Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10022 | |
City Area Code | 212 | |
Local Phone Number | 520-2300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 21,139,183 | |
Entity Central Index Key | 0001452857 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common Units, no par value | |
Trading Symbol | SPLP | |
Security Exchange Name | NYSE | |
Series A Preferred Units | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | 6.0% Series A Preferred Units | |
Trading Symbol | SPLP-PRA | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 132,743 | $ 135,788 |
Marketable securities | 0 | 106 |
Trade and other receivables - net of allowance for doubtful accounts of $3,590 and $3,368, respectively | 202,730 | 164,106 |
Receivables from related parties | 3,151 | 2,073 |
Loans receivable, including loans held for sale of $159,241 and $88,171, respectively, net | 504,407 | 306,091 |
Inventories, net | 169,697 | 137,086 |
Prepaid expenses and other current assets | 45,884 | 58,053 |
Total current assets | 1,058,612 | 803,303 |
Long-term loans receivable, net | 746,204 | 2,183,017 |
Goodwill | 148,028 | 150,852 |
Other intangible assets, net | 124,337 | 138,581 |
Deferred tax assets | 16,983 | 66,553 |
Other non-current assets | 40,620 | 42,068 |
Property, plant and equipment, net | 213,737 | 228,992 |
Operating lease right-of-use assets | 28,249 | 29,715 |
Long-term investments | 256,615 | 291,297 |
Total Assets | 2,633,385 | 3,934,378 |
Current liabilities: | ||
Accounts payable | 133,032 | 100,759 |
Accrued liabilities | 77,390 | 69,967 |
Deposits | 292,357 | 285,393 |
Payables to related parties | 1,474 | 4,080 |
Short-term debt | 34 | 397 |
Current portion of long-term debt | 11,206 | 10,361 |
Other current liabilities | 47,430 | 46,044 |
Total current liabilities | 562,923 | 517,001 |
Long-term deposits | 197,156 | 70,266 |
Long-term debt | 252,201 | 323,392 |
Other borrowings | 668,392 | 2,090,223 |
Preferred unit liability | 148,895 | 146,892 |
Accrued pension liabilities | 139,783 | 183,462 |
Deferred tax liabilities | 2,112 | 2,169 |
Long-term operating lease liabilities | 20,386 | 21,845 |
Other non-current liabilities | 36,595 | 39,906 |
Total Liabilities | 2,028,443 | 3,395,156 |
Commitments and Contingencies | ||
Capital: | ||
Partners' capital common units: 21,235,338 and 22,920,804 issued and outstanding (after deducting 16,598,557 and 14,916,635 units held in treasury, at cost of $257,547 and $219,245), respectively | 772,614 | 707,309 |
Accumulated other comprehensive loss | (172,832) | (172,649) |
Total Partners' Capital | 599,782 | 534,660 |
Noncontrolling interests in consolidated entities | 5,160 | 4,562 |
Total Capital | 604,942 | 539,222 |
Total Liabilities and Capital | $ 2,633,385 | $ 3,934,378 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 3,590 | $ 3,368 |
Loans held-for-sale | $ 159,241 | $ 88,171 |
Common units issued (in shares) | 21,235,338 | 22,920,804 |
Common units outstanding (in shares) | 21,235,338 | 22,920,804 |
Common units held in treasury (in shares) | 16,598,557 | 14,916,635 |
Common units held in treasury, cost | $ 257,547 | $ 219,245 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue: | ||||||||
Total revenue | $ 392,113 | $ 330,333 | $ 1,093,039 | $ 971,916 | ||||
Costs and expenses: | ||||||||
Cost of goods sold | 252,819 | 220,633 | 712,101 | 637,705 | ||||
Selling, general and administrative expenses | 80,405 | 67,399 | 223,793 | 215,466 | ||||
Asset impairment charges | 0 | 0 | 0 | 617 | ||||
Finance interest expense | 1,790 | 2,537 | 6,649 | 9,446 | ||||
Provision for (benefit from) loan losses | 437 | (9,684) | (1,845) | 30,706 | ||||
Interest expense | 5,089 | 6,988 | 16,059 | 23,337 | ||||
Realized and unrealized losses (gains) on securities, net | 21,453 | (969) | 40,232 | 25,515 | ||||
Other income, net | (1,091) | (1,577) | (36,984) | (4,544) | ||||
Total costs and expenses | 360,902 | 285,327 | 960,005 | 938,248 | ||||
Income from continuing operations before income taxes and equity method investments | 31,211 | 45,006 | 133,034 | 33,668 | ||||
Income tax provision | 6,428 | 13,533 | 56,435 | 9,043 | ||||
Loss (income) of associated companies, net of taxes | 2,685 | (3,194) | (26,276) | 26,420 | ||||
Net income (loss) from continuing operations | 22,098 | 34,667 | 102,875 | (1,795) | ||||
Gain (loss) from discontinued operations, net of taxes | 7 | (21) | 135 | (2,602) | ||||
Net gain (loss) on deconsolidation of discontinued operations | 0 | 1,161 | 0 | (21,787) | ||||
Net gain (loss) from discontinued operations, net of taxes | 7 | 1,140 | 135 | (24,389) | ||||
Net income (loss) | 22,105 | $ 27,563 | $ 53,342 | 35,807 | $ (1,243) | $ (60,748) | 103,010 | (26,184) |
Net loss (income) attributable to noncontrolling interests in consolidated entities (continuing operations) | 195 | (248) | (519) | (569) | ||||
Net income (loss) attributable to common unitholders | $ 22,300 | $ 35,559 | $ 102,491 | $ (26,753) | ||||
Net income (loss) per common unit - basic | ||||||||
Net income (loss) from continuing operations (in dollars per share) | $ 1.06 | $ 1.38 | $ 4.69 | $ (0.10) | ||||
Net income (loss) from discontinued operations (in dollars per share) | 0 | 0.05 | 0.01 | (0.98) | ||||
Net income (loss) attributable to common unitholders (in dollars per share) | 1.06 | 1.43 | 4.70 | (1.08) | ||||
Net income (loss) per common unit - diluted | ||||||||
Net income (loss) from continuing operations (in dollars per share) | 0.92 | 0.72 | 3.63 | (0.10) | ||||
Net income (loss) from discontinued operations (in dollars per share) | 0 | 0.02 | 0 | (0.98) | ||||
Net income (loss) attributable to common unitholders (in dollars per share) | $ 0.92 | $ 0.74 | $ 3.63 | $ (1.08) | ||||
Weighted-average number of common units outstanding - basic (in shares) | 21,018,615 | 24,874,281 | 21,816,833 | 24,844,114 | ||||
Weighted-average number of common units outstanding - diluted (in shares) | 27,672,551 | 52,067,382 | 30,715,447 | 24,844,114 | ||||
Diversified Industrial net sales | ||||||||
Revenue: | ||||||||
Total revenue | $ 306,471 | $ 274,420 | $ 860,719 | $ 787,138 | ||||
Energy net revenue | ||||||||
Revenue: | ||||||||
Total revenue | 45,862 | 22,378 | 119,716 | 75,282 | ||||
Financial Services revenue | ||||||||
Revenue: | ||||||||
Total revenue | $ 39,780 | $ 33,535 | $ 112,604 | $ 109,496 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||||||
Net income (loss) | $ 22,105 | $ 27,563 | $ 53,342 | $ 35,807 | $ (1,243) | $ (60,748) | $ 103,010 | $ (26,184) |
Other comprehensive (loss) income, net of taxes: | ||||||||
Unrealized gains on available-for-sale debt securities | 182 | 0 | 182 | 0 | ||||
Currency translation adjustments | (762) | 1,379 | (365) | (184) | ||||
Other comprehensive (loss) income | (580) | 1,379 | (183) | (184) | ||||
Comprehensive income (loss) | 21,525 | 37,186 | 102,827 | (26,368) | ||||
Comprehensive loss (income) attributable to noncontrolling interests | 195 | (248) | (519) | (569) | ||||
Comprehensive income (loss) attributable to common unitholders | $ 21,720 | $ 36,938 | $ 102,308 | $ (26,937) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Capital (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year (in shares) | 22,920,804 | 22,920,804 | ||||||
Balance at beginning of year | $ 592,629 | $ 592,710 | $ 539,222 | $ 420,796 | $ 420,592 | $ 466,633 | $ 539,222 | $ 466,633 |
Net income (loss) | 22,105 | 27,563 | 53,342 | 35,807 | (1,243) | (60,748) | 103,010 | (26,184) |
Unrealized gains on available-for-sale debt securities | 182 | 0 | $ 182 | 0 | ||||
Currency translation adjustments | (762) | 614 | (217) | 1,379 | 1,373 | (2,936) | ||
Equity compensation - restricted units | 399 | 354 | 363 | 334 | 49 | 104 | ||
Purchases of SPLP common units | (9,690) | (28,612) | ||||||
Deconsolidation of API (see Note 3) | 17,481 | |||||||
Other, net | $ 79 | 65 | 25 | 58 | ||||
Balance at end of period (in shares) | 21,235,338 | 21,235,338 | ||||||
Balance at end of year | $ 604,942 | 592,629 | 592,710 | 458,381 | 420,796 | 420,592 | $ 604,942 | 458,381 |
Total Partners' Capital | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | 587,353 | 587,757 | 534,660 | 416,581 | 416,596 | 462,827 | 534,660 | 462,827 |
Net income (loss) | 22,300 | 27,240 | 52,951 | 35,559 | (1,434) | (60,878) | ||
Unrealized gains on available-for-sale debt securities | 182 | |||||||
Currency translation adjustments | (762) | 614 | (217) | 1,379 | 1,373 | (2,936) | ||
Equity compensation - restricted units | 399 | 354 | 363 | 334 | 49 | 104 | ||
Purchases of SPLP common units | (9,690) | (28,612) | ||||||
Deconsolidation of API (see Note 3) | 17,481 | |||||||
Other, net | (1) | (3) | (2) | |||||
Balance at end of year | $ 599,782 | $ 587,353 | $ 587,757 | $ 453,852 | $ 416,581 | $ 416,596 | $ 599,782 | $ 453,852 |
Common Units | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year (in shares) | 37,829,923 | 37,866,027 | 37,837,439 | 37,577,117 | 37,661,138 | 37,670,992 | 37,837,439 | 37,670,992 |
Equity compensation - restricted units (in shares) | 3,972 | 36,104 | 28,588 | 260,360 | 84,021 | 9,854 | ||
Balance at end of period (in shares) | 37,833,895 | 37,829,923 | 37,866,027 | 37,837,477 | 37,577,117 | 37,661,138 | 37,833,895 | 37,837,477 |
Treasury Units | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year (in shares) | 16,268,123 | 14,916,635 | 14,916,635 | 12,647,864 | 12,647,864 | 12,647,864 | 14,916,635 | 12,647,864 |
Balance at beginning of year | $ (247,857) | $ (219,245) | $ (219,245) | $ (198,781) | $ (198,781) | $ (198,781) | $ (219,245) | $ (198,781) |
Purchases of SPLP common units (in shares) | (330,434) | (1,351,488) | ||||||
Purchases of SPLP common units | $ (9,690) | $ (28,612) | ||||||
Balance at end of period (in shares) | 16,598,557 | 16,268,123 | 14,916,635 | 12,647,864 | 12,647,864 | 12,647,864 | 16,598,557 | 12,647,864 |
Balance at end of year | $ (257,547) | $ (247,857) | $ (219,245) | $ (198,781) | $ (198,781) | $ (198,781) | $ (257,547) | $ (198,781) |
Partners' Capital | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | 759,605 | 760,623 | 707,309 | 592,085 | 593,473 | 654,249 | 707,309 | 654,249 |
Net income (loss) | 22,300 | 27,240 | 52,951 | 35,559 | (1,434) | (60,878) | ||
Equity compensation - restricted units | 399 | 354 | 363 | 334 | 49 | 104 | ||
Purchases of SPLP common units | (9,690) | (28,612) | ||||||
Other, net | (1) | (3) | (2) | |||||
Balance at end of year | 772,614 | 759,605 | 760,623 | 627,977 | 592,085 | 593,473 | 772,614 | 627,977 |
Accumulated Other Comprehensive Loss | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | (172,252) | (172,866) | (172,649) | (175,504) | (176,877) | (191,422) | (172,649) | (191,422) |
Unrealized gains on available-for-sale debt securities | 182 | |||||||
Currency translation adjustments | (762) | 614 | (217) | 1,379 | 1,373 | (2,936) | ||
Deconsolidation of API (see Note 3) | 17,481 | |||||||
Balance at end of year | (172,832) | (172,252) | (172,866) | (174,125) | (175,504) | (176,877) | (172,832) | (174,125) |
Noncontrolling Interests in Consolidated Entities | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | 5,276 | 4,953 | 4,562 | 4,215 | 3,996 | 3,806 | 4,562 | 3,806 |
Net income (loss) | (195) | 323 | 391 | 248 | 191 | 130 | ||
Other, net | 79 | 66 | 28 | 60 | ||||
Balance at end of year | $ 5,160 | $ 5,276 | $ 4,953 | $ 4,529 | $ 4,215 | $ 3,996 | $ 5,160 | $ 4,529 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 103,010 | $ (26,184) |
Net gain (loss) from discontinued operations, net of taxes | 135 | (24,389) |
Gain (loss) from discontinued operations, net of taxes | 135 | (2,602) |
Net income (loss) from continuing operations | 102,875 | (1,795) |
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | ||
(Benefit from) provision for loan losses | (1,845) | 30,706 |
(Income) loss of associated companies, net of taxes | (26,276) | 26,420 |
Realized and unrealized losses on securities, net | 40,232 | 25,515 |
Gain on sale of Edge business | (8,096) | 0 |
Gain on sale of property, plant and equipment | (6,646) | 0 |
Derivative gains on economic interests in loans | (3,819) | (3,692) |
Deferred income taxes | 45,679 | 4,714 |
Depreciation and amortization | 45,192 | 48,735 |
Non-cash lease expense | 7,650 | 6,890 |
Equity-based compensation | 1,116 | 589 |
Asset impairment charges | 0 | 617 |
Other | (340) | 3,619 |
Net change in operating assets and liabilities: | ||
Trade and other receivables | (42,365) | (1,995) |
Inventories | (34,428) | 4,137 |
Prepaid expenses and other assets | 12,199 | (1,041) |
Accounts payable, accrued and other liabilities | (1,174) | 7,967 |
Net (increase) decrease in loans held for sale | (71,070) | 144,844 |
Net cash provided by operating activities - continuing operations | 58,884 | 296,230 |
Net cash provided by (used in) operating activities - discontinued operations | 135 | (1,649) |
Total cash provided by operating activities | 59,019 | 294,581 |
Cash flows from investing activities: | ||
Purchases of investments | (9,018) | (7,256) |
Proceeds from sales of investments | 24,667 | 2,327 |
Proceeds from maturities of investments | 8,292 | 32,995 |
Loan originations, net of collections | 782,032 | (2,022,276) |
Proceeds from sales of loans | 530,969 | 0 |
Purchases of property, plant and equipment | (19,556) | (15,581) |
Proceeds from sale of property, plant and equipment | 6,979 | 3,067 |
Proceeds from sale of Edge business | 16,000 | 0 |
Acquisition, net of cash acquired | 0 | (3,500) |
Other | 182 | 0 |
Net cash provided by (used in) investing activities - continuing operations | 1,340,547 | (2,010,224) |
Net cash provided by (used in) investing activities - discontinued operations | 0 | 0 |
Net cash provided by (used in) investing activities | 1,340,547 | (2,010,224) |
Cash flows from financing activities: | ||
Net revolver repayments | (63,013) | (26,948) |
Repayments of term loans | (7,697) | (8,181) |
Purchases of the Company's common units | (38,302) | 0 |
Repayments of other borrowings | (2,476,640) | 0 |
Proceeds from other borrowings | 1,056,749 | 2,159,721 |
Distribution to preferred unitholders | (7,225) | (40,000) |
Deferred finance charges | 0 | (1,474) |
Net increase (decrease) in deposits | 133,854 | (365,859) |
Net cash (used in) provided by financing activities - continuing operations | (1,402,274) | 1,717,259 |
Net cash used in financing activities - discontinued operations | 0 | 0 |
Net cash (used in) provided by financing activities | (1,402,274) | 1,717,259 |
Net change for the period | (2,708) | 1,616 |
Effect of exchange rate changes on cash and cash equivalents | (337) | 182 |
Cash, cash equivalents and restricted cash at beginning of period | 135,788 | 137,948 |
Cash, cash equivalents and restricted cash at end of period | $ 132,743 | $ 139,746 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business and Basis of Presentation | NATURE OF THE BUSINESS AND BASIS OF PRESENTATION Nature of the Business Steel Partners Holdings L.P. ("SPLP" or the "Company") is a 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 and Financial Services, which are managed separately and offer different products and services. For additional details related to the Company's reportable segments, see Note 18 - "Segment Information." Steel Partners Holdings GP Inc. ("SPH GP"), a Delaware corporation, is the general partner of SPLP and is wholly-owned by SPLP. The Company is managed by SP General Services LLC ("Manager"), pursuant to the terms of an amended and restated management agreement (the "Management Agreement") discussed in further detail in Note 17 - "Related Party Transactions." Impact of COVID-19 The ongoing novel coronavirus ("COVID-19") pandemic is a continuously evolving situation around the world and has negatively impacted and could continue to negatively impact the global economy. While the negative effects from the COVID-19 pandemic in the first half of 2020 were material to the Company's operating results, the Company experienced sales growth during the second half of 2020 and continued to experience such growth for the first three quarters of 2021. The Company’s operating results will be subject to fluctuations based upon general economic conditions and the extent to which COVID-19 may impact its business will depend on future developments, which are highly uncertain and cannot be predicted, such as the duration and severity of the pandemic, governmental actions that have been taken, or may be taken in the future, in response to the pandemic, and the extent and severity of the impact on the Company's customers and suppliers. The Company continues to actively monitor the COVID-19 pandemic and its potential impacts on the Company's employees, customers, suppliers and financial results. During the year ended December 31, 2020, as the COVID-19 pandemic progressed, the Company initiated many cost reducing actions to help mitigate the financial impact of the pandemic. The Company continues to evaluate further or continued actions as circumstances warrant. Basis of Presentation The accompanying unaudited consolidated financial statements as of September 30, 2021 and for the three and nine-month periods ended September 30, 2021 and 2020, which have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim periods, include the accounts of the Company and its consolidated subsidiaries. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected herein. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the operating results for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements in its Annual Report on Form 10-K (the "Form 10-K") for the year ended December 31, 2020, from which the consolidated balance sheet as of December 31, 2020 has been derived. The Company’s fiscal quarter ends on the last day of the calendar quarter; however, for certain subsidiaries of the Company, the fiscal quarter periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year. The Company and all its subsidiaries close their books for fiscal years on December 31. For ease of presentation, the quarterly financial statements included herein are described as ending on the last day of the calendar quarter. Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), but is not required for interim reporting purposes, has been condensed or omitted. Management must make estimates and assumptions that affect the consolidated financial statements and the related footnote disclosures. While management uses its best judgment, actual results may differ from those estimates. Restatement For Correction of Immaterial Errors in Previously Issued Consolidated Financial Statements As previously disclosed in the Company’s Form 10-K for the year ended December 31, 2020, during the fourth quarter of 2020, in connection with the preparation of the consolidated financial statements for the year ended December 31, 2020, the Company identified errors in its previously filed annual consolidated financial statements and unaudited quarterly consolidated financial statements. The errors were not material to any individual prior quarterly or annual period. The prior period errors are related primarily to a division of the Company's Electrical Products business within the Diversified Industrial segment ("Electrical Products Misstatements") and were primarily the result of: (1) divisional management override of internal controls, (2) improper segregation of duties, including failure to obtain independent review of recorded accounting entries and accounting analyses and (3) inadequate documentation and support for and/or untimely preparation of account reconciliations. The Electrical Products Misstatements resulted in: (1) improper valuation of inventories and trade receivables, including the related allowance for doubtful accounts; (2) improper recognition of revenue on contracts performed over time; (3) accounts payable and associated expenses not recorded accurately or in the appropriate period; and (4) other errors. The Company assessed the materiality of the errors in its historical annual consolidated financial statements in accordance with SEC Staff Accounting Bulletin ("SAB") Topic 1.M, Materiality , codified in Accounting Standards Codification ("ASC") 250, Accounting Changes and Error Corrections , and concluded that the errors were not material to the previously filed annual consolidated financial statements or corresponding unaudited interim periods but would be material in the aggregate if corrected solely in the consolidated financial statements as of and for the year ended December 31, 2020. In accordance with ASC 250 (SAB Topic 1.N, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements) , the Company corrected for these errors by revising previously filed 2019 annual consolidated financial statements, including the impact to beginning Partners' capital, in connection with the filing of its Form 10-K for the year ended December 31, 2020. The revised annual consolidated financial statements also included adjustments to correct certain other immaterial errors, including errors that had previously been adjusted for and disclosed as out of period corrections in the period identified. Additionally, in connection with the filing of this Form 10-Q (this "Form 10-Q"), the Company has disclosed the impact of the restatement to the consolidated interim financial statements as of and for the three and nine months ended September 30, 2020, to correct for the errors. The accompanying footnotes have also been corrected to reflect the impact of the revisions of the previously filed 2020 interim consolidated financial statements. Refer to Note 21 - "Restatement of Previously Issued Consolidated Financial Statements" for reconciliations between as reported and as revised quarterly amounts. Discontinued Operations 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 was 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 Americas Inc. Chapter 11 bankruptcy proceedings were closed by the Bankruptcy Court on December 21, 2020. The API entities (collectively, "API") were wholly-owned subsidiaries of the Company and were included in the Diversified Industrial segment. The Company deconsolidated API on January 31, 2020 as it no longer held a controlling financial interest as of that date. All references made to financial data in this Quarterly Report on Form 10-Q are to the Company's continuing operations, unless specifically noted. See Note 3 - "Discontinued Operations" for additional information. Adoption of New Accounting Standards 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 Company adopted ASU 2020-01 on January 1, 2021 and the adoption of this standard 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. In November 2019, the FASB issued ASU 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates . This new standard 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 determination as of November 15, 2019, in accordance with SEC regulations. As of this date, the Company met the SEC definition of a smaller reporting company. Therefore, the Company will not be required to adopt Topic 326 until January 1, 2023. The Company is currently evaluating the potential impact of this new guidance; however, it expects that it could have a significant impact on the Company's allowance for loan losses (the "ALLL"). 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 end. 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 is intended to provide temporary optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate, known as LIBOR, or by another reference rate expected to be discontinued. This guidance is effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40) . This ASU simplifies the accounting for convertible debt instruments by removing certain accounting separation models as well as the accounting for debt instruments with embedded conversion features that are not required to be accounted for as derivative instruments. The ASU also updates and improves the consistency of earnings per share calculations for convertible instruments. The amendments in this ASU are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is currently evaluating the impact this ASU may have on its consolidated financial statements and related disclosures. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | REVENUES Disaggregation of Revenues Revenues are disaggregated at the Company's segment level since the segment categories depict how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. For additional details related to the Company's reportable segments, see Note 18 - "Segment Information." The following table presents the Company's revenues disaggregated by geography for the three and nine months ended September 30, 2021 and 2020. The Company's revenues are primarily derived domestically. Foreign revenues are based on the country in which the legal subsidiary generating the revenue is domiciled. Revenue from any single foreign country was not material to the Company's consolidated financial statements. Three Months Ended Nine Months Ended 2021 2020 2021 2020 United States $ 370,085 $ 310,484 $ 1,026,079 $ 911,537 Foreign 22,028 19,849 66,960 60,379 Total revenue $ 392,113 $ 330,333 $ 1,093,039 $ 971,916 Contract Balances Differences in the timing of revenue recognition, billings and cash collections result in billed trade receivables, unbilled receivables (contract assets) and deferred revenue (contract liabilities) on the consolidated balance sheets. Contract Assets Unbilled receivables arise when the timing of billings to customers differs from the timing of revenue recognition, such as when the Company recognizes revenue over time before a customer can be billed. Contract assets are classified as Prepaid expenses and other current assets on the consolidated balance sheets. As of September 30, 2021 and December 31, 2020, the contract asset balance was $10,239 and $17,119, respectively. Contract Liabilities The Company records deferred revenues when cash payments are received or due in advance of the Company's performance, including amounts that are refundable, which are recorded as contract liabilities. Contract liabilities are classified as Other current liabilities on the consolidated balance sheets, based on the timing of when the Company expects to recognize revenue. Contract Liabilities Balance at December 31, 2020 $ 7,707 Deferral of revenue 8,026 Recognition of unearned revenue (12,636) Balance at September 30, 2021 $ 3,097 Balance at December 31, 2019 $ 6,820 Deferral of revenue 11,515 Recognition of unearned revenue (12,079) Balance at September 30, 2020 $ 6,256 |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS 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 Americas Inc. Chapter 11 bankruptcy proceedings were closed by the Bankruptcy Court on December 21, 2020. The API entities were wholly-owned subsidiaries of the Company and part of the Diversified Industrial segment. The Company deconsolidated the API entities on January 31, 2020 as it no longer held a controlling financial interest as of that date. On the date of the deconsolidation, the Company believed that API became a variable interest entity. The Company determined at deconsolidation that it was not the primary beneficiary of API as the Company no longer held a controlling financial interest in API and the Company lacked significant decision-making ability. The components of Net gain (loss) from discontinued operations, net of taxes in the accompanying consolidated statements of operations are: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Gain (loss) from operations of discontinued operation $ 7 $ (21) $ 135 $ (2,602) Gain upon initial deconsolidation of API — — — 30,516 Loss from guarantee liability — 1,161 — (52,303) Net gain (loss) from discontinued operations, net of taxes $ 7 $ 1,140 $ 135 $ (24,389) All amounts associated with API have been removed from the Company's financial statements and footnotes, and reported in discontinued operations as described herein. The following represents the detail of Gain (loss) from discontinued operations, net of taxes in the accompanying consolidated statements of operations: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue $ — $ — $ — $ 6,388 Costs and expenses: Cost of goods sold — — — 6,085 Selling, general and administrative expenses (7) 21 (135) 2,520 Other expenses, net — — — 385 Total costs and expenses (7) 21 (135) 8,990 Gain (loss) before income taxes 7 (21) 135 (2,602) Income tax benefit — — — — Gain (loss) from discontinued operations, net of taxes $ 7 $ (21) $ 135 $ (2,602) |
Acquisitions and Divestitures
