Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 05, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Steel Excel Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 12,299,359 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000709804 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Operations [Abstract] | ' | ' | ' | ' |
Net revenues | $31,845 | $34,293 | $87,571 | $73,189 |
Cost of revenues | 23,406 | 22,089 | 62,209 | 45,817 |
Gross profit | 8,439 | 12,204 | 25,362 | 27,372 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative expenses | 6,393 | 6,282 | 18,568 | 16,038 |
Amortization of intangibles | 1,985 | 2,635 | 6,616 | 5,028 |
Total operating expenses | 8,378 | 8,917 | 25,184 | 21,066 |
Operating income | 61 | 3,287 | 178 | 6,306 |
Interest income, net | 472 | 81 | 2,341 | 572 |
Other income (expense), net | 1,329 | 392 | 1,190 | -81 |
Income from continuing operations before income taxes | 1,862 | 3,760 | 3,709 | 6,797 |
Benefit from income taxes | 297 | 1,105 | 2,310 | 15,378 |
Net income from continuing operations | 2,159 | 4,865 | 6,019 | 22,175 |
Income (loss) from discontinued operations, net of taxes | 0 | 484 | 0 | -1,986 |
Net income | 2,159 | 5,349 | 6,019 | 20,189 |
Net loss attributable to non-controlling interests in consolidated entities | ' | ' | ' | ' |
Continuing operations | 311 | 0 | 832 | 0 |
Discontinued operations | 0 | 0 | 0 | 580 |
Net income attributable to Steel Excel Inc. | $2,470 | $5,349 | $6,851 | $20,769 |
Basic income (loss) per share attributable to Steel Excel Inc.: | ' | ' | ' | ' |
Net income from continuing operations (in dollars per share) | $0.20 | $0.37 | $0.54 | $1.88 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | $0 | $0.04 | $0 | ($0.12) |
Net income (in dollars per share) | $0.20 | $0.41 | $0.54 | $1.76 |
Diluted income (loss) per share attributable to Steel Excel Inc.: | ' | ' | ' | ' |
Net income from continuing operations (in dollars per share) | $0.20 | $0.37 | $0.54 | $1.87 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | $0 | $0.04 | $0 | ($0.12) |
Net income (in dollars per share) | $0.20 | $0.41 | $0.54 | $1.75 |
Shares used in computing income (loss) per share: | ' | ' | ' | ' |
Basic (in Shares) | 12,529 | 12,982 | 12,736 | 11,820 |
Diluted (in Shares) | 12,546 | 13,001 | 12,754 | 11,840 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $2,159 | $5,349 | $6,019 | $20,189 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' |
Foreign currency translation adjustment, net of taxes | -349 | -62 | -385 | -70 |
Net unrealized gain on marketable securities, net of taxes | 1,245 | 942 | 4,759 | 560 |
Comprehensive income | 3,055 | 6,229 | 10,393 | 20,679 |
Comprehensive loss attributable to non-controlling interest | 311 | 0 | 832 | 580 |
Comprehensive income attributable to Steel Excel Inc. | $3,366 | $6,229 | $11,225 | $21,259 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $121,914 | $71,556 |
Marketable securities | 169,495 | 199,128 |
Accounts receivable, net of allowance for doubtful accounts of $0 | 15,540 | 17,257 |
Deferred income taxes | 188 | 188 |
Prepaid expenses and other current assets | 6,317 | 3,482 |
Total current assets | 313,454 | 291,611 |
Property and equipment, net | 75,868 | 77,768 |
Goodwill | 59,164 | 53,093 |
Intangible assets, net | 33,271 | 39,887 |
Other investments | 25,849 | 1,021 |
Investments in equity method investees | 8,984 | 0 |
Deferred income taxes | 1,696 | 1,696 |
Other long-term assets | 1,785 | 1,419 |
Total assets | 520,071 | 466,495 |
Current liabilities: | ' | ' |
Accounts payable | 3,177 | 4,282 |
Accrued expenses and other liabilities | 7,822 | 6,103 |
Current portion of long-term debt | 10,000 | 4,000 |
Current portion of capital lease obligations | 413 | 413 |
3/4% convertible senior subordinated notes due 2023 | 346 | 346 |
Total current liabilities | 21,758 | 15,144 |
Capital lease obligations, net of current portion | 670 | 984 |
Long-term debt, net of current portion | 57,500 | 9,000 |
Deferred income taxes | 448 | 33 |
Other long-term liabilities | 10,281 | 9,372 |
Total liabilities | 90,657 | 34,533 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 14 | 14 |
Additional paid-in capital | 274,765 | 272,786 |
Accumulated other comprehensive income | 5,320 | 946 |
Retained earnings | 206,623 | 199,772 |
Treasury stock, at cost (2013 - 2,093 shares; 2012 - 1,458 shares) | -59,433 | -41,617 |
Total Steel Excel Inc. stockholders' equity | 427,289 | 431,901 |
Non-controlling interest | 2,125 | 61 |
Total stockholders' equity | 429,414 | 431,962 |
Total liabilities and stockholders' equity | $520,071 | $466,495 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance | $0 | $0 |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 40,000,000 | 40,000,000 |
Common Stock, Shares, Issued | 14,398,000 | 14,365,000 |
Common Stock, Shares, Outstanding | 14,398,000 | 14,365,000 |
Treasury Stock, Shares | 2,093 | 1,347 |
Convertible Senior Subordinted Notes Due 2023 [Member] | Senior Notes [Member] | ' | ' |
3/4% convertible senior subordinated notes due 2023 | 0.75% | 0.75% |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows From Operating Activities: | ' | ' |
Net income | $6,019 | $20,189 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Loss from discontinued operations | 0 | 1,986 |
Stock-based compensation expense | 1,979 | 857 |
Depreciation and amortization | 14,417 | 10,324 |
Adjustment of deferred income taxes | -2,364 | -15,079 |
Gain on sales of marketable securities | -1,834 | -98 |
Loss on extinguishment of debt | 463 | 0 |
Other | 373 | 1,153 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ' | ' |
Accounts receivable | 2,354 | -21,532 |
Prepaid expenses and other assets | -2,019 | -1,355 |
Accounts payable | -4,682 | 1,177 |
Accrued expenses and other liabilities | 2,640 | 280 |
Net cash used in operating activities of discontinued operations | 0 | -823 |
Net cash provided by (used in) operating activities | 17,346 | -2,921 |
Cash Flows From Investing Activities: | ' | ' |
Purchases of businesses, net of cash acquired | -1,125 | -52,492 |
Purchases of property and equipment | -6,248 | -7,607 |
Proceeds from sale of property and equipment | 527 | 0 |
Investments in cost method investee | -25,000 | 0 |
Investments in equity method investees | -9,202 | 0 |
Purchases of marketable securities | -161,288 | -498,964 |
Sales of marketable securities | 65,474 | 568,634 |
Maturities of marketable securities | 134,669 | 51,804 |
Net cash provided by investing activities of discontinued operations | 0 | 75 |
Net cash provided by (used in) investing activities | -2,193 | 61,450 |
Cash Flows From Financing Activities: | ' | ' |
Repurchases of common stock | -17,816 | 0 |
Proceeds from issuance of long-term debt | 70,000 | 0 |
Payments for debt issuance costs | -1,130 | ' |
Repayments of capital lease obligations | -314 | -126 |
Repayments of long-term debt | -15,500 | -2,000 |
Net cash provided by (used in) financing activities | 35,240 | -2,126 |
Net increase in cash and cash equivalents | 50,393 | 56,403 |
Effect of foreign currency translation on cash and cash equivalents | -35 | 52 |
Cash and cash equivalents, beginning balance | 71,556 | 8,487 |
Cash and cash equivalents, ending balance | $121,914 | $64,942 |
Description_and_Basis_of_Prese
Description and Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
BusinessDescriptionAndBasisOfPresentationTextBlockAbstract | ' |
Description and Basis of Presentation | ' |
Description and Basis of Presentation | |
Steel Excel Inc. (“Steel Excel” or the “Company”) currently operates in two reporting segments - Energy and Sports. Through its wholly-owned subsidiary Steel Energy Ltd. ("Steel Energy"), the Company's Energy segment focuses on providing services to oil and gas companies, utilizing technological advances in supporting horizontal drilling and hydraulic fracturing. Through its wholly-owned subsidiary Steel Sports Inc., the Company's Sports segment focuses on providing event-based sports and entertainment services and other health-related services, including baseball facility services, baseball and soccer camps and leagues, and strength and conditioning services. The Company also continues to identify other new business acquisition opportunities. | |
The accompanying unaudited consolidated financial statements (the “Financial Statements”) of Steel Excel and its subsidiaries, which have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with generally accepted accounting principles, should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s annual report on Form 10-K for the year ended December 31, 2012. The Company believes that all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation have been included in the Financial Statements. The operating results of any period are not necessarily indicative of the results for the entire year or any future period. | |
Commencing with the quarterly period ended June 30, 2013, the Company's quarter-end dates coincide with the calendar quarter-end dates. Prior to that time, the Company's quarter-end dates were based on fiscal quarters ending on the thirteenth Saturday of such fiscal quarter. The Company's quarter-end dates were September 30 and September 29 for the 2013 and 2012 periods, respectively. | |
The results of operations for the nine-month period ended September 30, 2012, include a non-cash benefit for income taxes of $15.1 million as a result of a measurement period adjustment related to an acquisition (see Note 3). Certain other prior-period amounts in the Financial Statements have been reclassified to conform to the 2013 presentation, including the reclassifications necessary to reflect the financial position, results of operations, and cash flows of a disposed business separately from continuing operations (see Note 5). |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlockAbstract | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. This pronouncement was effective for reporting periods beginning after December 15, 2012. The Company adopted this pronouncement effective as of January 1, 2013. The adoption of ASU No. 2013-02 did not have a material effect on the Financial Statements. | |
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. The objective of this pronouncement is to resolve the diversity in practice regarding the release into net income of the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. ASU No. 2013-05 is effective prospectively for fiscal years beginning after December 15, 2013, and for interim reporting periods within those years, with early adoption permitted. The Company does not expect the adoption of ASU No. 2013-05 to have a material effect on the Financial Statements. | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. This pronouncement is effective for fiscal years beginning after December 15, 2013, and for interim reporting periods within those years. The Company does not expect the adoption of ASU No. 2013-11 to have a material effect on the Financial Statements. |
Acquisitions
Acquisitions | 9 Months Ended | |||
Sep. 30, 2013 | ||||
BusinessCombinationDisclosureTextBlockAbstract | ' | |||
Acquisitions | ' | |||
Acquisitions | ||||
On January 31, 2013, the Company acquired a 20% membership interest in Ruckus Sports LLC ("Ruckus"), an obstacle course and mass-participation events company, with an option to acquire an additional 40% membership interest in the next two years. Pursuant to an operating agreement, the Company appointed two directors on a three-member board of directors and therefore has the ability to control the operations of Ruckus. The Company has determined that Ruckus is a variable interest entity (“VIE”) and that the Company is the primary beneficiary. Accordingly, the Company accounted for its acquisition of its 20% membership interest as a business combination and consolidates Ruckus. The fair value of the non-controlling interest at the acquisition date was based on the amount paid by the Company for a 20% membership interest and a control premium equal to 50% of the total consideration based on a study of business combinations. In May 2013 and July 2013 the Company acquired additional membership interests in Ruckus of 10% and 15%, respectively, increasing the Company's ownership interest to 45% as of September 30, 2013. Such additional investments were recorded as equity transactions since Ruckus was a consolidated VIE at the time of the investments. | ||||
In November 2013, Ruckus cancelled a scheduled event and placed the majority of its employees on non-paid leave as a result of not having sufficient cash to fund current operations. Ruckus continues to explore its alternatives and assess its ability to remain a going concern. For the nine and three months ended September 30, 2013, the Company’s results of operations included revenues of $1.0 million and $0.4 million, respectively, operating losses of $1.5 million and $0.9 million, respectively, and net losses after non-controlling interests of $0.5 million and $0.4 million, respectively, from Ruckus. At September 30, 2013, the Company’s balance sheet included $3.9 million of assets, including $3.5 million of goodwill, and $0.9 million of liabilities from Ruckus. | ||||
On June 19, 2013, the Company acquired 80% of the outstanding common stock of UK Elite Soccer, Inc. ("UK Elite"), a provider of youth soccer programs and camps. The Company accounted for the acquisition of UK Elite as a business combination. The fair value of the non-controlling interest at the acquisition date was based on the amount paid by the Company for 80% of the common stock. | ||||
The Company acquired Ruckus and UK Elite, both of which are included in the Company's Sports segment, in exchange for aggregate cash payments of $3.1 million and the contribution of a loan of $0.1 million made in December 2012. The estimated fair value of the assets and liabilities acquired in connection with the Ruckus and UK Elite transactions, determined as of the respective acquisition dates, was as follows: | ||||
Amount | ||||
(in thousands) | ||||
Cash | $ | 1,991 | ||
Accounts receivable | 637 | |||
Marketable securities | 195 | |||
Prepaid expenses and other current assets | 759 | |||
