Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Steel Excel Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 11,565,103 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 709804 | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net revenues | $38,885 | $45,159 |
Cost of revenues | 32,188 | 35,101 |
Gross profit | 6,697 | 10,058 |
Operating expenses: | ||
Selling, general and administrative expenses | 8,039 | 7,471 |
Amortization of intangibles | 2,162 | 2,641 |
Total operating expenses | 10,201 | 10,112 |
Operating loss | -3,504 | -54 |
Interest expense | -642 | -868 |
Other income (expense), net | -1,729 | 4,517 |
Income (loss) before income taxes and equity method loss | -5,875 | 3,595 |
Benefit from (provision for) income taxes | 372 | -195 |
Loss from equity method investees, net of taxes | -2,110 | -1,433 |
Net income (loss) | -7,613 | 1,967 |
Net loss attributable to non-controlling interests in consolidated entities | 363 | 326 |
Net income (loss) attributable to Steel Excel Inc. | ($7,250) | $2,293 |
Basic income (loss) per share attributable to Steel Excel Inc.: | ||
Net income (loss) (in dollars per share) | ($0.63) | $0.19 |
Diluted income (loss) per share attributable to Steel Excel Inc.: | ||
Net income (loss) (in dollars per share) | ($0.63) | $0.19 |
Shares used in computing income (loss) per share: | ||
Basic (in Shares) | 11,475 | 11,981 |
Diluted (in Shares) | 11,475 | 11,999 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | ($7,613) | $1,967 | ||
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 2 | 0 | ||
Reclassification to realized gains | 0 | 0 | ||
Net foreign currency translation adjustment | 2 | [1] | 0 | [1] |
Gross unrealized gains on marketable securities, net of tax | 1,114 | [2] | 8,023 | [2] |
Reclassification to realized gains, net of tax | -185 | [3] | -1,934 | [3] |
Net unrealized gain on marketable securities, net of taxes | 929 | 6,089 | ||
Comprehensive income (loss) | -6,682 | 8,056 | ||
Comprehensive loss attributable to non-controlling interest | 363 | 326 | ||
Comprehensive income (loss) attributable to Steel Excel Inc. | -6,319 | 8,382 | ||
Tax provision on gross unrealized gains | -548 | 0 | ||
Tax benefit on reclassifications to realized gains (losses) | $91 | $0 | ||
[1] | No tax effect on cumulative translation adjustments | |||
[2] | Tax provision on gross unrealized gains: $(548) $0 | |||
[3] | Tax benefit on reclassifications to realized gains: $91 $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $64,076 | $51,910 |
Restricted cash | 21,308 | 21,311 |
Marketable securities | 124,385 | 138,457 |
Accounts receivable (net of allowance for doubtful accounts of $61 in 2015) | 17,788 | 28,016 |
Deferred income taxes | 1,696 | 1,696 |
Prepaid expenses and other current assets | 7,403 | 4,228 |
Total current assets | 236,656 | 245,618 |
Property and equipment, net | 104,305 | 107,187 |
Goodwill | 30,864 | 30,864 |
Intangible assets, net | 33,620 | 35,782 |
Other investments | 28,483 | 28,525 |
Investments in equity method investees (fair value - $33,240 in 2015 and $26,871 2014) | 38,808 | 30,060 |
Deferred income taxes | 221 | 80 |
Other long-term assets | 1,141 | 1,238 |
Total assets | 474,098 | 479,354 |
Current liabilities: | ||
Accounts payable | 3,160 | 3,936 |
Accrued expenses and other liabilities | 17,719 | 8,916 |
Financial instrument obligations | 21,308 | 21,311 |
Current portion of long-term debt | 13,214 | 13,214 |
Current portion of capital lease obligations | 412 | 412 |
Deferred income taxes | 85 | 85 |
Current liabilities of discontinued operations | 450 | 450 |
Total current liabilities | 56,348 | 48,324 |
Capital lease obligations, net of current portion | 70 | 177 |
Long-term debt, net of current portion | 62,768 | 66,071 |
Deferred income taxes | 3,549 | 3,549 |