Acquisitions and Divestitures | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | ACQUISITIONS AND DIVESTITURES Acquisition On January 23, 2020, the Company, through its wholly-owned subsidiary, OMG, Inc. ("OMG"), completed the acquisition of Metallon, Inc. ("Metallon"), which is in the business of manufacturing plugs for the composite exterior deck market, for a cash purchase price of $3,500. The assets acquired included goodwill of $2,300, other intangible assets, primarily unpatented technology, of $800 and property, plant and equipment of $400. No liabilities or contingent consideration were included in the acquisition. Prior to the acquisition, Metallon was the exclusive supplier of plugs to OMG for composite exterior decks, and this acquisition will provide OMG with additional control of its supply chain, production costs and overall product margin. OMG is included in the Company's Diversified Industrial segment. The goodwill of $2,300 is deductible for income tax purposes and will be amortized over 15 years. The final purchase price and purchase price allocation of Metallon were finalized as of September 30, 2020, with no significant changes to preliminary amounts. Divestiture On February 1, 2021, the Company completed the sale of its Edge business for a sales price of $16,000. The Company recognized a pre-tax gain of $8,096 which is presented in Other income, net in the consolidated statement of operations during the three months ended March 31, 2021. Edge provided roofing edge products and components utilized in the securement of perimeter roof edges and was part of the Company's OMG business in the Diversified Industrial segment. Edge recognized net sales of $17,534 and operating income of $1,250 for the year ended December 31, 2020. |
Loans Receivable, Including Loa
Loans Receivable, Including Loans Held For Sale | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans Receivable, Including Loans Held For Sale | LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALEMajor classifications of Loans receivable, including loans held for sale, held by WebBank as of September 30, 2021 and December 31, 2020 are as follows: Total Current Non-current September 30, 2021 % December 31, 2020 % September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Loans held for sale $ 159,241 $ 88,171 $ 159,241 $ 88,171 $ — $ — Commercial real estate loans $ 624 — % $ 672 — % — — 624 672 Commercial and industrial 979,667 89 % 2,279,672 94 % 262,948 221,469 716,719 2,058,203 Consumer loans 124,750 11 % 147,652 6 % 95,889 23,510 28,861 124,142 Total loans 1,105,041 100 % 2,427,996 100 % 358,837 244,979 746,204 2,183,017 Less: Allowance for loan losses (13,671) (27,059) (13,671) (27,059) — — Total loans receivable, net $ 1,091,370 $ 2,400,937 345,166 217,920 746,204 2,183,017 Loans receivable, including loans held for sale (a) $ 504,407 $ 306,091 $ 746,204 $ 2,183,017 (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 $1,248,578 and $2,498,218 as of September 30, 2021 and December 31, 2020, respectively. Loans with a carrying value of approximately $121,406 and $23,248 were pledged as collateral for potential borrowings as of September 30, 2021 and December 31, 2020, respectively. WebBank serviced $2,796 and $2,828 in loans for others as of September 30, 2021 and December 31, 2020, respectively. WebBank sold loans classified as loans held for sale of $7,094,150 and $7,916,168 during the nine months ended September 30, 2021 and 2020, respectively. The sold loans were derecognized from the consolidated balance sheets. Loans classified as loans held for sale primarily consist of consumer and small business loans. Amounts added to loans held for sale during the same periods were $7,177,820 and $7,773,535, respectively. The reduction in activity for loans held for sale as of September 30, 2021 reflects the impact of reduced lending by WebBank's partners due to the economic impact of the COVID-19 pandemic. Such factors include lower sales volumes at WebBank's partners as well as tightening their credit policies. This in turn has reduced the volume of loans being initiated by, and then sold by, WebBank. 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 when 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 the level of the ALLL reflect 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. WebBank's ALLL decreased $1,709, or 11%, during the three months ended September 30, 2021 and decreased $13,388 or 49% during the nine months ended September 30, 2021. This decrease was driven by lower than expected COVID-19 related losses and higher paydowns, which allowed WebBank to release a portion of the allowance for COVID-19 related qualitative and environmental ("Q&E") factors. WebBank continues to monitor the impact of the COVID-19 pandemic on its loan portfolio and anticipates potential future economic disruption associated with the pandemic. WebBank believes there remains a potential for broad negative impact on the macro-economy that may cause estimated credit losses to materially differ from historical loss experience. Changes in the ALLL are summarized as follows: Commercial Real Estate Loans Commercial & Industrial Consumer Loans Total December 31, 2020 $ 22 $ 9,293 $ 17,744 $ 27,059 Charge-offs — (3,607) (3,669) (7,276) Recoveries 6 514 396 916 (Benefit) Provision (6) 1,038 (1,747) (715) March 31, 2021 22 7,238 12,724 19,984 Charge-offs — (1,821) (2,470) (4,291) Recoveries 6 885 363 1,254 (Benefit) Provision (6) 808 (2,369) (1,567) June 30, 2021 22 7,110 8,248 15,380 Charge-offs — (1,465) (1,753) (3,218) Recoveries 9 659 404 1,072 (Benefit) Provision (10) 1,526 (1,079) 437 September 30, 2021 $ 21 $ 7,830 $ 5,820 $ 13,671 Commercial Real Estate Loans Commercial & Industrial Consumer Loans Total December 31, 2019 $ 24 $ 10,920 $ 25,738 $ 36,682 Charge-offs — (3,898) (7,301) (11,199) Recoveries 1 149 653 803 (Benefit) Provision (2) 11,945 14,194 26,137 March 31, 2020 23 19,116 33,284 52,423 Charge-offs — (2,315) (6,153) (8,468) Recoveries 10 170 572 752 (Benefit) Provision (12) 4,940 9,325 14,253 June 30, 2020 21 21,911 37,028 58,960 Charge-offs — (3,896) (3,621) (7,517) Recoveries 5 240 624 869 (Benefit) Provision (5) (5,116) (4,563) (9,684) September 30, 2020 $ 21 $ 13,139 $ 29,468 $ 42,628 The ALLL and outstanding loan balances according to the Company's impairment method are summarized as follows: September 30, 2021 Commercial Real Estate Loans Commercial & Industrial Consumer Loans Total Allowance for loan losses: Individually evaluated for impairment $ 10 $ 190 $ — $ 200 Collectively evaluated for impairment 11 7,640 5,820 13,471 Total $ 21 $ 7,830 $ 5,820 $ 13,671 Outstanding loan balances: Individually evaluated for impairment $ 10 $ 2,453 $ — $ 2,463 Collectively evaluated for impairment 614 977,214 124,750 1,102,578 Total $ 624 $ 979,667 $ 124,750 $ 1,105,041 December 31, 2020 Commercial Real Estate Loans Commercial & Industrial Consumer Loans Total Allowance for loan losses: Individually evaluated for impairment $ 10 $ 129 $ — $ 139 Collectively evaluated for impairment 12 9,164 17,744 26,920 Total $ 22 $ 9,293 $ 17,744 $ 27,059 Outstanding loan balances: Individually evaluated for impairment $ 10 $ 1,283 $ — $ 1,293 Collectively evaluated for impairment 662 2,278,389 147,652 2,426,703 Total $ 672 $ 2,279,672 $ 147,652 $ 2,427,996 Nonaccrual and Past Due Loans Commercial and industrial loans past due for 90 days or more while still accruing interest were $2,803 and $7,369 at September 30, 2021 and December 31, 2020, respectively. Consumer loans past due 90 days or more and still accruing interest were $431 and $1,332 at September 30, 2021 and December 31, 2020, respectively. The Company did not have any nonaccrual loans at September 30, 2021 or December 31, 2020. Past due loans (accruing and nonaccruing) are summarized as follows: September 30, 2021 Current 30-89 Days 90+ Days Total Total Loans Recorded Nonaccrual Loans That Are Current (a) Commercial real estate loans $ 624 $ — $ — $ — $ 624 $ — $ — Commercial and industrial 971,858 5,006 2,803 7,809 979,667 2,803 — Consumer loans 122,943 1,376 431 1,807 124,750 431 — Total loans $ 1,095,425 $ 6,382 $ 3,234 $ 9,616 $ 1,105,041 $ 3,234 $ — December 31, 2020 Current 30-89 Days 90+ Days Total Total Loans Recorded Nonaccrual Loans That Are Current (a) Commercial real estate loans $ 672 $ — $ — $ — $ 672 $ — $ — Commercial and industrial 2,265,150 7,153 7,369 14,522 2,279,672 7,369 — Consumer loans 142,418 3,902 1,332 5,234 147,652 1,332 — Total loans $ 2,408,240 $ 11,055 $ 8,701 $ 19,756 $ 2,427,996 $ 8,701 $ — (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 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: September 30, 2021 Non - Graded Pass Special Sub- Doubtful Total Loans Commercial real estate loans $ — $ 614 $ — $ 10 $ — $ 624 Commercial and industrial 274,399 699,071 3,744 2,453 — 979,667 Consumer loans 124,750 — — — — 124,750 Total loans $ 399,149 $ 699,685 $ 3,744 $ 2,463 $ — $ 1,105,041 December 31, 2020 Non - Graded Pass Special Sub- Doubtful Total Loans Commercial real estate loans $ — $ 662 $ — $ 10 $ — $ 672 Commercial and industrial 194,338 2,080,623 3,428 1,283 — 2,279,672 Consumer loans 147,652 — — — — 147,652 Total loans $ 341,990 $ 2,081,285 $ 3,428 $ 1,293 $ — $ 2,427,996 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 in accordance with 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. 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, in accordance with the contractual loan agreement. WebBank recognized $102 and $58 on impaired loans for the nine months ended September 30, 2021 and 2020, respectively. Payments received on impaired loans that are nonaccruing are not recognized in interest income, but are applied as a reduction of the principal outstanding. Payments are recognized when cash is received. Information on impaired loans is summarized as follows: Recorded Investment September 30, 2021 Unpaid Principal With No With Total Recorded Related Average Recorded Commercial real estate loans $ 10 $ — $ 10 $ 10 $ 10 $ 10 Commercial and industrial 2,453 — 2,453 2,453 190 2,384 Total loans $ 2,463 $ — $ 2,463 $ 2,463 $ 200 $ 2,394 Recorded Investment December 31, 2020 Unpaid Principal With No With Total Recorded Related Average Recorded Commercial real estate loans $ 10 $ — $ 10 $ 10 $ 10 $ 11 Commercial and industrial 1,283 — 1,283 1,283 129 2,319 Total loans $ 1,293 $ — $ 1,293 $ 1,293 $ 139 $ 2,330 During the nine months ended September 30, 2021, WebBank continued issuing loans under the Small Business Administration's ("SBA") Paycheck Protection Program ("PPP"), primarily with one of its lending partners, authorized under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. The loans were funded by the PPP Liquidity Facility, have terms of between two As of September 30, 2021, the total PPP loans and associated liabilities were $581,630 and $666,091, respectively, and included in Long-term loans receivable, net, and Other borrowings, respectively, in the consolidated balance sheet as of September 30, 2021. As of December 31, 2020, the total PPP loans and associated liabilities were $2,047,769 and $2,090,223, respectively, and included in Long-term loans receivable, net, and Other borrowings, respectively, in the consolidated balance sheet as of December 31, 2020. The decrease in total PPP loans and associated liabilities since December 31, 2020 is due primarily to $2,476,640 in loan repayments from the SBA due to loan forgiveness partially offset by $1,056,749 of new PPP loan issuances. The Company is offering loan modifications to assist borrowers during the COVID-19 pandemic. The CARES Act along with the interagency statement issued by the federal banking agencies provides that loan modifications made in response to COVID-19 do not need to be accounted for as a troubled debt restructuring ("TDR"). Accordingly, the Company does not account for such loan modifications as TDRs. The Company's loan modifications allow for payment deferrals, payment reduction, and settlements amongst others. As of September 30, 2021, the Company had granted loan modifications on $8,343 of loans. The program is ongoing and additional loans continue to be granted modifications. The Company granted approximately $7,664 short–term deferments on loan balances of $8,343, which represent 0.66% of total loan balances as of September 30, 2021. These loan modifications are not classified as TDRs and will not be reported as past due provided that they are performing in accordance with the modified terms. |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | INVENTORIES, NET A summary of Inventories, net is as follows: September 30, 2021 December 31, 2020 Finished products $ 40,977 $ 41,894 In-process 33,821 24,590 Raw materials 56,136 39,613 Fine and fabricated precious metal in various stages of completion 40,916 34,269 171,850 140,366 LIFO reserve (2,153) (3,280) Total $ 169,697 $ 137,086 Fine and Fabricated Precious Metal Inventory In order to produce certain of its products, the Company purchases, maintains and utilizes precious metal inventory. The Company records certain precious metal inven tory at the lower of last-in-first-out ("LIFO") cost or market value, with any adjustments recorded through Cost of goods sold. Remaining precious metal inventory is accounted for primarily at fair value. The Company obtains certain precious metals under a fee consignment agreement. As of September 30, 2021 and December 31, 2020, the Company had approximately $29,557 and $25,919, respectively, of precious metals, principally silver, under consignment, which are recorded at fair value in Inventories, net with a corresponding liability for the same amount recorded 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. The Company continues to monitor the impact of COVID-19 on our customers and our inventory levels and related reserves. September 30, 2021 December 31, 2020 Supplemental inventory information: Precious metals stated at LIFO cost $ 4,084 $ 4,956 Precious metals stated under non-LIFO cost methods, primarily at fair value $ 34,679 $ 26,033 Market value per ounce: Silver $ 22.43 $ 26.28 Gold $ 1,751.65 $ 1,891.70 Palladium $ 1,968.54 $ 2,448.54 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | GOODWILL AND OTHER INTANGIBLE ASSETS, NET A summary of the change in the carrying amount of goodwill by reportable segment is as follows: Diversified Industrial Energy Financial Services Corporate and Other Total Balance as of December 31, 2020 Gross goodwill $ 183,181 $ 67,143 $ 6,515 $ 81 $ 256,920 Accumulated impairments (41,278) (64,790) — — (106,068) Net goodwill 141,903 2,353 6,515 81 150,852 Divestitures (a) (2,813) — — — (2,813) Currency translation adjustments (11) — — — (11) Balance as of September 30, 2021 Gross goodwill 180,357 67,143 6,515 81 254,096 Accumulated impairments (41,278) (64,790) — — (106,068) Net goodwill $ 139,079 $ 2,353 $ 6,515 $ 81 $ 148,028 (a) Related to the d ivestiture of Edge during the three months ended March 31, 2021. A summary of Other intangible assets, net is as follows: September 30, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 212,696 $ 131,819 $ 80,877 $ 213,984 $ 122,785 $ 91,199 Trademarks, trade names and brand names 50,504 21,014 29,490 51,189 20,209 30,980 Developed technology, patents and patent applications 32,507 21,078 11,429 32,319 19,724 12,595 Other 18,770 16,229 2,541 18,777 14,970 3,807 Total $ 314,477 $ 190,140 $ 124,337 $ 316,269 $ 177,688 $ 138,581 Trademarks with indefinite lives as of September 30, 2021 and December 31, 2020 were $11,370 a nd $11,405, respectively. Amortization expense related to intangible assets was $4,576 and $5,256 for the three months ended September 30, 2021 and 2020, respectively, and $13,952 a nd $15,650 for the nine months ended September 30, 2021 and 2020, respectively. As a result of COVID-19 related declines in our youth sports business within the Energy segment, intangible assets of $617, primarily customer relationships, were fully impaired during the first three months of 2020. The impairment is included in Asset impairment charges in the accompanying statement of operations for the nine months ended September 30, 2020. Based on gross carrying amounts at September 30, 2021, the Company's estimate of amortization expense for identifiable intangible assets for the years ending December 31, 2021 through 2025 is presented in the table below. Year Ending December 31, 2021 2022 2023 2024 2025 Estimated amortization expense $ 20,106 $ 17,887 $ 16,891 $ 16,317 $ 14,902 As of September 30, 2021, the Company did not identify any indicators of impairment and determined its goodwill, other intangible assets and long-lived assets were not impaired. However, as a result of the COVID-19 pandemic, it is possible in future periods that further declines in market conditions, customer demand or other potential changes in operations may increase the risk that these assets are impaired. The Company performed an interim impairment test of Electrical Products’ goodwill and other long-lived assets as of March 31, 2021 and determined goodwill and other long-lived assets were not impaired. The fair value of the Electrical Products reporting unit was 6% higher than its carrying value as of March 31, 2021. At September 30, 2021, the goodwill related to the Electrical Products reporting unit within the Diversified Industrial segment is at risk of future impairment if the fair value of this reporting unit, and its associated assets, decrease in value due to further economic downturns, decreased customer demand for Electrical Products' services, or an inability to execute management’s business strategies. Future cash flow estimates are, by their nature, subjective, and actual results may differ materially from the Company's estimates. If the Company's ongoing cash flow projections are not met or if market factors utilized in the impairment test deteriorate, including an unfavorable change in the terminal growth rate or the weighted-average cost of capital, the Company may have to record impairment charges in future periods. As of September 30, 2021, the Electrical Products' reporting unit had goodwill of $46,445. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2021 | |
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 $106 as of December 31, 2020. There were no short-term investments as of September 30, 2021. Long-Term Investments The following table summarizes the Company's long-term investments as of September 30, 2021 and December 31, 2020. Ownership % Long-Term Investments Balance September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Corporate securities (a) $ 170,311 210,538 Collateralized debt securities — 450 Steel Connect, Inc. ("STCN") convertible notes (b) 14,835 14,258 STCN preferred stock (c) 34,922 32,832 STCN common stock 30.1 % 29.0 % 36,547 14,309 Aviat Networks, Inc. ("Aviat") common stock (d) — % 10.1 % — 18,910 Total $ 256,615 $ 291,297 (a) Corporate securities primarily include the Company's investment in the common stock of Aerojet Rocketdyne Holdings, Inc. ("Aerojet"). The Company owned 4.9% and 5.1% of Aerojet common stock as of September 30, 2021 and December 31, 2020, respectively. The fair value of the investment in Aerojet wa s $168,507 and $208,758 as of September 30, 2021 and December 31, 2020, respectively. Gross unrealized gains for all Corporate securities totaled $157,389 and $146,459 at September 30, 2021 and 2020, respectively. In December 2020, Aerojet's Board of Directors declared a one-time cash dividend of $5.00 per share (the "Pre-Closing Dividend") which was paid on March 24, 2021 to the holders of Aerojet's shares as of the close of business on March 10, 2021. During the three months ended March 31, 2021, the Company recognized the $19,740 Aerojet one-time dividend in Other income, net. (b) Represents investment in STCN convertible notes, which the Company accounts for under the fair value option with changes in fair value recognized in the Company's consolidated statements of operations. The Company entered into a convertible note with STCN ("STCN Note") on February 28, 2019, which matures on March 1, 2024. The cost basis of the STCN Note totaled $14,943 as of both September 30, 2021 and December 31, 2020. The STCN 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 (whole dollars) principal amount of the STCN 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 STCN Notes, if converted as of September 30, 2021, 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 50.0% of STCN's outstanding shares. As of September 30, 2021, the conversion price was higher than the fair value of a STCN common share into which it is convertible, and is therefore, not in the money. (c) Represents investment in shares of STCN preferred stock, which the Company accounts for under the fair value option with changes in fair value recognized in the Company's consolidated statements of operations. The investment in STCN preferred stock had a cost basis of $35,688 at September 30, 2021 and December 31, 2020. 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. (d) During the three months ended March 31, 2021, the Company sold its remaining investment in Aviat for total proceeds of approximately $24,100. Loss (Income) of Associated Companies, Net of Taxes Three Months Ended Nine Months Ended 2021 2020 2021 2020 STCN convertible notes 46 (530) (577) 2,784 STCN preferred stock (264) (1,755) (2,074) 13,260 STCN common stock 2,903 968 (19,726) 14,839 Aviat common stock — (1,877) (3,899) (4,003) Other — — — (460) Total $ 2,685 $ (3,194) $ (26,276) $ 26,420 The amount of unrealized gains (losses) for the three and nine months ended September 30, 2021 and 2020 that relate to equity securities still held as of September 30, 2021 and 2020, respectively, are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net (losses) gains recognized during the period on equity securities $ (21,453) $ 969 $ (40,232) $ (25,515) Less: Net (losses) gains recognized during the period on equity securities sold during the period — — 36 (2,706) Unrealized (losses) gains recognized during the period on equity securities still held at the end of the period $ (21,453) $ 969 $ (40,268) $ (22,809) Equity Method Investments The Company's investments in associated companies are accounted for under the equity method of accounting using the fair value option. Associated companies are included in the Corporate and Other in Note 18 - "Segment Information.". 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 is a publicly-traded diversified holding company with two wholly-owned subsidiaries, IWCO Direct Holdings, Inc. ("IWCO") and ModusLink Corporation ("ModusLink"). IWCO delivers data-driven marketing solutions for its customers that offer a full range of services includes strategy, creative and execution for omnichannel marketing campaigns, along with postal logistics programs for direct mail. ModusLink is a supply chain business process management company serving clients in markets such as consumer electronics, communications, computing, medical devices, software and retail. • 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. As discussed above, during the three months ended March 31, 2021 the Company sold its remaining interest in Aviat. The following summary (unaudited) statements of operations amounts are for STCN for the three months and fiscal years ended July 31, 2021 and 2020. Three Months Ended Fiscal Years Ended 2021 2020 2021 2020 Summary operating results: Net revenue $ 136,000 $ 164,857 $ 613,766 $ 782,813 Gross profit 21,048 39,994 $ 129,613 $ 162,959 Net loss $ (11,015) $ (360) $ (44,391) $ (5,284) Other Investments WebBank has held-to-maturity ("HTM") debt securities which are carried at amortized cost and included in Other non-current assets on the Company's consolidated balance sheets. The amount and contractual maturities of HTM debt securities are noted in the tables below. Actual maturities may differ from expected or contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. The securities are collateralized by unsecured consumer loans. September 30, 2021 Amortized Cost Gross Unrealized Gains (Losses) Estimated Fair Value Carrying Value Collateralized securities $ 17,555 $ (8) $ 17,547 $ 17,555 Contractual maturities within: One year to five years 3,475 Five years to ten years 12,565 After ten years 1,515 Total $ 17,555 December 31, 2020 Amortized Cost Gross Unrealized Gains (Losses) Estimated Fair Value Carrying Value Collateralized securities $ 16,868 $ 109 $ 16,977 $ 16,868 Contractual maturities within: One year to five years 7,563 Five years to ten years 7,193 After ten years 2,112 Total $ 16,868 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 corresponding non-credit portion charged AOCI. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The components of debt and a reconciliation to the carrying amount of long-term debt is presented in the table below: September 30, 2021 December 31, 2020 Short term debt: Domestic $ — $ — Foreign 34 397 Short-term debt 34 397 Long-term debt: Credit Agreement 262,200 332,350 Other debt - foreign 110 230 Other debt - domestic 1,097 1,173 Subtotal 263,407 333,753 Less: portion due within one year 11,206 10,361 Long-term debt 252,201 323,392 $ 263,441 $ 334,150 As of September 30, 2021 long-term debt maturities in each of the next five years as follows: Total 2021 2022 2023 2024 2025 Thereafter Long-term debt (a) $ 263,407 $ 2,500 $ 260,907 $ — $ — $ — $ — (a) As of September 30, 2021, long term debt of $11,206 is expected to mature over the following twelve months. As of September 30, 2021, the Company's senior credit agreement, as amended (the "Credit Agreement"), includes a revolving credit facility in an aggregate principal amount not to exceed $500,000 and a $175,000 term loan. The Credit Agreement covers substantially all of the Company's subsidiaries, with the exception of WebBank, and includes a $50,000 sub-facility for swing line loans, a $50,000 sub-facility for standby letters of credit and an optional currency sublimit (available in euros and pounds sterling) of $75,000. The term loan requires quarterly amortization payments of $2,500. As of September 30, 2021 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 (0.50% and 1.50%), respectively. Additionally, as of September 30, 2021 the Credit Agreement provides for a commitment fee of 0.20% to be paid on unused borrowings. The weighted-average interest rate on the Credit Agreement was 1.61% at September 30, 2021. As of September 30, 2021, letters of credit totaling $9,295 had been issued under the Credit Agreement. The primary use of the Company's letters of credit are to support the performance and financial obligations for environmental matters, insurance programs and real estate leases. The Credit Agreement permits the Company to borrow for the dividends on its preferred units, pension contributions, investments, acquisitions and other general corporate expenses. Based on financial results as of September 30, 2021, the Company's total availability under the Credit Agreement, which is based upon Consolidated Adjusted EBITDA and certain covenants as described in the Credit Agreement, was approximately $403,500. On November 14, 2022, the Credit Agreement will expire, and all outstanding amounts will be due and payable. The Credit Agreement is guaranteed 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, each as defined. The Company was in compliance with all financial covenants as of September 30, 2021. The Company believes it will remain in compliance with all financial covenants for the next twelve months. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS WebBank - Economic Interests in Loans WebBank's derivative financial instruments represent on-going economic interests in loans made after they are sold. These derivatives are carried at fair value on a gross basis in Other non-current assets on the Company's consolidated balance sheets and are classified within Level 3 in the fair value hierarchy (see Note 15 - "Fair Value Measurements"). As of September 30, 2021, outstanding derivatives mature within three Precious Metal and Commodity Inventories As of September 30, 2021, the Company had the following outstanding forward contracts with settlement dates through October 2021. There were no futures contracts outstanding as of September 30, 2021. Commodity Amount Notional Value Silver (ounces) 72,014 $ 1,612 Gold (ounces) 1,142 $ 1,996 Palladium (ounces) 1,385 $ 2,789 Copper (pounds) 370,000 $ 1,566 Tin (metric tons) 50 $ 1,678 Fair Value Hedges. Certain forward contracts are accounted for as fair value hedges under Accounting Standards Codification ("ASC") 815, Derivatives and Hedging , for the Company's precious metal inventory carried at fair value. These contracts hedge 25,350 ounces of silver and a majority of the Company's ounces of copper. The fair values of these derivatives are recognized as derivative assets and liabilities on the Company's consolidated balance sheets. The net changes in fair value of the derivative assets and liabilities, and the changes in the fair value of the underlying hedged inventory, are recognized in the Company's consolidated statements of operations, and such amounts principally offset each other due to the effectiveness of the hedges. Economic Hedges. The remaining outstanding forward contracts for silver, and all the contracts for gold, palladium and tin, are accounted for as economic hedges. As these derivatives are not designated as accounting hedges under ASC 815, they are accounted for as derivatives with no hedge designation. The derivatives are marked to market with gains and losses recorded in earnings in the Company's consolidated statements of operations. The economic hedges are associated primarily with the Company's precious metal inventory valued using the LIFO method. Management evaluated counter party risk and believes there is minimal credit risk of default. The Company estimates the fair value of its derivative contracts through the use of market quotes or with the assistance of brokers when market information is not available. The Company maintains collateral on account with the third-party broker which varies in amount depending on the value of open contracts. The fair value and carrying amount of derivative instruments on the Company's consolidated balance sheets are as follows: Fair Value of Derivative Assets (Liabilities) September 30, 2021 December 31, 2020 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as ASC 815 hedges Commodity contracts Prepaid expenses and other current assets $ 2 Accrued liabilities $ (6) Derivatives not designated as ASC 815 hedges Commodity contracts Prepaid expenses and other current assets $ 163 Accrued liabilities $ (163) Economic interests in loans Other non-current assets $ 7,352 Other non-current assets $ 11,599 The effects of fair value hedge accounting on the consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 are not material. The effects of derivatives not designated as ASC 815 hedging instruments on the consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 are as follows: Derivatives Not Designated as Hedging Instruments: Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income Three Months Ended Nine Months Ended 2021 2020 2021 2020 Commodity contracts Other income (expense), net $ 738 $ (464) $ 23 $ (1,200) Economic interests in loans Financial services revenue 1,214 1,032 3,819 3,692 Total $ 1,952 $ 568 $ 3,842 $ 2,492 Financial Instruments with Off-Balance Sheet Risk WebBank is a party to financial instruments with off-balance sheet risk. In the normal course of business, these financial instruments include commitments to extend credit in the form of loans as part of WebBank's lending arrangements. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized on the consolidated balance sheets. The contractual amounts of those instruments reflect the extent of involvement WebBank has in particular classes of financial instruments. As of September 30, 2021 and December 31, 2020, WebBank's undisbursed loan commitments totaled $193,536 and $170,611, respectively. Commitments to extend credit are agreements to lend to a borrower who meets the lending criteria through one of WebBank's lending agreements, provided there is no violation of any condition established in the contract with the counterparty to the lending arrangement. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since certain of the commitments are expected to expire without the credit being extended, the total commitment amounts do not necessarily represent future cash requirements. WebBank evaluates each prospective borrower's credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by WebBank upon extension of credit, is based on management's credit evaluation of the borrower and WebBank's counterparty. WebBank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. WebBank uses the same credit policy in making commitments and conditional obligations as it does for on balance sheet instruments. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Post-Retirement Benefits | PENSION AND OTHER POST-RETIREMENT BENEFITSThe Company maintains several qualified and non-qualified pension plans and other post-retirement benefit plans. The following table presents the components of pension expense for the Company's significant pension plans. The Company's other pension and post-retirement benefit plans are not significant individually or in the aggregate. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Interest cost $ 1,877 $ 3,321 $ 5,630 $ 9,871 Expected return on plan assets (6,322) (4,930) (18,965) (16,078) Amortization of actuarial loss 2,944 2,871 8,833 8,569 Total $ (1,501) $ 1,262 $ (4,502) $ 2,362 Pension expense is included in Selling, general and administrative expenses in the consolidated statements of operations. During the nine months ended September 30, 2021, the Company contributed $38,700 to its pension plans, which includes 2020 contributions of $27,400 that were deferred until January 4, 2021 under the CARES Act. On October 15, 2021, the Company contributed $2,400 to its pension plans, the Company does not expect to make any additional contributions during the fourth quarter of 2021. |
Capital and Accumulated Other C
Capital and Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Capital and Accumulated Other Comprehensive Loss | CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS As of September 30, 2021, the Company had 21,235,338 Class A units (regular common units) outstanding. Common Unit Repurchase Program The Board of Directors of SPH GP (the "Board of SPH GP") has approved the repurchase of up to an aggregate of 6,519,001 of the Company's common units (the "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 repurchased 330,434 common units for an aggregate price of approximately $9,690 during the three months and 1,681,922 common units for an aggregate price of approximately $38,302 during the nine months ended September 30, 2021. Since inception of the Repurchase Program the Company has purchased 6,039,870 common units for an aggregate price of approximately $92,647. As of September 30, 2021, there remained 479,131 units that may yet be purchased under the Repurchase Program. In October 2021, the Company repurchased 100,000 common units for $2,852. On November 11, 2021, the Board of Directors of SPH GP, approved an increase of 1,120,869 common units to the Repurchase Program which increased the remaining units available for purchase to 1,500,000 common units. Incentive Award Plan The Company's 2018 Incentive Award 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, the "LP Units"). On May 18, 2020, the Company's unitholders approved the Amended and Restated 2018 Incentive Award Plan, which increased the number of LP Units issuable under the 2018 Plan by 500,000 to a total of 1,000,000 LP Units. On June 9, 2021, the Company's unitholders approved the Amended and Restated 2018 Incentive Award Plan, which increased the number of LP units issuable under the 2018 Plan by 1,000,000 to a total of 2,000,000. The Company granted 33,000 restricted units under the 2018 Plan through the nine months ended September 30, 2021. Such units were valued based upon the market value of the Company's LP Units on the date of grant, and collectively represent approximately $358 of unearned compensation that will be recognized as expense ratably over the vesting period of the units. The grants have cliff vesting periods that range from one Preferred Units The Company's 6.0% Series A preferred units, no par value (the "SPLP Preferred Units") entitle the holders to a cumulative quarterly cash or in-kind (or a combination thereof) distribution. The Company declared an in-kind distribution of approximately $2,371 to preferred unitholders for the three months ended June 30, 2020. The Company declared cash distributions of approximately $2,408 to preferred unitholders for the three months ended September 30, 2021 and $7,225 and $5,133 to preferred unitholders for the nine months ended September 30, 2021 and September 30, 2020, respectively. The SPLP Preferred Units have a term of nine years, ending February 2026, 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. 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 non-current liabilities, including accrued interest expense, on the Company's consolidated balance sheets because they have an unconditional obligation to be redeemed for cash or by issuing a variable number of SPLP common units for a monetary value that is fixed and known at inception. Because the SPLP Preferred Units are classified as liabilities, distributions thereon are recorded as a component of Interest expense in the Company's consolidated statements of operations. As of September 30, 2021 and December 31, 2020, there were 6,422,128 SPLP Preferred Units outstanding. On November 11, 2021, the Board of SPH GP declared a regular quarterly cash distribution of $0.375 per unit, payable December 15, 2021, to unitholders of record as of December 1, 2021, on its SPLP Preferred Units. Accumulated Other Comprehensive Loss Changes, net of tax, where applicable, in AOCI are as follows: Unrealized (loss) gain on available-for-sale debt securities Unrealized (loss) gain on derivative financial instruments Cumulative translation adjustments Change in net pension and other benefit obligations Total Balance at December 31, 2020 $ (274) $ — $ (12,828) $ (159,547) $ (172,649) Net other comprehensive loss attributable to common unitholders — — (217) — (217) Balance at March 31, 2021 (274) — (13,045) (159,547) (172,866) Net other comprehensive income attributable to common unitholders — — 614 — 614 Balance at June 30, 2021 (274) — (12,431) (159,547) (172,252) Net other comprehensive income attributable to common unitholders 182 — (762) — (580) Balance at September 30, 2021 $ (92) $ — $ (13,193) $ (159,547) $ (172,832) Unrealized 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, 2019 $ (274) $ (14) $ (25,166) $ (165,968) $ (191,422) Net other comprehensive loss attributable to common unitholders — — (2,936) — (2,936) Deconsolidation of API — 14 10,522 6,945 17,481 Balance at March 31, 2020 (274) — (17,580) (159,023) (176,877) Net other comprehensive income attributable to common unitholders — — 1,373 — 1,373 Balance at June 30, 2020 (274) — (16,207) (159,023) (175,504) Net other comprehensive income attributable to common unitholders — — 1,379 — 1,379 Balance at September 30, 2020 $ (274) $ — $ (14,828) $ (159,023) $ (174,125) Incentive Unit Awards In 2012, SPLP issued to the Manager partnership profits interests in the form of Incentive Units which entitle the holder generally to share in 15% of the increase in the equity value of the Company, based on the volume weighted average price of the Company’s common units for the 20 trading days prior to the year-end measurement date. In 2015, the Manager assigned its rights to Incentive Units to a related party, SPH SPV -I LLC. Vesting in Incentive Units is measured annually on the last day of the Company’s fiscal year and is based upon exceeding a baseline equity value per common unit which is currently $19.65 and was determined when the most recent award vested on December 31, 2017. 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 measurement date equity value per common unit is determined by calculating the volume weighted average price of the Company’s common units for 20 trading days prior to a measurement date. If an Incentive Unit award vests as of an annual measurement date they will be issued as Class C units. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company's tax provision represents the income tax expense or benefit of its consolidated subsidiaries that are taxable entities. Significant differences between the statutory rate and the effective tax rate include partnership losses for which no tax benefit is recognized, the change in unrealized gains on investments, changes in deferred tax valuation allowances and other permanent differences. The Company's consolidated subsidiaries have recorded deferred tax valuation allowances to the extent that they believe it is more likely than not that the benefits of certain deferred tax assets will not be realized in future periods. The Company recorded income tax provisions of $6,428 and $13,533 for the three months ended September 30, 2021 and 2020, respectively, and income tax provisions of $56,435 and $9,043 for the nine months ended September 30, 2021 and 2020, respectively. The Company’s effective tax rate was 20.6% and 30.1% for the three months ended September 30, 2021 and 2020, respectively, and was 42.4% and 26.9% for the nine months ended September 30, 2021 and 2020, respectively. The higher effective tax rate for the nine months ended September 30, 2021 is primarily due to an increase in U.S. tax expense related to unrealized gains on investments. Excluding the impact of the unrealized gains on investments, the estimated annual effective tax rate is expected to be approximately 27%. |
Net Income (Loss) Per Common Un
Net Income (Loss) Per Common Unit | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Unit | NET INCOME (LOSS) PER COMMON UNITThe following data was used in computing net income (loss) per common unit shown in the Company's consolidated statements of operations: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income (loss) from continuing operations $ 22,098 $ 34,667 $ 102,875 $ (1,795) Net loss (income) attributable to noncontrolling interests in consolidated entities (continuing operations) 195 (248) (519) (569) Net income (loss) from continuing operations attributable to common unitholders 22,293 34,419 102,356 (2,364) Net gain (loss) from discontinued operations attributable to common unitholders 7 1,140 135 (24,389) Net income (loss) attributable to common unitholders 22,300 35,559 102,491 (26,753) Effect of dilutive securities: Interest expense from SPLP Preferred Units (a), (b) 3,083 3,083 9,228 — Net income (loss) attributable to common unitholders – assuming dilution $ 25,383 $ 38,642 $ 111,719 $ (26,753) Net income (loss) per common unit - basic Net income (loss) from continuing operations $ 1.06 $ 1.38 $ 4.69 $ (0.10) Net income (loss) from discontinued operations — 0.05 0.01 (0.98) Net income (loss) attributable to common unitholders $ 1.06 $ 1.43 $ 4.70 $ (1.08) Net income (loss) per common unit - diluted Net income (loss) from continuing operations $ 0.92 $ 0.72 $ 3.63 $ (0.10) Net income (loss) from discontinued operations — 0.02 — (0.98) Net income (loss) attributable to common unitholders $ 0.92 $ 0.74 $ 3.63 $ (1.08) Denominator for net income (loss) per common unit – basic 21,018,615 24,874,281 21,816,833 24,844,114 Effect of dilutive securities: Incentive units 1,099,952 — 713,140 — Unvested restricted common units 202,639 66,671 166,803 — SPLP Preferred Units 5,351,345 27,126,430 8,018,671 — Denominator for net income (loss) per common unit – diluted (a), (b) 27,672,551 52,067,382 30,715,447 24,844,114 (a) Assumes the SPLP Preferred Units were redeemed in common units as described in Note 12 - "Capital and Accumulated Other Comprehensive Loss." (b) For the nine months ended September 30, 2020 , the diluted per unit calculation does not include the potential impact of 29,344,885 SPLP Preferred Units and 22,224 of unvested restricted common units, since the impact would have been anti-dilutive. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020 are summarized by type of inputs applicable to the fair value measurements as follows: September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ — $ — $ — $ — Long-term investments (a) 205,923 — 50,692 256,615 Precious metal and commodity inventories recorded at fair value 37,524 — — 37,524 Economic interests in loans (b) — — 7,352 7,352 Commodity contracts on precious metal and commodity inventories — 165 — 165 Warrants (c) — — 6,774 6,774 Total $ 243,447 $ 165 $ 64,818 $ 308,430 Liabilities: Commodity contracts on precious metal and commodity inventories $ — $ — $ — $ — Other precious metal liabilities 31,120 — — 31,120 Total $ 31,120 $ — $ — $ 31,120 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 88 $ 18 $ — $ 106 Long-term investments (a) 242,863 — 48,434 291,297 Precious metal and commodity inventories recorded at fair value 27,324 — — 27,324 Economic interests in loans (b) — — 11,599 11,599 Warrants (c) — — 2,618 2,618 Total $ 270,275 $ 18 $ 62,651 $ 332,944 Liabilities: Commodity contracts on precious metal and commodity inventories $ — $ 169 $ — $ 169 Other precious metal liabilities 28,315 — — 28,315 Total $ 28,315 $ 169 $ — $ 28,484 (a) For additional detail of the marketable securities and long-term investments see Note 8 - "Investments." (b) For additional detail of the economic interests in loans see Note 10 – “Financial Instruments”. (c) Included within Other non-current assets in the Company's consolidated balance sheets. There were no transfers of securities among the various measurement input levels during the three and nine months ended September 30, 2021. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants at the measurement date. Fair value measurements are broken down into three levels based on the reliability of inputs as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date ("Level 1"). Level 2 inputs may include quoted prices in active markets for similar assets or liabilities, quoted prices in a market that is not active for identical assets or liabilities, or other inputs that can be corroborated by observable market data ("Level 2"). Level 3 inputs are unobservable for the asset or liability when there is little, if any, market activity for the asset or liability. Level 3 inputs are based on the best information available and may include data developed by the Company ("Level 3"). The fair value of the Company's financial instruments, such as cash and cash equivalents, trade and other receivables and accounts payable, approximates carrying value due to the short-term maturities of these assets and liabilities. Carrying cost approximates fair value for long-term debt, which has variable interest rates. The precious metal and commodity inventories associated with the Company's fair value hedges (see Note 10 - "Financial Instruments") are reported at fair value. Fair values of these inventories are based on quoted market prices on commodity exchanges and are considered Level 1 measurements. The derivative instruments that the Company purchases in connection with its precious metal and commodity inventories, specifically commodity futures and forward contracts, are also valued at fair value. The futures contracts are Level 1 measurements since they are traded on a commodity exchange. The forward contracts are entered into with a counterparty and are considered Level 2 measurements. Following is a summary of changes in financial assets measured using Level 3 inputs: Long Term Investments (a) Economic Interests in Loans (b) Warrants (b) Total Balance as of December 31, 2020 $ 48,434 $ 11,599 $ 2,618 $ 62,651 Purchases 40 — — 40 Sales and cash collections — (8,066) (2,377) (10,443) Realized gains — 3,819 6,533 10,352 Unrealized gains 2,218 — — 2,218 Balance as of September 30, 2021 $ 50,692 $ 7,352 $ 6,774 $ 64,818 Balance as of December 31, 2019 $ 53,658 $ 18,633 $ 2,086 $ 74,377 Sales and cash collections — (9,867) — (9,867) Realized gains — 3,692 (193) 3,499 Unrealized losses (17,493) — — (17,493) Balance as of September 30, 2020 $ 36,165 $ 12,458 $ 1,893 $ 50,516 (a) Unrealized gains and losses are recorded in (Income) loss of associated companies, net of taxes in the Company's consolidated statements of operations. (b) Realized and unrealized gains and losses are recorded in Realized and unrealized (gains) losses on securities, net or Financial services revenue in the Company's consolidated statements of operations. Long-Term Investments - Valuation Techniques The Company estimates the value of its investments in STCN preferred stock and the STCN 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, the maturity date of the STCN Note, possibility of occurrence of a fundamental change, as defined in the STCN Note, and likelihood of early redemption of the STCN Note. Marketable Securities and Other - Valuation Techniques The Company determines the fair value of certain corporate securities and corporate obligations by incorporating and reviewing prices provided by third-party pricing services based on the specific features of the underlying securities. The Company uses the net asset value included in quarterly statements it receives in arrears from a venture capital fund to determine the fair value of such fund and determines the fair value of certain corporate securities and corporate obligations by incorporating and reviewing prices provided by third-party pricing services based on the specific features of the underlying securities. The fair value of the derivatives held by WebBank (see Note 10 - "Financial Instruments") represents the estimated amounts that WebBank would receive or pay to terminate the contracts at the reporting date and is based on discounted cash flow analyses that consider credit, performance and prepayment. Unobservable inputs used in the discounted cash flow analyses are: a constant prepayment rate of 6.90% to 35.61%; a constant default rate of 1.89% to 16.96%; and a discount rate of 2.80% to 26.03%. 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 ("DCF") 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 DCF require the exercise of significant judgment, including judgment about appropriate discount rates and terminal values, growth rates and the amount and timing of expected future cash flows. The discount rates, which are intended to reflect the risks inherent in future cash flow projections, used in the DCF are based on estimates of the weighted-average cost of capital of a market participant. Such estimates are derived from analysis of peer companies and consider the industry weighted-average return on debt and equity from a market participant perspective. A market approach values a business by considering the prices at which shares of capital stock, or related underlying assets, of reasonably comparable companies are trading in the public market or the transaction price at which similar companies have been acquired. If comparable companies are not available, the market approach is not used. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021, on a consolidated basis, the Company has recorded liabilities of $1,661 and $23,958 in Accrued liabilities and Other non-current liabilities, respectively, 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. Estimates of the Company's liability for remediation of a particular site and the method and ultimate cost of remediation require a number of assumptions that are inherently difficult to make, and the ultimate outcome may be materially different from current estimates. Environmental Matters Certain subsidiaries of Handy & Harmon Ltd. ("HNH") have existing and contingent liabilities relating to environmental matters, including costs of remediation, capital expenditures, and potential fines and penalties relating to possible violations of national and state environmental laws. Those subsidiaries have remediation expenses on an ongoing basis, although such cost estimates are continually being readjusted based upon the emergence of new findings, techniques and alternative methods. HNH recorded liabilities of approximately $24,257 related to estimated environmental investigation and remediation costs as of September 30, 2021. 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 at some of the sites at which HNH subsidiaries are PRP's. 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 an 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 located in Fairfield, Connecticut. An ecological risk assessment of the wetlands portion was submitted in the second quarter of 2016 to the CTDEEP for their review and approval. Company officials met with CTDEEP representatives during the third quarter of 2020 to further discuss wetlands remediation goals and plans. Additional investigation of the wetlands is expected, pending approval of a mutually acceptable wetlands work plan. An updated work plan to investigate the upland portion of the parcel was prepared by the Company and approved by the CTDEEP in March 2018 and completed during 2019 and 2020. Additional upland investigatory work will be required to fully define the areas requiring remediation and is also dependent upon CTDEEP requirements and approval. Based on currently known information, the Company reasonably estimates that it may incur aggregate losses over a period of multiple years of between $10,500 to $17,500. During the second quarter of 2020, the Company increased its reserve for future remediation costs by $14,000, which is its best estimate within this range of potential losses. Due to the uncertainties, there can be no assurance that the final 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") to investigate and remediate property in Montvale, New Jersey that it purchased in 1984. HHEM has been actively investigating and remediating the soil and groundwater since that time and has completed the implementation of the improved groundwater treatment system in operation at the property. 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. 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 $1,000 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. The Company intends to assert all legal and procedural defenses available. Based upon currently available information, the Company has 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, the Company has 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 is expected to start in the first half of 2022. Post-remediation groundwater monitoring will be conducted, and a full-scale groundwater bioremediation is expected to be implemented following completion of soil excavation. A reserve of $2,700 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 (the "Chancery Court") 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 alleged, 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 Chancery 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 the $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. The dispute with the insurance carriers was litigated in the New York Supreme Court and the Court ruled on June 16, 2021 in the Company’s favor on all issues and authorized a judgment to be entered against the insurance carriers for $11,300 plus statutory interest at 9% from June 16, 2021. The insurance carriers have appealed this decision. On April 13, 2018, a purported shareholder of STCN, Donald Reith, filed a verified complaint, Reith v. Lichtenstein, et al., 2018-0277 (Del. Ch.) (the "Reith litigation") in the Chancery Court. The plaintiff sought to assert class action and derivative claims against the Company, together with STCN and with certain of members of STCN's board of directors, as well as other named defendants (collectively, the "defendants") 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 against all the individual defendants as STCN directors; 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 Chancery Court denied most of defendants' the motion to dismiss, allowing the matter to proceed. On August 13, 2021, the defendants, entered into a memorandum of understanding (the “MOU”) with the plaintiff in connection with the settlement of the Reith litigation. Pursuant to the MOU, the defendants agreed to cause their directors’ and officers’ liability insurance carriers to pay to STCN $2.75 million in cash. The Company’s $1.1 million share of the settlement is fully covered by insurance and will be paid by the Company’s insurance carrier. The payment shall be paid into an escrow account within 14 business days of the later of (i) the entry of the scheduling order in connection with the stipulation of the settlement; or (ii) the date on which the plaintiff’s counsel provides to the defendants’ counsel written payment and wire instructions. In addition, pursuant to the terms of the MOU, certain of the individual defendants who are also current and former employees of the Company—Warren Lichtenstein (Executive Chairman), Jack Howard (President), and William Fejes (former Chief Operating Officer)—entered into separate letter agreements (the “Surrender Agreements”) with STCN whereby they each agreed to surrender to STCN an aggregate 3.3 million shares which they had initially received in December 2017 in consideration for services to STCN. The surrenders and cancellations are in the following amounts: for Mr. Lichtenstein, 1,833,333 vested shares and 300,000 unvested shares; for Mr. Howard, 916,667 vested shares and 150,000 unvested shares; and for Mr. Fejes, 100,000 vested shares. Such amounts are to be adjusted to give effect to the one-for-ten reverse stock split voted on by STCN’s shareholders its most recent annual meeting on July 26, 2021 if such reverse stock split is effective prior to the surrender of such shares. The surrenders and cancellations are to be completed no later than seven calendar days following final approval of the settlement by the court and the exhaustion of any appeals therefrom or the expiration of time to appeal. On August 17, 2021, Mr. Lichtenstein and Mr. Howard surrendered the shares required under their respective Surrender Agreement and such shares were subsequently cancelled. The settlement requires court approval, and there can be no assurances that such approval will be granted. A subsidiary of BNS Holdings Liquidating Trust ("BNS Sub") has been named as a defendant in multiple alleged asbestos-related toxic-tort claims filed over a period beginning in 1994 through September 30, 2021. In many cases these claims involved more than 100 defendants. There remained approximately 45 pending asbestos claims as of September 30, 2021. BNS Sub believes it has significant defenses to any liability for toxic-tort claims on the merits. None of these toxic-tort claims has gone to trial and, therefore, there can be no assurance that these defenses will prevail. BNS Sub has insurance policies covering asbestos-related claims for years beginning 1974 through 1988. BNS Sub annually receives retroactive billings or credits from its insurance carriers for any increase or decrease in claims accruals as claims are filed, settled or dismissed, or as estimates of the ultimate settlement costs for the then-existing claims are revised. As of both September 30, 2021 and December 31, 2020, 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, the Company is 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 the Company cannot predict with certainty the ultimate resolution of lawsuits, investigations, claims and proceedings asserted against the Company, it does not believe any currently pending legal proceeding to which it is a party will have a material adverse effect on its business, prospects, financial condition, cash flows, results of operations or liquidity. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