Property and equipment | 69 | |||
Other assets | 55 | |||
Accounts payable | (96 | ) | ||
Accrued liabilities and other current liabilities | (3,481 | ) | ||
Long-term liabilities | (53 | ) | ||
Total identifiable net assets acquired | 76 | |||
Non-controlling interest | (2,896 | ) | ||
Goodwill | 6,071 | |||
Net assets acquired | $ | 3,251 | ||
There were no identifiable intangible assets recognized separately from goodwill in connection with the acquisition of Ruckus. The fair values recognized in connection with the UK Elite transaction are provisional pending the Company's continued evaluation, including assessing any identifiable intangible assets, the value of which are included in goodwill as of September 30, 2013. The goodwill recognized in connection with the Ruckus and UK Elite transactions arises from the growth potential the Company sees for the investment, along with expected synergies within the Company’s Sports segment, and is expected to be fully deductible for tax purposes. | ||||
The results of operations of Ruckus and UK Elite have been included in the Company's results of operations since their respective acquisition dates. Revenues from Ruckus and UK Elite totaled $4.9 million and $5.9 million for the three months and nine months ended September 30, 2013, respectively. Operating income from the combined results of operations of Ruckus and UK Elite was $0.3 million for the three months ended September 30, 2013; operating losses from the combined results of operations of Ruckus and UK Elite were $0.4 million for the nine months ended September 30, 2013. | ||||
The carrying amounts and classifications of combined assets and liabilities of Ruckus and UK Elite included in the Company’s Financial Statements as of September 30, 2013, are as follows: | ||||
Amount | ||||
(in thousands) | ||||
Current assets | $ | 1,717 | ||
Long-term assets | $ | 6,347 | ||
Current liabilities | $ | 1,038 | ||
Long-term liabilities | $ | 53 | ||
On February 9, 2012, and May 31, 2012, the Company acquired Eagle Well Services, Inc. ("Eagle Well") and Sun Well Service, Inc. ("Sun Well"), respectively, both of which are included in the Company's Energy segment. The following pro forma financial information combines the results of operations of the Company, Sun Well, and Eagle Well for the nine months ended September 30, 2012, as if the acquisitions had occurred on January 1, 2012. Pro forma financial information for the 2013 periods is not presented and the 2012 periods do not include any amounts for Ruckus or UK Elite since they were not material to the Company's results of operations. The pro forma financial information is not necessarily indicative of what would have actually occurred had the acquisitions been consummated at the beginning of 2012 or results that may occur in the future. | ||||
Amount | ||||
(in thousands) | ||||
Net revenues | $ | 96,961 | ||
Income from continuing operations, net of taxes | $ | 24,591 | ||
Income (loss) from discontinued operations, net of taxes | $ | (1,986 | ) | |
Net income attributable to Steel Excel Inc. | $ | 23,185 | ||
In December 2012, the Company identified a measurement period adjustment related to the acquisition of Sun Well for a deferred tax liability of $15.1 million associated with the identifiable intangible assets acquired. Such amount was recorded as if the measurement period adjustment was recognized at the acquisition date. As a result of the deferred tax liability recognized, the Company reversed a portion of its valuation allowance for deferred tax assets and recognized a non-cash benefit for income taxes of $15.1 million in the nine months ended September 30, 2013. | ||||
In connection with its acquisition of Rogue Pressure Services, Inc. ("Rogue") in December 2011, the Company recognized a liability of $1.2 million for contingent consideration payable upon attaining certain operational performance levels in the ensuing three years. In December 2012, the Company reversed $0.7 million of the contingent consideration liability based on the failure to achieve the operational performance levels in 2012 and projections of future years' performance. In September 2013, the Company reversed the remaining $0.5 million of the contingent consideration liability based on the projections for 2013 and 2014. Such amount was recognized as a reduction of "Selling, general, and administrative expenses" in the three and nine months ended September 30, 2013. |
Stock_Benefit_Plans
Stock Benefit Plans | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockAbstract | ' | |||||||||||||||
Stock Benefit Plans | ' | |||||||||||||||
Stock Benefit Plans | ||||||||||||||||
The Company grants stock options and other stock-based awards to employees, non-employee directors, and consultants under two equity incentive plans, the 2004 Equity Incentive Plan, as amended (the “2004 Plan”), and the 2006 Director Plan, as amended (the "2006 Plan, and collectively the "Equity Plans"). Stock-based compensation expense by type of award, all of which was recognized as a component of "Selling, general, and administrative expenses" in the consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012, was as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Stock options | $ | 25 | $ | 26 | $ | 76 | $ | 68 | ||||||||
Restricted stock | 277 | 395 | 1,903 | 789 | ||||||||||||
Total stock-based compensation | $ | 302 | $ | 421 | $ | 1,979 | $ | 857 | ||||||||
During the nine months ended September 30, 2013, the Company granted 15,000 restricted stock units and 17,320 shares of restricted stock to its employees, non-employee directors, and consultants. The Company did not grant any stock options during the first nine months of 2013. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlockAbstract | ' | |||||||
Discontinued Operations | ' | |||||||
Discontinued Operations | ||||||||
In July 2012, the Company shut down The Show, a Sports segment operation that was not meeting expectations. The results of operations related to The Show for the three- and nine-month periods ended September 30, 2012, were as follows: | ||||||||
Three Months Ended | Nine Months Ended | |||||||
30-Sep-12 | ||||||||
(in thousands) | ||||||||
Revenues | $ | — | $ | 451 | ||||
Loss from discontinued operations before income taxes | $ | 484 | $ | (1,986 | ) | |||
Benefit from income taxes | — | — | ||||||
Loss from discontinued operations, net of taxes | $ | 484 | $ | (1,986 | ) | |||
Investments
Investments | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
MarketableSecuritiesTableTextBlockAbstract | ' | |||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||
Investments | ||||||||||||||||||||||||
Marketable Securities | ||||||||||||||||||||||||
All of the Company's marketable securities as of September 30, 2013, and December 31, 2012, were classified as "available-for-sale" securities, with changes in fair value recognized in stockholders' equity as "other comprehensive income (loss)". Classification of marketable securities as a current asset is based on the intended holding period and realizability of the investment. | ||||||||||||||||||||||||
Marketable securities at September 30, 2013, consisted of the following: | ||||||||||||||||||||||||
Cost | Gross | Gross | Estimated | |||||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Short-term deposits | $ | 106,903 | $ | — | $ | — | $ | 106,903 | ||||||||||||||||
Mutual funds | 12,506 | 3,623 | — | 16,129 | ||||||||||||||||||||
United States government securities | 50,383 | 29 | — | 50,412 | ||||||||||||||||||||
Corporate securities | 69,974 | 8,220 | (4,224 | ) | 73,970 | |||||||||||||||||||
Corporate obligations | 23,573 | 855 | (42 | ) | 24,386 | |||||||||||||||||||
Commercial paper | 6,297 | 1 | — | 6,298 | ||||||||||||||||||||
Total available-for-sale securities | 269,636 | 12,728 | (4,266 | ) | 278,098 | |||||||||||||||||||
Amounts classified as cash equivalents | (108,603 | ) | — | — | (108,603 | ) | ||||||||||||||||||
Amounts classified as marketable securities | $ | 161,033 | $ | 12,728 | $ | (4,266 | ) | $ | 169,495 | |||||||||||||||
Marketable securities at December 31, 2012, consisted of the following: | ||||||||||||||||||||||||
Cost | Gross | Gross | Estimated | |||||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Short-term deposits | $ | 48,596 | $ | — | $ | — | $ | 48,596 | ||||||||||||||||
Mutual funds | 10,368 | 1,452 | — | 11,820 | ||||||||||||||||||||
United States government securities | 99,299 | 178 | — | 99,477 | ||||||||||||||||||||
Corporate securities | 20,842 | 1,255 | (1,980 | ) | 20,117 | |||||||||||||||||||
Corporate obligations | 48,708 | 283 | (277 | ) | 48,714 | |||||||||||||||||||
Commercial paper | 22,275 | 16 | — | 22,291 | ||||||||||||||||||||
Total available-for-sale securities | 250,088 | 3,184 | (2,257 | ) | 251,015 | |||||||||||||||||||
Amounts classified as cash equivalents | (51,887 | ) | — | — | (51,887 | ) | ||||||||||||||||||
Amounts classified as marketable securities | $ | 198,201 | $ | 3,184 | $ | (2,257 | ) | $ | 199,128 | |||||||||||||||
Proceeds from sales of marketable securities were $65.5 million and $568.6 million for the nine months ended September 30, 2013 and 2012, respectively, and $20.4 million and $77.7 million for the three months ended September 30, 2013 and 2012, respectively. The company determines gains and losses from sales of marketable securities based on specific identification of the securities sold. Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of "Other income (expense), net" in the consolidated statements of operations for the three months and nine months ended September 30, 2013 and 2012, were as follows: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Gross realized gains | $ | 1,914 | $ | 42 | $ | 5,779 | $ | 138 | ||||||||||||||||
Gross realized losses | (51 | ) | (35 | ) | (3,945 | ) | (40 | ) | ||||||||||||||||
Realized gains (losses) - net | $ | 1,863 | $ | 7 | $ | 1,834 | $ | 98 | ||||||||||||||||
The fair value of the Company’s marketable securities with unrealized losses at September 30, 2013, and the duration of time that such losses had been unrealized, were as follows: | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Corporate securities | $ | 22,725 | $ | (3,968 | ) | $ | 176 | $ | (256 | ) | $ | 22,901 | $ | (4,224 | ) | |||||||||
Corporate obligations | 940 | (42 | ) | — | — | 940 | (42 | ) | ||||||||||||||||
Total | $ | 23,665 | $ | (4,010 | ) | $ | 176 | $ | (256 | ) | $ | 23,841 | $ | (4,266 | ) | |||||||||
The fair value of the Company’s marketable securities with unrealized losses at December 31, 2012, all of which had been unrealized for a period of less than twelve months, were as follows: | ||||||||||||||||||||||||
Fair | Gross Unrealized | |||||||||||||||||||||||
Value | Losses | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Corporate securities | $ | 6,389 | $ | (1,980 | ) | |||||||||||||||||||
Corporate obligations | 14,252 | (277 | ) | |||||||||||||||||||||
Total | $ | 20,641 | $ | (2,257 | ) | |||||||||||||||||||
Gross unrealized losses primarily related to losses on corporate securities. The Company has evaluated such securities, which primarily consist of investments in publicly-traded entities, as of September 30, 2013, and has determined that there was no indication of other-than-temporary impairments. This determination was based on several factors, including the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the entity, and the Company's intent and ability to hold the corporate securities for a period of time sufficient to allow for any anticipated recovery in market value. | ||||||||||||||||||||||||
The amortized cost and estimated fair value of available-for-sale debt securities at September 30, 2013, by contractual maturity, were as follows: | ||||||||||||||||||||||||
Cost | Estimated | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Mature in one year or less | $ | 44,134 | $ | 44,157 | ||||||||||||||||||||
Mature after one year through three years | 14,285 | 14,435 | ||||||||||||||||||||||
Mature in more than three years | 21,834 | 22,504 | ||||||||||||||||||||||
Total debt securities | 80,253 | 81,096 | ||||||||||||||||||||||
Securities with no contractual maturities | 189,383 | 197,002 | ||||||||||||||||||||||
Total | $ | 269,636 | $ | 278,098 | ||||||||||||||||||||
Equity-Method Investments | ||||||||||||||||||||||||
In January 2013, the Company acquired a 40% membership interest in Again Faster LLC, a fitness equipment company, for total cash consideration of $4.0 million. The Company accounts for its investment in Again Faster under the equity method as the Company owns more than 20%, providing the Company with significant influence, but does not have a controlling financial interest or other control over the operations of Again Faster. | ||||||||||||||||||||||||
On August 23, 2013, the Company acquired 1,316,866 shares of the common stock of iGo, Inc. (“iGo”), in a cash tender offer for total consideration of $5.2 million. The shares of common stock of iGo acquired by the Company represent approximately 44.0% of the outstanding shares of iGo on a fully-diluted basis and approximately 44.7% of the issued and outstanding shares of iGo. Pursuant to the Stock Purchase and Sale Agreement between the Company and iGo entered into on July 11, 2013, two members of iGo’s four-member board of directors were replaced by two designees of the Company. The Company accounts for its investment in iGo under the equity method as the Company’s 44.7% voting interest and board representation provide it with significant influence, but do not provide the Company with control over iGo’s operations. The value of the Company’s investment in iGo was approximately $4.0 million at September 30, 2013, based on the closing market price of iGo’s publicly-traded shares. The Company believes that this decline in value is temporary and therefore has not adjusted the carrying value of the investment. | ||||||||||||||||||||||||
Other Investments | ||||||||||||||||||||||||