Other long-term liabilities | 6 | 3,715 |
Total liabilities | 122,741 | 121,836 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock ($0.001 par value, 40,000 shares authorized; 14,380 and 14,220 shares issued in 2015 and 2014, respectively; 11,566 and 11,406 shares outstanding in 2015 and 2014, respectively) | 14 | 14 |
Additional paid-in capital | 267,965 | 267,444 |
Accumulated other comprehensive income | -14,275 | -15,206 |
Retained earnings | 179,386 | 186,636 |
Treasury stock, at cost (2,814 shares in 2015 and 2014) | -81,355 | -81,355 |
Total Steel Excel Inc. stockholders' equity | 351,735 | 357,533 |
Non-controlling interest | -378 | -15 |
Total stockholders' equity | 351,357 | 357,518 |
Total liabilities and stockholders' equity | $474,098 | $479,354 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $61 | $0 |
Fair value ofequity-method investment | $33,240 | $26,871 |
Par Value (in dollars per share) | $0.00 | $0.00 |
Shares Authorized (in shares) | 40,000,000 | 40,000,000 |
Shares Issued (in shares) | 14,380,000 | 14,220,000 |
Shares Outstanding (in shares) | 11,566,000 | 11,406,000 |
Treasury stock (in shares) | 2,814,000 | 2,814,000 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Retained Earnings | Non-Controlling Interest |
In Thousands, unless otherwise specified | |||||||
Balance at beginning of period at Dec. 31, 2014 | $357,518 | $14 | ($81,355) | $267,444 | ($15,206) | $186,636 | ($15) |
Balance at beginning of period (in shares) at Dec. 31, 2014 | 14,220 | 2,814 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss attributable to Steel Excel Inc. | -7,250 | -7,250 | |||||
Net loss attributable to non-controlling interests | -363 | -363 | |||||
Other comprehensive income | 931 | 931 | |||||
Net issuance of restricted shares (in shares) | 160 | ||||||
Net issuance of restricted shares | -18 | -18 | |||||
Stock-based compensation | 539 | 539 | |||||
Balance at end of period at Mar. 31, 2015 | $351,357 | $14 | ($81,355) | $267,965 | ($14,275) | $179,386 | ($378) |
Balance at end of period (in shares) at Mar. 31, 2015 | 14,380 | 2,814 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows From Operating Activities: | ||
Net income (loss) | ($7,613) | $1,967 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss from equity method investees | 2,110 | 1,433 |
Stock-based compensation expense | 539 | 617 |
Depreciation and amortization | 5,994 | 6,163 |
Deferred income tax provision (benefit) | -598 | 78 |
Gain on sales of marketable securities | -135 | -2,991 |
Loss on financial instrument obligations | 186 | 0 |
Loss on change to equity method at fair value | 2,807 | 0 |
Other | 434 | 27 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | 10,167 | -160 |
Prepaid expenses and other assets | -3,152 | -1,802 |
Accounts payable and other liabilities | 4,583 | 4,526 |
Net cash provided by operating activities | 15,322 | 9,858 |
Cash Flows From Investing Activities: | ||
Purchases of businesses, net of cash acquired | 0 | -530 |
Purchases of property and equipment | -1,304 | -3,279 |
Proceeds from sale of property and equipment | 27 | 26 |
Purchases of marketable securities | -5,058 | -51,843 |
Sales of marketable securities | 6,773 | 40,579 |
Proceeds from issuance of financial instrument obligations | 89 | 0 |
Repayments of financial instrument obligations | -278 | 0 |
Other investments | 0 | -3,000 |
Reclassification of restricted cash | 3 | 0 |
Net cash provided by (used in) investing activities | 252 | -18,047 |
Cash Flows From Financing Activities: | ||
Repurchases of common stock - treasury shares | 0 | -1,377 |
Repayment of subordinated notes | 0 | -346 |
Repayments of capital lease obligations | -107 | -101 |
Repayments of long-term debt | -3,303 | -3,304 |
Net cash used in financing activities | -3,410 | -5,128 |