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 SPH SPV -I LLC, a related party, partnership profits interests in the form of incentive units, which will be classified as Class C common units of SPLP, upon exceeding a baseline equity value per common unit, which is measured as of the last day of each fiscal year (see Note 12 - "Capital and Accumulated Other Comprehensive Loss" for additional information on the incentive units). The Management Agreement is automatically renewed each December 31 for successive one-year terms unless otherwise determined at least 60 days prior to each renewal date by a majority of the Company's independent directors. The Management Fee was $2,203 and $1,461 for the three months ended September 30, 2021 and 2020, respectively and $6,412 and $2,642 for the nine months ended September 30, 2021 and 2020, respectively. The lower amounts for the 2020 periods reflect a waiver of the Management Fee by the Manager from March through June 2020 to help mitigate the impact of COVID-19 on the Company; however such waived Management Fee totaling $2,186 was subsequently reinstated. The Management Fee is included in Selling, general and administrative expenses in the Company's consolidated statements of operations. Unpaid Management Fees included in Payables to related parties on the Company's consolidated balance sheets were $105 and $2,319 as of September 30, 2021 and December 31, 2020, 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 $948 and $509 for the three months ended September 30, 2021 and 2020, respectively, and $2,934 and $1,661 for the nine months ended September 30, 2021 and 2020, respectively. Unpaid amounts for reimbursable expenses were approximately $975 and $1,594 as of September 30, 2021 and December 31, 2020, 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. The receivable from STCN of $1,680 as of September 30, 2021 includes $1,096 for amounts receivable for the management services agreement, $537 for a dividend receivable on STCN preferred stock and a $47 receivable of interest for the STCN Note. 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, 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 September 30, 2021 and December 31, 2020, several related parties and consolidated subsidiaries had deposits totaling $1,124 and $1,164 at WebBank, respectively. Approximately $45 and $88 of these deposits, including interest which was not significant, have been eliminated in consolidation as of September 30, 2021 and December 31, 2020, respectively. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION SPLP operates through the following segments: Diversified Industrial, Energy, and Financial Services, 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 a packaging business. 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. Corporate and Other 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 its consolidated subsidiaries and other related companies as further discussed in Note 17 - "Related Party Transactions." Steel Services charged the Diversified Industrial, Energy and Financial Services segments approximately $8,686, $1,169 and $224, respectively, for the three months ended September 30, 2021 and $7,071, $1,316 and $408, respectively, for the three months ended September 30, 2020. Steel Services charged the Diversified Industrial, Energy and Financial Services segments approximately $23,492, $3,806 and $672, respectively, for the nine months ended September 30, 2021 and $21,214, $3,947 and $1,270, respectively for the nine months ended September 30, 2020. These service fees are reflected as expenses in the segment income (loss) below, but are eliminated in consolidation. Segment information is presented below: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue: Diversified Industrial net sales $ 306,471 $ 274,420 $ 860,719 $ 787,138 Energy net revenue 45,862 22,378 119,716 75,282 Financial Services revenue 39,780 33,535 112,604 109,496 Total revenue $ 392,113 $ 330,333 $ 1,093,039 $ 971,916 Income (loss) from continuing operations before interest expense and income taxes: Diversified Industrial $ 33,710 $ 22,406 $ 97,246 $ 48,627 Energy 6,343 (1,891) 12,804 (3,641) Financial Services 20,076 28,701 64,243 31,892 Corporate and Other (26,514) 5,972 1,076 (46,293) Income from continuing operations before interest expense and income taxes 33,615 55,188 175,369 30,585 Interest expense 5,089 6,988 16,059 23,337 Income tax provision 6,428 13,533 56,435 9,043 Net income (loss) from continuing operations $ 22,098 $ 34,667 $ 102,875 $ (1,795) Loss (income) of associated companies, net of taxes: Corporate and Other $ 2,685 $ (3,194) $ (26,276) $ 26,420 Total $ 2,685 $ (3,194) $ (26,276) $ 26,420 Segment depreciation and amortization: Diversified Industrial $ 11,824 $ 12,243 $ 35,639 $ 36,893 Energy 3,010 3,669 9,070 11,156 Financial Services 120 304 365 567 Corporate and Other 39 39 118 119 Total depreciation and amortization $ 14,993 $ 16,255 $ 45,192 $ 48,735 |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2021 | |
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), and 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 Minimum Capital Adequacy With To Be Well Capitalized Under Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of September 30, 2021 Total Capital (to risk-weighted assets) $ 248,309 29.40 % $ 67,593 8.00 % $ 88,715 10.50 % $ 84,491 10.00 % Tier 1 Capital (to risk-weighted assets) $ 237,710 28.10 % $ 50,694 6.00 % $ 71,817 8.50 % $ 67,593 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 237,710 28.10 % $ 38,021 4.50 % $ 59,144 7.00 % $ 54,919 6.50 % Tier 1 Capital (to average assets) $ 237,710 29.00 % $ 32,769 4.00 % n/a n/a $ 40,961 5.00 % As of December 31, 2020 Total Capital (to risk-weighted assets) $ 212,002 34.30 % $ 49,512 8.00 % $ 64,985 10.50 % $ 61,891 10.00 % Tier 1 Capital (to risk-weighted assets) $ 204,028 33.00 % $ 37,134 6.00 % $ 52,607 8.50 % $ 49,512 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 204,028 33.00 % $ 27,851 4.50 % $ 43,323 7.00 % $ 40,229 6.50 % Tier 1 Capital (to average assets) $ 204,028 32.40 % $ 25,219 4.00 % n/a n/a $ 31,523 5.00 % ` The Federal Reserve, Office of the Comptroller of Currency and Federal Deposit Insurance Corporation issued an interim final rule that excludes loans pledged as collateral to the Federal Reserve's PPP Lending Facility from supplementary leverage ratio exposure and average total consolidated assets. Additionally, PPP loans will receive a zero percent risk weight under the risk-based capital rules of the federal banking agencies. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION A summary of supplemental cash flow information for the nine months ended September 30, 2021 and 2020 is presented in the following table: Nine Months Ended September 30, 2021 2020 Cash paid during the period for: Interest $ 17,134 $ 27,023 Taxes $ 9,236 $ 30,573 |
Restatement of Previously Issue
Restatement of Previously Issued Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of Previously Issued Consolidated Financial Statements | RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS As described in Note 1 - " Basis of Presentation,", the following errors in the Company's interim consolidated financial statements as of and for the three and nine months ended September 30, 2020 were identified and corrected as a result of the Electrical Products Misstatements, as well as other immaterial errors: a. Cash and cash equivalents – As a result of the correction of a prior period balance sheet presentation error, apart from the Electrical Products Misstatements, Cash and cash equivalents decreased by $1,519 as of December 31, 2019. b. Revenue – The Company corrected certain errors in the application of its revenue recognition policy under U.S. GAAP, which increased total Revenue by $326 for the three months ended September 30, 2020 and decreased total Revenue by $1,428 for the nine months ended September 30, 2020. These adjustments are primarily for correction of errors separate from the Electrical Products Misstatements. c. Cost of goods sold – Primarily as a result of the correction of the Electrical Products Misstatements, Cost of goods sold increased by $4,311 and $5,105 for the three and nine months ended September 30, 2020, respectively. These Electric Products Misstatements were due primarily to irregularities in revenue recognition journal entries, irregularities relating to Accounts payable and improper valuation of inventories. d. Selling, general and administrative expenses – Primarily as a result of error corrections separate from the Electrical Products Misstatements, Selling, general and administrative expenses decreased by $19 and $3,552 for the three and nine months ended September 30, 2020, respectively. e. Interest expense – As a result of the net impact of the error corrections, Interest expense for the Company's Credit Agreement increased by $312 for the nine months ended September 30, 2020, due to the impact of covenant calculations. f. Income tax (benefit) provision – As a result of the net impact of the error corrections, Income tax provision decreased by $1,250 and $991 for the three and nine months ended September 30, 2020, respectively. g. Net loss on deconsolidation of discontinued operations – The Company corrected errors apart from the Electrical Products Misstatements, which decreased Net loss on deconsolidation of discontinued operations by $879 for the nine months ended September 30, 2020, due primarily to recognition of an asset impairment charge. Three Months Ended September 30, 2020 As Previously Reported Adjustments for Error Corrections Consolidated Statement of Operations As Corrected Revenue: Diversified Industrial net sales $ 274,094 $ 326 $ 274,420 Energy net revenue 22,378 — 22,378 Financial Services revenue 33,535 — 33,535 Total revenue 330,007 326 330,333 Costs and expenses: Cost of goods sold 216,322 4,311 220,633 Selling, general and administrative expenses 67,418 (19) 67,399 Finance interest expense 2,537 — 2,537 Provision for loan losses (9,684) — (9,684) Interest expense 6,988 — 6,988 Realized and unrealized gains on securities, net (969) — (969) Other income, net (1,577) — (1,577) Total costs and expenses 281,035 4,292 285,327 (Loss) income before income taxes and equity method investments 48,972 (3,966) 45,006 Income tax (benefit) provision 14,783 (1,250) 13,533 Income of associated companies, net of taxes (3,194) — (3,194) Net (loss) income from continuing operations 37,383 (2,716) 34,667 Discontinued operations Loss from discontinued operations, net of taxes (21) — (21) Net loss on deconsolidation of discontinued operations 1,161 — 1,161 Net Loss from discontinued operations, net of taxes 1,140 — 1,140 Net (loss) income 38,523 (2,716) 35,807 Net income attributable to noncontrolling interests in consolidated entities (continuing operations) (248) — (248) Net (loss) income attributable to common unitholders $ 38,275 $ (2,716) $ 35,559 Net (loss) income per common unit - basic and diluted Net (loss) income from continuing operations $ 1.49 $ (0.11) $ 1.38 Net loss from discontinued operations 0.05 — 0.05 Net (loss) income attributable to common unitholders $ 1.54 $ (0.11) $ 1.43 Net (loss) income per common unit - diluted Net (loss) income from continuing operations $ 0.77 $ (0.05) $ 0.72 Net (loss) income from discontinued operations 0.02 — 0.02 Net (loss) income attributable to common unitholders $ 0.79 $ (0.05) $ 0.74 Weighted-average number of common units outstanding - basic 24,874,281 24,874,281 24,874,281 Weighted-average number of common units outstanding - diluted 52,067,382 52,067,382 52,067,382 Nine Months Ended September 30, 2020 As Previously Reported Adjustments for Error Corrections Consolidated Statement of Operations As Corrected Revenue: Diversified Industrial net sales $ 788,566 $ (1,428) $ 787,138 Energy net revenue 75,282 — 75,282 Financial Services revenue 109,496 — 109,496 Total revenue 973,344 (1,428) 971,916 Costs and expenses: Cost of goods sold 632,600 5,105 637,705 Selling, general and administrative expenses 219,018 (3,552) 215,466 Asset impairment charges 617 — 617 Finance interest expense 9,446 — 9,446 Provision for loan losses 30,706 — 30,706 Interest expense 23,025 312 23,337 Realized and unrealized gains on securities, net 25,515 — 25,515 Other income, net (4,544) — (4,544) Total costs and expenses 936,383 1,865 938,248 (Loss) income before income taxes and equity method investments 36,961 (3,293) 33,668 Income tax (benefit) provision 10,034 (991) 9,043 Loss of associated companies, net of taxes 26,420 — 26,420 Net (loss) income from continuing operations 507 (2,302) (1,795) Discontinued operations Loss from discontinued operations, net of taxes (2,602) — (2,602) Net (loss) income on deconsolidation of discontinued operations (22,666) 879 (21,787) Net (Loss) income from discontinued operations, net of taxes (25,268) 879 (24,389) Net (loss) income (24,761) (1,423) (26,184) Net income attributable to noncontrolling interests in consolidated entities (continuing operations) (569) — (569) Net (loss) income attributable to common unitholders $ (25,330) $ (1,423) $ (26,753) Net (loss) income per common unit - basic and diluted Net (loss) income from continuing operations $ — $ (0.10) $ (0.10) Net (loss) income from discontinued operations (1.02) 0.04 (0.98) Net (loss) income attributable to common unitholders $ (1.02) $ (0.06) $ (1.08) Weighted-average number of common units outstanding - basic and diluted 24,844,114 24,844,114 24,844,114 Three Months Ended September 30, 2020 As Previously Reported Adjustments for Error Corrections Consolidated Statement of Comprehensive (Loss) Income As Corrected Net income (loss) $ 38,523 $ (2,716) $ 35,807 Other comprehensive income, net of tax: Currency translation adjustments 1,379 — 1,379 Other comprehensive income 1,379 — 1,379 Comprehensive income (loss) 39,902 (2,716) 37,186 Comprehensive income attributable to noncontrolling interests (248) — (248) Comprehensive income (loss) attributable to common unitholders $ 39,654 $ (2,716) $ 36,938 Nine Months Ended September 30, 2020 As Previously Reported Adjustments for Error Corrections Consolidated Statement of Comprehensive (Loss) Income As Corrected Net loss $ (24,761) $ (1,423) $ (26,184) Other comprehensive loss, net of tax: Currency translation adjustments (184) — (184) Other comprehensive loss (184) — (184) Comprehensive loss (24,945) (1,423) (26,368) Comprehensive income attributable to noncontrolling interests (569) — (569) Comprehensive loss attributable to common unitholders $ (25,514) $ (1,423) $ (26,937) As Previously Reported Adjustments for Error Corrections Consolidated Statement of Changes in Capital As Corrected Balance at December 31, 2019 $ 476,419 $ (9,786) $ 466,633 Net (loss) income (61,607) 859 (60,748) Currency translation adjustments (2,936) — (2,936) Equity compensation - restricted units 104 — 104 Deconsolidation of API 17,481 — 17,481 Other, net 58 — 58 Balance at March 31, 2020 429,519 (8,927) 420,592 Net (loss) income (1,677) 434 (1,243) Currency translation adjustments 1,373 — 1,373 Equity compensation - restricted units 49 — 49 Other, net 25 — 25 Balance at June 30, 2020 429,289 (8,493) 420,796 Net (loss) income 38,523 (2,716) 35,807 Currency translation adjustments 1,379 1,379 Equity compensation - restricted units 334 334 Other, net 65 65 Balance at September 30, 2020 $ 469,590 $ (11,209) $ 458,381 Nine Months Ended September 30, 2020 As Previously Reported Adjustments for Error Corrections Consolidated Statement of Cash Flows As Corrected Cash flows from operating activities: Net (loss) income $ (24,761) $ (1,423) $ (26,184) (Loss) gain from discontinued operations (25,268) 879 (24,389) Net (loss) income from continuing operations 507 (2,302) (1,795) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for loan losses 30,706 — 30,706 Loss of associated companies, net of taxes 26,420 — 26,420 Realized and unrealized losses on securities, net 25,515 — 25,515 Derivative gains on economic interests in loans (3,692) — (3,692) Deferred income taxes 5,231 (517) 4,714 Depreciation and amortization 48,735 — 48,735 Non-cash lease expense 6,890 — 6,890 Equity-based compensation 589 — 589 Asset impairment charges 617 — 617 Other 3,622 (3) 3,619 Net change in operating assets and liabilities: Trade and other receivables (22) (1,973) (1,995) Inventories 1,444 2,693 4,137 Prepaid expenses and other assets (1,041) — (1,041) Accounts payable, accrued and other liabilities 5,865 2,102 7,967 Net decrease in loans held for sale 144,844 — 144,844 Net cash provided by operating activities - continuing operations 296,230 — 296,230 Net cash used in operating activities - discontinued operations (1,649) — (1,649) Total cash provided by operating activities 294,581 — 294,581 Cash flows from investing activities: Purchases of investments (7,256) — (7,256) Proceeds from sales of investments 2,327 — 2,327 Proceeds from maturities of investments 32,995 — 32,995 Loan originations, net of collections (2,022,276) — (2,022,276) Purchases of property, plant and equipment (15,581) — (15,581) Proceeds from sale of property, plant and equipment 3,067 — 3,067 Acquisition, net of cash acquired (3,500) — (3,500) Net cash used in investing activities - continuing operations (2,010,224) — (2,010,224) Net cash provided by (used in) investing activities - discontinued operations — — — Net cash used in investing activities (2,010,224) — (2,010,224) Cash flows from financing activities: Net revolver repayments (26,948) — (26,948) Repayments of term loans (8,181) — (8,181) Proceeds from other borrowings 2,159,721 — 2,159,721 Distribution to preferred unitholders (40,000) — (40,000) Deferred finance charges (1,474) — (1,474) Net decrease in deposits (365,859) — (365,859) Net cash provided by financing activities - continuing operations 1,717,259 — 1,717,259 Net cash used in financing activities - discontinued operations — — — Net cash provided by financing activities 1,717,259 — 1,717,259 Net change for the period 1,616 — 1,616 Effect of exchange rate changes on cash and cash equivalents 182 — 182 Cash, cash equivalents and restricted cash at beginning of period 139,467 (1,519) 137,948 Cash and cash equivalents at end of period, including cash of discontinued operations $ 141,265 $ (1,519) $ 139,746 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Impact of Covid-19 | Impact of COVID-19 The ongoing novel coronavirus ("COVID-19") pandemic is a continuously evolving situation around the world and has negatively impacted and could continue to negatively impact the global economy. While the negative effects from the COVID-19 pandemic in the first half of 2020 were material to the Company's operating results, the Company experienced sales growth during the second half of 2020 and continued to experience such growth for the first three quarters of 2021. The Company’s operating results will be subject to fluctuations based upon general economic conditions and the extent to which COVID-19 may impact its business will depend on future developments, which are highly uncertain and cannot be predicted, such as the duration and severity of the pandemic, governmental actions that have been taken, or may be taken in the future, in response to the pandemic, and the extent and severity of the impact on the Company's customers and suppliers. The Company continues to actively monitor the COVID-19 pandemic and its potential impacts on the Company's employees, customers, suppliers and financial results. During the year ended December 31, 2020, as the COVID-19 pandemic progressed, the Company initiated many cost reducing actions to help mitigate the financial impact of the pandemic. The Company continues to evaluate further or continued actions as circumstances warrant. |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements as of September 30, 2021 and for the three and nine-month periods ended September 30, 2021 and 2020, which have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim periods, include the accounts of the Company and its consolidated subsidiaries. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected herein. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the operating results for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements in its Annual Report on Form 10-K (the "Form 10-K") for the year ended December 31, 2020, from which the consolidated balance sheet as of December 31, 2020 has been derived. The Company’s fiscal quarter ends on the last day of the calendar quarter; however, for certain subsidiaries of the Company, the fiscal quarter periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year. The Company and all its subsidiaries close their books for fiscal years on December 31. For ease of presentation, the quarterly financial statements included herein are described as ending on the last day of the calendar quarter. Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), but is not required for interim reporting purposes, has been condensed or omitted. Management must make estimates and assumptions that affect the consolidated financial statements and the related footnote disclosures. While management uses its best judgment, actual results may differ from those estimates. |
Restatement For Correction of Immaterial Errors in Previously Issued Consolidated Financial Statements | Restatement For Correction of Immaterial Errors in Previously Issued Consolidated Financial Statements As previously disclosed in the Company’s Form 10-K for the year ended December 31, 2020, during the fourth quarter of 2020, in connection with the preparation of the consolidated financial statements for the year ended December 31, 2020, the Company identified errors in its previously filed annual consolidated financial statements and unaudited quarterly consolidated financial statements. The errors were not material to any individual prior quarterly or annual period. The prior period errors are related primarily to a division of the Company's Electrical Products business within the Diversified Industrial segment ("Electrical Products Misstatements") and were primarily the result of: (1) divisional management override of internal controls, (2) improper segregation of duties, including failure to obtain independent review of recorded accounting entries and accounting analyses and (3) inadequate documentation and support for and/or untimely preparation of account reconciliations. The Electrical Products Misstatements resulted in: (1) improper valuation of inventories and trade receivables, including the related allowance for doubtful accounts; (2) improper recognition of revenue on contracts performed over time; (3) accounts payable and associated expenses not recorded accurately or in the appropriate period; and (4) other errors. The Company assessed the materiality of the errors in its historical annual consolidated financial statements in accordance with SEC Staff Accounting Bulletin ("SAB") Topic 1.M, Materiality , codified in Accounting Standards Codification ("ASC") 250, Accounting Changes and Error Corrections , and concluded that the errors were not material to the previously filed annual consolidated financial statements or corresponding unaudited interim periods but would be material in the aggregate if corrected solely in the consolidated financial statements as of and for the year ended December 31, 2020. In accordance with ASC 250 (SAB Topic 1.N, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements) , the Company corrected for these errors by revising previously filed 2019 annual consolidated financial statements, including the impact to beginning Partners' capital, in connection with the filing of its Form 10-K for the year ended December 31, 2020. The revised annual consolidated financial statements also included adjustments to correct certain other immaterial errors, including errors that had previously been adjusted for and disclosed as out of period corrections in the period identified. Additionally, in connection with the filing of this Form 10-Q (this "Form 10-Q"), the Company has disclosed the impact of the restatement to the consolidated interim financial statements as of and for the three and nine months ended September 30, 2020, to correct for the errors. The accompanying footnotes have also been corrected to reflect the impact of the revisions of the previously filed 2020 interim consolidated financial statements. Refer to Note 21 - "Restatement of Previously Issued Consolidated Financial Statements" for reconciliations between as reported and as revised quarterly amounts. |
Discontinued Operations | Discontinued Operations 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 was 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 Americas Inc. Chapter 11 bankruptcy proceedings were closed by the Bankruptcy Court on December 21, 2020. The API entities (collectively, "API") were wholly-owned subsidiaries of the Company and were included in the Diversified Industrial segment. The Company deconsolidated API on January 31, 2020 as it no longer held a controlling financial interest as of that date. All references made to financial data in this Quarterly Report on Form 10-Q are to the Company's continuing operations, unless specifically noted. See Note 3 - "Discontinued Operations" for additional information. |
Adoption of New Accounting Standards and Accounting Standards Not Yet Effective | Adoption of New Accounting Standards 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 Company adopted ASU 2020-01 on January 1, 2021 and the adoption of this standard 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. In November 2019, the FASB issued ASU 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates . This new standard 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 determination as of November 15, 2019, in accordance with SEC regulations. As of this date, the Company met the SEC definition of a smaller reporting company. Therefore, the Company will not be required to adopt Topic 326 until January 1, 2023. The Company is currently evaluating the potential impact of this new guidance; however, it expects that it could have a significant impact on the Company's allowance for loan losses (the "ALLL"). 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 end. 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 is intended to provide temporary optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate, known as LIBOR, or by another reference rate expected to be discontinued. This guidance is effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40) . This ASU simplifies the accounting for convertible debt instruments by removing certain accounting separation models as well as the accounting for debt instruments with embedded conversion features that are not required to be accounted for as derivative instruments. The ASU also updates and improves the consistency of earnings per share calculations for convertible instruments. The amendments in this ASU are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is currently evaluating the impact this ASU may have on its consolidated financial statements and related disclosures. |
Disaggregation of Revenues | Disaggregation of Revenues Revenues are disaggregated at the Company's segment level since the segment categories depict how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. For additional details related to the Company's reportable segments, see Note 18 - "Segment Information." |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's revenues disaggregated by geography for the three and nine months ended September 30, 2021 and 2020. The Company's revenues are primarily derived domestically. Foreign revenues are based on the country in which the legal subsidiary generating the revenue is domiciled. Revenue from any single foreign country was not material to the Company's consolidated financial statements. Three Months Ended Nine Months Ended 2021 2020 2021 2020 United States $ 370,085 $ 310,484 $ 1,026,079 $ 911,537 Foreign 22,028 19,849 66,960 60,379 Total revenue $ 392,113 $ 330,333 $ 1,093,039 $ 971,916 |