In July 2013, the Company invested $25.0 million in a limited partnership that co-invested with other private investment funds in a public company. The Company accounts for this investment under the cost method as the limited partnership has no operations and the Company does not have significant influence over the operations of the public company investee. Such investment had an approximate fair value of $24.9 million at September 30, 2013, based on the net asset value included in the monthly statement it receives from the partnership. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
FairValueDisclosuresTextBlockAbstract | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Fair values of assets and liabilities are determined based on a three-level measurement input hierarchy. Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date. | ||||||||||||||||
Level 2 inputs are other than quoted market prices that are observable, either directly or indirectly, for an asset or liability. Level 2 inputs can include quoted prices in active markets for similar assets or liabilities, quoted prices in a market that is not active for identical assets or liabilities, or other inputs that can be corroborated by observable market data. The Company uses quoted prices of similar instruments with an active market to determine the fair value of its Level 2 investments. | ||||||||||||||||
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. The Company uses the net asset value included in quarterly statements it receives in arrears from two venture capital funds to determine the fair value of such funds. The Company uses prices determined by third-party pricing services based on the specific features of the underlying securities for certain corporate securities and corporate obligations. The Company uses its own forecast data and probability assessments to determine the fair value of the contingent consideration. | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at September 30, 2013, summarized by measurement input category, were as follows: | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash, including short-term deposits(1) | $ | 120,214 | $ | 120,214 | $ | — | $ | — | ||||||||
Mutual funds(2) | 16,129 | 16,129 | — | — | ||||||||||||
United States government securities(2) | 50,412 | 50,412 | — | — | ||||||||||||
Corporate securities(2) | 73,970 | 67,922 | — | 6,048 | ||||||||||||
Commercial paper(3) | 6,298 | — | 6,298 | — | ||||||||||||
Corporate obligations(2) | 24,386 | — | 12,573 | 11,813 | ||||||||||||
Investments in certain funds(4) | 849 | — | — | 849 | ||||||||||||
$ | 292,258 | $ | 254,677 | $ | 18,871 | $ | 18,710 | |||||||||
-1 | Reported within "Cash and cash equivalents". | |||||||||||||||
-2 | Reported within “Marketable securities”. | |||||||||||||||
-3 | At September 30, 2013, the Company reported $1.7 million and $4.6 million within "Cash and cash equivalents" and "Marketable securities", respectively. | |||||||||||||||
-4 | Reported within "Other investments". | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at December 31, 2012, summarized by measurement input category, were as follows: | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash, including short-term deposits(1) | $ | 68,265 | $ | 68,265 | $ | — | $ | — | ||||||||
Mutual funds(2) | 11,820 | 11,820 | — | — | ||||||||||||
United States government securities(2) | 99,477 | 99,477 | — | — | ||||||||||||
Corporate securities(2) | 20,117 | 20,117 | — | — | ||||||||||||
Commercial paper(3) | 22,291 | — | 22,291 | — | ||||||||||||
Corporate obligations(2) | 48,714 | — | 46,931 | 1,783 | ||||||||||||
Investments in certain funds(4) | 1,021 | — | — | 1,021 | ||||||||||||
$ | 271,705 | $ | 199,679 | $ | 69,222 | $ | 2,804 | |||||||||
Liabilities | ||||||||||||||||
Acquisition-related contingent consideration(5) | $ | (475 | ) | $ | — | $ | — | $ | (475 | ) | ||||||
-1 | At December 31 2012, the Company reported $68.2 million and $0.1 million within “Cash and cash equivalents” and “Marketable securities,” respectively. | |||||||||||||||
-2 | Reported within “Marketable securities.” | |||||||||||||||
-3 | At December 31, 2012, the Company reported $3.4 million and $18.9 million within "Cash and cash equivalents" and "Marketable securities." | |||||||||||||||
-4 | Reported within "Other investments". | |||||||||||||||
-5 | Reported within “Accrued expenses”. | |||||||||||||||
There were no transfers of securities among the various measurement input levels during the nine month period ended September 30, 2013. The liability for contingent consideration was reversed during the nine-month period ended September 30, 2013 (see Note 3). | ||||||||||||||||
Changes in the fair value of assets valued using Level 3 measurement inputs during the nine-month period ended September 30, 2013, were as follows: | ||||||||||||||||
Amount | ||||||||||||||||
(in thousands) | ||||||||||||||||
Balance, January 1, 2013 | $ | 2,804 | ||||||||||||||
Purchases | 39,332 | |||||||||||||||
Sales | (22,958 | ) | ||||||||||||||
Realized gain on sale | 1,556 | |||||||||||||||
Change in fair value | (2,024 | ) | ||||||||||||||
Balance, September 30, 2013 | $ | 18,710 | ||||||||||||||
In November 2012, the Company invested $6.0 million in convertible debentures of School Specialty Inc. (“School Specialty”) with a face amount of $11.9 million. On January 28, 2013, School Specialty filed for protection under Chapter 11 of the United States Bankruptcy Code, and in subsequent months the Company invested approximately $21.3 million as part of the debtor-in-possession loan to School Specialty. Upon School Specialty emerging from bankruptcy on June 11, 2013, the Company received 26,457 shares of common stock of the post-bankruptcy entity in exchange for the convertible debentures, and received $17.5 million in cash and 49,136 shares of common stock of the post-bankruptcy entity in exchange for its investment in the debtor-in-possession loan. The fair value of the common stock of the post-bankruptcy entity received was $109 per share. In connection with these transactions, the Company recognized a loss on disposal of the subordinated debentures of approximately $3.2 million and a gain on disposal of the investment in the debtor-in-possession loan of approximately $1.6 million, both of which are included as a component of “Other income (expense), net” in the consolidated statements of operations for the nine months ended September 30, 2013. In addition, the Company invested $9.8 million in senior secured notes of the post-bankruptcy entity in June 2013. The Company's investments in the common stock and senior secured notes of the post-bankruptcy entity are included as Level 3 corporate securities and Level 3 corporate obligations, respectively, as of September 30, 2013. | ||||||||||||||||
The Company’s 3/4% Convertible Senior Notes due December 22, 2023 had a carrying value of approximately $0.3 million as of September 30, 2013, and December 31, 2012, which was a reasonable approximation of fair value as of both dates. |
Property_and_Equipment_Net
Property and Equipment Net | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
LongLivedAssetsTextBlockAbstract | ' | |||||||
Property and Equipment, Net | ' | |||||||
Property and Equipment, Net | ||||||||
Property and equipment at September 30, 2013, and December 31, 2012, consisted of the following: | ||||||||
September 30, 2013 | 31-Dec-12 | |||||||
(in thousands) | ||||||||
Rigs and other equipment | $ | 71,845 | $ | 68,404 | ||||
Buildings and improvements | 13,295 | 12,019 | ||||||
Land | 1,068 | 1,068 | ||||||
Vehicles | 1,742 | 1,639 | ||||||
Furniture and fixtures | 289 | 289 | ||||||
Assets in progress | 3,233 | 2,342 | ||||||
91,472 | 85,761 | |||||||
Accumulated depreciation | (15,604 | ) | (7,993 | ) | ||||
Property and equipment, net | $ | 75,868 | $ | 77,768 | ||||
Depreciation expense was $2.6 million and $2.5 million for the three months ended September 30, 2013 and 2012, respectively. Depreciation expense was $7.8 million and $5.3 million for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||
During the nine months ended September 30, 2012, the Company wrote off $0.1 million of property and equipment related to the shutdown of The Show (see Note 5). This write-off is included in “Income (loss) from discontinued operations" in the consolidated statements of operations. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
The Company's intangible assets at September 30, 2013, and December 31, 2012, all of which are subject to amortization, consisted of the following: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Sports segment: | ||||||||||||||||||||||||
Customer relationships | $ | 235 | $ | (102 | ) | $ | 133 | $ | 235 | $ | (67 | ) | $ | 168 | ||||||||||
Energy segment: | ||||||||||||||||||||||||
Customer relationships | 43,100 | (11,986 | ) | 31,114 | 43,100 | (6,356 | ) | 36,744 | ||||||||||||||||
Trade names | 4,100 | (2,076 | ) | 2,024 | 4,100 | (1,125 | ) | 2,975 | ||||||||||||||||
47,200 | (14,062 | ) | 33,138 | 47,200 | (7,481 | ) | 39,719 | |||||||||||||||||
Total | $ | 47,435 | $ | (14,164 | ) | $ | 33,271 | $ | 47,435 | $ | (7,548 | ) | $ | 39,887 | ||||||||||
Amortization expense was $2.0 million and $2.6 million, for the three months ended September 30, 2013 and 2012, respectively. Amortization expense was $6.6 million and $5.0 million, for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Estimated aggregate amortization expense related to the intangible assets for the next five years is as follows: | ||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
For the year ended December 31: | ||||||||||||||||||||||||
Remainder of 2013 | $ | 3,115 | ||||||||||||||||||||||
2014 | 6,612 | |||||||||||||||||||||||
2015 | 5,281 | |||||||||||||||||||||||
2016 | 4,273 | |||||||||||||||||||||||
2017 | 3,158 | |||||||||||||||||||||||
Thereafter | 10,832 | |||||||||||||||||||||||
$ | 33,271 | |||||||||||||||||||||||
The changes to the Company’s carrying amount of goodwill were as follows: | ||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
Energy | Sports | Total | Energy | Sports | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance at beginning of period | $ | 52,939 | $ | 154 | $ | 53,093 | $ | 6,256 | $ | 1,988 | $ | 8,244 | ||||||||||||
Acquisitions (see Note 3) | — | 6,071 | 6,071 | 46,683 | 154 | 46,837 | ||||||||||||||||||
Impairments | — | — | — | — | (1,988 | ) | (1,988 | ) | ||||||||||||||||
Balance at end of period | $ | 52,939 | $ | 6,225 | $ | 59,164 | $ | 52,939 | $ | 154 | $ | 53,093 | ||||||||||||
Goodwill at September 30, 2013 includes VIE goodwill of $3.6 million in the Company's Sports segment. There was no VIE goodwill at December 31, 2012. During the nine months ended September 30, 2012, the Company recognized a goodwill impairment of $1.8 million related to The Show, which is included in “Income (loss) from discontinued operations" in the consolidated statements of operations. Including a goodwill impairment of $0.2 million incurred in the latter half of 2012 related to another Sports segment operation, accumulated goodwill impairment was $2.0 million at September 30, 2013, and December 31, 2012. | ||||||||||||||||||||||||
The components of goodwill at September 30, 2013, and December 31, 2012, were as follows: | ||||||||||||||||||||||||
September 30, 2013 | 31-Dec-12 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Goodwill | $ | 61,152 | $ | 55,081 | ||||||||||||||||||||
Accumulated impairment | (1,988 | ) | (1,988 | ) | ||||||||||||||||||||
Net goodwill | $ | 59,164 | $ | 53,093 | ||||||||||||||||||||
Longterm_Debt
Long-term Debt | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Long-term Debt | ' | |||||
Long-term Debt | ||||||
On July 3, 2013, Steel Energy entered into a credit agreement (the “Energy Credit Agreement”) with Wells Fargo Bank National Association, RBS Citizens, N.A., and Comerica Bank. The Energy Credit Agreement provided for a borrowing capacity of $80.0 million consisting of a $70.0 million secured term loan (the “Term Loan”) that was fully drawn by Steel Energy on July 3, 2013, and up to $10.0 million in revolving loans (the “Revolving Loans”) subject to a borrowing base of 85% of the eligible accounts receivable. Borrowings under the Energy Credit Agreement are collateralized by substantially all the assets of Steel Energy and its wholly-owned subsidiaries Sun Well and Rogue, and a pledge of all of the issued and outstanding shares of capital stock of Sun Well and Rogue, and are fully guaranteed by Sun Well and Rogue. The proceeds of the Term Loan at closing, along with proceeds from intercompany loans to Steel Energy from Sun Well and Rogue, were used to pay the Company a dividend of $80.0 million and certain fees and expenses related to the Energy Credit Agreement. The Company incurred fees totaling approximately $1.1 million in connection with the Energy Credit Agreement that are being amortized over the life of the arrangement as a component of interest expense. | ||||||
The Energy Credit Agreement has a five-year term, with the Term Loan amortizing in quarterly installments of $2.5 million and a balloon payment due on the maturity date. At September 30, 2013, $67.5 million was outstanding under the Term Loan and no amount was outstanding under the Revolving Loans. Principal payments under the Energy Credit Agreement for the remainder of 2013 and subsequent years are as follows: | ||||||
Amount | ||||||
(in thousands) | ||||||
Remainder of 2013 | $ | 2,500 | ||||
2014 | 10,000 | |||||
2015 | 10,000 | |||||
2016 | 10,000 | |||||
2017 | 10,000 | |||||
2018 | 25,000 | |||||
Total | 67,500 | |||||
Less current portion | 10,000 | |||||
Total long-term debt | 57,500 | |||||
Borrowings under the Energy Credit Agreement bear interest at annual rates of either (i) the Base Rate plus an applicable margin of 1.50% to 2.25% or (ii) LIBOR plus an applicable margin of 2.50% to 3.25%. The “Base Rate” is the greatest of (i) the prime lending rate, (ii) the Federal Funds Rate plus 0.5%, and (iii) the one-month LIBOR plus 1.0%. The applicable margin for both Base Rate and LIBOR is determined based on the leverage ratio calculated in accordance with the Energy Credit Agreement. LIBOR-based borrowings are available for interest periods of one, three, or six months. In addition, the Company is required to pay commitment fees of between 0.375% and 0.50% per annum on the daily unused amount of the Revolving Loans. For the three months and nine months ended September 30, 2013, the Company incurred interest expense of $0.7 million in connection with the Energy Credit Agreement, consisting of $0.5 million in interest on the Term Loans and $0.2 million of amortization of deferred financing fees. | ||||||