Net increase (decrease) in cash and cash equivalents | 12,164 | -13,317 |
Effect of foreign currency translation on cash and cash equivalents | 2 | 0 |
Cash and cash equivalents, beginning balance | 51,910 | 73,602 |
Cash and cash equivalents, ending balance | $64,076 | $60,285 |
Description_and_Basis_of_Prese
Description and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 Services Ltd. ("Steel Energy"), the Company’s Energy business provides drilling and production services to the oil and gas industry. Through its wholly-owned subsidiary Steel Sports Inc., the Company’s Sports business provides event-based sports services and other health-related services. The Company also makes significant non-controlling investments in entities in industries related to its reporting segments as well as entities in other unrelated industries. The Company continues to identify business acquisition opportunities in both the Energy and Sports industries as well as in other unrelated industries. | |
The accompanying unaudited consolidated 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, 2014. 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. | |
During 2015, the Company identified an error in the manner in which the provision for income taxes had been recorded for all quarterly and annual periods in the years ended December 31, 2014 and 2013. The Company's balance sheet at December 31, 2014, and its statement of operations, statement of comprehensive income, and statement of cash flows for the three months ended March 31, 2014, have been revised to reflect the correction of these errors (see Note 3). | |
Certain other prior period amounts have been reclassified to conform to the 2015 financial statement presentation. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlockAbstract | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In April 2015, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU No. 2015-03. ASU No. 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. Upon adoption, ASU No. 2015-03 should be applied retrospectively, with the balance sheet of each individual period presented adjusted to reflect the period-specific effects of applying the standard. The Company does not expect the adoption of ASU No. 2015-03 to have a material effect on its consolidated financial statements. |
Revised_Financials
Revised Financials | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | ||||||||||||||||
Revised Financials | Revised Financial Statements | |||||||||||||||
During 2015, the Company identified an error related to the manner in which the change in valuation allowance for deferred tax assets was reflected in its financial statements for all annual and quarterly periods in the years ended December 31, 2014 and 2013. The change in valuation allowance, which resulted from a change in deferred tax liabilities related to unrealized gains on available-for-sale securities, was recognized as a component of income from continuing operations, resulting in a benefit from or provision for income taxes allocated to continuing operations in each period, with an offsetting provision for or benefit from income taxes allocated to other comprehensive income relating to unrealized gains or losses on available-for-sale securities. Upon subsequent review, the Company determined that proper intra-period allocation of the provision for income taxes would have resulted in this change in valuation allowance being allocated to other comprehensive income, resulting in no provision or benefit for such item. In periods in which the valuation allowance decreased, the impact of this error was an overstatement of income from continuing operations and an understatement of other comprehensive income; in periods in which the valuation allowance increased, the impact of this error was an understatement of income from continuing operations and an overstatement of other comprehensive income. | ||||||||||||||||