Contract with Customer Liability | Contract Liabilities Balance at December 31, 2020 $ 7,707 Deferral of revenue 8,026 Recognition of unearned revenue (12,636) Balance at September 30, 2021 $ 3,097 Balance at December 31, 2019 $ 6,820 Deferral of revenue 11,515 Recognition of unearned revenue (12,079) Balance at September 30, 2020 $ 6,256 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Discontinued Operations | The components of Net gain (loss) from discontinued operations, net of taxes in the accompanying consolidated statements of operations are: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Gain (loss) from operations of discontinued operation $ 7 $ (21) $ 135 $ (2,602) Gain upon initial deconsolidation of API — — — 30,516 Loss from guarantee liability — 1,161 — (52,303) Net gain (loss) from discontinued operations, net of taxes $ 7 $ 1,140 $ 135 $ (24,389) The following represents the detail of Gain (loss) from discontinued operations, net of taxes in the accompanying consolidated statements of operations: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue $ — $ — $ — $ 6,388 Costs and expenses: Cost of goods sold — — — 6,085 Selling, general and administrative expenses (7) 21 (135) 2,520 Other expenses, net — — — 385 Total costs and expenses (7) 21 (135) 8,990 Gain (loss) before income taxes 7 (21) 135 (2,602) Income tax benefit — — — — Gain (loss) from discontinued operations, net of taxes $ 7 $ (21) $ 135 $ (2,602) |
Loans Receivable, Including L_2
Loans Receivable, Including Loans Held For Sale (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Trade and Other Receivables | Major classifications of Loans receivable, including loans held for sale, held by WebBank as of September 30, 2021 and December 31, 2020 are as follows: Total Current Non-current September 30, 2021 % December 31, 2020 % September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Loans held for sale $ 159,241 $ 88,171 $ 159,241 $ 88,171 $ — $ — Commercial real estate loans $ 624 — % $ 672 — % — — 624 672 Commercial and industrial 979,667 89 % 2,279,672 94 % 262,948 221,469 716,719 2,058,203 Consumer loans 124,750 11 % 147,652 6 % 95,889 23,510 28,861 124,142 Total loans 1,105,041 100 % 2,427,996 100 % 358,837 244,979 746,204 2,183,017 Less: Allowance for loan losses (13,671) (27,059) (13,671) (27,059) — — Total loans receivable, net $ 1,091,370 $ 2,400,937 345,166 217,920 746,204 2,183,017 Loans receivable, including loans held for sale (a) $ 504,407 $ 306,091 $ 746,204 $ 2,183,017 (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 $1,248,578 and $2,498,218 as of September 30, 2021 and December 31, 2020, respectively. |
Financing Receivable, Allowance for Credit Loss | Changes in the ALLL are summarized as follows: Commercial Real Estate Loans Commercial & Industrial Consumer Loans Total December 31, 2020 $ 22 $ 9,293 $ 17,744 $ 27,059 Charge-offs — (3,607) (3,669) (7,276) Recoveries 6 514 396 916 (Benefit) Provision (6) 1,038 (1,747) (715) March 31, 2021 22 7,238 12,724 19,984 Charge-offs — (1,821) (2,470) (4,291) Recoveries 6 885 363 1,254 (Benefit) Provision (6) 808 (2,369) (1,567) June 30, 2021 22 7,110 8,248 15,380 Charge-offs — (1,465) (1,753) (3,218) Recoveries 9 659 404 1,072 (Benefit) Provision (10) 1,526 (1,079) 437 September 30, 2021 $ 21 $ 7,830 $ 5,820 $ 13,671 Commercial Real Estate Loans Commercial & Industrial Consumer Loans Total December 31, 2019 $ 24 $ 10,920 $ 25,738 $ 36,682 Charge-offs — (3,898) (7,301) (11,199) Recoveries 1 149 653 803 (Benefit) Provision (2) 11,945 14,194 26,137 March 31, 2020 23 19,116 33,284 52,423 Charge-offs — (2,315) (6,153) (8,468) Recoveries 10 170 572 752 (Benefit) Provision (12) 4,940 9,325 14,253 June 30, 2020 21 21,911 37,028 58,960 Charge-offs — (3,896) (3,621) (7,517) Recoveries 5 240 624 869 (Benefit) Provision (5) (5,116) (4,563) (9,684) September 30, 2020 $ 21 $ 13,139 $ 29,468 $ 42,628 The ALLL and outstanding loan balances according to the Company's impairment method are summarized as follows: September 30, 2021 Commercial Real Estate Loans Commercial & Industrial Consumer Loans Total Allowance for loan losses: Individually evaluated for impairment $ 10 $ 190 $ — $ 200 Collectively evaluated for impairment 11 7,640 5,820 13,471 Total $ 21 $ 7,830 $ 5,820 $ 13,671 Outstanding loan balances: Individually evaluated for impairment $ 10 $ 2,453 $ — $ 2,463 Collectively evaluated for impairment 614 977,214 124,750 1,102,578 Total $ 624 $ 979,667 $ 124,750 $ 1,105,041 December 31, 2020 Commercial Real Estate Loans Commercial & Industrial Consumer Loans Total Allowance for loan losses: Individually evaluated for impairment $ 10 $ 129 $ — $ 139 Collectively evaluated for impairment 12 9,164 17,744 26,920 Total $ 22 $ 9,293 $ 17,744 $ 27,059 Outstanding loan balances: Individually evaluated for impairment $ 10 $ 1,283 $ — $ 1,293 Collectively evaluated for impairment 662 2,278,389 147,652 2,426,703 Total $ 672 $ 2,279,672 $ 147,652 $ 2,427,996 |
Financing Receivable, Past Due | Past due loans (accruing and nonaccruing) are summarized as follows: September 30, 2021 Current 30-89 Days 90+ Days Total Total Loans Recorded Nonaccrual Loans That Are Current (a) Commercial real estate loans $ 624 $ — $ — $ — $ 624 $ — $ — Commercial and industrial 971,858 5,006 2,803 7,809 979,667 2,803 — Consumer loans 122,943 1,376 431 1,807 124,750 431 — Total loans $ 1,095,425 $ 6,382 $ 3,234 $ 9,616 $ 1,105,041 $ 3,234 $ — December 31, 2020 Current 30-89 Days 90+ Days Total Total Loans Recorded Nonaccrual Loans That Are Current (a) Commercial real estate loans $ 672 $ — $ — $ — $ 672 $ — $ — Commercial and industrial 2,265,150 7,153 7,369 14,522 2,279,672 7,369 — Consumer loans 142,418 3,902 1,332 5,234 147,652 1,332 — Total loans $ 2,408,240 $ 11,055 $ 8,701 $ 19,756 $ 2,427,996 $ 8,701 $ — (a) Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected. |
Financing Receivable Credit Quality Indicators | Outstanding loan balances (accruing and nonaccruing) categorized by these credit quality indicators are summarized as follows: September 30, 2021 Non - Graded Pass Special Sub- Doubtful Total Loans Commercial real estate loans $ — $ 614 $ — $ 10 $ — $ 624 Commercial and industrial 274,399 699,071 3,744 2,453 — 979,667 Consumer loans 124,750 — — — — 124,750 Total loans $ 399,149 $ 699,685 $ 3,744 $ 2,463 $ — $ 1,105,041 December 31, 2020 Non - Graded Pass Special Sub- Doubtful Total Loans Commercial real estate loans $ — $ 662 $ — $ 10 $ — $ 672 Commercial and industrial 194,338 2,080,623 3,428 1,283 — 2,279,672 Consumer loans 147,652 — — — — 147,652 Total loans $ 341,990 $ 2,081,285 $ 3,428 $ 1,293 $ — $ 2,427,996 |
Impaired Financing Receivables | Information on impaired loans is summarized as follows: Recorded Investment September 30, 2021 Unpaid Principal With No With Total Recorded Related Average Recorded Commercial real estate loans $ 10 $ — $ 10 $ 10 $ 10 $ 10 Commercial and industrial 2,453 — 2,453 2,453 190 2,384 Total loans $ 2,463 $ — $ 2,463 $ 2,463 $ 200 $ 2,394 Recorded Investment December 31, 2020 Unpaid Principal With No With Total Recorded Related Average Recorded Commercial real estate loans $ 10 $ — $ 10 $ 10 $ 10 $ 11 Commercial and industrial 1,283 — 1,283 1,283 129 2,319 Total loans $ 1,293 $ — $ 1,293 $ 1,293 $ 139 $ 2,330 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | A summary of Inventories, net is as follows: September 30, 2021 December 31, 2020 Finished products $ 40,977 $ 41,894 In-process 33,821 24,590 Raw materials 56,136 39,613 Fine and fabricated precious metal in various stages of completion 40,916 34,269 171,850 140,366 LIFO reserve (2,153) (3,280) Total $ 169,697 $ 137,086 |
Inventory Supplemental Disclosure | September 30, 2021 December 31, 2020 Supplemental inventory information: Precious metals stated at LIFO cost $ 4,084 $ 4,956 Precious metals stated under non-LIFO cost methods, primarily at fair value $ 34,679 $ 26,033 Market value per ounce: Silver $ 22.43 $ 26.28 Gold $ 1,751.65 $ 1,891.70 Palladium $ 1,968.54 $ 2,448.54 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation of the change in the carrying value of goodwill | A summary of the change in the carrying amount of goodwill by reportable segment is as follows: Diversified Industrial Energy Financial Services Corporate and Other Total Balance as of December 31, 2020 Gross goodwill $ 183,181 $ 67,143 $ 6,515 $ 81 $ 256,920 Accumulated impairments (41,278) (64,790) — — (106,068) Net goodwill 141,903 2,353 6,515 81 150,852 Divestitures (a) (2,813) — — — (2,813) Currency translation adjustments (11) — — — (11) Balance as of September 30, 2021 Gross goodwill 180,357 67,143 6,515 81 254,096 Accumulated impairments (41,278) (64,790) — — (106,068) Net goodwill $ 139,079 $ 2,353 $ 6,515 $ 81 $ 148,028 (a) Related to the d ivestiture |
Summary of Intangible Assets | A summary of Other intangible assets, net is as follows: September 30, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 212,696 $ 131,819 $ 80,877 $ 213,984 $ 122,785 $ 91,199 Trademarks, trade names and brand names 50,504 21,014 29,490 51,189 20,209 30,980 Developed technology, patents and patent applications 32,507 21,078 11,429 32,319 19,724 12,595 Other 18,770 16,229 2,541 18,777 14,970 3,807 Total $ 314,477 $ 190,140 $ 124,337 $ 316,269 $ 177,688 $ 138,581 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Based on gross carrying amounts at September 30, 2021, the Company's estimate of amortization expense for identifiable intangible assets for the years ending December 31, 2021 through 2025 is presented in the table below. Year Ending December 31, 2021 2022 2023 2024 2025 Estimated amortization expense $ 20,106 $ 17,887 $ 16,891 $ 16,317 $ 14,902 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities and Equity Method Investments | The following table summarizes the Company's long-term investments as of September 30, 2021 and December 31, 2020. Ownership % Long-Term Investments Balance September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Corporate securities (a) $ 170,311 210,538 Collateralized debt securities — 450 Steel Connect, Inc. ("STCN") convertible notes (b) 14,835 14,258 STCN preferred stock (c) 34,922 32,832 STCN common stock 30.1 % 29.0 % 36,547 14,309 Aviat Networks, Inc. ("Aviat") common stock (d) — % 10.1 % — 18,910 Total $ 256,615 $ 291,297 (a) Corporate securities primarily include the Company's investment in the common stock of Aerojet Rocketdyne Holdings, Inc. ("Aerojet"). The Company owned 4.9% and 5.1% of Aerojet common stock as of September 30, 2021 and December 31, 2020, respectively. The fair value of the investment in Aerojet wa s $168,507 and $208,758 as of September 30, 2021 and December 31, 2020, respectively. Gross unrealized gains for all Corporate securities totaled $157,389 and $146,459 at September 30, 2021 and 2020, respectively. In December 2020, Aerojet's Board of Directors declared a one-time cash dividend of $5.00 per share (the "Pre-Closing Dividend") which was paid on March 24, 2021 to the holders of Aerojet's shares as of the close of business on March 10, 2021. During the three months ended March 31, 2021, the Company recognized the $19,740 Aerojet one-time dividend in Other income, net. (b) Represents investment in STCN convertible notes, which the Company accounts for under the fair value option with changes in fair value recognized in the Company's consolidated statements of operations. The Company entered into a convertible note with STCN ("STCN Note") on February 28, 2019, which matures on March 1, 2024. The cost basis of the STCN Note totaled $14,943 as of both September 30, 2021 and December 31, 2020. The STCN 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 (whole dollars) principal amount of the STCN 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 STCN Notes, if converted as of September 30, 2021, 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 50.0% of STCN's outstanding shares. As of September 30, 2021, the conversion price was higher than the fair value of a STCN common share into which it is convertible, and is therefore, not in the money. (c) Represents investment in shares of STCN preferred stock, which the Company accounts for under the fair value option with changes in fair value recognized in the Company's consolidated statements of operations. The investment in STCN preferred stock had a cost basis of $35,688 at September 30, 2021 and December 31, 2020. 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. (d) During the three months ended March 31, 2021, the Company sold its remaining investment in Aviat for total proceeds of approximately $24,100. Loss (Income) of Associated Companies, Net of Taxes Three Months Ended Nine Months Ended 2021 2020 2021 2020 STCN convertible notes 46 (530) (577) 2,784 STCN preferred stock (264) (1,755) (2,074) 13,260 STCN common stock 2,903 968 (19,726) 14,839 Aviat common stock — (1,877) (3,899) (4,003) Other — — — (460) Total $ 2,685 $ (3,194) $ (26,276) $ 26,420 |
Unrealized Gain (Loss) on Investments | The amount of unrealized gains (losses) for the three and nine months ended September 30, 2021 and 2020 that relate to equity securities still held as of September 30, 2021 and 2020, respectively, are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net (losses) gains recognized during the period on equity securities $ (21,453) $ 969 $ (40,232) $ (25,515) Less: Net (losses) gains recognized during the period on equity securities sold during the period — — 36 (2,706) Unrealized (losses) gains recognized during the period on equity securities still held at the end of the period $ (21,453) $ 969 $ (40,268) $ (22,809) |
Schedule of Additional Disclosures of Associated Companies | The following summary (unaudited) statements of operations amounts are for STCN for the three months and fiscal years ended July 31, 2021 and 2020. Three Months Ended Fiscal Years Ended 2021 2020 2021 2020 Summary operating results: Net revenue $ 136,000 $ 164,857 $ 613,766 $ 782,813 Gross profit 21,048 39,994 $ 129,613 $ 162,959 Net loss $ (11,015) $ (360) $ (44,391) $ (5,284) |
Schedule of Held-to-Maturity Securities | The amount and contractual maturities of HTM debt securities are noted in the tables below. Actual maturities may differ from expected or contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. The securities are collateralized by unsecured consumer loans. September 30, 2021 Amortized Cost Gross Unrealized Gains (Losses) Estimated Fair Value Carrying Value Collateralized securities $ 17,555 $ (8) $ 17,547 $ 17,555 Contractual maturities within: One year to five years 3,475 Five years to ten years 12,565 After ten years 1,515 Total $ 17,555 December 31, 2020 Amortized Cost Gross Unrealized Gains (Losses) Estimated Fair Value Carrying Value Collateralized securities $ 16,868 $ 109 $ 16,977 $ 16,868 Contractual maturities within: One year to five years 7,563 Five years to ten years 7,193 After ten years 2,112 Total $ 16,868 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term and Short-term Debt | The components of debt and a reconciliation to the carrying amount of long-term debt is presented in the table below: September 30, 2021 December 31, 2020 Short term debt: Domestic $ — $ — Foreign 34 397 Short-term debt 34 397 Long-term debt: Credit Agreement 262,200 332,350 Other debt - foreign 110 230 Other debt - domestic 1,097 1,173 Subtotal 263,407 333,753 Less: portion due within one year 11,206 10,361 Long-term debt 252,201 323,392 $ 263,441 $ 334,150 |
Schedule of Maturities of Long-term Debt | As of September 30, 2021 long-term debt maturities in each of the next five years as follows: Total 2021 2022 2023 2024 2025 Thereafter Long-term debt (a) $ 263,407 $ 2,500 $ 260,907 $ — $ — $ — $ — (a) As of September 30, 2021, long term debt of $11,206 is expected to mature over the following twelve months. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Forward or Future Contracts with Settlement Dates | As of September 30, 2021, the Company had the following outstanding forward contracts with settlement dates through October 2021. There were no futures contracts outstanding as of September 30, 2021. Commodity Amount Notional Value Silver (ounces) 72,014 $ 1,612 Gold (ounces) 1,142 $ 1,996 Palladium (ounces) 1,385 $ 2,789 Copper (pounds) 370,000 $ 1,566 Tin (metric tons) 50 $ 1,678 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value and carrying amount of derivative instruments on the Company's consolidated balance sheets are as follows: Fair Value of Derivative Assets (Liabilities) September 30, 2021 December 31, 2020 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as ASC 815 hedges Commodity contracts Prepaid expenses and other current assets $ 2 Accrued liabilities $ (6) Derivatives not designated as ASC 815 hedges Commodity contracts Prepaid expenses and other current assets $ 163 Accrued liabilities $ (163) Economic interests in loans Other non-current assets $ 7,352 Other non-current assets $ 11,599 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The effects of derivatives not designated as ASC 815 hedging instruments on the consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 are as follows: Derivatives Not Designated as Hedging Instruments: Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income Three Months Ended Nine Months Ended 2021 2020 2021 2020 Commodity contracts Other income (expense), net $ 738 $ (464) $ 23 $ (1,200) Economic interests in loans Financial services revenue 1,214 1,032 3,819 3,692 Total $ 1,952 $ 568 $ 3,842 $ 2,492 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following table presents the components of pension expense for the Company's significant pension plans. The Company's other pension and post-retirement benefit plans are not significant individually or in the aggregate. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Interest cost $ 1,877 $ 3,321 $ 5,630 $ 9,871 Expected return on plan assets (6,322) (4,930) (18,965) (16,078) Amortization of actuarial loss 2,944 2,871 8,833 8,569 Total $ (1,501) $ 1,262 $ (4,502) $ 2,362 |
Capital and Accumulated Other_2
Capital and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Income | Changes, net of tax, where applicable, in AOCI are as follows: Unrealized (loss) gain on available-for-sale debt securities Unrealized (loss) gain on derivative financial instruments Cumulative translation adjustments Change in net pension and other benefit obligations Total Balance at December 31, 2020 $ (274) $ — $ (12,828) $ (159,547) $ (172,649) Net other comprehensive loss attributable to common unitholders — — (217) — (217) Balance at March 31, 2021 (274) — (13,045) (159,547) (172,866) Net other comprehensive income attributable to common unitholders — — 614 — 614 Balance at June 30, 2021 (274) — (12,431) (159,547) (172,252) Net other comprehensive income attributable to common unitholders 182 — (762) — (580) Balance at September 30, 2021 $ (92) $ — $ (13,193) $ (159,547) $ (172,832) Unrealized 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, 2019 $ (274) $ (14) $ (25,166) $ (165,968) $ (191,422) Net other comprehensive loss attributable to common unitholders — — (2,936) — (2,936) Deconsolidation of API — 14 10,522 6,945 17,481 Balance at March 31, 2020 (274) — (17,580) (159,023) (176,877) Net other comprehensive income attributable to common unitholders — — 1,373 — 1,373 Balance at June 30, 2020 (274) — (16,207) (159,023) (175,504) Net other comprehensive income attributable to common unitholders — — 1,379 — 1,379 Balance at September 30, 2020 $ (274) $ — $ (14,828) $ (159,023) $ (174,125) |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Unit (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following data was used in computing net income (loss) per common unit shown in the Company's consolidated statements of operations: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income (loss) from continuing operations $ 22,098 $ 34,667 $ 102,875 $ (1,795) Net loss (income) attributable to noncontrolling interests in consolidated entities (continuing operations) 195 (248) (519) (569) Net income (loss) from continuing operations attributable to common unitholders 22,293 34,419 102,356 (2,364) Net gain (loss) from discontinued operations attributable to common unitholders 7 1,140 135 (24,389) Net income (loss) attributable to common unitholders 22,300 35,559 102,491 (26,753) Effect of dilutive securities: Interest expense from SPLP Preferred Units (a), (b) 3,083 3,083 9,228 — Net income (loss) attributable to common unitholders – assuming dilution $ 25,383 $ 38,642 $ 111,719 $ (26,753) Net income (loss) per common unit - basic Net income (loss) from continuing operations $ 1.06 $ 1.38 $ 4.69 $ (0.10) Net income (loss) from discontinued operations — 0.05 0.01 (0.98) Net income (loss) attributable to common unitholders $ 1.06 $ 1.43 $ 4.70 $ (1.08) Net income (loss) per common unit - diluted Net income (loss) from continuing operations $ 0.92 $ 0.72 $ 3.63 $ (0.10) Net income (loss) from discontinued operations — 0.02 — (0.98) Net income (loss) attributable to common unitholders $ 0.92 $ 0.74 $ 3.63 $ (1.08) Denominator for net income (loss) per common unit – basic 21,018,615 24,874,281 21,816,833 24,844,114 Effect of dilutive securities: Incentive units 1,099,952 — 713,140 — Unvested restricted common units 202,639 66,671 166,803 — SPLP Preferred Units 5,351,345 27,126,430 8,018,671 — Denominator for net income (loss) per common unit – diluted (a), (b) 27,672,551 52,067,382 30,715,447 24,844,114 (a) Assumes the SPLP Preferred Units were redeemed in common units as described in Note 12 - "Capital and Accumulated Other Comprehensive Loss." (b) For the nine months ended September 30, 2020 , the diluted per unit calculation does not include the potential impact of 29,344,885 SPLP Preferred Units and 22,224 of unvested restricted common units, since the impact would have been anti-dilutive. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020 are summarized by type of inputs applicable to the fair value measurements as follows: September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ — $ — $ — $ — Long-term investments (a) 205,923 — 50,692 256,615 Precious metal and commodity inventories recorded at fair value 37,524 — — 37,524 Economic interests in loans (b) — — 7,352 7,352 Commodity contracts on precious metal and commodity inventories — 165 — 165 Warrants (c) — — 6,774 6,774 Total $ 243,447 $ 165 $ 64,818 $ 308,430 Liabilities: Commodity contracts on precious metal and commodity inventories $ — $ — $ — $ — Other precious metal liabilities 31,120 — — 31,120 Total $ 31,120 $ — $ — $ 31,120 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 88 $ 18 $ — $ 106 Long-term investments (a) 242,863 — 48,434 291,297 Precious metal and commodity inventories recorded at fair value 27,324 — — 27,324 Economic interests in loans (b) — — 11,599 11,599 Warrants (c) — — 2,618 2,618 Total $ 270,275 $ 18 $ 62,651 $ 332,944 Liabilities: Commodity contracts on precious metal and commodity inventories $ — $ 169 $ — $ 169 Other precious metal liabilities 28,315 — — 28,315 Total $ 28,315 $ 169 $ — $ 28,484 (a) For additional detail of the marketable securities and long-term investments see Note 8 - "Investments." (b) For additional detail of the economic interests in loans see Note 10 – “Financial Instruments”. (c) Included within Other non-current assets in the Company's consolidated balance sheets. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Following is a summary of changes in financial assets measured using Level 3 inputs: Long Term Investments (a) Economic Interests in Loans (b) Warrants (b) Total Balance as of December 31, 2020 $ 48,434 $ 11,599 $ 2,618 $ 62,651 Purchases 40 — — 40 Sales and cash collections — (8,066) (2,377) (10,443) Realized gains — 3,819 6,533 10,352 Unrealized gains 2,218 — — 2,218 Balance as of September 30, 2021 $ 50,692 $ 7,352 $ 6,774 $ 64,818 Balance as of December 31, 2019 $ 53,658 $ 18,633 $ 2,086 $ 74,377 Sales and cash collections — (9,867) — (9,867) Realized gains — 3,692 (193) 3,499 Unrealized losses (17,493) — — (17,493) Balance as of September 30, 2020 $ 36,165 $ 12,458 $ 1,893 $ 50,516 (a) Unrealized gains and losses are recorded in (Income) loss of associated companies, net of taxes in the Company's consolidated statements of operations. (b) Realized and unrealized gains and losses are recorded in Realized and unrealized (gains) losses on securities, net or Financial services revenue in the Company's consolidated statements of operations. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information is presented below: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue: Diversified Industrial net sales $ 306,471 $ 274,420 $ 860,719 $ 787,138 Energy net revenue 45,862 22,378 119,716 75,282 Financial Services revenue 39,780 33,535 112,604 109,496 Total revenue $ 392,113 $ 330,333 $ 1,093,039 $ 971,916 Income (loss) from continuing operations before interest expense and income taxes: Diversified Industrial $ 33,710 $ 22,406 $ 97,246 $ 48,627 Energy 6,343 (1,891) 12,804 (3,641) Financial Services 20,076 28,701 64,243 31,892 Corporate and Other (26,514) 5,972 1,076 (46,293) Income from continuing operations before interest expense and income taxes 33,615 55,188 175,369 30,585 Interest expense 5,089 6,988 16,059 23,337 Income tax provision 6,428 13,533 56,435 9,043 Net income (loss) from continuing operations $ 22,098 $ 34,667 $ 102,875 $ (1,795) Loss (income) of associated companies, net of taxes: Corporate and Other $ 2,685 $ (3,194) $ (26,276) $ 26,420 Total $ 2,685 $ (3,194) $ (26,276) $ 26,420 Segment depreciation and amortization: Diversified Industrial $ 11,824 $ 12,243 $ 35,639 $ 36,893 Energy 3,010 3,669 9,070 11,156 Financial Services 120 304 365 567 Corporate and Other 39 39 118 119 Total depreciation and amortization $ 14,993 $ 16,255 $ 45,192 $ 48,735 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 Minimum Capital Adequacy With To Be Well Capitalized Under Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of September 30, 2021 Total Capital (to risk-weighted assets) $ 248,309 29.40 % $ 67,593 8.00 % $ 88,715 10.50 % $ 84,491 10.00 % Tier 1 Capital (to risk-weighted assets) $ 237,710 28.10 % $ 50,694 6.00 % $ 71,817 8.50 % $ 67,593 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 237,710 28.10 % $ 38,021 4.50 % $ 59,144 7.00 % $ 54,919 6.50 % Tier 1 Capital (to average assets) $ 237,710 29.00 % $ 32,769 4.00 % n/a n/a $ 40,961 5.00 % As of December 31, 2020 Total Capital (to risk-weighted assets) $ 212,002 34.30 % $ 49,512 8.00 % $ 64,985 10.50 % $ 61,891 10.00 % Tier 1 Capital (to risk-weighted assets) $ 204,028 33.00 % $ 37,134 6.00 % $ 52,607 8.50 % $ 49,512 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 204,028 33.00 % $ 27,851 4.50 % $ 43,323 7.00 % $ 40,229 6.50 % Tier 1 Capital (to average assets) $ 204,028 32.40 % $ 25,219 4.00 % n/a n/a $ 31,523 5.00 % ` |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | A summary of supplemental cash flow information for the nine months ended September 30, 2021 and 2020 is presented in the following table: Nine Months Ended September 30, 2021 2020 Cash paid during the period for: Interest $ 17,134 $ 27,023 Taxes $ 9,236 $ 30,573 |
Restatement of Previously Iss_2