The Energy Credit Agreement contains certain financial covenants, including (i) a leverage ratio not to exceed 3.00:1 for quarterly periods through June 15, 2015, 2.75:1 for quarterly periods through June 30, 2017, and 2.5:1 thereafter and (ii) a fixed charge coverage ratio of 1.15:1 for quarterly periods through December 31, 2016, and 1.25:1 thereafter. The Energy Credit Agreement also contains standard representations, warranties and covenants, including, among other things, covenants relating to (i) financial reporting and notification, (ii) payment of obligations, (iii) compliance with law, (iv) maintenance of properties and (v) payment of restricted payments. The repayment of the Term Loan can be accelerated upon (i) a change in control, which would include Steel Energy owning less than 100% of the equity of Sun Well or Rogue or Steel Partners Holdings L.P. (“SPLP”) owning, directly or indirectly, less than 35% of Steel Energy or (ii) other events of default, including payment failure, false representations, covenant breaches, and bankruptcy. | ||||||
Sun Well previously had a credit agreement (the "Sun Well Credit Agreement") with Wells Fargo Bank, National Association, that included a term loan of $20.0 million and a revolving line of credit for up to $5.0 million. All amounts due under the Sun Well Credit Agreement were fully repaid in the first nine months of 2013 and the facility was terminated as of July 3, 2013, upon closing of the Energy Credit Agreement. For the nine months ended September 30, 2013, the Company incurred interest expense of $0.3 million in connection with the Sun Well Credit Agreement. Upon termination of the Sun Well Credit Agreement, the Company recognized a loss on extinguishment of $0.5 million from the write off of unamortized deferred financing costs, which was reported as a component of "Other income (expense), net" in the consolidated statements of operations for the three and nine months ended September 30, 2013. |
Other_Liabilities
Other Liabilities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
OtherLiabilitiesDisclosureTextBlockAbstract | ' | |||||||
Other Liabilities | ' | |||||||
Other Liabilities | ||||||||
“Accrued expenses and other current liabilities” consisted of the following: | ||||||||
September 30, 2013 | 31-Dec-12 | |||||||
(in thousands) | ||||||||
Tax-related | $ | 1,136 | $ | 1,197 | ||||
Accrued compensation and related taxes | 3,103 | 3,424 | ||||||
Deferred revenue | 675 | 299 | ||||||
Insurance | 521 | — | ||||||
Professional services | 248 | 282 | ||||||
Accrued fuel and rig-related charges | 291 | 162 | ||||||
Interest | 476 | 25 | ||||||
Other | 1,372 | 714 | ||||||
$ | 7,822 | $ | 6,103 | |||||
“Other long-term liabilities” consisted of the following: | ||||||||
September 30, 2013 | 31-Dec-12 | |||||||
(in thousands) | ||||||||
Tax-related | $ | 7,340 | $ | 7,340 | ||||
Deferred compensation | 2,888 | 2,032 | ||||||
Other | 53 | — | ||||||
$ | 10,281 | $ | 9,372 | |||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
AccumulatedOtherComprehensiveIncomeTextBlockAbstract | ' | |||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||
Accumulated Other Comprehensive Income | ||||||||||||
Changes in the components of "Accumulated other comprehensive income" were as follows: | ||||||||||||
Unrealized | Cumulative | Total | ||||||||||
Gain on | Translation | |||||||||||
Securities | Adjustment | |||||||||||
(in thousands) | ||||||||||||
Balance at January 1, 2013 | $ | 927 | $ | 19 | $ | 946 | ||||||
Other comprehensive income (loss) before reclassifications, net of taxes | 6,593 | (39 | ) | 6,554 | ||||||||
Amounts reclassified to realized gain | (1,834 | ) | (346 | ) | (2,180 | ) | ||||||
Net current period other comprehensive income | 4,759 | (385 | ) | 4,374 | ||||||||
Balance at September 30, 2013 | $ | 5,686 | $ | (366 | ) | $ | 5,320 | |||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
IncomeTaxDisclosureTextBlockAbstract | ' |
Income Taxes | ' |
Income Taxes | |
The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, which requires that deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. Based on its history of operating losses, the Company has offset its net deferred tax assets by a full valuation allowance. Any reversal of the corresponding valuation allowance will generally result in a tax benefit being recorded in the consolidated statement of operations in the respective period. | |
The Company recognized a benefit from income taxes of $2.3 million and $15.4 million for the nine-month periods ended September 30, 2013 and 2012, respectively, primarily due to a partial reversal of the Company's valuation allowance for deferred tax assets. In the 2013 period, the Company reversed $2.8 million of the valuation allowance as a result of deferred tax liabilities recognized related to the unrealized gains on marketable securities. In the 2012 period, the Company reversed $15.1 of the valuation allowance as a result of deferred tax liabilities recognized related to the identifiable intangible assets recorded in connection with the acquisition of Sun Well in May 2012. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
SegmentReportingDisclosureTextBlockAbstract | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
The Company currently reports its business in two reportable segments - Energy and Sports. The Company measures profit or loss of its segments based on operating income (loss). | ||||||||||||||||
Segment information relating to the Company's results of continuing operations was as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Revenues | ||||||||||||||||
Energy | $ | 25,162 | $ | 33,037 | $ | 78,272 | $ | 70,788 | ||||||||
Sports | 6,683 | 1,256 | 9,299 | 2,401 | ||||||||||||
Total revenues | $ | 31,845 | $ | 34,293 | $ | 87,571 | $ | 73,189 | ||||||||
Operating income (loss) | ||||||||||||||||
Energy | $ | 2,006 | $ | 5,566 | $ | 8,626 | $ | 14,550 | ||||||||
Sports | 88 | (463 | ) | (1,790 | ) | (1,392 | ) | |||||||||
Total segment operating income | 2,094 | 5,103 | 6,836 | 13,158 | ||||||||||||
Corporate and other business activities | (2,033 | ) | (1,816 | ) | (6,658 | ) | (6,852 | ) | ||||||||
Interest income, net | 472 | 81 | 2,341 | 572 | ||||||||||||
Other income (expense), net | 1,329 | 392 | 1,190 | (81 | ) | |||||||||||
Income from continuing operations before income taxes | $ | 1,862 | $ | 3,760 | $ | 3,709 | $ | 6,797 | ||||||||
Depreciation and amortization expense: | ||||||||||||||||
Energy | $ | 4,386 | $ | 5,028 | $ | 13,923 | $ | 9,935 | ||||||||
Sports | 175 | 169 | 494 | 389 | ||||||||||||
Total depreciation and amortization expense | $ | 4,561 | $ | 5,197 | $ | 14,417 | $ | 10,324 | ||||||||
Segment information related to the Company's assets was as follows: | ||||||||||||||||
September 30, 2013 | 31-Dec-12 | |||||||||||||||
(in thousands) | ||||||||||||||||
Sports | $ | 22,878 | $ | 7,613 | ||||||||||||
Energy | 181,866 | 199,889 | ||||||||||||||
Corporate and other business activities | 315,327 | 258,993 | ||||||||||||||
Total assets | $ | 520,071 | $ | 466,495 | ||||||||||||
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
EarningsPerShareTextBlockAbstract | ' | |||||||||||||||
Net Income (Loss) Per Share | ' | |||||||||||||||
Net Income (Loss) Per Share | ||||||||||||||||
Basic net income (loss) per share of common stock is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share gives effect to all potentially dilutive common shares outstanding during the period. | ||||||||||||||||
Amounts used in the calculation of basic and diluted net income (loss) per share of common stock for the three and nine months ended September 30, 2013 and 2012, were as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Numerators: | ||||||||||||||||
Net income from continuing operations | $ | 2,159 | $ | 4,865 | $ | 6,019 | $ | 22,175 | ||||||||
Non-controlling interest | 311 | — | 832 | — | ||||||||||||
Net income from continuing operations attributable to Steel Excel Inc. | $ | 2,470 | $ | 4,865 | $ | 6,851 | $ | 22,175 | ||||||||
Income (loss) from discontinued operations, net of taxes | $ | — | $ | 484 | $ | — | $ | (1,986 | ) | |||||||
Non-controlling interest | — | — | — | 580 | ||||||||||||
Loss from discontinued operations, net of taxes, attributable to Steel Excel Inc. | $ | — | $ | 484 | $ | — | $ | (1,406 | ) | |||||||
Net income attributable to Steel Excel Inc. | $ | 2,470 | $ | 5,349 | $ | 6,851 | $ | 20,769 | ||||||||
Denominators: | ||||||||||||||||
Basic weighted average common shares outstanding | 12,529 | 12,982 | 12,736 | 11,820 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock-based awards | 17 | 19 | 18 | 20 | ||||||||||||
Diluted weighted average common shares outstanding | 12,546 | 13,001 | 12,754 | 11,840 | ||||||||||||
Basic income (loss) per share attributable to Steel Excel Inc.: | ||||||||||||||||
Net income from continuing operations | $ | 0.2 | $ | 0.37 | $ | 0.54 | $ | 1.88 | ||||||||
Income (loss) from discontinued operations, net of taxes | $ | — | $ | 0.04 | $ | — | $ | (0.12 | ) | |||||||
Net income | $ | 0.2 | $ | 0.41 | $ | 0.54 | $ | 1.76 | ||||||||
Diluted income (loss) per share attributable to Steel Excel Inc.: | ||||||||||||||||
Net income from continuing operations | $ | 0.2 | $ | 0.37 | $ | 0.54 | $ | 1.87 | ||||||||
Income (loss) from discontinued operations, net of taxes | $ | — | $ | 0.04 | $ | — | $ | (0.12 | ) | |||||||
Net income | $ | 0.2 | $ | 0.41 | $ | 0.54 | $ | 1.75 | ||||||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
RelatedPartyTransactionsDisclosureTextBlockAbstract | ' |
Related Party Transactions | ' |
Related Party Transactions | |
SPLP beneficially owned approximately 53.7% of the Company’s outstanding common stock as of September 30, 2013. The power to vote and dispose of the securities held by SPLP is controlled by Steel Partners Holdings GP Inc. (“SPH GP”). Warren G. Lichtenstein, the Chairman of the Board of Directors and President of the Company's Sports segment, is also the Executive Chairman of SPH GP. Certain other affiliates of SPH GP hold positions with the Company, including Jack Howard, as Vice Chairman and principal executive officer, James F. McCabe, Jr., as Chief Financial Officer, and Leonard J. McGill, as Vice President, General Counsel, and Secretary. Each of Warren G. Lichtenstein and Jack L. Howard is compensated with cash compensation and equity awards or equity-based awards in amounts that are consistent with the Company’s Non-employee Director Compensation Policy. | |
In October 2011, the Company contracted with SP Corporate Services LLC (“SP Corporate”), a SPLP affiliate, to provide financial management and administrative services, including the services of a chief financial officer. Through July 2012, the Company paid SP Corporate $35,000 per month for the provision of such services. Effective August 2012, the services SP Corporate provides were expanded to include executive and financial management services in the areas of finance, regulatory reporting, and other administrative and operational functions. The Company pays SP Corporate $300,000 per month for these expanded services. The services agreement with SP Corporate was approved by a committee of the Company’s independent directors. In addition, the Company reimburses SP Corporate and other SPLP affiliates for certain expenses incurred on the Company’s behalf. During the three months ended September 30, 2013 and 2012, the Company incurred expenses of $1.0 million and $0.9 million, respectively, related to services provided by SP Corporate and reimbursements of expenses incurred on its behalf by SP Corporate and its affiliates. During the nine months ended September 30, 2013 and 2012, the Company incurred expenses of $3.0 million and $1.3 million, respectively, related to services provided by SP Corporate and reimbursements of expenses incurred on its behalf by SP Corporate and its affiliates. As of September 30, 2013, the Company owed SP Corporate $0.2 million. | |
In October 2013, iGo contracted with SP Corporate to provide certain executive, other employee, and corporate services for a fixed annual fee of $0.4 million. In addition, iGo will reimburse SP Corporate for reasonable and necessary business expenses incurred on iGo’s behalf. The services agreement was approved by the independent directors of iGo. | |
The Company holds $15.1 million of short-term deposits at WebBank, an affiliate of SPLP, and recorded interest income of $21,231 and $68,918 for the three and nine months ended September 30, 2013, respectively. The Company recorded interest income of $32,271 and $57,997 from WebBank during the three and nine months ended September 30, 2012, respectively. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
CashFlowSupplementalDisclosuresTextBlockAbstract | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
Supplemental Cash Flow Information | |||||||||
Cash paid for interest and income taxes and non-cash investing financing and investing activities for the nine months ended September 30, 2013 and 2012, were as follows: | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Interest paid | $ | 539 | $ | 222 | |||||
Income taxes paid | $ | 1,594 | $ | — | |||||
Non-cash investing and financing activities: | |||||||||
Issuance of common stock for acquisition of Sun Well | $ | — | $ | 60,825 | |||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On October 29, 2013, a newly-formed, wholly owned subsidiary of Steel Energy entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) to acquire substantially all of the assets of Black Hawk Energy Services, Inc. (“Black Hawk”) for $60.0 million in cash. Closing of Asset Purchase Agreement is subject to several closing conditions, including that there has been no material adverse effect on the condition of Black Hawk, consent, if necessary, of the lenders under the Steel Energy Credit Agreement, certain employees of Black Hawk accepting employment, and satisfaction of certain employment matters requirements. In connection with the Asset Purchase Agreement, Steel Energy will execute a guaranty at closing that guarantees the payment obligations, if any, of its newly-formed subsidiary after the closing. | |