The correction of this error has resulted in adjustments to the Company's balance sheet at December 31, 2014, and its statement of operations, statement of comprehensive income, and statement of cash flows for the three months ended March 31, 2014. In addition, the Company's disclosures for the three months ended March 31, 2014, related to income taxes (see Note 12) and net income (loss) per share (see Note 14) have been revised to reflect the impact of these adjustments. | ||||||||||||||||
As a result of these adjustments, there was no impact on any of the assets or liabilities reported at December 31, 2014, nor was there any impact on any component of income before income taxes and equity method loss for the three months ended March 31, 2014. The impact of these adjustments on the individual line items of the Company's financial statements was as follows: | ||||||||||||||||
Balance Sheet at December 31, 2014: | ||||||||||||||||
Previously Reported | Adjustments | Revised | ||||||||||||||
(in thousands) | ||||||||||||||||
Stockholders' equity: | ||||||||||||||||
Common stock | $ | 14 | $ | — | $ | 14 | ||||||||||
Additional paid-in capital | 267,444 | — | 267,444 | |||||||||||||
Accumulated other comprehensive income | (18,730 | ) | 3,524 | (15,206 | ) | |||||||||||
Retained earnings | 190,160 | (3,524 | ) | 186,636 | ||||||||||||
Treasury stock, at cost | (81,355 | ) | — | (81,355 | ) | |||||||||||
Total Steel Excel Inc. stockholders' equity | 357,533 | — | 357,533 | |||||||||||||
Non-controlling interest | (15 | ) | — | (15 | ) | |||||||||||
Total stockholders' equity | $ | 357,518 | $ | — | $ | 357,518 | ||||||||||
Statement of Operations for the three months ended March 31, 2014: | ||||||||||||||||
Previously Reported | Adjustments | Revised | ||||||||||||||
(in thousands, except per-share data) | ||||||||||||||||
Income before income taxes and equity method loss | $ | 3,595 | $ | — | $ | 3,595 | ||||||||||
Benefit from (provision for) income taxes | 1,903 | (2,098 | ) | (195 | ) | |||||||||||
Loss from equity method investees, net of taxes | (1,433 | ) | — | (1,433 | ) | |||||||||||
Net income | 4,065 | (2,098 | ) | 1,967 | ||||||||||||
Net loss attributable to non-controlling interests in consolidated entities | 326 | — | 326 | |||||||||||||
Net income attributable to Steel Excel Inc. | $ | 4,391 | $ | (2,098 | ) | $ | 2,293 | |||||||||
Basic and diluted income (loss) per share attributable to Steel Excel Inc.: | ||||||||||||||||
Net income (loss) | $ | 0.37 | $ | (0.18 | ) | $ | 0.19 | |||||||||
Statement of Comprehensive Income for the three months ended March 31, 2014: | ||||||||||||||||
Previously Reported | Adjustments | Revised | ||||||||||||||
(in thousands) | ||||||||||||||||
Net income (loss) | $ | 4,065 | $ | (2,098 | ) | $ | 1,967 | |||||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustment | — | — | — | |||||||||||||
Reclassification to realized gains | — | — | — | |||||||||||||
Net foreign currency translation adjustment (A) | — | — | — | |||||||||||||
Marketable securities: | ||||||||||||||||
Gross unrealized gains on marketable securities, net of tax (B) | 5,259 | 2,764 | 8,023 | |||||||||||||
Reclassification to realized gains, net of tax (C) | (1,268 | ) | (666 | ) | (1,934 | ) | ||||||||||
Net unrealized gain on marketable securities, net of taxes | 3,991 | 2,098 | 6,089 | |||||||||||||
Comprehensive income (loss) | 8,056 | — | 8,056 | |||||||||||||
Comprehensive loss attributable to non-controlling interest | 326 | — | 326 | |||||||||||||
Comprehensive income (loss) attributable to Steel Excel Inc. | $ | 8,382 | $ | — | $ | 8,382 | ||||||||||