Restatement of Previously Issued Consolidated Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | Three Months Ended September 30, 2020 As Previously Reported Adjustments for Error Corrections Consolidated Statement of Operations As Corrected Revenue: Diversified Industrial net sales $ 274,094 $ 326 $ 274,420 Energy net revenue 22,378 — 22,378 Financial Services revenue 33,535 — 33,535 Total revenue 330,007 326 330,333 Costs and expenses: Cost of goods sold 216,322 4,311 220,633 Selling, general and administrative expenses 67,418 (19) 67,399 Finance interest expense 2,537 — 2,537 Provision for loan losses (9,684) — (9,684) Interest expense 6,988 — 6,988 Realized and unrealized gains on securities, net (969) — (969) Other income, net (1,577) — (1,577) Total costs and expenses 281,035 4,292 285,327 (Loss) income before income taxes and equity method investments 48,972 (3,966) 45,006 Income tax (benefit) provision 14,783 (1,250) 13,533 Income of associated companies, net of taxes (3,194) — (3,194) Net (loss) income from continuing operations 37,383 (2,716) 34,667 Discontinued operations Loss from discontinued operations, net of taxes (21) — (21) Net loss on deconsolidation of discontinued operations 1,161 — 1,161 Net Loss from discontinued operations, net of taxes 1,140 — 1,140 Net (loss) income 38,523 (2,716) 35,807 Net income attributable to noncontrolling interests in consolidated entities (continuing operations) (248) — (248) Net (loss) income attributable to common unitholders $ 38,275 $ (2,716) $ 35,559 Net (loss) income per common unit - basic and diluted Net (loss) income from continuing operations $ 1.49 $ (0.11) $ 1.38 Net loss from discontinued operations 0.05 — 0.05 Net (loss) income attributable to common unitholders $ 1.54 $ (0.11) $ 1.43 Net (loss) income per common unit - diluted Net (loss) income from continuing operations $ 0.77 $ (0.05) $ 0.72 Net (loss) income from discontinued operations 0.02 — 0.02 Net (loss) income attributable to common unitholders $ 0.79 $ (0.05) $ 0.74 Weighted-average number of common units outstanding - basic 24,874,281 24,874,281 24,874,281 Weighted-average number of common units outstanding - diluted 52,067,382 52,067,382 52,067,382 Nine Months Ended September 30, 2020 As Previously Reported Adjustments for Error Corrections Consolidated Statement of Operations As Corrected Revenue: Diversified Industrial net sales $ 788,566 $ (1,428) $ 787,138 Energy net revenue 75,282 — 75,282 Financial Services revenue 109,496 — 109,496 Total revenue 973,344 (1,428) 971,916 Costs and expenses: Cost of goods sold 632,600 5,105 637,705 Selling, general and administrative expenses 219,018 (3,552) 215,466 Asset impairment charges 617 — 617 Finance interest expense 9,446 — 9,446 Provision for loan losses 30,706 — 30,706 Interest expense 23,025 312 23,337 Realized and unrealized gains on securities, net 25,515 — 25,515 Other income, net (4,544) — (4,544) Total costs and expenses 936,383 1,865 938,248 (Loss) income before income taxes and equity method investments 36,961 (3,293) 33,668 Income tax (benefit) provision 10,034 (991) 9,043 Loss of associated companies, net of taxes 26,420 — 26,420 Net (loss) income from continuing operations 507 (2,302) (1,795) Discontinued operations Loss from discontinued operations, net of taxes (2,602) — (2,602) Net (loss) income on deconsolidation of discontinued operations (22,666) 879 (21,787) Net (Loss) income from discontinued operations, net of taxes (25,268) 879 (24,389) Net (loss) income (24,761) (1,423) (26,184) Net income attributable to noncontrolling interests in consolidated entities (continuing operations) (569) — (569) Net (loss) income attributable to common unitholders $ (25,330) $ (1,423) $ (26,753) Net (loss) income per common unit - basic and diluted Net (loss) income from continuing operations $ — $ (0.10) $ (0.10) Net (loss) income from discontinued operations (1.02) 0.04 (0.98) Net (loss) income attributable to common unitholders $ (1.02) $ (0.06) $ (1.08) Weighted-average number of common units outstanding - basic and diluted 24,844,114 24,844,114 24,844,114 Three Months Ended September 30, 2020 As Previously Reported Adjustments for Error Corrections Consolidated Statement of Comprehensive (Loss) Income As Corrected Net income (loss) $ 38,523 $ (2,716) $ 35,807 Other comprehensive income, net of tax: Currency translation adjustments 1,379 — 1,379 Other comprehensive income 1,379 — 1,379 Comprehensive income (loss) 39,902 (2,716) 37,186 Comprehensive income attributable to noncontrolling interests (248) — (248) Comprehensive income (loss) attributable to common unitholders $ 39,654 $ (2,716) $ 36,938 Nine Months Ended September 30, 2020 As Previously Reported Adjustments for Error Corrections Consolidated Statement of Comprehensive (Loss) Income As Corrected Net loss $ (24,761) $ (1,423) $ (26,184) Other comprehensive loss, net of tax: Currency translation adjustments (184) — (184) Other comprehensive loss (184) — (184) Comprehensive loss (24,945) (1,423) (26,368) Comprehensive income attributable to noncontrolling interests (569) — (569) Comprehensive loss attributable to common unitholders $ (25,514) $ (1,423) $ (26,937) As Previously Reported Adjustments for Error Corrections Consolidated Statement of Changes in Capital As Corrected Balance at December 31, 2019 $ 476,419 $ (9,786) $ 466,633 Net (loss) income (61,607) 859 (60,748) Currency translation adjustments (2,936) — (2,936) Equity compensation - restricted units 104 — 104 Deconsolidation of API 17,481 — 17,481 Other, net 58 — 58 Balance at March 31, 2020 429,519 (8,927) 420,592 Net (loss) income (1,677) 434 (1,243) Currency translation adjustments 1,373 — 1,373 Equity compensation - restricted units 49 — 49 Other, net 25 — 25 Balance at June 30, 2020 429,289 (8,493) 420,796 Net (loss) income 38,523 (2,716) 35,807 Currency translation adjustments 1,379 1,379 Equity compensation - restricted units 334 334 Other, net 65 65 Balance at September 30, 2020 $ 469,590 $ (11,209) $ 458,381 Nine Months Ended September 30, 2020 As Previously Reported Adjustments for Error Corrections Consolidated Statement of Cash Flows As Corrected Cash flows from operating activities: Net (loss) income $ (24,761) $ (1,423) $ (26,184) (Loss) gain from discontinued operations (25,268) 879 (24,389) Net (loss) income from continuing operations 507 (2,302) (1,795) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for loan losses 30,706 — 30,706 Loss of associated companies, net of taxes 26,420 — 26,420 Realized and unrealized losses on securities, net 25,515 — 25,515 Derivative gains on economic interests in loans (3,692) — (3,692) Deferred income taxes 5,231 (517) 4,714 Depreciation and amortization 48,735 — 48,735 Non-cash lease expense 6,890 — 6,890 Equity-based compensation 589 — 589 Asset impairment charges 617 — 617 Other 3,622 (3) 3,619 Net change in operating assets and liabilities: Trade and other receivables (22) (1,973) (1,995) Inventories 1,444 2,693 4,137 Prepaid expenses and other assets (1,041) — (1,041) Accounts payable, accrued and other liabilities 5,865 2,102 7,967 Net decrease in loans held for sale 144,844 — 144,844 Net cash provided by operating activities - continuing operations 296,230 — 296,230 Net cash used in operating activities - discontinued operations (1,649) — (1,649) Total cash provided by operating activities 294,581 — 294,581 Cash flows from investing activities: Purchases of investments (7,256) — (7,256) Proceeds from sales of investments 2,327 — 2,327 Proceeds from maturities of investments 32,995 — 32,995 Loan originations, net of collections (2,022,276) — (2,022,276) Purchases of property, plant and equipment (15,581) — (15,581) Proceeds from sale of property, plant and equipment 3,067 — 3,067 Acquisition, net of cash acquired (3,500) — (3,500) Net cash used in investing activities - continuing operations (2,010,224) — (2,010,224) Net cash provided by (used in) investing activities - discontinued operations — — — Net cash used in investing activities (2,010,224) — (2,010,224) Cash flows from financing activities: Net revolver repayments (26,948) — (26,948) Repayments of term loans (8,181) — (8,181) Proceeds from other borrowings 2,159,721 — 2,159,721 Distribution to preferred unitholders (40,000) — (40,000) Deferred finance charges (1,474) — (1,474) Net decrease in deposits (365,859) — (365,859) Net cash provided by financing activities - continuing operations 1,717,259 — 1,717,259 Net cash used in financing activities - discontinued operations — — — Net cash provided by financing activities 1,717,259 — 1,717,259 Net change for the period 1,616 — 1,616 Effect of exchange rate changes on cash and cash equivalents 182 — 182 Cash, cash equivalents and restricted cash at beginning of period 139,467 (1,519) 137,948 Cash and cash equivalents at end of period, including cash of discontinued operations $ 141,265 $ (1,519) $ 139,746 |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 392,113 | $ 330,333 | $ 1,093,039 | $ 971,916 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 370,085 | 310,484 | 1,026,079 | 911,537 |
Foreign | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 22,028 | $ 19,849 | $ 66,960 | $ 60,379 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Contract asset | $ 10,239 | $ 17,119 |
Revenues - Deferred Revenue (De
Revenues - Deferred Revenue (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Contract with Customer, Liability, Current Roll Forward [Abstract] | ||
Beginning balance | $ 7,707 | $ 6,820 |
Deferral of revenue | 8,026 | 11,515 |
Recognition of unearned revenue | (12,636) | (12,079) |
Ending balance | $ 3,097 | $ 6,256 |
Discontinued Operations - Compo
Discontinued Operations - Components of Net Loss From Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Gain (loss) from discontinued operations, net of taxes | $ 7 | $ (21) | $ 135 | $ (2,602) |
Gain upon initial deconsolidation of API | 0 | 0 | 0 | 30,516 |
Loss from guarantee liability | 0 | 1,161 | 0 | (52,303) |
Net gain (loss) from discontinued operations, net of taxes | $ 7 | $ 1,140 | $ 135 | $ (24,389) |
Discontinued Operations - State
Discontinued Operations - Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Costs and expenses: | ||||
Gain (loss) before income taxes | $ 0 | $ 1,161 | $ 0 | $ (21,787) |
Net gain (loss) from discontinued operations, net of taxes | 7 | 1,140 | 135 | (24,389) |
API | Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenue | 0 | 0 | 0 | 6,388 |
Costs and expenses: | ||||
Cost of goods sold | 0 | 0 | 0 | 6,085 |
Selling, general and administrative expenses | (7) | 21 | (135) | 2,520 |
Other expenses, net | 0 | 0 | 0 | 385 |
Total costs and expenses | (7) | 21 | (135) | 8,990 |
Gain (loss) before income taxes | 7 | (21) | 135 | (2,602) |
Income tax benefit | 0 | 0 | 0 | 0 |
Net gain (loss) from discontinued operations, net of taxes | $ 7 | $ (21) | $ 135 | $ (2,602) |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Thousands | Jan. 23, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||
Goodwill | $ 148,028 | $ 150,852 | |
Goodwill, Amortization Period | 15 years | ||
Metallon | |||
Business Acquisition [Line Items] | |||
Cash consideration | $ 3,500 | ||
Goodwill | 2,300 | ||
Recognized finite-lived intangible identifiable assets | 800 | ||
Property, plant and equipment acquired | $ 400 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Divestitures (Details) - USD ($) $ in Thousands | Feb. 01, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of Edge business | $ 16,000 | $ 0 | ||||
Gain on sale of Edge business | 8,096 | 0 | ||||
Total revenue | $ 392,113 | $ 330,333 | $ 1,093,039 | $ 971,916 | ||
Edge | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of Edge business | $ 16,000 | |||||
Gain on sale of Edge business | $ 8,096 | |||||
Total revenue | $ 17,534 | |||||
Operating income | $ 1,250 |
Loans Receivable, Including L_3
Loans Receivable, Including Loans Held For Sale - Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Receivable [Line Items] | ||||||||
Financing receivable, including loans held for sale, gross, total | $ 1,105,041 | $ 2,427,996 | ||||||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 100.00% | 100.00% | ||||||
Financing receivable, gross, current | $ 358,837 | $ 244,979 | ||||||
Financing receivable, gross, non-current | 746,204 | 2,183,017 | ||||||
Allowance for loan losses, total | (13,671) | $ (15,380) | $ (19,984) | (27,059) | $ (42,628) | $ (58,960) | $ (52,423) | $ (36,682) |
Allowance for loan losses, current | (13,671) | (27,059) | ||||||
Allowance for loan losses, non-current | 0 | 0 | ||||||
Total loans receivable, net | 1,091,370 | 2,400,937 | ||||||
Loans receivable, net, current | 345,166 | 217,920 | ||||||
Loans receivable, net, noncurrent | 746,204 | 2,183,017 | ||||||
Loans receivable, including loans held for sale, current | 504,407 | 306,091 | ||||||
Loans receivable, including loans held for sale, non-current | 746,204 | 2,183,017 | ||||||
Estimate of Fair Value Measurement | ||||||||
Receivable [Line Items] | ||||||||
Total loans receivable, net | 1,248,578 | 2,498,218 | ||||||
Loans held for sale | ||||||||
Receivable [Line Items] | ||||||||
Financing receivable, including loans held for sale, gross, total | 159,241 | 88,171 | ||||||
Financing receivable, gross, current | 159,241 | 88,171 | ||||||
Financing receivable, gross, non-current | 0 | 0 | ||||||
Commercial real estate loans | ||||||||
Receivable [Line Items] | ||||||||
Financing receivable, including loans held for sale, gross, total | $ 624 | $ 672 | ||||||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 0.00% | 0.00% | ||||||
Financing receivable, gross, current | $ 0 | $ 0 | ||||||
Financing receivable, gross, non-current | 624 | 672 | ||||||
Commercial and industrial | ||||||||
Receivable [Line Items] | ||||||||
Financing receivable, including loans held for sale, gross, total | $ 979,667 | $ 2,279,672 | ||||||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 89.00% | 94.00% | ||||||
Financing receivable, gross, current | $ 262,948 | $ 221,469 | ||||||
Financing receivable, gross, non-current | 716,719 | 2,058,203 | ||||||
Consumer loans | ||||||||
Receivable [Line Items] | ||||||||
Financing receivable, including loans held for sale, gross, total | $ 124,750 | $ 147,652 | ||||||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 11.00% | 6.00% | ||||||
Financing receivable, gross, current | $ 95,889 | $ 23,510 | ||||||
Financing receivable, gross, non-current | 28,861 | 124,142 | ||||||
Allowance for loan losses, total | $ (5,820) | $ (8,248) | $ (12,724) | $ (17,744) | $ (29,468) | $ (37,028) | $ (33,284) | $ (25,738) |
Loans Receivable, Including L_4
Loans Receivable, Including Loans Held For Sale - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Receivable [Line Items] | ||||
Pledged as collateral | $ 121,406 | $ 121,406 | $ 23,248 | |
Increase in loans held for sale | 7,177,820 | $ 7,773,535 | ||
Recorded investment in accruing loans 90+ days past due | 3,234 | 3,234 | 8,701 | |
Amount recognized | 102 | 58 | ||
Total PPP loans | 1,105,041 | 1,105,041 | 2,427,996 | |
Other borrowings | 668,392 | 668,392 | 2,090,223 | |
Repayments of other borrowings | 2,476,640 | 0 | ||
Proceeds from other borrowings | 1,056,749 | 2,159,721 | ||
Consumer loans | ||||
Receivable [Line Items] | ||||
Recorded investment in accruing loans 90+ days past due | 431 | 431 | 1,332 | |
Total PPP loans | 124,750 | 124,750 | 147,652 | |
Commercial and industrial | ||||
Receivable [Line Items] | ||||
Recorded investment in accruing loans 90+ days past due | 2,803 | 2,803 | 7,369 | |
Total PPP loans | 979,667 | 979,667 | 2,279,672 | |
Liabilities Associated with PPP Loan | ||||
Receivable [Line Items] | ||||
Other borrowings | 666,091 | 666,091 | ||
Loan Modifications, COVID-19 | ||||
Receivable [Line Items] | ||||
Total PPP loans | 8,343 | 8,343 | ||
Short-term deferments on loan balances | $ 7,664 | $ 7,664 | ||
Percentage of total loan balances | 0.66% | 0.66% | ||
Small Business Administration (SBA), CARES Act, Paycheck Protection Program | ||||
Receivable [Line Items] | ||||
Total PPP loans | $ 581,630 | $ 581,630 | 2,047,769 | |
Small Business Administration (SBA), CARES Act, Paycheck Protection Program | Minimum | ||||
Receivable [Line Items] | ||||
PPP loan, term | 2 years | |||
Small Business Administration (SBA), CARES Act, Paycheck Protection Program | Maximum | ||||
Receivable [Line Items] | ||||
PPP loan, term | 5 years | |||
WebBank | ||||
Receivable [Line Items] | ||||
Servicing asset | 2,796 | $ 2,796 | $ 2,828 | |
Proceeds from loans held for sale | 7,094,150 | $ 7,916,168 | ||
Allowance for loan loss decrease | $ 1,709 | $ 13,388 | ||
Allowance for loan loss decrease, percentage | 11.00% | 49.00% |
Loans Receivable, Including L_5
Loans Receivable, Including Loans Held For Sale - Changes in Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | $ 15,380 | $ 19,984 | $ 27,059 | $ 58,960 | $ 52,423 | $ 36,682 |
Charge-offs | (3,218) | (4,291) | (7,276) | (7,517) | (8,468) | (11,199) |
Recoveries | 1,072 | 1,254 | 916 | 869 | 752 | 803 |
(Benefit) Provision | 437 | (1,567) | (715) | (9,684) | 14,253 | 26,137 |
Ending balance | 13,671 | 15,380 | 19,984 | 42,628 | 58,960 | 52,423 |
Commercial real estate loans | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 22 | 22 | 22 | 21 | 23 | 24 |
Charge-offs | 0 | 0 | 0 | 0 | 0 | 0 |
Recoveries | 9 | 6 | 6 | 5 | 10 | 1 |
(Benefit) Provision | (10) | (6) | (6) | (5) | (12) | (2) |
Ending balance | 21 | 22 | 22 | 21 | 21 | 23 |
Commercial and industrial | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 7,110 | 7,238 | 9,293 | 21,911 | 19,116 | 10,920 |
Charge-offs | (1,465) | (1,821) | (3,607) | (3,896) | (2,315) | (3,898) |
Recoveries | 659 | 885 | 514 | 240 | 170 | 149 |
(Benefit) Provision | 1,526 | 808 | 1,038 | (5,116) | 4,940 | 11,945 |
Ending balance | 7,830 | 7,110 | 7,238 | 13,139 | 21,911 | 19,116 |
Consumer loans | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 8,248 | 12,724 | 17,744 | 37,028 | 33,284 | 25,738 |
Charge-offs | (1,753) | (2,470) | (3,669) | (3,621) | (6,153) | (7,301) |
Recoveries | 404 | 363 | 396 | 624 | 572 | 653 |
(Benefit) Provision | (1,079) | (2,369) | (1,747) | (4,563) | 9,325 | 14,194 |
Ending balance | $ 5,820 | $ 8,248 | $ 12,724 | $ 29,468 | $ 37,028 | $ 33,284 |
Loans Receivable, Including L_6
Loans Receivable, Including Loans Held For Sale - Allowance for Loan and Lease Losses and Outstanding Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Receivable [Line Items] | ||||||||
Allowance for loan losses, individually evaluated for impairment | $ 200 | $ 139 | ||||||
Allowance for loan losses, collectively evaluated for impairment | 13,471 | 26,920 | ||||||
Allowance for loan losses, total | 13,671 | $ 15,380 | $ 19,984 | 27,059 | $ 42,628 | $ 58,960 | $ 52,423 | $ 36,682 |
Outstanding loan balances, individually evaluated for impairment | 2,463 | 1,293 | ||||||
Outstanding loan balances, collectively evaluated for impairment | 1,102,578 | 2,426,703 | ||||||
Total Loans | 1,105,041 | 2,427,996 | ||||||
Commercial real estate loans | ||||||||
Receivable [Line Items] | ||||||||
Allowance for loan losses, individually evaluated for impairment | 10 | 10 | ||||||
Allowance for loan losses, collectively evaluated for impairment | 11 | 12 | ||||||
Allowance for loan losses, total | 21 | 22 | 22 | 22 | 21 | 21 | 23 | 24 |
Outstanding loan balances, individually evaluated for impairment | 10 | 10 | ||||||
Outstanding loan balances, collectively evaluated for impairment | 614 | 662 | ||||||
Total Loans | 624 | 672 | ||||||
Commercial and industrial | ||||||||
Receivable [Line Items] | ||||||||
Allowance for loan losses, individually evaluated for impairment | 190 | 129 | ||||||
Allowance for loan losses, collectively evaluated for impairment | 7,640 | 9,164 | ||||||
Allowance for loan losses, total | 7,830 | 7,110 | 7,238 | 9,293 | 13,139 | 21,911 | 19,116 | 10,920 |
Outstanding loan balances, individually evaluated for impairment | 2,453 | 1,283 | ||||||
Outstanding loan balances, collectively evaluated for impairment | 977,214 | 2,278,389 | ||||||
Total Loans | 979,667 | 2,279,672 | ||||||
Consumer loans | ||||||||
Receivable [Line Items] | ||||||||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | ||||||
Allowance for loan losses, collectively evaluated for impairment | 5,820 | 17,744 | ||||||
Allowance for loan losses, total | 5,820 | $ 8,248 | $ 12,724 | 17,744 | $ 29,468 | $ 37,028 | $ 33,284 | $ 25,738 |
Outstanding loan balances, individually evaluated for impairment | 0 | 0 | ||||||
Outstanding loan balances, collectively evaluated for impairment | 124,750 | 147,652 | ||||||
Total Loans | $ 124,750 | $ 147,652 |
Loans Receivable, Including L_7
Loans Receivable, Including Loans Held For Sale - Past Due Loans (Accruing and Nonaccruing) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Receivable [Line Items] | ||
Current | $ 1,095,425 | $ 2,408,240 |
Total Past Due | 9,616 | 19,756 |
Total Loans | 1,105,041 | 2,427,996 |
Recorded Investment In Accruing Loans 90+ Days Past Due | 3,234 | 8,701 |
Nonaccrual Loans That Are Current | 0 | 0 |
30-89 Days Past Due | ||
Receivable [Line Items] | ||
Total Past Due | 6,382 | 11,055 |
90+ Days Past Due | ||
Receivable [Line Items] | ||
Total Past Due | 3,234 | 8,701 |
Commercial real estate loans | ||
Receivable [Line Items] | ||
Current | 624 | 672 |
Total Past Due | 0 | 0 |
Total Loans | 624 | 672 |
Recorded Investment In Accruing Loans 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 | 0 |
Commercial real estate loans | 90+ Days Past Due | ||
Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial and industrial | ||
Receivable [Line Items] | ||
Current | 971,858 | 2,265,150 |
Total Past Due | 7,809 | 14,522 |
Total Loans | 979,667 | 2,279,672 |
Recorded Investment In Accruing Loans 90+ Days Past Due | 2,803 | 7,369 |
Nonaccrual Loans That Are Current | 0 | 0 |
Commercial and industrial | 30-89 Days Past Due | ||
Receivable [Line Items] | ||
Total Past Due | 5,006 | 7,153 |
Commercial and industrial | 90+ Days Past Due | ||
Receivable [Line Items] | ||
Total Past Due | 2,803 | 7,369 |
Consumer loans | ||
Receivable [Line Items] | ||
Current | 122,943 | 142,418 |
Total Past Due | 1,807 | 5,234 |
Total Loans | 124,750 | 147,652 |
Recorded Investment In Accruing Loans 90+ Days Past Due | 431 | 1,332 |
Nonaccrual Loans That Are Current | 0 | 0 |
Consumer loans | 30-89 Days Past Due | ||
Receivable [Line Items] | ||
Total Past Due | 1,376 | 3,902 |
Consumer loans | 90+ Days Past Due | ||
Receivable [Line Items] | ||
Total Past Due | $ 431 | $ 1,332 |
Loans Receivable, Including L_8
Loans Receivable, Including Loans Held For Sale - Outstanding Loans (Accruing and Nonaccruing) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Receivable [Line Items] | ||
Total loans | $ 1,105,041 | $ 2,427,996 |
Commercial real estate loans | ||
Receivable [Line Items] | ||
Total loans | 624 | 672 |
Commercial and industrial | ||
Receivable [Line Items] | ||
Total loans | 979,667 | 2,279,672 |
Consumer loans | ||
Receivable [Line Items] | ||
Total loans | 124,750 | 147,652 |
Non - Graded | ||
Receivable [Line Items] | ||
Total loans | 399,149 | 341,990 |
Non - Graded | Commercial real estate loans | ||
Receivable [Line Items] | ||
Total loans | 0 | 0 |
Non - Graded | Commercial and industrial | ||
Receivable [Line Items] | ||
Total loans | 274,399 | 194,338 |
Non - Graded | Consumer loans | ||
Receivable [Line Items] | ||
Total loans | 124,750 | 147,652 |
Pass | ||
Receivable [Line Items] | ||
Total loans | 699,685 | 2,081,285 |
Pass | Commercial real estate loans | ||
Receivable [Line Items] | ||
Total loans | 614 | 662 |
Pass | Commercial and industrial | ||
Receivable [Line Items] | ||
Total loans | 699,071 | 2,080,623 |
Pass | Consumer loans | ||
Receivable [Line Items] | ||
Total loans | 0 | 0 |
Special Mention | ||
Receivable [Line Items] | ||
Total loans | 3,744 | 3,428 |
Special Mention | Commercial real estate loans | ||
Receivable [Line Items] | ||
Total loans | 0 | 0 |
Special Mention | Commercial and industrial | ||
Receivable [Line Items] | ||
Total loans | 3,744 | 3,428 |
Special Mention | Consumer loans | ||
Receivable [Line Items] | ||
Total loans | 0 | 0 |
Sub- standard | ||
Receivable [Line Items] | ||
Total loans | 2,463 | 1,293 |
Sub- standard | Commercial real estate loans | ||
Receivable [Line Items] | ||
Total loans | 10 | 10 |
Sub- standard | Commercial and industrial | ||
Receivable [Line Items] | ||
Total loans | 2,453 | 1,283 |
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_9
Loans Receivable, Including Loans Held For Sale - Impaired Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Receivable [Line Items] | ||
Unpaid Principal Balance | $ 2,463 | $ 1,293 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 2,463 | 1,293 |
Total Recorded Investment | 2,463 | 1,293 |
Related Allowance | 200 | 139 |
Average Recorded Investment | 2,394 | 2,330 |
Commercial real estate loans | ||
Receivable [Line Items] | ||
Unpaid Principal Balance | 10 | 10 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 10 | 10 |
Total Recorded Investment | 10 | 10 |
Related Allowance | 10 | 10 |
Average Recorded Investment | 10 | 11 |
Commercial and industrial | ||
Receivable [Line Items] | ||
Unpaid Principal Balance | 2,453 | 1,283 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 2,453 | 1,283 |
Total Recorded Investment | 2,453 | 1,283 |
Related Allowance | 190 | 129 |
Average Recorded Investment | $ 2,384 | $ 2,319 |
Inventories, Net - Summary of I
Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 40,977 | $ 41,894 |
In-process | 33,821 | 24,590 |
Raw materials | 56,136 | 39,613 |
Fine and fabricated precious metal in various stages of completion | 40,916 | 34,269 |
Inventory, before LIFO reserve | 171,850 | 140,366 |
LIFO reserve | (2,153) | (3,280) |
Inventory, Net | $ 169,697 | $ 137,086 |
Inventories, Net - Narrative (D
Inventories, Net - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Bank of Nova Scotia | Consignment Agreement | Silver | ||
Inventory [Line Items] | ||
Merchandise under consignment | $ 29,557 | $ 25,919 |
Inventories, Net - Supplemental
Inventories, Net - Supplemental Inventory Information (Details) $ in Thousands | Sep. 30, 2021USD ($)$ / oz | Dec. 31, 2020USD ($)$ / oz |
Inventory Disclosure [Abstract] | ||
Precious metals stated at LIFO cost | $ | $ 4,084 | $ 4,956 |
Precious metals stated under non-LIFO cost methods, primarily at fair value | $ | $ 34,679 | $ 26,033 |
Market value per ounce: | ||
Silver (in dollars per ounce) | 22.43 | 26.28 |
Gold (in dollars per ounce) | 1,751.65 | 1,891.7 |
Palladium (in dollars per ounce) | 1,968.54 | 2,448.54 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Net - Goodwill Reconciliation (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Gross goodwill, beginning balance | $ 256,920 |
Accumulated impairments, beginning balance | (106,068) |
Net goodwill, beginning balance | 150,852 |
Divestitures | (2,813) |
Currency translation adjustments | (11) |
Gross goodwill, ending balance | 254,096 |
Accumulated impairments, ending balance | (106,068) |
Net goodwill, ending balance | 148,028 |
Corporate and Other | |
Goodwill [Roll Forward] | |
Gross goodwill, beginning balance | 81 |
Accumulated impairments, beginning balance | 0 |
Net goodwill, beginning balance | 81 |
Divestitures | 0 |
Currency translation adjustments | 0 |
Gross goodwill, ending balance | 81 |
Accumulated impairments, ending balance | 0 |
Net goodwill, ending balance | 81 |
Diversified Industrial | Operating Segments | |
Goodwill [Roll Forward] | |
Gross goodwill, beginning balance | 183,181 |
Accumulated impairments, beginning balance | (41,278) |
Net goodwill, beginning balance | 141,903 |
Divestitures | (2,813) |
Currency translation adjustments | (11) |
Gross goodwill, ending balance | 180,357 |
Accumulated impairments, ending balance | (41,278) |
Net goodwill, ending balance | 139,079 |
Energy net revenue | Operating Segments | |
Goodwill [Roll Forward] | |
Gross goodwill, beginning balance | 67,143 |
Accumulated impairments, beginning balance | (64,790) |
Net goodwill, beginning balance | 2,353 |
Divestitures | 0 |
Currency translation adjustments | 0 |
Gross goodwill, ending balance | 67,143 |
Accumulated impairments, ending balance | (64,790) |
Net goodwill, ending balance | 2,353 |
Financial Services | Operating Segments | |
Goodwill [Roll Forward] | |
Gross goodwill, beginning balance | 6,515 |
Accumulated impairments, beginning balance | 0 |
Net goodwill, beginning balance | 6,515 |
Divestitures | 0 |
Currency translation adjustments | 0 |
Gross goodwill, ending balance | 6,515 |
Accumulated impairments, ending balance | 0 |
Net goodwill, ending balance | $ 6,515 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Net - Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 314,477 | $ 316,269 |
Accumulated Amortization | 190,140 | 177,688 |
Net | 124,337 | 138,581 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 212,696 | 213,984 |
Accumulated Amortization | 131,819 | 122,785 |
Net | 80,877 | 91,199 |
Trademarks, trade names and brand names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 50,504 | 51,189 |
Accumulated Amortization | 21,014 | 20,209 |
Net | 29,490 | 30,980 |
Developed technology, patents and patent applications | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 32,507 | 32,319 |
Accumulated Amortization | 21,078 | 19,724 |
Net | 11,429 | 12,595 |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 18,770 | 18,777 |
Accumulated Amortization | 16,229 | 14,970 |
Net | $ 2,541 | $ 3,807 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Mar. 31, 2021 | |
Goodwill [Line Items] | |||||||
Trademarks with indefinite lives | $ 11,370 | $ 11,370 | $ 11,405 | ||||
Amortization expense | 4,576 | $ 5,256 | 13,952 | $ 15,650 | |||
Impairment of intangible assets | $ 617 | ||||||
Goodwill impairment charges | 1,100 | ||||||
Goodwill | 148,028 | 148,028 | $ 150,852 | ||||
Performance Materials | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 6,808 | 6,808 | |||||
Electrical Products | |||||||
Goodwill [Line Items] | |||||||
Goodwill | $ 46,445 | $ 46,445 | |||||
Reporting unit fair value in excess of carrying value, percent | 6.00% |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets, Net - Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 20,106 |
2022 | 17,887 |
2023 | 16,891 |
2024 | 16,317 |
2025 | $ 14,902 |
Investments - Short-Term Invest
Investments - Short-Term Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Marketable securities | $ 0 | $ 106 |
Investments - Long-Term Investm
Investments - Long-Term Investments (Details) $ / shares in Units, $ in Thousands | Feb. 28, 2019$ / shares | Dec. 31, 2020USD ($)$ / shares | Sep. 30, 2021USD ($)$ / shares | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)$ / shares | Sep. 30, 2020USD ($) |
Investments in Associated Companies: | |||||||
Total | $ 2,685 | $ (3,194) | $ (26,276) | $ 26,420 | |||
One-time cash dividend declared (in dollars per share) | $ / shares | $ 5 | ||||||
Steel Connect, Inc (STCN) | |||||||
Equity securities - U.S. | |||||||
Ownership percentage | 29.00% | 30.10% | 30.10% | ||||
Long-Term Investments Balance | $ 14,309 | $ 36,547 | $ 36,547 | ||||