In November 2013, Ruckus cancelled a scheduled event and placed the majority of its employees on non-paid leave as a result of not having sufficient cash to fund current operations. Ruckus continues to explore its alternatives and assess its ability to remain a going concern. |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
BusinessCombinationDisclosureTextBlockAbstract | ' | |||
Schedule of Purchase Price Allocation [Table Text Block] | ' | |||
The estimated fair value of the assets and liabilities acquired in connection with the Ruckus and UK Elite transactions, determined as of the respective acquisition dates, was as follows: | ||||
Amount | ||||
(in thousands) | ||||
Cash | $ | 1,991 | ||
Accounts receivable | 637 | |||
Marketable securities | 195 | |||
Prepaid expenses and other current assets | 759 | |||
Property and equipment | 69 | |||
Other assets | 55 | |||
Accounts payable | (96 | ) | ||
Accrued liabilities and other current liabilities | (3,481 | ) | ||
Long-term liabilities | (53 | ) | ||
Total identifiable net assets acquired | 76 | |||
Non-controlling interest | (2,896 | ) | ||
Goodwill | 6,071 | |||
Net assets acquired | $ | 3,251 | ||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||
The carrying amounts and classifications of combined assets and liabilities of Ruckus and UK Elite included in the Company’s Financial Statements as of September 30, 2013, are as follows: | ||||
Amount | ||||
(in thousands) | ||||
Current assets | $ | 1,717 | ||
Long-term assets | $ | 6,347 | ||
Current liabilities | $ | 1,038 | ||
Long-term liabilities | $ | 53 | ||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||
The pro forma financial information is not necessarily indicative of what would have actually occurred had the acquisitions been consummated at the beginning of 2012 or results that may occur in the future. | ||||
Amount | ||||
(in thousands) | ||||
Net revenues | $ | 96,961 | ||
Income from continuing operations, net of taxes | $ | 24,591 | ||
Income (loss) from discontinued operations, net of taxes | $ | (1,986 | ) | |
Net income attributable to Steel Excel Inc. | $ | 23,185 | ||
Stock_Benefit_Plans_Tables
Stock Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockAbstract | ' | |||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | |||||||||||||||
Stock-based compensation expense by type of award, all of which was recognized as a component of "Selling, general, and administrative expenses" in the consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012, was as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Stock options | $ | 25 | $ | 26 | $ | 76 | $ | 68 | ||||||||
Restricted stock | 277 | 395 | 1,903 | 789 | ||||||||||||
Total stock-based compensation | $ | 302 | $ | 421 | $ | 1,979 | $ | 857 | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlockAbstract | ' | |||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||
The results of operations related to The Show for the three- and nine-month periods ended September 30, 2012, were as follows: | ||||||||
Three Months Ended | Nine Months Ended | |||||||
30-Sep-12 | ||||||||
(in thousands) | ||||||||
Revenues | $ | — | $ | 451 | ||||
Loss from discontinued operations before income taxes | $ | 484 | $ | (1,986 | ) | |||
Benefit from income taxes | — | — | ||||||
Loss from discontinued operations, net of taxes | $ | 484 | $ | (1,986 | ) | |||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
MarketableSecuritiesTableTextBlockAbstract | ' | |||||||||||||||||||||||
Investment [Table Text Block] | ' | |||||||||||||||||||||||
Marketable securities at September 30, 2013, consisted of the following: | ||||||||||||||||||||||||
Cost | Gross | Gross | Estimated | |||||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Short-term deposits | $ | 106,903 | $ | — | $ | — | $ | 106,903 | ||||||||||||||||
Mutual funds | 12,506 | 3,623 | — | 16,129 | ||||||||||||||||||||
United States government securities | 50,383 | 29 | — | 50,412 | ||||||||||||||||||||
Corporate securities | 69,974 | 8,220 | (4,224 | ) | 73,970 | |||||||||||||||||||
Corporate obligations | 23,573 | 855 | (42 | ) | 24,386 | |||||||||||||||||||
Commercial paper | 6,297 | 1 | — | 6,298 | ||||||||||||||||||||
Total available-for-sale securities | 269,636 | 12,728 | (4,266 | ) | 278,098 | |||||||||||||||||||
Amounts classified as cash equivalents | (108,603 | ) | — | — | (108,603 | ) | ||||||||||||||||||
Amounts classified as marketable securities | $ | 161,033 | $ | 12,728 | $ | (4,266 | ) | $ | 169,495 | |||||||||||||||
Marketable securities at December 31, 2012, consisted of the following: | ||||||||||||||||||||||||
Cost | Gross | Gross | Estimated | |||||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Short-term deposits | $ | 48,596 | $ | — | $ | — | $ | 48,596 | ||||||||||||||||
Mutual funds | 10,368 | 1,452 | — | 11,820 | ||||||||||||||||||||
United States government securities | 99,299 | 178 | — | 99,477 | ||||||||||||||||||||
Corporate securities | 20,842 | 1,255 | (1,980 | ) | 20,117 | |||||||||||||||||||
Corporate obligations | 48,708 | 283 | (277 | ) | 48,714 | |||||||||||||||||||
Commercial paper | 22,275 | 16 | — | 22,291 | ||||||||||||||||||||
Total available-for-sale securities | 250,088 | 3,184 | (2,257 | ) | 251,015 | |||||||||||||||||||
Amounts classified as cash equivalents | (51,887 | ) | — | — | (51,887 | ) | ||||||||||||||||||
Amounts classified as marketable securities | $ | 198,201 | $ | 3,184 | $ | (2,257 | ) | $ | 199,128 | |||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | |||||||||||||||||||||||
Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of "Other income (expense), net" in the consolidated statements of operations for the three months and nine months ended September 30, 2013 and 2012, were as follows: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Gross realized gains | $ | 1,914 | $ | 42 | $ | 5,779 | $ | 138 | ||||||||||||||||
Gross realized losses | (51 | ) | (35 | ) | (3,945 | ) | (40 | ) | ||||||||||||||||
Realized gains (losses) - net | $ | 1,863 | $ | 7 | $ | 1,834 | $ | 98 | ||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | |||||||||||||||||||||||
The fair value of the Company’s marketable securities with unrealized losses at September 30, 2013, and the duration of time that such losses had been unrealized, were as follows: | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Corporate securities | $ | 22,725 | $ | (3,968 | ) | $ | 176 | $ | (256 | ) | $ | 22,901 | $ | (4,224 | ) | |||||||||
Corporate obligations | 940 | (42 | ) | — | — | 940 | (42 | ) | ||||||||||||||||
Total | $ | 23,665 | $ | (4,010 | ) | $ | 176 | $ | (256 | ) | $ | 23,841 | $ | (4,266 | ) | |||||||||
The fair value of the Company’s marketable securities with unrealized losses at December 31, 2012, all of which had been unrealized for a period of less than twelve months, were as follows: | ||||||||||||||||||||||||
Fair | Gross Unrealized | |||||||||||||||||||||||
Value | Losses | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Corporate securities | $ | 6,389 | $ | (1,980 | ) | |||||||||||||||||||
Corporate obligations | 14,252 | (277 | ) | |||||||||||||||||||||
Total | $ | 20,641 | $ | (2,257 | ) | |||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | |||||||||||||||||||||||
The amortized cost and estimated fair value of available-for-sale debt securities at September 30, 2013, by contractual maturity, were as follows: | ||||||||||||||||||||||||
Cost | Estimated | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Mature in one year or less | $ | 44,134 | $ | 44,157 | ||||||||||||||||||||
Mature after one year through three years | 14,285 | 14,435 | ||||||||||||||||||||||
Mature in more than three years | 21,834 | 22,504 | ||||||||||||||||||||||
Total debt securities | 80,253 | 81,096 | ||||||||||||||||||||||
Securities with no contractual maturities | 189,383 | 197,002 | ||||||||||||||||||||||
Total | $ | 269,636 | $ | 278,098 | ||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
FairValueDisclosuresTextBlockAbstract | ' | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at September 30, 2013, summarized by measurement input category, were as follows: | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash, including short-term deposits(1) | $ | 120,214 | $ | 120,214 | $ | — | $ | — | ||||||||
Mutual funds(2) | 16,129 | 16,129 | — | — | ||||||||||||
United States government securities(2) | 50,412 | 50,412 | — | — | ||||||||||||
Corporate securities(2) | 73,970 | 67,922 | — | 6,048 | ||||||||||||
Commercial paper(3) | 6,298 | — | 6,298 | — | ||||||||||||
Corporate obligations(2) | 24,386 | — | 12,573 | 11,813 | ||||||||||||
Investments in certain funds(4) | 849 | — | — | 849 | ||||||||||||
$ | 292,258 | $ | 254,677 | $ | 18,871 | $ | 18,710 | |||||||||
-1 | Reported within "Cash and cash equivalents". | |||||||||||||||
-2 | Reported within “Marketable securities”. | |||||||||||||||
-3 | At September 30, 2013, the Company reported $1.7 million and $4.6 million within "Cash and cash equivalents" and "Marketable securities", respectively. | |||||||||||||||
-4 | Reported within "Other investments". | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash, including short-term deposits(1) | $ | 68,265 | $ | 68,265 | $ | — | $ | — | ||||||||
Mutual funds(2) | 11,820 | 11,820 | — | — | ||||||||||||
United States government securities(2) | 99,477 | 99,477 | — | — | ||||||||||||
Corporate securities(2) | 20,117 | 20,117 | — | — | ||||||||||||
Commercial paper(3) | 22,291 | — | 22,291 | — | ||||||||||||
Corporate obligations(2) | 48,714 | — | 46,931 | 1,783 | ||||||||||||
Investments in certain funds(4) | 1,021 | — | — | 1,021 | ||||||||||||
$ | 271,705 | $ | 199,679 | $ | 69,222 | $ | 2,804 | |||||||||
Liabilities | ||||||||||||||||
Acquisition-related contingent consideration(5) | $ | (475 | ) | $ | — | $ | — | $ | (475 | ) | ||||||
-1 | At December 31 2012, the Company reported $68.2 million and $0.1 million within “Cash and cash equivalents” and “Marketable securities,” respectively. | |||||||||||||||
-2 | Reported within “Marketable securities.” | |||||||||||||||
-3 | At December 31, 2012, the Company reported $3.4 million and $18.9 million within "Cash and cash equivalents" and "Marketable securities." | |||||||||||||||
-4 | Reported within "Other investments". | |||||||||||||||
-5 | Reported within “Accrued expenses” | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||
Changes in the fair value of assets valued using Level 3 measurement inputs during the nine-month period ended September 30, 2013, were as follows: | ||||||||||||||||
Amount | ||||||||||||||||
(in thousands) | ||||||||||||||||
Balance, January 1, 2013 | $ | 2,804 | ||||||||||||||
Purchases | 39,332 | |||||||||||||||
Sales | (22,958 | ) | ||||||||||||||
Realized gain on sale | 1,556 | |||||||||||||||
Change in fair value | (2,024 | ) | ||||||||||||||
Balance, September 30, 2013 | $ | 18,710 | ||||||||||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
LongLivedAssetsTextBlockAbstract | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property and equipment at September 30, 2013, and December 31, 2012, consisted of the following: | ||||||||
September 30, 2013 | 31-Dec-12 | |||||||
(in thousands) | ||||||||
Rigs and other equipment | $ | 71,845 | $ | 68,404 | ||||
Buildings and improvements | 13,295 | 12,019 | ||||||
Land | 1,068 | 1,068 | ||||||
Vehicles | 1,742 | 1,639 | ||||||
Furniture and fixtures | 289 | 289 | ||||||
Assets in progress | 3,233 | 2,342 | ||||||
91,472 | 85,761 | |||||||
Accumulated depreciation | (15,604 | ) | (7,993 | ) | ||||
Property and equipment, net | $ | 75,868 | $ | 77,768 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||||||||||||
The Company's intangible assets at September 30, 2013, and December 31, 2012, all of which are subject to amortization, consisted of the following: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Sports segment: | ||||||||||||||||||||||||
Customer relationships | $ | 235 | $ | (102 | ) | $ | 133 | $ | 235 | $ | (67 | ) | $ | 168 | ||||||||||
Energy segment: | ||||||||||||||||||||||||
Customer relationships | 43,100 | (11,986 | ) | 31,114 | 43,100 | (6,356 | ) | 36,744 | ||||||||||||||||
Trade names | 4,100 | (2,076 | ) | 2,024 | 4,100 | (1,125 | ) | 2,975 | ||||||||||||||||
47,200 | (14,062 | ) | 33,138 | 47,200 | (7,481 | ) | 39,719 | |||||||||||||||||
Total | $ | 47,435 | $ | (14,164 | ) | $ | 33,271 | $ | 47,435 | $ | (7,548 | ) | $ | 39,887 | ||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||||||||||||
Estimated aggregate amortization expense related to the intangible assets for the next five years is as follows: | ||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
For the year ended December 31: | ||||||||||||||||||||||||
Remainder of 2013 | $ | 3,115 | ||||||||||||||||||||||
2014 | 6,612 | |||||||||||||||||||||||
2015 | 5,281 | |||||||||||||||||||||||
2016 | 4,273 | |||||||||||||||||||||||
2017 | 3,158 | |||||||||||||||||||||||
Thereafter | 10,832 | |||||||||||||||||||||||
$ | 33,271 | |||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||||||||||
The changes to the Company’s carrying amount of goodwill were as follows: | ||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
Energy | Sports | Total | Energy | Sports | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance at beginning of period | $ | 52,939 | $ | 154 | $ | 53,093 | $ | 6,256 | $ | 1,988 | $ | 8,244 | ||||||||||||
Acquisitions (see Note 3) | — | 6,071 | 6,071 | 46,683 | 154 | 46,837 | ||||||||||||||||||
Impairments | — | — | — | — | (1,988 | ) | (1,988 | ) | ||||||||||||||||
Balance at end of period | $ | 52,939 | $ | 6,225 | $ | 59,164 | $ | 52,939 | $ | 154 | $ | 53,093 | ||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | ' | |||||||||||||||||||||||
The components of goodwill at September 30, 2013, and December 31, 2012, were as follows: | ||||||||||||||||||||||||