(A) No tax effect on cumulative translation adjustments | ||||||||||||||||
(B) Tax provision on gross unrealized gains | $ | (2,764 | ) | $ | 2,764 | $ | — | |||||||||
(C) Tax benefit on reclassifications to realized gains (losses) | $ | 666 | $ | (666 | ) | $ | — | |||||||||
Statement of Cash Flows for the three months ended March 31, 2014: | ||||||||||||||||
Previously Reported | Adjustments | Revised | ||||||||||||||
(in thousands) | ||||||||||||||||
Net income | $ | 4,065 | $ | (2,098 | ) | $ | 1,967 | |||||||||
Deferred income tax provision (benefit) | $ | (2,020 | ) | $ | 2,098 | $ | 78 | |||||||||
Cash provided by operating activities | $ | 9,858 | $ | — | $ | 9,858 | ||||||||||
The selected quarterly financial data for the years ended December 31, 2014 and 2013, revised to reflect the adjustments to correct the error, is as follows: | ||||||||||||||||
Quarter Ended: | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | December 31 (A) | |||||||||||||
(in thousands, except per-share data) | ||||||||||||||||
Year Ended December 31, 2014 (B) | ||||||||||||||||
Net revenues | $ | 45,159 | $ | 51,924 | $ | 58,583 | $ | 54,482 | ||||||||
Gross profits | $ | 10,058 | $ | 15,003 | $ | 17,183 | $ | 13,799 | ||||||||
Net income (loss) from continuing operations | $ | 1,967 | $ | 7,657 | $ | 75 | $ | (33,968 | ) | |||||||
Net income (loss) | $ | 1,967 | $ | 7,657 | $ | 75 | $ | (33,462 | ) | |||||||
Net income (loss) attributable to Steel Excel Inc. | $ | 2,293 | $ | 7,668 | $ | (163 | ) | $ | (33,605 | ) | ||||||
Net income (loss) from continuing operations attributable to Steel Excel Inc. | $ | 2,293 | $ | 7,668 | $ | (163 | ) | $ | (33,832 | ) | ||||||
Net income (loss) from continuing operations attributable to Steel Excel Inc. per share of common stock | ||||||||||||||||
Basic | $ | 0.19 | $ | 0.64 | $ | (0.01 | ) | $ | (2.97 | ) | ||||||
Diluted | $ | 0.19 | $ | 0.64 | $ | (0.01 | ) | $ | (2.97 | ) | ||||||
Year Ended December 31, 2013 (C) | ||||||||||||||||
Net revenues | $ | 26,351 | $ | 28,761 | $ | 31,420 | $ | 33,496 | ||||||||
Gross profits | $ | 6,983 | $ | 8,041 | $ | 8,010 | $ | 9,120 | ||||||||
Net income from continuing operations | $ | 1,602 | $ | 732 | $ | 2,383 | $ | 8,150 | ||||||||
Net income | $ | 1,207 | $ | 538 | $ | 1,495 | $ | 4,087 | ||||||||
Net income attributable to Steel Excel Inc. | $ | 1,543 | $ | 723 | $ | 1,806 | $ | 6,599 | ||||||||
Net income from continuing operations attributable to Steel Excel Inc. | $ | 1,622 | $ | 768 | $ | 2,205 | $ | 8,428 | ||||||||
Net income from continuing operations attributable to Steel Excel Inc. per share of common stock | ||||||||||||||||
Basic | $ | 0.13 | $ | 0.06 | $ | 0.18 | $ | 0.69 | ||||||||
Diluted | $ | 0.13 | $ | 0.06 | $ | 0.18 | $ | 0.69 | ||||||||
(A) Includes goodwill impairments of $36.7 million and a foreign tax benefit of $1.7 million. | ||||||||||||||||
(B) Reflects adjustments to correct the provision for income taxes of $2.1 million, $1.1 million, $(1.0) million, and $(2.2) million in the four sequential quarters of 2014, respectively. | ||||||||||||||||
(C) Reflects adjustments to the provision for income taxes of $1.8 million, $0.3 million, $0.7 million, and $0.7 million in the four sequential quarters of 2013, respectively. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions |
In February 2014, UK Elite Soccer, Inc. ("UK Elite"), the Sports' segment soccer operation, acquired the business and assets of an independent provider of soccer clinics and camps for a total purchase price of $0.5 million. In connection with this acquisition, the Company recognized approximately $0.5 million in intangible assets representing customer relationships. |
Investments
Investments | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||