Investments in Associated Companies: | |||||||
Loss (Income) of Associated Companies, Net of Taxes | $ 2,903 | 968 | $ (19,726) | 14,839 | |||
Steel Connect, Inc (STCN) | Common Stock | Convertible Senior Note Due 2024 | Senior Notes | |||||||
Investments in Associated Companies: | |||||||
Conversion ratio | 0.421655 | ||||||
Steel Connect, Inc (STCN) | Common Stock | Convertible Senior Note Due 2024 | Senior Notes | Steel Connect, Inc (STCN) | |||||||
Investments in Associated Companies: | |||||||
Debt conversion price (in dollars per share) | $ / shares | $ 2.37 | ||||||
Ownership percentage if converted | 50.00% | ||||||
Aviat Networks, Inc. (Aviat) | |||||||
Equity securities - U.S. | |||||||
Ownership percentage | 10.10% | 0.00% | 0.00% | ||||
Long-Term Investments Balance | $ 18,910 | $ 0 | $ 0 | ||||
Investments in Associated Companies: | |||||||
Loss (Income) of Associated Companies, Net of Taxes | $ 0 | (1,877) | $ (3,899) | (4,003) | |||
Proceeds from remaining investment sold | $ 24,100 | ||||||
Other | |||||||
Equity securities - U.S. | |||||||
Ownership percentage | |||||||
Long-Term Investments Balance | $ 291,297 | $ 256,615 | $ 256,615 | ||||
Other Investments in Associated Companies | |||||||
Investments in Associated Companies: | |||||||
Loss (Income) of Associated Companies, Net of Taxes | 0 | 0 | 0 | (460) | |||
Corporate securities | Aerojet Rocketdyne Holdings | |||||||
Investments in Associated Companies: | |||||||
Unrealized gain (loss) | 157,389 | 146,459 | |||||
Preferred stock | Steel Connect, Inc (STCN) | |||||||
Equity securities - U.S. | |||||||
Long-Term Investments Balance | 32,832 | 34,922 | 34,922 | ||||
Investments in Associated Companies: | |||||||
Realized and unrealized (gains) losses on precious metal derivatives | (264) | (1,755) | (2,074) | 13,260 | |||
Cost | 35,688 | $ 35,688 | $ 35,688 | ||||
Debt conversion price (in dollars per share) | $ / shares | $ 1.96 | $ 1.96 | |||||
Convertible notes | Steel Connect, Inc (STCN) | |||||||
Investments in Associated Companies: | |||||||
Cost | 14,943 | $ 14,943 | $ 14,943 | ||||
Net investment (loss) gain | Corporate securities | |||||||
Equity securities - U.S. | |||||||
Long-Term Investments Balance | 210,538 | 170,311 | 170,311 | ||||
Net investment (loss) gain | Corporate securities | Aerojet Rocketdyne Holdings | |||||||
Equity securities - U.S. | |||||||
Long-Term Investments Balance | $ 208,758 | $ 168,507 | $ 168,507 | ||||
Investments in Associated Companies: | |||||||
Marketable securities, percent owned | 5.10% | 4.90% | 4.90% | ||||
Net investment (loss) gain | Collateralized debt securities | |||||||
Equity securities - U.S. | |||||||
Long-Term Investments Balance | $ 450 | $ 0 | $ 0 | ||||
Net investment (loss) gain | Corporate obligations | Steel Connect, Inc (STCN) | |||||||
Equity securities - U.S. | |||||||
Long-Term Investments Balance | $ 14,258 | 14,835 | 14,835 | ||||
Investments in Associated Companies: | |||||||
Realized and unrealized (gains) losses on precious metal derivatives | $ 46 | $ (530) | $ (577) | $ 2,784 | |||
Other income (expense), net | |||||||
Investments in Associated Companies: | |||||||
One-time dividend received | $ 19,740 |
Investments - Equity Securities
Investments - Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Net (losses) gains recognized during the period on equity securities | $ (21,453) | $ 969 | $ (40,232) | $ (25,515) |
Less: Net (losses) gains recognized during the period on equity securities sold during the period | 0 | 0 | 36 | (2,706) |
Unrealized (losses) gains recognized during the period on equity securities still held at the end of the period | $ (21,453) | $ 969 | $ (40,268) | $ (22,809) |
Investments - Additional Disclo
Investments - Additional Disclosures Related to Associated Company Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2021 | Jul. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jul. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Jul. 31, 2021 | Sep. 30, 2020 | Jul. 31, 2020 | |
Summary operating results: | ||||||||||||
Total revenue | $ 392,113 | $ 330,333 | $ 1,093,039 | $ 971,916 | ||||||||
Net loss | $ 22,105 | $ 27,563 | $ 53,342 | $ 35,807 | $ (1,243) | $ (60,748) | $ 103,010 | $ (26,184) | ||||
Multiple Equity Method Investments Member | ||||||||||||
Summary operating results: | ||||||||||||
Total revenue | $ 136,000 | $ 164,857 | $ 613,766 | $ 782,813 | ||||||||
Gross profit | 21,048 | 39,994 | 129,613 | 162,959 | ||||||||
Net loss | $ (11,015) | $ (360) | $ (44,391) | $ (5,284) |
Investments - Other Investments
Investments - Other Investments - Related Party (Details) - WebBank - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Held-to-maturity | $ 17,555 | $ 16,868 |
Gross Unrealized Losses | (8) | |
Gross Unrealized Gains | 109 | |
Estimated Fair Value | 17,547 | 16,977 |
Maturities held one through five years | 3,475 | 7,563 |
Maturities between years five and ten | 12,565 | 7,193 |
Maturities, after ten years | $ 1,515 | $ 2,112 |
Debt - Long-term and Short-term
Debt - Long-term and Short-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Short-term debt | $ 34 | $ 397 |
Total | 263,407 | 333,753 |
Less: portion due within one year | 11,206 | 10,361 |
Long-term debt | 252,201 | 323,392 |
Total debt | 263,441 | 334,150 |
Loans Payable | Revolving Credit Facility | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total | 262,200 | 332,350 |
Loans Payable | Revolving Credit Facility | Handy & Harman Ltd. (HNH) | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total | 110 | 230 |
Other debt - domestic | Handy & Harman Ltd. (HNH) | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total | 1,097 | 1,173 |
Domestic | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Short-term debt | 0 | 0 |
Foreign | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Short-term debt | $ 34 | $ 397 |
Debt - Maturities (Details)
Debt - Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Total | $ 263,407 | $ 333,753 |
2021 | 2,500 | |
2022 | 260,907 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 0 | |
Current portion of long-term debt | $ 11,206 | $ 10,361 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 500,000,000 |
Commitment fee to be paid on unused borrowings | 0.20% |
Weighted average interest rate | 1.61% |
Remaining borrowing capacity | $ 403,500,000 |
Revolving Credit Facility | Base Rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 0.50% |
Revolving Credit Facility | EuroRate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.50% |
Term Loan | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 175,000,000 |
Amortization per quarter | 2,500,000 |
Sublimit for Issuance of Swing Loans | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | 50,000,000 |
Standby Letters of Credit | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | 50,000,000 |
Line of credit | 9,295,000 |
Sublimit for Optional Currency | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 75,000,000 |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)oz | Dec. 31, 2020USD ($) | |
WebBank | ||
Derivatives, Fair Value [Line Items] | ||
Undisbursed loan commitment | $ | $ 193,536 | $ 170,611 |
Silver, Ounces, Copper Contracts | Commodity contracts | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, notional amount, mass | oz | 25,350 | |
Minimum | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, remaining maturity | 3 years | |
Maximum | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, remaining maturity | 5 years |
Financial Instruments - Commodi
Financial Instruments - Commodity Contracts (Details) - Commodity $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)ozlbT | |
Silver, Ounces | |
Derivative [Line Items] | |
Amount | oz | 72,014 |
Notional Value | $ 1,612 |
Gold, Ounces | Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Amount | oz | 1,142 |
Notional Value | $ 1,996 |
Palladium, Ounces | Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Amount | oz | 1,385 |
Notional Value | $ 2,789 |
Copper, Pounds | |
Derivative [Line Items] | |
Amount | lb | 370,000 |
Notional Value | $ 1,566 |
Tin, Metric Tons | Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Amount | T | 50 |
Notional Value | $ 1,678 |
Financial Instruments - Balance
Financial Instruments - Balance Sheet Location (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Commodity contracts | Designated as Hedging Instrument | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 2 | |
Commodity contracts | Designated as Hedging Instrument | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ (6) | |
Commodity contracts | Not Designated as Hedging Instrument | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 163 | |
Commodity contracts | Not Designated as Hedging Instrument | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (163) | |
Economic interests in loans | Not Designated as Hedging Instrument | Other non-current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 7,352 | $ 11,599 |
Financial Instruments - Income
Financial Instruments - Income Statement Location (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | $ 1,952 | $ 568 | $ 3,842 | $ 2,492 |
Commodity contracts | Other income (expense), net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | 738 | (464) | 23 | (1,200) |
Economic interests in loans | Financial services revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | $ 1,214 | $ 1,032 | $ 3,819 | $ 3,692 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits - Components of Pension Expense and Other Postretirement Benefit Expense (Details) - Defined Benefit Plan - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plans Disclosure [Line Items] | ||||
Interest cost | $ 1,877 | $ 3,321 | $ 5,630 | $ 9,871 |
Expected return on plan assets | (6,322) | (4,930) | (18,965) | (16,078) |
Amortization of actuarial loss | 2,944 | 2,871 | 8,833 | 8,569 |
Total | $ (1,501) | $ 1,262 | $ (4,502) | $ 2,362 |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefits - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Oct. 15, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Current employer contributions | $ 38,700 | |
Employer contributions, previous fiscal year | $ 27,400 | |
Subsequent Event | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Expected employer contributions, remainder of fiscal year | $ 2,400 |
Capital and Accumulated Other_3
Capital and Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 11, 2021 | Jun. 09, 2021 | May 18, 2020 | Dec. 31, 2017 | Oct. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2012 | Sep. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||||||||||
Common units outstanding (in shares) | 21,235,338 | 21,235,338 | 21,235,338 | 22,920,804 | ||||||||
Purchases of the Company's common units | $ 38,302 | $ 0 | ||||||||||
Incentive Unit Award | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Increase in equity value, percent | 15.00% | |||||||||||
Weighted-average price per share, common units (in dollars per share) | $ 19.65 | |||||||||||
Incentive units granted, percentage of outstanding common units | 100.00% | |||||||||||
Days prior to a measurement date | 20 days | |||||||||||
Units vested (in shares) | 1,100,000 | |||||||||||
Class A | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common units outstanding (in shares) | 21,235,338 | 21,235,338 | 21,235,338 | |||||||||
Common Units | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Authorized amount for repurchase (in shares) | 6,519,001 | 6,519,001 | 6,519,001 | |||||||||
Units issued in the acquisition of WFHC noncontrolling interests (in shares) | 330,434 | 1,681,922 | 6,039,870 | |||||||||
Purchases of the Company's common units | $ 9,690 | $ 38,302 | $ 92,647 | |||||||||
Units that may yet be purchased (in shares) | 479,131 | 479,131 | 479,131 | |||||||||
Common Units | Subsequent Event | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Units issued in the acquisition of WFHC noncontrolling interests (in shares) | 100,000 | |||||||||||
Purchases of the Company's common units | $ 2,852 | |||||||||||
Units that may yet be purchased (in shares) | 1,500,000 | |||||||||||
Additional units authorized (in shares) | 1,120,869 | |||||||||||
Series A Preferred Units | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stated interest rate | 6.00% | 6.00% | 6.00% | |||||||||
Preferred unit dividend, paid-in-kind | $ 2,371 | |||||||||||
Preferred unit dividend, cash | $ 2,408 | $ 7,225 | $ 5,133 | |||||||||
Preferred unit term | 9 years | |||||||||||
Liquidation preference (in dollars per share) | $ 25 | $ 25 | $ 25 | |||||||||
Repurchase period in force | 60 days | |||||||||||
Preferred units outstanding (in shares) | 6,422,128 | 6,422,128 | 6,422,128 | 6,422,128 | ||||||||
Series A Preferred Units | Subsequent Event | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Quarterly cash distribution declared (in dollars per share) | $ 0.375 | |||||||||||
2018 Incentive Award Plan | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Additional shares authorized (in shares) | 1,000,000 | 500,000 | ||||||||||
Shares authorized (in shares) | 2,000,000 | 1,000,000 | ||||||||||
2018 Incentive Award Plan | Restricted Stock Units (RSUs) | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
RSUs granted (in shares) | 33,000 | |||||||||||
Unearned compensation | $ 358 | $ 358 | $ 358 | |||||||||
Minimum | 2018 Incentive Award Plan | Restricted Stock Units (RSUs) | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Vesting period | 1 year | |||||||||||
Maximum | 2018 Incentive Award Plan | Restricted Stock Units (RSUs) | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Vesting period | 2 years |
Capital and Accumulated Other_4
Capital and Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Balance at beginning of year | $ 592,629 | $ 592,710 | $ 539,222 | $ 420,796 | $ 420,592 | $ 466,633 | $ 539,222 | $ 466,633 |
Net other comprehensive loss attributable to common unitholders | (580) | 1,379 | (183) | (184) | ||||
Balance at end of year | 604,942 | 592,629 | 592,710 | 458,381 | 420,796 | 420,592 | 604,942 | 458,381 |
Total | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Balance at beginning of year | (172,252) | (172,866) | (172,649) | (175,504) | (176,877) | (191,422) | (172,649) | (191,422) |
Net other comprehensive loss attributable to common unitholders | (580) | 614 | (217) | 1,379 | 1,373 | (2,936) | ||
Deconsolidation of API | 17,481 | |||||||
Balance at end of year | (172,832) | (172,252) | (172,866) | (174,125) | (175,504) | (176,877) | (172,832) | (174,125) |
Unrealized (loss) gain on available-for-sale debt securities | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Balance at beginning of year | (274) | (274) | (274) | (274) | (274) | (274) | (274) | (274) |
Net other comprehensive loss attributable to common unitholders | 182 | 0 | 0 | 0 | 0 | 0 | ||
Deconsolidation of API | 0 | |||||||
Balance at end of year | (92) | (274) | (274) | (274) | (274) | (274) | (92) | (274) |
Unrealized (loss) gain on derivative financial instruments | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Balance at beginning of year | 0 | 0 | 0 | 0 | 0 | (14) | 0 | (14) |
Net other comprehensive loss attributable to common unitholders | 0 | 0 | 0 | 0 | 0 | 0 | ||
Deconsolidation of API | 14 | |||||||
Balance at end of year | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cumulative translation adjustments | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Balance at beginning of year | (12,431) | (13,045) | (12,828) | (16,207) | (17,580) | (25,166) | (12,828) | (25,166) |
Net other comprehensive loss attributable to common unitholders | (762) | 614 | (217) | 1,379 | 1,373 | (2,936) | ||
Deconsolidation of API | 10,522 | |||||||
Balance at end of year | (13,193) | (12,431) | (13,045) | (14,828) | (16,207) | (17,580) | (13,193) | (14,828) |
Change in net pension and other benefit obligations | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Balance at beginning of year | (159,547) | (159,547) | (159,547) | (159,023) | (159,023) | (165,968) | (159,547) | (165,968) |
Net other comprehensive loss attributable to common unitholders | 0 | 0 | 0 | 0 | 0 | 0 | ||
Deconsolidation of API | 6,945 | |||||||
Balance at end of year | $ (159,547) | $ (159,547) | $ (159,547) | $ (159,023) | $ (159,023) | $ (159,023) | $ (159,547) | $ (159,023) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | |
Investments, Owned, Federal Income Tax Note [Line Items] | |||||
Income tax provision | $ 6,428 | $ 13,533 | $ 56,435 | $ 9,043 | |
Effective tax rate | 20.60% | 30.10% | 42.40% | 26.90% | |
Scenario, Forecast | |||||
Investments, Owned, Federal Income Tax Note [Line Items] | |||||
Effective tax rate | 27.00% |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||||
Net income (loss) from continuing operations | $ 22,098 | $ 34,667 | $ 102,875 | $ (1,795) |
Net loss (income) attributable to noncontrolling interests in consolidated entities (continuing operations) | 195 | (248) | (519) | (569) |
Net income (loss) from continuing operations attributable to common unitholders | 22,293 | 34,419 | 102,356 | (2,364) |
Net gain (loss) from discontinued operations attributable to common unitholders | 7 | 1,140 | 135 | (24,389) |
Net income (loss) attributable to common unitholders | 22,300 | 35,559 | 102,491 | (26,753) |
Effect of dilutive securities: | ||||
Interest expense form SPLP Preferred Units | 3,083 | 3,083 | 9,228 | 0 |
Net income (loss) attributable to common unitholders – assuming dilution | $ 25,383 | $ 38,642 | $ 111,719 | $ (26,753) |
Net income (loss) per common unit - basic | ||||
Net income (loss) from continuing operations (in dollars per share) | $ 1.06 | $ 1.38 | $ 4.69 | $ (0.10) |
Net income (loss) from discontinued operations (in dollars per share) | 0 | 0.05 | 0.01 | (0.98) |
Net income (loss) attributable to common unitholders (in dollars per share) | 1.06 | 1.43 | 4.70 | (1.08) |
Net income (loss) per common unit - diluted | ||||
Net income (loss) from continuing operations (in dollars per share) | 0.92 | 0.72 | 3.63 | (0.10) |
Net income (loss) from discontinued operations (in dollars per share) | 0 | 0.02 | 0 | (0.98) |
Net income (loss) attributable to common unitholders (in dollars per share) | $ 0.92 | $ 0.74 | $ 3.63 | $ (1.08) |
Denominator for net income (loss) per common unit - basic (in shares) | 21,018,615 | 24,874,281 | 21,816,833 | 24,844,114 |
Effect of dilutive securities: | ||||
Incentive units (in shares) | 1,099,952 | 0 | 713,140 | 0 |
Unvested restricted common units (in shares) | 202,639 | 66,671 | 166,803 | 0 |
SPLP Preferred Units (in shares) | 5,351,345 | 27,126,430 | 8,018,671 | 0 |
Denominator for net income (loss) per common unit - diluted (in shares) | 27,672,551 | 52,067,382 | 30,715,447 | 24,844,114 |
Preferred Units | ||||
Effect of dilutive securities: | ||||
Antidilutive units excluded from computation of earnings per share (in shares) | 29,344,885 | |||
Restricted Stock Units (RSUs) | ||||
Effect of dilutive securities: | ||||
Antidilutive units excluded from computation of earnings per share (in shares) | 22,224 |
Fair Value Measurements - Hiera
Fair Value Measurements - Hierarchy Table (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Warrants | ||
Assets: | ||
Derivative asset total | $ 2,618 | |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative asset total | $ 308,430 | 332,944 |
Liabilities: | ||
Total | 31,120 | 28,484 |
Fair Value, Measurements, Recurring | Marketable securities | ||
Assets: | ||
Derivative asset total | 0 | 106 |
Fair Value, Measurements, Recurring | Long-term investments | ||
Assets: | ||
Derivative asset total | 256,615 | 291,297 |
Fair Value, Measurements, Recurring | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Derivative asset total | 37,524 | 27,324 |
Fair Value, Measurements, Recurring | Economic interests in loans | ||
Assets: | ||
Derivative asset total | 7,352 | 11,599 |
Fair Value, Measurements, Recurring | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Derivative asset total | 165 | |
Liabilities: | ||
Financial instruments total | 0 | 169 |
Fair Value, Measurements, Recurring | Warrants | ||
Assets: | ||
Derivative asset total | 6,774 | |
Fair Value, Measurements, Recurring | Other precious metal liabilities | ||
Liabilities: | ||
Financial instruments total | 31,120 | 28,315 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets: | ||
Derivative asset total | 243,447 | 270,275 |
Liabilities: | ||
Total | 31,120 | 28,315 |
Fair Value, Measurements, Recurring | Level 1 | Marketable securities | ||
Assets: | ||
Derivative asset total | 0 | 88 |
Fair Value, Measurements, Recurring | Level 1 | Long-term investments | ||
Assets: | ||
Derivative asset total | 205,923 | 242,863 |
Fair Value, Measurements, Recurring | Level 1 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Derivative asset total | 37,524 | 27,324 |
Fair Value, Measurements, Recurring | Level 1 | Economic interests in loans | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Derivative asset total | 0 | |
Liabilities: | ||
Financial instruments total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Warrants | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Other precious metal liabilities | ||
Liabilities: | ||
Financial instruments total | 31,120 | 28,315 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Derivative asset total | 165 | 18 |
Liabilities: | ||
Total | 0 | 169 |
Fair Value, Measurements, Recurring | Level 2 | Marketable securities | ||
Assets: | ||
Derivative asset total | 0 | 18 |
Fair Value, Measurements, Recurring | Level 2 | Long-term investments | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Economic interests in loans | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Derivative asset total | 165 | |
Liabilities: | ||
Financial instruments total | 0 | 169 |
Fair Value, Measurements, Recurring | Level 2 | Warrants | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Other precious metal liabilities | ||
Liabilities: | ||
Financial instruments total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets: | ||
Derivative asset total | 64,818 | 62,651 |
Liabilities: | ||
Total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Marketable securities | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Long-term investments | ||
Assets: | ||
Derivative asset total | 50,692 | 48,434 |
Fair Value, Measurements, Recurring | Level 3 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Economic interests in loans | ||
Assets: | ||
Derivative asset total | 7,352 | 11,599 |
Fair Value, Measurements, Recurring | Level 3 | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Derivative asset total | 0 | |
Liabilities: | ||
Financial instruments total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Warrants | ||
Assets: | ||
Derivative asset total | 6,774 | 2,618 |
Fair Value, Measurements, Recurring | Level 3 | Other precious metal liabilities | ||
Liabilities: | ||
Financial instruments total | $ 0 | $ 0 |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Inputs Reconciliation - Assets (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 62,651 | $ 74,377 |
Purchases | 40 | |
Sales and cash collections | (10,443) | (9,867) |
Realized gains | 10,352 | 3,499 |
Unrealized gains | 2,218 | |
Unrealized losses | (17,493) | |
Balance at end of period | 64,818 | 50,516 |
Long Term Investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 48,434 | 53,658 |
Purchases | 40 | |
Sales and cash collections | 0 | 0 |
Realized gains | 0 | 0 |
Unrealized gains | 2,218 | |
Unrealized losses | (17,493) | |
Balance at end of period | 50,692 | 36,165 |
Economic Interest In Loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 11,599 | 18,633 |
Purchases | 0 | |
Sales and cash collections | (8,066) | (9,867) |
Realized gains | 3,819 | 3,692 |
Unrealized gains | 0 | |
Unrealized losses | 0 | |
Balance at end of period | 7,352 | 12,458 |
Warrants | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 2,618 | 2,086 |
Purchases | 0 | |
Sales and cash collections | (2,377) | 0 |
Realized gains | 6,533 | (193) |
Unrealized gains | 0 | |
Unrealized losses | 0 | |
Balance at end of period | $ 6,774 | $ 1,893 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - Securities (Assets) | Sep. 30, 2021 |
Constant prepayment rate | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 0.0690 |
Constant prepayment rate | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 0.3561 |
Default rate | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 0.0189 |
Default rate | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 0.1696 |
Discount rate | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 0.0280 |
Discount rate | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 0.2603 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Aug. 13, 2021USD ($)shares | Jun. 16, 2021USD ($) | Jul. 09, 2019USD ($) | Apr. 13, 2018USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2021USD ($)defendantclaim | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2012USD ($) |
Loss Contingencies [Line Items] | |||||||||
Insurance recoveries | $ 11,300,000 | $ 17,500,000 | |||||||
Estimated insurance recoveries | $ 10,000,000 | ||||||||
Estimated insurance recoveries interest rate | 9.00% | ||||||||
Settlement received | $ 1,100,000 | ||||||||
Shares surrendered | shares | 3,300,000 | ||||||||
Mr. Lichtenstein | Vested | |||||||||
Loss Contingencies [Line Items] | |||||||||
Shares surrendered | shares | 1,833,333 | ||||||||
Mr. Lichtenstein | Unvested | |||||||||
Loss Contingencies [Line Items] | |||||||||
Shares surrendered | shares | 300,000 | ||||||||
Mr. Howard | Vested | |||||||||
Loss Contingencies [Line Items] | |||||||||
Shares surrendered | shares | 916,667 | ||||||||
Mr. Howard | Unvested | |||||||||
Loss Contingencies [Line Items] | |||||||||
Shares surrendered | shares | 150,000 | ||||||||
Mr. Fejes | Vested | |||||||||
Loss Contingencies [Line Items] | |||||||||
Shares surrendered | shares | 100,000 | ||||||||
Steel Connect, Inc (STCN) | Preferred stock | |||||||||
Loss Contingencies [Line Items] | |||||||||
Stock acquired | $ 35,000,000 | ||||||||
Steel Connect, Inc (STCN) | |||||||||
Loss Contingencies [Line Items] | |||||||||
Settlement received | $ 2,750,000 | ||||||||
Costs | Former Owner / Operator | Environmental and Other Matters | |||||||||
Loss Contingencies [Line Items] | |||||||||
Ownership responsibility for site investigation and remediation costs percentage allocation | 75.00% | ||||||||
Costs | Hhem and HandH | |||||||||
Loss Contingencies [Line Items] | |||||||||
Accrual for environmental matters | $ 1,000,000 | ||||||||
Costs | Hhem and HandH | Environmental and Other Matters | |||||||||
Loss Contingencies [Line Items] | |||||||||
Ownership responsibility for site investigation and remediation costs percentage allocation | 25.00% | ||||||||
Payments | $ 1,000,000 | ||||||||
Adjacent Parcel | Environmental and Other Matters | |||||||||
Loss Contingencies [Line Items] | |||||||||
Accrual increase | $ 14,000,000 | ||||||||
Handy & Harman Ltd. (HNH) | |||||||||
Loss Contingencies [Line Items] | |||||||||
Accrual for environmental matters | 24,257,000 | ||||||||
Settlement amount | $ 30,000,000 | ||||||||
Handy & Harman Ltd. (HNH) | Selling, General and Administrative Expenses | |||||||||
Loss Contingencies [Line Items] | |||||||||
Litigation settlement, expense | $ 12,500,000 | ||||||||
Handy & Harman Ltd. (HNH) | Minimum | Adjacent Parcel | Environmental and Other Matters | |||||||||
Loss Contingencies [Line Items] | |||||||||
Environmental exit costs, additional loss | 10,500,000 | ||||||||
Handy & Harman Ltd. (HNH) | Maximum | Adjacent Parcel | Environmental and Other Matters | |||||||||
Loss Contingencies [Line Items] | |||||||||
Environmental exit costs, additional loss | 17,500,000 | ||||||||
SLI | Camden | |||||||||
Loss Contingencies [Line Items] | |||||||||
Accrual for environmental matters | 2,700,000 | ||||||||
Counteroffer | 300,000 | ||||||||
SLI | Camden - Past And Future Expenses | |||||||||
Loss Contingencies [Line Items] | |||||||||
Damages claimed | $ 1,800,000 | ||||||||
SLI | Wayne facility | |||||||||
Loss Contingencies [Line Items] | |||||||||
Accrual for environmental matters | $ 1,200,000 | ||||||||
BNS Subsidiary | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of claims, litigation matters | claim | 45 | ||||||||
BNS Subsidiary | Insurance Claims | |||||||||
Loss Contingencies [Line Items] | |||||||||
Accrual relating to open and active claims | $ 1,349,000 | $ 1,349,000 | |||||||
BNS Subsidiary | Minimum | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency, number of defendants | defendant | 100 | ||||||||
Accrued liabilities | |||||||||
Loss Contingencies [Line Items] | |||||||||
Accrual for environmental matters | $ 1,661,000 | ||||||||
Other Noncurrent Liabilities | |||||||||
Loss Contingencies [Line Items] | |||||||||
Accrual for environmental matters | $ 23,958,000 |
Related Party Transactions - Ma
Related Party Transactions - Management Agreement (Details) - SP General Services LLC - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||||||
Management fee percentage, quarterly basis | 1.50% | |||||