September 30, 2013 | 31-Dec-12 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Goodwill | $ | 61,152 | $ | 55,081 | ||||||||||||||||||||
Accumulated impairment | (1,988 | ) | (1,988 | ) | ||||||||||||||||||||
Net goodwill | $ | 59,164 | $ | 53,093 | ||||||||||||||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||
Principal payments under the Energy Credit Agreement for the remainder of 2013 and subsequent years are as follows: | ||||||
Amount | ||||||
(in thousands) | ||||||
Remainder of 2013 | $ | 2,500 | ||||
2014 | 10,000 | |||||
2015 | 10,000 | |||||
2016 | 10,000 | |||||
2017 | 10,000 | |||||
2018 | 25,000 | |||||
Total | 67,500 | |||||
Less current portion | 10,000 | |||||
Total long-term debt | 57,500 | |||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
OtherLiabilitiesDisclosureTextBlockAbstract | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
“Accrued expenses and other current liabilities” consisted of the following: | ||||||||
September 30, 2013 | 31-Dec-12 | |||||||
(in thousands) | ||||||||
Tax-related | $ | 1,136 | $ | 1,197 | ||||
Accrued compensation and related taxes | 3,103 | 3,424 | ||||||
Deferred revenue | 675 | 299 | ||||||
Insurance | 521 | — | ||||||
Professional services | 248 | 282 | ||||||
Accrued fuel and rig-related charges | 291 | 162 | ||||||
Interest | 476 | 25 | ||||||
Other | 1,372 | 714 | ||||||
$ | 7,822 | $ | 6,103 | |||||
Schedule of Other Long-Term Liabilities [Table Text Block] | ' | |||||||
“Other long-term liabilities” consisted of the following: | ||||||||
September 30, 2013 | 31-Dec-12 | |||||||
(in thousands) | ||||||||
Tax-related | $ | 7,340 | $ | 7,340 | ||||
Deferred compensation | 2,888 | 2,032 | ||||||
Other | 53 | — | ||||||
$ | 10,281 | $ | 9,372 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
AccumulatedOtherComprehensiveIncomeTextBlockAbstract | ' | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||
Changes in the components of "Accumulated other comprehensive income" were as follows: | ||||||||||||
Unrealized | Cumulative | Total | ||||||||||
Gain on | Translation | |||||||||||
Securities | Adjustment | |||||||||||
(in thousands) | ||||||||||||
Balance at January 1, 2013 | $ | 927 | $ | 19 | $ | 946 | ||||||
Other comprehensive income (loss) before reclassifications, net of taxes | 6,593 | (39 | ) | 6,554 | ||||||||
Amounts reclassified to realized gain | (1,834 | ) | (346 | ) | (2,180 | ) | ||||||
Net current period other comprehensive income | 4,759 | (385 | ) | 4,374 | ||||||||
Balance at September 30, 2013 | $ | 5,686 | $ | (366 | ) | $ | 5,320 | |||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
SegmentReportingDisclosureTextBlockAbstract | ' | |||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | |||||||||||||||
Segment information relating to the Company's results of continuing operations was as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Revenues | ||||||||||||||||
Energy | $ | 25,162 | $ | 33,037 | $ | 78,272 | $ | 70,788 | ||||||||
Sports | 6,683 | 1,256 | 9,299 | 2,401 | ||||||||||||
Total revenues | $ | 31,845 | $ | 34,293 | $ | 87,571 | $ | 73,189 | ||||||||
Operating income (loss) | ||||||||||||||||
Energy | $ | 2,006 | $ | 5,566 | $ | 8,626 | $ | 14,550 | ||||||||
Sports | 88 | (463 | ) | (1,790 | ) | (1,392 | ) | |||||||||
Total segment operating income | 2,094 | 5,103 | 6,836 | 13,158 | ||||||||||||
Corporate and other business activities | (2,033 | ) | (1,816 | ) | (6,658 | ) | (6,852 | ) | ||||||||
Interest income, net | 472 | 81 | 2,341 | 572 | ||||||||||||
Other income (expense), net | 1,329 | 392 | 1,190 | (81 | ) | |||||||||||
Income from continuing operations before income taxes | $ | 1,862 | $ | 3,760 | $ | 3,709 | $ | 6,797 | ||||||||
Depreciation and amortization expense: | ||||||||||||||||
Energy | $ | 4,386 | $ | 5,028 | $ | 13,923 | $ | 9,935 | ||||||||
Sports | 175 | 169 | 494 | 389 | ||||||||||||
Total depreciation and amortization expense | $ | 4,561 | $ | 5,197 | $ | 14,417 | $ | 10,324 | ||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | |||||||||||||||
Segment information related to the Company's assets was as follows: | ||||||||||||||||
September 30, 2013 | 31-Dec-12 | |||||||||||||||
(in thousands) | ||||||||||||||||
Sports | $ | 22,878 | $ | 7,613 | ||||||||||||
Energy | 181,866 | 199,889 | ||||||||||||||
Corporate and other business activities | 315,327 | 258,993 | ||||||||||||||
Total assets | $ | 520,071 | $ | 466,495 | ||||||||||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
EarningsPerShareTextBlockAbstract | ' | |||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | ' | |||||||||||||||
Amounts used in the calculation of basic and diluted net income (loss) per share of common stock for the three and nine months ended September 30, 2013 and 2012, were as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Numerators: | ||||||||||||||||
Net income from continuing operations | $ | 2,159 | $ | 4,865 | $ | 6,019 | $ | 22,175 | ||||||||
Non-controlling interest | 311 | — | 832 | — | ||||||||||||
Net income from continuing operations attributable to Steel Excel Inc. | $ | 2,470 | $ | 4,865 | $ | 6,851 | $ | 22,175 | ||||||||
Income (loss) from discontinued operations, net of taxes | $ | — | $ | 484 | $ | — | $ | (1,986 | ) | |||||||
Non-controlling interest | — | — | — | 580 | ||||||||||||
Loss from discontinued operations, net of taxes, attributable to Steel Excel Inc. | $ | — | $ | 484 | $ | — | $ | (1,406 | ) | |||||||
Net income attributable to Steel Excel Inc. | $ | 2,470 | $ | 5,349 | $ | 6,851 | $ | 20,769 | ||||||||
Denominators: | ||||||||||||||||
Basic weighted average common shares outstanding | 12,529 | 12,982 | 12,736 | 11,820 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock-based awards | 17 | 19 | 18 | 20 | ||||||||||||
Diluted weighted average common shares outstanding | 12,546 | 13,001 | 12,754 | 11,840 | ||||||||||||
Basic income (loss) per share attributable to Steel Excel Inc.: | ||||||||||||||||
Net income from continuing operations | $ | 0.2 | $ | 0.37 | $ | 0.54 | $ | 1.88 | ||||||||
Income (loss) from discontinued operations, net of taxes | $ | — | $ | 0.04 | $ | — | $ | (0.12 | ) | |||||||
Net income | $ | 0.2 | $ | 0.41 | $ | 0.54 | $ | 1.76 | ||||||||
Diluted income (loss) per share attributable to Steel Excel Inc.: | ||||||||||||||||
Net income from continuing operations | $ | 0.2 | $ | 0.37 | $ | 0.54 | $ | 1.87 | ||||||||
Income (loss) from discontinued operations, net of taxes | $ | — | $ | 0.04 | $ | — | $ | (0.12 | ) | |||||||
Net income | $ | 0.2 | $ | 0.41 | $ | 0.54 | $ | 1.75 | ||||||||
Supplemental_Cash_Flows_Inform
Supplemental Cash Flows Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
CashFlowSupplementalDisclosuresTextBlockAbstract | ' | ||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||
Cash paid for interest and income taxes and non-cash investing financing and investing activities for the nine months ended September 30, 2013 and 2012, were as follows: | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Interest paid | $ | 539 | $ | 222 | |||||
Income taxes paid | $ | 1,594 | $ | — | |||||
Non-cash investing and financing activities: | |||||||||
Issuance of common stock for acquisition of Sun Well | $ | — | $ | 60,825 | |||||
Description_and_Basis_of_Prese1
Description and Basis of Presentation (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
segment | |||
BusinessDescriptionAndBasisOfPresentationTextBlockAbstract | ' | ' | ' |
Number of Reportable Segments (in segments) | ' | 2 | ' |
Income benefit, measurement period adjustment | $15.10 | $15.10 | $15.10 |
Acquisitions_Detail
Acquisitions (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 23, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2013 | Jul. 31, 2013 | 31-May-13 | Jun. 19, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | |
Ruckus Sports LLC and UK Elite Soccer, Inc. [Member] | Ruckus Sports LLC and UK Elite Soccer, Inc. [Member] | Ruckus Sports LLC and UK Elite Soccer, Inc. [Member] | Ruckus Sports LLC and UK Elite Soccer, Inc. [Member] | Ruckus Sports LLC [Member] | Ruckus Sports LLC [Member] | Ruckus Sports LLC [Member] | UK Elite Soccer, Inc. [Member] | Rogue Pressure Services, Inc. [Member] | Rogue Pressure Services, Inc. [Member] | Rogue Pressure Services, Inc. [Member] | Rogue Pressure Services, Inc. [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||
director | Ruckus Sports LLC [Member] | Ruckus Sports LLC [Member] | ||||||||||||||||||
Ownership percentage (as a percent) | ' | ' | ' | 44.70% | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of acquired entity, liabilities incurred | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of acquired entity, cash paid | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of voting interests acquired, additional membership interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period during which Company has the option to acquire additional interest (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of directors appointed (in directors) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of directors on board (in directors) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Control premium (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of voting interests acquired (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 10.00% | 80.00% | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | 96,961,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 1,000,000 |
Operating losses | ' | ' | -23,185,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | 1,500,000 |
Net losses after non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 500,000 |
Assets | ' | 520,071,000 | ' | ' | 466,495,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | 3,900,000 |
Goodwill | ' | 59,164,000 | ' | ' | 53,093,000 | 8,244,000 | ' | ' | ' | 6,071,000 | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | 3,500,000 |
Liabilities | ' | 90,657,000 | ' | ' | 34,533,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | 900,000 |
Revenue of acquiree since acquisition date, Actual | ' | ' | ' | ' | ' | ' | 4,900,000 | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings or loss of acquiree since acquisition date | ' | ' | ' | ' | ' | ' | 300,000 | -400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income benefit, measurement period adjustment | 15,100,000 | 15,100,000 | 15,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' |
Contingent consideration performance period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Liabilities arising from contingencies, amount recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | $700,000 | ' | ' | ' |
Acquisitions_Purchase_Price_Al
Acquisitions - Purchase Price Allocation (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | Ruckus Sports LLC and UK Elite Soccer, Inc. [Member] | |||
Cash | ' | ' | ' | $1,991 |
Accounts receivable | ' | ' | ' | 637 |
Marketable securities | ' | ' | ' | 195 |
Prepaid expenses and other current assets | ' | ' | ' | 759 |
Property and equipment | ' | ' | ' | 69 |
Other assets | ' | ' | ' | 55 |
Accounts payable | ' | ' | ' | -96 |
Accrued liabilities and other current liabilities | ' | ' | ' | -3,481 |
Long-term liabilities | ' | ' | ' | -53 |
Total identifiable net assets acquired | ' | ' | ' | 76 |
Non-controlling interest | ' | ' | ' | -2,896 |
Goodwill | 59,164 | 53,093 | 8,244 | 6,071 |
Net assets acquired | ' | ' | ' | $3,251 |
Acquisitions_Carrying_amounts_
Acquisitions - Carrying amounts and classifications of assets and liabilities (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Current liabilities [Member] | ' |
Liabilities | $1,038 |
Long-term liabilities [Member] | ' |
Liabilities | 53 |
Current assets [Member] | ' |
Assets | 1,717 |
Long-term assets [Member] | ' |
Assets | $6,347 |
Acquisitions_Pro_Forma_Financi
Acquisitions - Pro Forma Financial Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Pro Forma Financial Information [Abstract] | ' |
Net revenues | $96,961 |
Income from continuing operations, net of taxes | 24,591 |
Income (loss) from discontinued operations, net of taxes | -1,986 |
Net income attributable to Steel Excel Inc. | $23,185 |
Stock_Benefit_Plans_Detail
Stock Benefit Plans (Detail) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Number of Equity Incentive Plans (in plans) | 2 |
Employee Stock [Member] | Restricted Stock [Member] | ' |
Non-Option Equity Instruments, Granted (in shares) | 15,000 |
Director [Member] | Restricted Stock [Member] | ' |
Non-Option Equity Instruments, Granted (in shares) | 17,320 |
Stock_Benefit_Plans_Stockbased
Stock Benefit Plans - Stock-based compensation expenses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Allocated Share-based Compensation Expense | $302 | $421 | $1,979 | $857 |
Stock Options [Member] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 25 | 26 | 76 | 68 |
Restricted Stock [Member] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $277 | $395 | $1,903 | $789 |
Discontinued_Operations_Revenu
Discontinued Operations - Revenues and the components of income related to discontinued operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues and the components of income related to discontinued operations: [Abstract] | ' | ' | ' | ' |
Revenues | ' | $0 | ' | $451 |
Loss from discontinued operations before income taxes | ' | 484 | ' | -1,986 |
Benefit from income taxes | ' | 0 | ' | 0 |
Loss from discontinued operations, net of taxes | $0 | $484 | $0 | ($1,986) |
Investments_Detail
Investments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 23, 2013 | Jan. 31, 2013 | Jul. 11, 2013 | Sep. 30, 2013 | Aug. 23, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | |
Again Faster LLC [Member] | iGo, Inc. [Member] | iGo, Inc. [Member] | iGo, Inc. [Member] | Again Faster LLC [Member] | Partnership [Member] | Partnership [Member] | ||||||
director | ||||||||||||
Sales of marketable securities | $20,400,000 | $77,700,000 | $65,474,000 | $568,634,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of voting interests acquired (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' |
Cost of acquired entity, cash paid | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | 1,316,866 | ' | ' | ' |
Equity Method Investment, Aggregate Cost | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | 25,000,000 |
Equity Method Investment, Ownership Percentage, Outstanding Shares | ' | ' | ' | ' | ' | ' | ' | ' | 44.00% | ' | ' | ' |
Ownership percentage (as a percent) | ' | ' | ' | ' | 44.70% | ' | ' | ' | 44.70% | ' | ' | ' |
Number of directors appointed (in directors) | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Number of directors on board (in directors) | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' |
Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | $4,000,000 | ' | ' | $24,900,000 | ' |
Investments_Portfolio_of_marke
Investments - Portfolio of marketable securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available-for-sale securities: | ' | ' |
Cost | $269,636 | $250,088 |
Gross Unrealized Gains | 12,728 | 3,184 |
Gross Unrealized Losses | -4,266 | -2,257 |
Estimated Fair Value | 278,098 | 251,015 |
Cash equivalents cost | -108,603 | -51,887 |
Cash equivalents estimated fair value | -108,603 | -51,887 |
Marketable securities cost | 161,033 | 198,201 |
Marketable securities estimated fair value | 169,495 | 199,128 |
Short-term Deposits [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Cost | 106,903 | 48,596 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 106,903 | 48,596 |
Mutual Funds [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Cost | 12,506 | 10,368 |
Gross Unrealized Gains | 3,623 | 1,452 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 16,129 | 11,820 |
US Treasury Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Cost | 50,383 | 99,299 |
Gross Unrealized Gains | 29 | 178 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 50,412 | 99,477 |
Corporate Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Cost | 69,974 | 20,842 |
Gross Unrealized Gains | 8,220 | 1,255 |
Gross Unrealized Losses | -4,224 | -1,980 |
Estimated Fair Value | 73,970 | 20,117 |
Corporate Obligations [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Cost | 23,573 | 48,708 |
Gross Unrealized Gains | 855 | 283 |
Gross Unrealized Losses | -42 | -277 |
Estimated Fair Value | 24,386 | 48,714 |
Commercial Paper [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Cost | 6,297 | 22,275 |
Gross Unrealized Gains | 1 | 16 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $6,298 | $22,291 |
Investments_Fair_value_and_gro
Investments - Fair value and gross unrealized losses of the available for sale securities (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Available-for-sale Securities, Gross Realized Gains | $1,914 | $42 | $5,779 | $138 | ' |
Available-for-sale Securities, Gross Realized Losses | -51 | -35 | -3,945 | -40 | ' |
Unrealized loss position less than 12 months, fair value | 23,665 | ' | 23,665 | ' | ' |
Unrealized loss position, less than 12 month, gross unrealized losses | ' | ' | -4,010 | ' | ' |
Unrealized loss position, 12 months or greater, fair value | 176 | ' | 176 | ' | ' |
Unrealized loss position, 12 month or greater, gross unrealized losses | ' | ' | -256 | ' | ' |
Unrealized loss position, total, fair value | 23,841 | ' | 23,841 | ' | 20,641 |
Unrealized loss position, total, gross unrealized losses | ' | ' | -4,266 | ' | 2,257 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 1,863 | 7 | 1,834 | 98 | ' |
Corporate Securities [Member] | ' | ' | ' | ' | ' |
Unrealized loss position less than 12 months, fair value | 22,725 | ' | 22,725 | ' | ' |
Unrealized loss position, less than 12 month, gross unrealized losses | ' | ' | -3,968 | ' | ' |
Unrealized loss position, 12 months or greater, fair value | 176 | ' | 176 | ' | ' |
Unrealized loss position, 12 month or greater, gross unrealized losses | ' | ' | -256 | ' | ' |
Unrealized loss position, total, fair value | 22,901 | ' | 22,901 | ' | 6,389 |
Unrealized loss position, total, gross unrealized losses | ' | ' | -4,224 | ' | 1,980 |
Corporate Obligations [Member] | ' | ' | ' | ' | ' |
Unrealized loss position less than 12 months, fair value | 940 | ' | 940 | ' | ' |
Unrealized loss position, less than 12 month, gross unrealized losses | ' | ' | -42 | ' | ' |
Unrealized loss position, 12 months or greater, fair value | 0 | ' | 0 | ' | ' |
Unrealized loss position, 12 month or greater, gross unrealized losses | ' | ' | 0 | ' | ' |
Unrealized loss position, total, fair value | 940 | ' | 940 | ' | 14,252 |
Unrealized loss position, total, gross unrealized losses | ' | ' | ($42) | ' | $277 |
Investments_Amortized_cost_and
Investments - Amortized cost and estimated fair value of investments in available-for-sale securities, by contractual maturity (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Cost | ' |
Mature in one year or less | $44,134 |
Mature after one year through three years | 14,285 |
Mature in more than three years | 21,834 |
Total debt securities | 80,253 |
Securities with no contractual maturities | 189,383 |
Total | 269,636 |
Estimated Fair Value | ' |
Mature in one year or less | 44,157 |
Mature after one year through three years | 14,435 |
Mature in more than three years | 22,504 |
Total debt securities | 81,096 |
Securities with no contractual maturities | 197,002 |
Total | $278,098 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Detail) (USD $) | Sep. 30, 2013 | Jun. 11, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Nov. 30, 2012 | Jun. 11, 2013 | Jan. 28, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Three Point Seven Five Percent Unsecured Convertible Subordinated Debentures Due In 2026 [Member] | Three Point Seven Five Percent Unsecured Convertible Subordinated Debentures Due In 2026 [Member] | "School Specialties" [Member] | "School Specialties" [Member] | Marketable Securities [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||
Convertible Senior Subordinted Notes Due 2023 [Member] | Convertible Senior Subordinted Notes Due 2023 [Member] | |||||||||
Investment Owned, Balance, Principal Amount | ' | ' | ' | ' | ' | ' | ' | $11,900,000 | ' | ' |
3/4% convertible senior subordinated notes due 2023 | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | 0.75% |
Investment Owned, at Cost | ' | ' | ' | 9,800,000 | 6,000,000 | ' | ' | ' | ' | ' |
Debtor-in-Possession Financing, Amount Arranged | ' | ' | ' | ' | ' | ' | 21,300,000 | ' | ' | ' |
Shares Received in Exchange for Convertible Debentures (in shares) | ' | ' | ' | ' | ' | 26,457 | ' | ' | ' | ' |
Debtor in Possession, Cash Received in Exchange for Investment in Loan | ' | ' | ' | ' | ' | 17,500,000 | ' | ' | ' | ' |
Shares Received in Exchange for Investment in Loan (in shares) | ' | 49,136 | ' | ' | ' | ' | ' | ' | ' | ' |
Debtor in Possession, Fair Value of Shares Received (in dollars per share) | ' | $109 | ' | ' | ' | ' | ' | ' | ' | ' |
Debtor in Possession, Gain (Loss) on Disposal of Investment in Loan | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | ' |
Debtor in Possession, Gain (Loss) on Disposal of Loan | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' |
Convertible Notes Payable, Current | $346,000 | ' | $346,000 | ' | ' | ' | ' | ' | $300,000 | $346,000 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial assets measured at fair value on a recurring basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Cash, including short-term deposits [Member] | ' | ' | ||
Financial Assets | $120,214 | [1] | $68,265 | [1] |
Cash, including short-term deposits [Member] | Cash And Cash Equivalent [Member] | ' | ' | ||
Financial Assets | ' | 68,200 | ||
Cash, including short-term deposits [Member] | Marketable Securities [Member] | ' | ' | ||
Financial Assets | ' | 100 | ||
Cash, including short-term deposits [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Financial Assets | 120,214 | [1] | 68,265 | [1] |
Cash, including short-term deposits [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Financial Assets | 0 | [1] | 0 | [1] |
Cash, including short-term deposits [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Financial Assets | 0 | [1] | 0 | [1] |
Mutual Funds [Member] | ' | ' | ||
Financial Assets | 16,129 | [2] | 11,820 | [2] |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Financial Assets | 16,129 | [2] | 11,820 | [2] |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Financial Assets | 0 | [2] | 0 | [2] |
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Financial Assets | 0 | [2] | 0 | [2] |
US Treasury and Government [Member] | ' | ' | ||
Financial Assets | 50,412 | [2] | 99,477 | [2] |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Financial Assets | 50,412 | [2] | 99,477 | [2] |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Financial Assets | 0 | [2] | 0 | [2] |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Financial Assets | 0 | [2] | 0 | [2] |
Corporate Securities [Member] | ' | ' | ||
Financial Assets | 73,970 | [2] | 20,117 | [2] |
Corporate Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Financial Assets | 67,922 | [2] | 20,117 | [2] |
Corporate Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Financial Assets | 0 | [2] | 0 | [2] |
Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Financial Assets | 6,048 | [2] | 0 | [2] |
Commercial Paper [Member] | ' | ' | ||
Financial Assets | 6,298 | [3] | 22,291 | [4] |
Commercial Paper [Member] | Cash And Cash Equivalent [Member] | ' | ' | ||
Financial Assets | 1,700 | 3,400 | [2] | |
Commercial Paper [Member] | Marketable Securities [Member] | ' | ' | ||
Financial Assets | 4,600 | 18,900 | [2] | |
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Financial Assets | 0 | [3] | 0 | [4] |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Financial Assets | 6,298 | [3] | 22,291 | [4] |
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Financial Assets | 0 | [3] | 0 | [4] |
Corporate Obligations [Member] | ' | ' | ||
Financial Assets | 24,386 | [2] | 48,714 | [2] |
Corporate Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Financial Assets | 0 | [2] | 0 | [2] |
Corporate Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Financial Assets | 12,573 | [2] | 46,931 | [2] |
Corporate Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Financial Assets | 11,813 | [2] | 1,783 | [2] |
Non-controlling interests in certain funds [Member] | ' | ' | ||
Financial Assets | 849 | [5] | 1,021 | [6] |
Non-controlling interests in certain funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Financial Assets | 0 | [5] | 0 | [6] |
Non-controlling interests in certain funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Financial Assets | 0 | [5] | 0 | [6] |
Non-controlling interests in certain funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Financial Assets | 849 | [5] | 1,021 | [6] |
Financial Assets [Member] | ' | ' | ||
Financial Assets | 292,258 | 271,705 | ||
Financial Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Financial Assets | 254,677 | 199,679 | ||
Financial Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Financial Assets | 18,871 | 69,222 | ||
Financial Assets [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Financial Assets | 18,710 | 2,804 | ||
Acquisition-related contingent consideration [Member] | ' | ' | ||
Financial Liabilities | ' | -475 | [7] | |
Acquisition-related contingent consideration [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Financial Liabilities | ' | 0 | [7] | |
Acquisition-related contingent consideration [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Financial Liabilities | ' | 0 | [7] | |
Acquisition-related contingent consideration [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Financial Liabilities | ' | ($475) | ||
[1] | Reported within "Cash and cash equivalents". | |||
[2] | Reported within bMarketable securitiesb | |||
[3] | At September 30, 2013, the Company reported $1.7 million and $4.6 million within "Cash and cash equivalents" and "Marketable securities", respectively. | |||
[4] | At December 31, 2012, the Company reported $3.4 million and $18.9 million within "Cash and cash equivalents" and "Marketable securities." | |||
[5] | Reported within "Other investments". | |||
[6] | Reported within "Other investments" | |||
[7] | Reported within bAccrued expensesb. |
Fair_Value_Measurements_Reconc
Fair Value Measurements - Reconciliation of the beginning and ending balances of the Level 3 assets and liabilities (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Balance, Beginning | $2,804 |
Purchases | 39,332 |
Sales | -22,958 |
Realized gain on sale | 1,556 |
Change in fair value | -2,024 |
Balance, End | $18,710 |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Depreciation | $2,600,000 | $2,500,000 | $7,800,000 | $5,300,000 |
Loss from discontinued operations | ' | ' | 0 | 1,986,000 |
Loss From Discontinued Operations, Net of Taxes [Member] | ' | ' | ' | ' |
Loss from discontinued operations | ' | $100,000 | ' | ' |
Property_and_Equipment_Net_Sch
Property and Equipment, Net - Schedule (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property Plant and Equipment Gross | $91,472 | $85,761 |
Accumulated depreciation | -15,604 | -7,993 |
Property and equipment, net | 75,868 | 77,768 |
Rigs and Other Equipment [Member] | ' | ' |
Property Plant and Equipment Gross | 71,845 | 68,404 |
Building and Building Improvements [Member] | ' | ' |
Property Plant and Equipment Gross | 13,295 | 12,019 |
Land [Member] | ' | ' |
Property Plant and Equipment Gross | 1,068 | 1,068 |
Vehicles [Member] | ' | ' |
Property Plant and Equipment Gross | 1,742 | 1,639 |
Furniture and Fixtures [Member] | ' | ' |
Property Plant and Equipment Gross | 289 | 289 |
Assets in Progress [Member] | ' | ' |
Property Plant and Equipment Gross | $3,233 | $2,342 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 |
Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | The Show [Member] | Steel Sports [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangibles | $1,985 | $2,635 | $6,616 | $5,028 | ' | ' | ' | ' | ' | ' |
Goodwill, Impairment Loss | ' | ' | 0 | ' | -1,988 | ' | ' | ' | 1,800 | 200 |
Goodwill | 59,164 | ' | 59,164 | ' | 53,093 | 8,244 | 3,600 | 0 | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | $1,988 | ' | $1,988 | ' | $1,988 | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets, net (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $47,435 | $47,435 |