Management agreement renewal, term | 1 year | |||||
Notice period prior to management agreement renewal, period | 60 days | |||||
Management Fee | ||||||
Related Party Transaction [Line Items] | ||||||
Services fees and reimbursable expenses | $ 2,203 | $ 1,461 | $ 6,412 | $ 2,642 | ||
Unpaid amount for management fee | 105 | 105 | $ 2,319 | |||
Management Fee, Reinstated | ||||||
Related Party Transaction [Line Items] | ||||||
Services fees and reimbursable expenses | $ 2,186 | |||||
Reimbursable Expenses | ||||||
Related Party Transaction [Line Items] | ||||||
Services fees and reimbursable expenses | 948 | $ 509 | 2,934 | $ 1,661 | ||
Deferred fees payable to related party | $ 975 | $ 975 | $ 1,594 |
Related Party Transactions - Co
Related Party Transactions - Corporate Services (Details) - Related Parties $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Related Party Transaction [Line Items] | |
Receivable from related parties | $ 1,680 |
Management Fee | |
Related Party Transaction [Line Items] | |
Services fees and reimbursable expenses | 4,474 |
Management Services Agreement | |
Related Party Transaction [Line Items] | |
Receivable from related parties | 1,096 |
Dividend Receivable on Preferred Stock | |
Related Party Transaction [Line Items] | |
Receivable from related parties | 537 |
Receivable of Interest for Notes | |
Related Party Transaction [Line Items] | |
Receivable from related parties | $ 47 |
Related Party Transactions - Ot
Related Party Transactions - Other (Details) - Related Parties - WebBank - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Deposits | $ 1,124 | $ 1,164 |
Consolidation, eliminations | ||
Related Party Transaction [Line Items] | ||
Deposits | $ 45 | $ 88 |
Segment Information - Segment D
Segment Information - Segment Description (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 392,113 | $ 330,333 | $ 1,093,039 | $ 971,916 |
Management Fee | Diversified Industrial net sales | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 8,686 | 7,071 | 23,492 | 21,214 |
Management Fee | Energy net revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,169 | 1,316 | 3,806 | 3,947 |
Management Fee | Financial Services revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 224 | $ 408 | $ 672 | $ 1,270 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 392,113 | $ 330,333 | $ 1,093,039 | $ 971,916 |
Income from continuing operations before interest expense and income taxes | 33,615 | 55,188 | 175,369 | 30,585 |
Interest expense | 5,089 | 6,988 | 16,059 | 23,337 |
Income tax provision | 6,428 | 13,533 | 56,435 | 9,043 |
Net income (loss) from continuing operations | 22,098 | 34,667 | 102,875 | (1,795) |
Loss (income) of associated companies, net of taxes: | 2,685 | (3,194) | (26,276) | 26,420 |
Depreciation and amortization | 14,993 | 16,255 | 45,192 | 48,735 |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Income from continuing operations before interest expense and income taxes | (26,514) | 5,972 | 1,076 | (46,293) |
Loss (income) of associated companies, net of taxes: | 2,685 | (3,194) | (26,276) | 26,420 |
Depreciation and amortization | 39 | 39 | 118 | 119 |
Diversified Industrial net sales | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 306,471 | 274,420 | 860,719 | 787,138 |
Income from continuing operations before interest expense and income taxes | 33,710 | 22,406 | 97,246 | 48,627 |
Depreciation and amortization | 11,824 | 12,243 | 35,639 | 36,893 |
Energy net revenue | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 45,862 | 22,378 | 119,716 | 75,282 |
Income from continuing operations before interest expense and income taxes | 6,343 | (1,891) | 12,804 | (3,641) |
Depreciation and amortization | 3,010 | 3,669 | 9,070 | 11,156 |
Financial Services revenue | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 39,780 | 33,535 | 112,604 | 109,496 |
Income from continuing operations before interest expense and income taxes | 20,076 | 28,701 | 64,243 | 31,892 |
Depreciation and amortization | $ 120 | $ 304 | $ 365 | $ 567 |
Regulatory Matters - Narrative
Regulatory Matters - Narrative (Details) | Sep. 30, 2021 | Dec. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
For Capital Adequacy Purposes (Ratio) | 0.0450 | 0.0450 |
Capital conversation buffer of risk-weighted assets | 2.50% | |
CET1 Ratio | 7.00% | |
For Capital Adequacy Purposes (Ratio) | 0.0600 | 0.0600 |
Minimum Capital Adequacy With Capital Buffer (Ratio) | 0.0850 | 0.0850 |
Minimum Capital Adequacy With Capital Buffer (Ratio) | 0.1050 | 0.1050 |
For Capital Adequacy Purposes (Ratio) | 0.0400 | 0.0400 |
Minimum | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
For Capital Adequacy Purposes (Ratio) | 0.040 | |
Maximum | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
For Capital Adequacy Purposes (Ratio) | 0.060 |
Regulatory Matters - Capital Ra
Regulatory Matters - Capital Ratios (Details) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Total Capital (to risk-weighted assets) | ||
Actual | $ 248,309 | $ 212,002 |
For Capital Adequacy Purposes | 67,593 | 49,512 |
Minimum Capital Adequacy With Capital Buffer | 88,715 | 64,985 |
To Be Well Capitalized Under Prompt Corrective Provisions | $ 84,491 | $ 61,891 |
Actual (Ratio) | 0.2940 | 0.3430 |
For Capital Adequacy Purposes (Ratio) | 0.0800 | 0.0800 |
Minimum Capital Adequacy With Capital Buffer (Ratio) | 0.1050 | 0.1050 |
To Be Well Capitalized Under Prompt Corrective Provisions (Ratio) | 0.1000 | 0.1000 |
Tier 1 Capital (to risk-weighted assets) | ||
Actual | $ 237,710 | $ 204,028 |
For Capital Adequacy Purposes | 50,694 | 37,134 |
Minimum Capital Adequacy With Capital Buffer | 71,817 | 52,607 |
To Be Well Capitalized Under Prompt Corrective Provisions | $ 67,593 | $ 49,512 |
Actual (Ratio) | 0.2810 | 0.3300 |
For Capital Adequacy Purposes (Ratio) | 0.0600 | 0.0600 |
Minimum Capital Adequacy With Capital Buffer (Ratio) | 0.0850 | 0.0850 |
To Be Well Capitalized Under Prompt Corrective Provisions (Ratio) | 0.0800 | 0.0800 |
Common Equity Tier 1 Capital (to risk-weighted assets) | ||
Actual | $ 237,710 | $ 204,028 |
For Capital Adequacy Purposes | 38,021 | 27,851 |
Minimum Capital Adequacy With Capital Buffer | 59,144 | 43,323 |
To Be Well Capitalized Under Prompt Corrective Provisions | $ 54,919 | $ 40,229 |
Actual (Ratio) | 0.2810 | 0.3300 |
For Capital Adequacy Purposes (Ratio) | 0.0450 | 0.0450 |
Minimum Capital Adequacy With Capital Buffer (Ratio) | 0.0700 | 0.0700 |
To Be Well Capitalized Under Prompt Corrective Provisions (Ratio) | 0.0650 | 0.0650 |
Tier 1 Capital (to average assets) | ||
Actual | $ 237,710 | $ 204,028 |
For Capital Adequacy Purposes | 32,769 | 25,219 |
To Be Well Capitalized Under Prompt Corrective Provisions | $ 40,961 | $ 31,523 |
Actual (Ratio) | 0.2900 | 0.3240 |
For Capital Adequacy Purposes (Ratio) | 0.0400 | 0.0400 |
To Be Well Capitalized Under Prompt Corrective Provisions (Ratio) | 0.0500 | 0.0500 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest | $ 17,134 | $ 27,023 |
Taxes | $ 9,236 | $ 30,573 |
Restatement of Previously Iss_3
Restatement of Previously Issued Consolidated Financial Statements - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Cash and cash equivalents | $ 132,743 | $ 132,743 | $ 135,788 | |||
Total revenue | 392,113 | $ 330,333 | 1,093,039 | $ 971,916 | ||
Cost of goods sold | 252,819 | 220,633 | 712,101 | 637,705 | ||
Selling, general and administrative expenses | 80,405 | 67,399 | 223,793 | 215,466 | ||
Interest expense | 5,089 | 6,988 | 16,059 | 23,337 | ||
Income tax provision | 6,428 | 13,533 | 56,435 | 9,043 | ||
Net gain (loss) on deconsolidation of discontinued operations | $ 0 | 1,161 | $ 0 | (21,787) | ||
Adjustments for Error Corrections | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Cash and cash equivalents | $ 1,519 | |||||
Total revenue | 326 | (1,428) | ||||
Cost of goods sold | 4,311 | 5,105 | ||||
Selling, general and administrative expenses | (19) | (3,552) | ||||
Interest expense | 0 | 312 | ||||
Income tax provision | (1,250) | (991) | ||||
Net gain (loss) on deconsolidation of discontinued operations | $ 0 | $ 879 |
Restatement of Previously Iss_4
Restatement of Previously Issued Consolidated Financial Statements - Error Corrections (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenue: | |||||||||
Total revenue | $ 392,113 | $ 330,333 | $ 1,093,039 | $ 971,916 | |||||
Costs and expenses: | |||||||||
Cost of goods sold | 252,819 | 220,633 | 712,101 | 637,705 | |||||
Selling, general and administrative expenses | 80,405 | 67,399 | 223,793 | 215,466 | |||||
Finance interest expense | 1,790 | 2,537 | 6,649 | 9,446 | |||||
Provision for (benefit from) loan losses | 437 | (9,684) | (1,845) | 30,706 | |||||
Interest expense | 5,089 | 6,988 | 16,059 | 23,337 | |||||
Realized and unrealized losses (gains) on securities, net | 21,453 | (969) | 40,232 | 25,515 | |||||
Other income, net | (1,091) | (1,577) | (36,984) | (4,544) | |||||
Total costs and expenses | 360,902 | 285,327 | 960,005 | 938,248 | |||||
Income from continuing operations before income taxes and equity method investments | 31,211 | 45,006 | 133,034 | 33,668 | |||||
Income tax provision | 6,428 | 13,533 | 56,435 | 9,043 | |||||
Loss (income) of associated companies, net of taxes | 2,685 | (3,194) | (26,276) | 26,420 | |||||
Net income (loss) from continuing operations | 22,098 | 34,667 | 102,875 | (1,795) | |||||
Discontinued operations | |||||||||
Gain (loss) from discontinued operations, net of taxes | 7 | (21) | 135 | (2,602) | |||||
Net gain (loss) on deconsolidation of discontinued operations | 0 | 1,161 | 0 | (21,787) | |||||
Net gain (loss) from discontinued operations, net of taxes | 7 | 1,140 | 135 | (24,389) | |||||
Net income (loss) | 22,105 | $ 27,563 | $ 53,342 | 35,807 | $ (1,243) | $ (60,748) | 103,010 | (26,184) | |
Net loss (income) attributable to noncontrolling interests in consolidated entities (continuing operations) | 195 | (248) | (519) | (569) | |||||
Net income (loss) attributable to common unitholders | $ 22,300 | $ 35,559 | $ 102,491 | $ (26,753) | |||||
Net (loss) income per common unit - basic and diluted | |||||||||
Net income (loss) from continuing operations (in dollars per share) | $ 1.06 | $ 1.38 | $ 4.69 | $ (0.10) | |||||
Net income (loss) from discontinued operations (in dollars per share) | 0 | 0.05 | 0.01 | (0.98) | |||||
Net income (loss) attributable to common unitholders (in dollars per share) | 1.06 | 1.43 | 4.70 | (1.08) | |||||
Net income (loss) from continuing operations (in dollars per share) | 0.92 | 0.72 | 3.63 | (0.10) | |||||
Net income (loss) from discontinued operations (in dollars per share) | 0 | 0.02 | 0 | (0.98) | |||||
Net income (loss) attributable to common unitholders (in dollars per share) | $ 0.92 | $ 0.74 | $ 3.63 | $ (1.08) | |||||
Denominator for net income (loss) per common unit - basic (in shares) | 21,018,615 | 24,874,281 | 21,816,833 | 24,844,114 | |||||
Weighted-average number of common units outstanding - diluted (in shares) | 27,672,551 | 52,067,382 | 30,715,447 | 24,844,114 | |||||
Consolidated Statement of Comprehensive (Loss) Income | |||||||||
Net income (loss) | $ 22,105 | 27,563 | 53,342 | $ 35,807 | (1,243) | (60,748) | $ 103,010 | $ (26,184) | |
Currency translation adjustments | (762) | 1,379 | (365) | (184) | |||||
Other comprehensive (loss) income | (580) | 1,379 | (183) | (184) | |||||
Comprehensive income (loss) | 21,525 | 37,186 | 102,827 | (26,368) | |||||
Comprehensive loss (income) attributable to noncontrolling interests | 195 | (248) | (519) | (569) | |||||
Comprehensive income (loss) attributable to common unitholders | 21,720 | 36,938 | 102,308 | (26,937) | |||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance at beginning of year | 592,629 | 592,710 | 539,222 | 420,796 | 420,592 | 466,633 | 539,222 | 466,633 | $ 466,633 |
Net income (loss) | 22,105 | 27,563 | 53,342 | 35,807 | (1,243) | (60,748) | 103,010 | (26,184) | |
Currency translation adjustments | (762) | 614 | (217) | 1,379 | 1,373 | (2,936) | |||
Equity compensation - restricted units | 399 | 354 | 363 | 334 | 49 | 104 | |||
Deconsolidation of API (see Note 3) | 17,481 | ||||||||
Other, net | 79 | 65 | 25 | 58 | |||||
Balance at end of year | 604,942 | 592,629 | 592,710 | 458,381 | 420,796 | 420,592 | 604,942 | 458,381 | 539,222 |
Cash flows from operating activities: | |||||||||
Net income (loss) | 22,105 | $ 27,563 | 53,342 | 35,807 | (1,243) | (60,748) | 103,010 | (26,184) | |
Gain (loss) from discontinued operations | 7 | 1,140 | 135 | (24,389) | |||||
Net income (loss) from continuing operations | 22,098 | 34,667 | 102,875 | (1,795) | |||||
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | |||||||||
(Benefit from) provision for loan losses | 437 | (9,684) | (1,845) | 30,706 | |||||
(Income) loss of associated companies, net of taxes | 2,685 | (3,194) | (26,276) | 26,420 | |||||
Realized and unrealized losses on securities, net | 21,453 | (969) | 40,232 | 25,515 | |||||
Derivative gains on economic interests in loans | (3,819) | (3,692) | |||||||
Deferred income taxes | 45,679 | 4,714 | |||||||
Depreciation and amortization | 14,993 | 16,255 | 45,192 | 48,735 | |||||
Non-cash lease expense | 7,650 | 6,890 | |||||||
Equity-based compensation | 1,116 | 589 | |||||||
Asset impairment charges | 0 | 0 | 0 | 617 | |||||
Other | (340) | 3,619 | |||||||
Net change in operating assets and liabilities: | |||||||||
Trade and other receivables | (42,365) | (1,995) | |||||||
Inventories | (34,428) | 4,137 | |||||||
Prepaid expenses and other assets | 12,199 | (1,041) | |||||||
Accounts payable, accrued and other liabilities | (1,174) | 7,967 | |||||||
Net (increase) decrease in loans held for sale | (71,070) | 144,844 | |||||||
Net cash provided by operating activities - continuing operations | 58,884 | 296,230 | |||||||
Net cash provided by (used in) operating activities - discontinued operations | 135 | (1,649) | |||||||
Total cash provided by operating activities | 59,019 | 294,581 | |||||||
Cash flows from investing activities: | |||||||||
Purchases of investments | (9,018) | (7,256) | |||||||
Proceeds from sales of investments | 24,667 | 2,327 | |||||||
Proceeds from maturities of investments | 8,292 | 32,995 | |||||||
Loan originations, net of collections | 782,032 | (2,022,276) | |||||||
Purchases of property, plant and equipment | (19,556) | (15,581) | |||||||
Proceeds from sale of property, plant and equipment | 6,979 | 3,067 | |||||||
Acquisition, net of cash acquired | 0 | (3,500) | |||||||
Net cash provided by (used in) investing activities - continuing operations | 1,340,547 | (2,010,224) | |||||||
Net cash provided by (used in) investing activities - discontinued operations | 0 | 0 | |||||||
Net cash provided by (used in) investing activities | 1,340,547 | (2,010,224) | |||||||
Cash flows from financing activities: | |||||||||
Net revolver repayments | (63,013) | (26,948) | |||||||
Repayments of term loans | (7,697) | (8,181) | |||||||
Proceeds from other borrowings | 1,056,749 | 2,159,721 | |||||||
Distribution to preferred unitholders | (7,225) | (40,000) | |||||||
Deferred finance charges | 0 | (1,474) | |||||||
Net increase (decrease) in deposits | 133,854 | (365,859) | |||||||
Net cash (used in) provided by financing activities - continuing operations | (1,402,274) | 1,717,259 | |||||||
Net cash used in financing activities - discontinued operations | 0 | 0 | |||||||
Net cash (used in) provided by financing activities | (1,402,274) | 1,717,259 | |||||||
Net change for the period | (2,708) | 1,616 | |||||||
Effect of exchange rate changes on cash and cash equivalents | (337) | 182 | |||||||
Cash, cash equivalents and restricted cash at beginning of period | $ 135,788 | 137,948 | 135,788 | 137,948 | 137,948 | ||||
Cash, cash equivalents and restricted cash at end of period | 132,743 | 139,746 | 132,743 | 139,746 | 135,788 | ||||
Diversified Industrial net sales | |||||||||
Revenue: | |||||||||
Total revenue | 306,471 | 274,420 | 860,719 | 787,138 | |||||
Energy net revenue | |||||||||
Revenue: | |||||||||
Total revenue | 45,862 | 22,378 | 119,716 | 75,282 | |||||
Financial Services revenue | |||||||||
Revenue: | |||||||||
Total revenue | $ 39,780 | 33,535 | $ 112,604 | 109,496 | |||||
As Previously Reported | |||||||||
Revenue: | |||||||||
Total revenue | 330,007 | 973,344 | |||||||
Costs and expenses: | |||||||||
Cost of goods sold | 216,322 | 632,600 | |||||||
Selling, general and administrative expenses | 67,418 | 219,018 | |||||||
Finance interest expense | 2,537 | 9,446 | |||||||
Provision for (benefit from) loan losses | (9,684) | 30,706 | |||||||
Interest expense | 6,988 | 23,025 | |||||||
Realized and unrealized losses (gains) on securities, net | (969) | 25,515 | |||||||
Other income, net | (1,577) | (4,544) | |||||||
Total costs and expenses | 281,035 | 936,383 | |||||||
Income from continuing operations before income taxes and equity method investments | 48,972 | 36,961 | |||||||
Income tax provision | 14,783 | 10,034 | |||||||
Loss (income) of associated companies, net of taxes | (3,194) | 26,420 | |||||||
Net income (loss) from continuing operations | 37,383 | 507 | |||||||
Discontinued operations | |||||||||
Gain (loss) from discontinued operations, net of taxes | (21) | (2,602) | |||||||
Net gain (loss) on deconsolidation of discontinued operations | 1,161 | (22,666) | |||||||
Net gain (loss) from discontinued operations, net of taxes | 1,140 | (25,268) | |||||||
Net income (loss) | 38,523 | (1,677) | (61,607) | (24,761) | |||||
Net loss (income) attributable to noncontrolling interests in consolidated entities (continuing operations) | (248) | (569) | |||||||
Net income (loss) attributable to common unitholders | $ 38,275 | $ (25,330) | |||||||
Net (loss) income per common unit - basic and diluted | |||||||||
Net income (loss) from continuing operations (in dollars per share) | $ 1.49 | $ 0 | |||||||
Net income (loss) from discontinued operations (in dollars per share) | 0.05 | (1.02) | |||||||
Net income (loss) attributable to common unitholders (in dollars per share) | 1.54 | $ (1.02) | |||||||
Net income (loss) from continuing operations (in dollars per share) | 0.77 | ||||||||
Net income (loss) from discontinued operations (in dollars per share) | 0.02 | ||||||||
Net income (loss) attributable to common unitholders (in dollars per share) | $ 0.79 | ||||||||
Denominator for net income (loss) per common unit - basic (in shares) | 24,874,281 | 24,844,114 | |||||||
Weighted-average number of common units outstanding - diluted (in shares) | 52,067,382 | 24,844,114 | |||||||
Consolidated Statement of Comprehensive (Loss) Income | |||||||||
Net income (loss) | $ 38,523 | (1,677) | (61,607) | $ (24,761) | |||||
Currency translation adjustments | 1,379 | (184) | |||||||
Other comprehensive (loss) income | 1,379 | (184) | |||||||
Comprehensive income (loss) | 39,902 | (24,945) | |||||||
Comprehensive loss (income) attributable to noncontrolling interests | (248) | (569) | |||||||
Comprehensive income (loss) attributable to common unitholders | 39,654 | (25,514) | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance at beginning of year | 429,289 | 429,519 | 476,419 | 476,419 | 476,419 | ||||
Net income (loss) | 38,523 | (1,677) | (61,607) | (24,761) | |||||
Currency translation adjustments | 1,379 | 1,373 | (2,936) | ||||||
Equity compensation - restricted units | 334 | 49 | 104 | ||||||
Deconsolidation of API (see Note 3) | 17,481 | ||||||||
Other, net | 65 | 25 | 58 | ||||||
Balance at end of year | 469,590 | 429,289 | 429,519 | 469,590 | |||||
Cash flows from operating activities: | |||||||||
Net income (loss) | 38,523 | (1,677) | (61,607) | (24,761) | |||||
Gain (loss) from discontinued operations | 1,140 | (25,268) | |||||||
Net income (loss) from continuing operations | 37,383 | 507 | |||||||
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | |||||||||
(Benefit from) provision for loan losses | (9,684) | 30,706 | |||||||
(Income) loss of associated companies, net of taxes | (3,194) | 26,420 | |||||||
Realized and unrealized losses on securities, net | (969) | 25,515 | |||||||
Derivative gains on economic interests in loans | (3,692) | ||||||||
Deferred income taxes | 5,231 | ||||||||
Depreciation and amortization | 48,735 | ||||||||
Non-cash lease expense | 6,890 | ||||||||
Equity-based compensation | 589 | ||||||||
Asset impairment charges | 617 | ||||||||
Other | 3,622 | ||||||||
Net change in operating assets and liabilities: | |||||||||
Trade and other receivables | (22) | ||||||||
Inventories | 1,444 | ||||||||
Prepaid expenses and other assets | (1,041) | ||||||||
Accounts payable, accrued and other liabilities | 5,865 | ||||||||
Net (increase) decrease in loans held for sale | 144,844 | ||||||||
Net cash provided by operating activities - continuing operations | 296,230 | ||||||||
Net cash provided by (used in) operating activities - discontinued operations | (1,649) | ||||||||
Total cash provided by operating activities | 294,581 | ||||||||
Cash flows from investing activities: | |||||||||
Purchases of investments | (7,256) | ||||||||
Proceeds from sales of investments | 2,327 | ||||||||
Proceeds from maturities of investments | 32,995 | ||||||||
Loan originations, net of collections | (2,022,276) | ||||||||
Purchases of property, plant and equipment | (15,581) | ||||||||
Proceeds from sale of property, plant and equipment | 3,067 | ||||||||
Acquisition, net of cash acquired | (3,500) | ||||||||
Net cash provided by (used in) investing activities - continuing operations | (2,010,224) | ||||||||
Net cash provided by (used in) investing activities - discontinued operations | 0 | ||||||||
Net cash provided by (used in) investing activities | (2,010,224) | ||||||||
Cash flows from financing activities: | |||||||||
Net revolver repayments | (26,948) | ||||||||
Repayments of term loans | (8,181) | ||||||||
Proceeds from other borrowings | 2,159,721 | ||||||||
Distribution to preferred unitholders | (40,000) | ||||||||
Deferred finance charges | (1,474) | ||||||||
Net increase (decrease) in deposits | (365,859) | ||||||||
Net cash (used in) provided by financing activities - continuing operations | 1,717,259 | ||||||||
Net cash used in financing activities - discontinued operations | 0 | ||||||||
Net cash (used in) provided by financing activities | 1,717,259 | ||||||||
Net change for the period | 1,616 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 182 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 139,467 | 139,467 | 139,467 | ||||||
Cash, cash equivalents and restricted cash at end of period | 141,265 | 141,265 | |||||||
As Previously Reported | Diversified Industrial net sales | |||||||||
Revenue: | |||||||||
Total revenue | 274,094 | 788,566 | |||||||
As Previously Reported | Energy net revenue | |||||||||
Revenue: | |||||||||
Total revenue | 22,378 | 75,282 | |||||||
As Previously Reported | Financial Services revenue | |||||||||
Revenue: | |||||||||
Total revenue | 33,535 | 109,496 | |||||||
Adjustments for Error Corrections | |||||||||
Revenue: | |||||||||
Total revenue | 326 | (1,428) | |||||||
Costs and expenses: | |||||||||
Cost of goods sold | 4,311 | 5,105 | |||||||
Selling, general and administrative expenses | (19) | (3,552) | |||||||
Finance interest expense | 0 | 0 | |||||||
Provision for (benefit from) loan losses | 0 | 0 | |||||||
Interest expense | 0 | 312 | |||||||
Realized and unrealized losses (gains) on securities, net | 0 | 0 | |||||||
Other income, net | 0 | 0 | |||||||
Total costs and expenses | 4,292 | 1,865 | |||||||
Income from continuing operations before income taxes and equity method investments | (3,966) | (3,293) | |||||||
Income tax provision | (1,250) | (991) | |||||||
Loss (income) of associated companies, net of taxes | 0 | 0 | |||||||
Net income (loss) from continuing operations | (2,716) | (2,302) | |||||||
Discontinued operations | |||||||||
Gain (loss) from discontinued operations, net of taxes | 0 | 0 | |||||||
Net gain (loss) on deconsolidation of discontinued operations | 0 | 879 | |||||||
Net gain (loss) from discontinued operations, net of taxes | 0 | 879 | |||||||
Net income (loss) | (2,716) | 434 | 859 | (1,423) | |||||
Net loss (income) attributable to noncontrolling interests in consolidated entities (continuing operations) | 0 | 0 | |||||||
Net income (loss) attributable to common unitholders | $ (2,716) | $ (1,423) | |||||||
Net (loss) income per common unit - basic and diluted | |||||||||
Net income (loss) from continuing operations (in dollars per share) | $ (0.11) | $ (0.10) | |||||||
Net income (loss) from discontinued operations (in dollars per share) | 0 | 0.04 | |||||||
Net income (loss) attributable to common unitholders (in dollars per share) | (0.11) | $ (0.06) | |||||||
Net income (loss) from continuing operations (in dollars per share) | (0.05) | ||||||||
Net income (loss) from discontinued operations (in dollars per share) | 0 | ||||||||
Net income (loss) attributable to common unitholders (in dollars per share) | $ (0.05) | ||||||||
Denominator for net income (loss) per common unit - basic (in shares) | 24,874,281 | 24,844,114 | |||||||
Weighted-average number of common units outstanding - diluted (in shares) | 52,067,382 | 24,844,114 | |||||||
Consolidated Statement of Comprehensive (Loss) Income | |||||||||
Net income (loss) | $ (2,716) | 434 | 859 | $ (1,423) | |||||
Currency translation adjustments | 0 | 0 | |||||||
Other comprehensive (loss) income | 0 | 0 | |||||||
Comprehensive income (loss) | (2,716) | (1,423) | |||||||
Comprehensive loss (income) attributable to noncontrolling interests | 0 | 0 | |||||||
Comprehensive income (loss) attributable to common unitholders | (2,716) | (1,423) | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Balance at beginning of year | (8,493) | (8,927) | (9,786) | (9,786) | (9,786) | ||||
Net income (loss) | (2,716) | 434 | 859 | (1,423) | |||||
Currency translation adjustments | 0 | 0 | |||||||
Equity compensation - restricted units | 0 | 0 | |||||||
Deconsolidation of API (see Note 3) | 0 | ||||||||
Other, net | 0 | 0 | |||||||
Balance at end of year | (11,209) | (8,493) | (8,927) | (11,209) | |||||
Cash flows from operating activities: | |||||||||
Net income (loss) | (2,716) | $ 434 | 859 | (1,423) | |||||
Gain (loss) from discontinued operations | 0 | 879 | |||||||
Net income (loss) from continuing operations | (2,716) | (2,302) | |||||||
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | |||||||||
(Benefit from) provision for loan losses | 0 | 0 | |||||||
(Income) loss of associated companies, net of taxes | 0 | 0 | |||||||
Realized and unrealized losses on securities, net | 0 | 0 | |||||||
Derivative gains on economic interests in loans | 0 | ||||||||
Deferred income taxes | (517) | ||||||||
Depreciation and amortization | 0 | ||||||||
Non-cash lease expense | 0 | ||||||||
Equity-based compensation | 0 | ||||||||
Asset impairment charges | 0 | ||||||||
Other | (3) | ||||||||
Net change in operating assets and liabilities: | |||||||||
Trade and other receivables | (1,973) | ||||||||
Inventories | 2,693 | ||||||||
Prepaid expenses and other assets | 0 | ||||||||
Accounts payable, accrued and other liabilities | 2,102 | ||||||||
Net (increase) decrease in loans held for sale | 0 | ||||||||
Net cash provided by operating activities - continuing operations | 0 | ||||||||
Net cash provided by (used in) operating activities - discontinued operations | 0 | ||||||||
Total cash provided by operating activities | 0 | ||||||||
Cash flows from investing activities: | |||||||||
Purchases of investments | 0 | ||||||||
Proceeds from sales of investments | 0 | ||||||||
Proceeds from maturities of investments | 0 | ||||||||
Loan originations, net of collections | 0 | ||||||||
Purchases of property, plant and equipment | 0 | ||||||||
Proceeds from sale of property, plant and equipment | 0 | ||||||||
Acquisition, net of cash acquired | 0 | ||||||||
Net cash provided by (used in) investing activities - continuing operations | 0 | ||||||||
Net cash provided by (used in) investing activities - discontinued operations | 0 | ||||||||
Net cash provided by (used in) investing activities | 0 | ||||||||
Cash flows from financing activities: | |||||||||
Net revolver repayments | 0 | ||||||||
Repayments of term loans | 0 | ||||||||
Proceeds from other borrowings | 0 | ||||||||
Distribution to preferred unitholders | 0 | ||||||||
Deferred finance charges | 0 | ||||||||
Net increase (decrease) in deposits | 0 | ||||||||
Net cash (used in) provided by financing activities - continuing operations | 0 | ||||||||
Net cash used in financing activities - discontinued operations | 0 | ||||||||
Net cash (used in) provided by financing activities | 0 | ||||||||
Net change for the period | 0 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ (1,519) | (1,519) | $ (1,519) | ||||||
Cash, cash equivalents and restricted cash at end of period | (1,519) | (1,519) | |||||||
Adjustments for Error Corrections | Diversified Industrial net sales | |||||||||
Revenue: | |||||||||
Total revenue | 326 | (1,428) | |||||||
Adjustments for Error Corrections | Energy net revenue | |||||||||
Revenue: | |||||||||
Total revenue | 0 | 0 | |||||||
Adjustments for Error Corrections | Financial Services revenue | |||||||||
Revenue: | |||||||||
Total revenue | $ 0 | $ 0 |