Finite-Lived Intangible Assets, Accumulated Amortization | -14,164 | -7,548 |
Intangible Assets, Net (Excluding Goodwill) | 33,271 | 39,887 |
Steel Energy [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 47,200 | 47,200 |
Finite-Lived Intangible Assets, Accumulated Amortization | -14,062 | -7,481 |
Intangible Assets, Net (Excluding Goodwill) | 33,138 | 39,719 |
Customer Relationships [Member] | Steel Sports [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 235 | 235 |
Finite-Lived Intangible Assets, Accumulated Amortization | -102 | -67 |
Intangible Assets, Net (Excluding Goodwill) | 133 | 168 |
Customer Relationships [Member] | Steel Energy [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 43,100 | 43,100 |
Finite-Lived Intangible Assets, Accumulated Amortization | -11,986 | -6,356 |
Intangible Assets, Net (Excluding Goodwill) | 31,114 | 36,744 |
Trade Names [Member] | Steel Energy [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 4,100 | 4,100 |
Finite-Lived Intangible Assets, Accumulated Amortization | -2,076 | -1,125 |
Intangible Assets, Net (Excluding Goodwill) | $2,024 | $2,975 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Estimated Aggregate Future Amortization Expense: (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Remainder of 2013 | $3,115 |
2014 | 6,612 |
2015 | 5,281 |
2016 | 4,273 |
2017 | 3,158 |
Thereafter | 10,832 |
Finite-Lived Intangible Assets, Net | $33,271 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Goodwill reconciliation (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | $53,093 | $8,244 |
Acquisitions | 6,071 | 46,837 |
Impairments | 0 | -1,988 |
Balance at end of period | 59,164 | 53,093 |
Steel Energy [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | 52,939 | 6,256 |
Acquisitions | 0 | 46,683 |
Impairments | 0 | 0 |
Balance at end of period | 52,939 | 52,939 |
Steel Sports [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | 154 | 1,988 |
Acquisitions | 6,071 | 154 |
Impairments | 0 | -1,988 |
Balance at end of period | $6,225 | $154 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Components of Goodwill (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Goodwill | $61,152 | $55,081 | ' |
Accumulated impairment | -1,988 | -1,988 | ' |
Goodwill | $59,164 | $53,093 | $8,244 |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Jul. 03, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Sep. 30, 2013 | Jul. 03, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | |
Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Sun Well Credit Agreement [Member] | Sun Well Credit Agreement [Member] | Sun Well Credit Agreement [Member] | Sun Well Credit Agreement [Member] | |||
Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Quarterly periods through June 15, 2015 [Member] | Quarterly periods through June 30, 2017 [Member] | Quarterly periods after June 30, 2017 [Member] | Quarterly periods through December 31, 2016 [Member] | Quarterly periods after December 31, 2016 [Member] | Sun Well [Member] | Steel Energy Ltd [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Long-term Debt [Member] | Term Loan [Member] | Term Loan [Member] | Line of Credit [Member] | Steel Energy Ltd [Member] | Sun Well [Member] | Term Loan [Member] | Line of Credit [Member] | |||||
Base Rate [Member] | LIBOR [Member] | Federal Funds Rate [Member] | Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Steel Partners [Member] | Minimum [Member] | Maximum [Member] | Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Revolving Credit Facility [Member] | Sun Well [Member] | Revolving Credit Facility [Member] | ||||||||
Base Rate [Member] | LIBOR [Member] | Base Rate [Member] | LIBOR [Member] | Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Steel Energy Ltd [Member] | Sun Well [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | 'Base Rate | 'LIBOR | 'Federal Funds Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | 1.00% | 0.50% | 1.50% | 2.50% | 2.25% | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $67,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $80,000,000 | $70,000,000 | $67,500,000 | ' | ' | ' | $20,000,000 | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | 5,000,000 |
Borrowing base of eligible accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' |
Proceeds from dividends received | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt issuance expense | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, term (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' |
Quarterly installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | 700,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' |
Interest on term loans | ' | ' | ' | 500,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred financing fees | ' | ' | ' | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2.75 | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.15 | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | $463,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | ' | ' | ' |
Longterm_Debt_Principal_paymen
Long-term Debt - Principal payments under the Energy Credit Agreement (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Remainder of 2013 | $2,500 | ' |
2014 | 10,000 | ' |
2015 | 10,000 | ' |
2016 | 10,000 | ' |
2017 | 10,000 | ' |
2018 | 25,000 | ' |
Total | 67,500 | ' |
Less current portion | 10,000 | 4,000 |
Total long-term debt | $57,500 | $9,000 |
Other_Liabilities_Accrued_and_
Other Liabilities - Accrued and other liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued and other liabilities | $7,822 | $6,103 |
Tax-related [Member] | ' | ' |
Accrued and other liabilities | 1,136 | 1,197 |
Accrued Compensation And Related Taxes [Member] | ' | ' |
Accrued and other liabilities | 3,103 | 3,424 |
Deferred revenue [Member] | ' | ' |
Accrued and other liabilities | 675 | 299 |
Insurance [Member] | ' | ' |
Accrued and other liabilities | 521 | 0 |
Professional services [Member] | ' | ' |
Accrued and other liabilities | 248 | 282 |
Accrued fuel and rig-related charges [Member] | ' | ' |
Accrued and other liabilities | 291 | 162 |
Interest [Member] | ' | ' |
Accrued and other liabilities | 476 | 25 |
Other [Member] | ' | ' |
Accrued and other liabilities | $1,372 | $714 |
Other_Liabilities_Other_longte
Other Liabilities - Other long-term liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Long-term liabilities | $10,281 | $9,372 |
Tax-related [Member] | ' | ' |
Other Long-term liabilities | 7,340 | 7,340 |
Deferred compensation [Member] | ' | ' |
Other Long-term liabilities | 2,888 | 2,032 |
Other [Member] | ' | ' |
Other Long-term liabilities | $53 | $0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Changes, net of tax, in Accumulated other comprehensive income are as follows (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Unrealized Gain on Securities | ' | ' | ' | ' |
Balance at January 1, 2013 | ' | ' | $927 | ' |
Other comprehensive income (loss) before reclassifications, net of taxes | ' | ' | 6,593 | ' |
Net current period other comprehensive income | 1,245 | 942 | 4,759 | 560 |
Balance at September 30, 2013 | 5,686 | ' | 5,686 | ' |
Amounts reclassified to realized gain | ' | ' | -1,834 | ' |
Cumulative Translation Adjustment | ' | ' | ' | ' |
Balance at January 1, 2013 | ' | ' | 19 | ' |
Other comprehensive income (loss) before reclassifications, net of taxes | ' | ' | -39 | ' |
Amounts reclassified to realized gain | ' | ' | -346 | ' |
Net current period other comprehensive income | -349 | -62 | -385 | -70 |
Balance at September 30, 2013 | -366 | ' | -366 | ' |
Total | ' | ' | ' | ' |
Balance at January 1, 2013 | ' | ' | 946 | ' |
Other comprehensive income (loss) before reclassifications, net of taxes | ' | ' | 6,554 | ' |
Amounts reclassified to realized gain | ' | ' | -2,180 | ' |
Net current period other comprehensive income | ' | ' | 4,374 | ' |
Balance at September 30, 2013 | $5,320 | ' | $5,320 | ' |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
IncomeTaxDisclosureTextBlockAbstract | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $297,000 | $1,105,000 | $2,310,000 | $15,378,000 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | ' | $2,800,000 | $15,100,000 |
Segment_Information_Detail
Segment Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
segment | |
SegmentReportingDisclosureTextBlockAbstract | ' |
Number of Reportable Segments (in segments) | 2 |
Segment_Information_Operating_
Segment Information - Operating results (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Revenues | $31,845 | $34,293 | $87,571 | $73,189 |
Operating income (loss) | ' | ' | ' | ' |
Operating income (loss) | 61 | 3,287 | 178 | 6,306 |
Corporate and other business activities | -8,378 | -8,917 | -25,184 | -21,066 |
Interest income, net | 472 | 81 | 2,341 | 572 |
Other income (expense), net | 1,329 | 392 | 1,190 | -81 |
Income from continuing operations before income taxes | 1,862 | 3,760 | 3,709 | 6,797 |
Depreciation and amortization | 4,561 | 5,197 | 14,417 | 10,324 |
Steel Sports [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Revenues | 6,683 | 1,256 | 9,299 | 2,401 |
Operating income (loss) | ' | ' | ' | ' |
Operating income (loss) | 88 | -463 | -1,790 | -1,392 |
Depreciation and amortization | 175 | 169 | 494 | 389 |
Steel Energy [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Revenues | 25,162 | 33,037 | 78,272 | 70,788 |
Operating income (loss) | ' | ' | ' | ' |
Operating income (loss) | 2,006 | 5,566 | 8,626 | 14,550 |
Depreciation and amortization | 4,386 | 5,028 | 13,923 | 9,935 |
Total Segment [Member] | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' |
Operating income (loss) | 2,094 | 5,103 | 6,836 | 13,158 |
Corporate [Member] | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' |
Corporate and other business activities | ($2,033) | ($1,816) | ($6,658) | ($6,852) |
Segment_Information_Assets_Det
Segment Information - Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total assets: | ' | ' |
Total Assets | $520,071 | $466,495 |
Steel Sports [Member] | ' | ' |
Total assets: | ' | ' |
Total Assets | 22,878 | 7,613 |
Steel Energy [Member] | ' | ' |
Total assets: | ' | ' |
Total Assets | 181,866 | 199,889 |
Corporate [Member] | ' | ' |
Total assets: | ' | ' |
Total Assets | $315,327 | $258,993 |
Net_Income_Loss_Per_Share_Reco
Net Income (Loss) Per Share - Reconciliation of the numerator and denominator of the basic and diluted net (loss) income per share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reconciliation of the numerator and denominator of the basic and diluted net (loss) income per share: [Abstract] | ' | ' | ' | ' |
Net income from continuing operations | $2,159 | $4,865 | $6,019 | $22,175 |
Numerators: | ' | ' | ' | ' |
Continuing operations | 311 | 0 | 832 | 0 |
Net income | 2,470 | 4,865 | 6,851 | 22,175 |
Income (loss) from discontinued operations, net of taxes | 0 | 484 | 0 | -1,986 |
Discontinued operations | 0 | 0 | 0 | 580 |
Loss from discontinued operations, net of taxes, attributable to Steel Excel Inc. | 0 | 484 | 0 | -1,406 |
Net income attributable to Steel Excel Inc. | $2,470 | $5,349 | $6,851 | $20,769 |
Denominators: | ' | ' | ' | ' |
Basic weighted average common shares outstanding (in Shares) | 12,529 | 12,982 | 12,736 | 11,820 |
Effect of dilutive securities: | ' | ' | ' | ' |
Stock-based awards (in Shares) | 17 | 19 | 18 | 20 |
Diluted weighted average common shares outstanding (in Shares) | 12,546 | 13,001 | 12,754 | 11,840 |
Basic income (loss) per share attributable to Steel Excel Inc.: | ' | ' | ' | ' |
Net income from continuing operations (in dollars per share) | $0.20 | $0.37 | $0.54 | $1.88 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | $0 | $0.04 | $0 | ($0.12) |
Net income (in dollars per share) | $0.20 | $0.41 | $0.54 | $1.76 |
Diluted income (loss) per share attributable to Steel Excel Inc.: | ' | ' | ' | ' |
Net income from continuing operations (in dollars per share) | $0.20 | $0.37 | $0.54 | $1.87 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | $0 | $0.04 | $0 | ($0.12) |
Net income (in dollars per share) | $0.20 | $0.41 | $0.54 | $1.75 |
Related_Party_Transactions_Det
Related Party Transactions (Detail) (USD $) | Aug. 23, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Oct. 31, 2013 |
SP Corporate Services LLC [Member] | SP Corporate Services LLC [Member] | SP Corporate Services LLC [Member] | SP Corporate Services LLC [Member] | SP Corporate Services LLC [Member] | SP Corporate Services LLC [Member] | WebBank [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Steel Excel [Member] | Subsequent Event [Member] | ||
Monthly Fees for Financial Management and Administrative Services [Member] | Monthly Expanded Services [Member] | Short-term Deposits [Member] | WebBank [Member] | WebBank [Member] | WebBank [Member] | WebBank [Member] | Percentage Owned By Steel Partners [Member] | iGo, Inc. [Member] | ||||||
Ownership percentage (as a percent) | 44.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53.70% | ' |
Related Party Transaction, Expenses from Transactions with Related Party | ' | $1,000,000 | $900,000 | $3,000,000 | $1,300,000 | $35,000 | $300,000 | ' | ' | ' | ' | ' | ' | ' |
Accounts Payable, Related Parties | ' | 200,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management Fees Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 |
Due from Related Parties, Current | ' | ' | ' | ' | ' | ' | ' | 15,100,000 | ' | ' | ' | ' | ' | ' |
Revenue from Related Parties | ' | ' | ' | ' | ' | ' | ' | ' | $21,231 | $32,271 | $68,918 | $57,997 | ' | ' |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental disclosures of cash flows: [Abstract] | ' | ' |
Interest paid | $539 | $222 |
Income taxes paid | 1,594 | 0 |
Non-cash investing and financing activities: | ' | ' |
Issuance of common stock for acquisition of Sun Well | $0 | $60,825 |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) (Black Hawk Energy Services, Inc. [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Oct. 29, 2013 |
Black Hawk Energy Services, Inc. [Member] | ' |
Subsequent Event [Line Items] | ' |
Business Combination, Consideration Transferred | $60 |