Investments | Investments | |||||||||||||||||||||
Marketable Securities | ||||||||||||||||||||||
All of the Company's marketable securities at March 31, 2015, and December 31, 2014, were classified as "available-for-sale" securities, with changes in fair value recognized in stockholders' equity as "other comprehensive income (loss)". Marketable securities at March 31, 2015, consisted of the following: | ||||||||||||||||||||||
Cost | Gross | Gross | Estimated | |||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Short-term deposits | $ | 41,704 | $ | — | $ | — | $ | 41,704 | ||||||||||||||
Mutual funds | 17,030 | 4,713 | (272 | ) | 21,471 | |||||||||||||||||
Corporate securities | 88,392 | 8,963 | (25,277 | ) | 72,078 | |||||||||||||||||
Corporate obligations | 32,396 | 481 | (2,041 | ) | 30,836 | |||||||||||||||||
Total available-for-sale securities | 179,522 | 14,157 | (27,590 | ) | 166,089 | |||||||||||||||||
Amounts classified as cash equivalents | (41,704 | ) | — | — | (41,704 | ) | ||||||||||||||||
Amounts classified as marketable securities | $ | 137,818 | $ | 14,157 | $ | (27,590 | ) | $ | 124,385 | |||||||||||||
Marketable securities at December 31, 2014, consisted of the following: | ||||||||||||||||||||||
Cost | Gross | Gross | Estimated | |||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Short-term deposits | $ | 42,681 | $ | — | $ | — | $ | 42,681 | ||||||||||||||
Mutual funds | 17,030 | 4,262 | (322 | ) | 20,970 | |||||||||||||||||
Corporate securities | 103,761 | 7,821 | (23,732 | ) | 87,850 | |||||||||||||||||
Corporate obligations | 32,486 | 592 | (3,441 | ) | 29,637 | |||||||||||||||||
Total available-for-sale securities | 195,958 | 12,675 | (27,495 | ) | 181,138 | |||||||||||||||||
Amounts classified as cash equivalents | (42,681 | ) | — | — | (42,681 | ) | ||||||||||||||||
Amounts classified as marketable securities | $ | 153,277 | $ | 12,675 | $ | (27,495 | ) | $ | 138,457 | |||||||||||||
Proceeds from sales of marketable securities were $6.8 million and $40.6 million for the three months ended March 31, 2015 and 2014, 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 ended March 31, 2015 and 2014, were as follows: | ||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Gross realized gains | $ | 510 | $ | 3,200 | ||||||||||||||||||
Gross realized losses | (375 | ) | (209 | ) | ||||||||||||||||||
Realized gains (losses), net | $ | 135 | $ | 2,991 | ||||||||||||||||||
The fair value of the Company’s marketable securities with unrealized losses at March 31, 2015, all of which had unrealized losses for periods of less than twelve months, were as follows: | ||||||||||||||||||||||
Fair | Gross | |||||||||||||||||||||
Value | Unrealized | |||||||||||||||||||||
Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Corporate securities | $ | 40,326 | $ | (25,277 | ) | |||||||||||||||||
Corporate obligations | 14,741 | (2,041 | ) | |||||||||||||||||||
Mutual funds | 4,922 | (272 | ) | |||||||||||||||||||
Total | $ | 59,989 | $ | (27,590 | ) | |||||||||||||||||
The fair value of the Company’s marketable securities with unrealized losses at December 31, 2014, all of which had unrealized losses for periods of less than twelve months, were as follows: | ||||||||||||||||||||||
Fair | Gross | |||||||||||||||||||||
Value | Unrealized | |||||||||||||||||||||
Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Corporate securities | $ | 39,869 | $ | (23,732 | ) | |||||||||||||||||
Corporate obligations | 13,530 | (3,441 | ) | |||||||||||||||||||
Mutual funds | 4,873 | (322 | ) | |||||||||||||||||||
Total | $ | 58,272 | $ | (27,495 | ) | |||||||||||||||||
Gross unrealized losses primarily related to losses on corporate securities. The Company has evaluated such securities, which primarily consist of investments in in equity securities of publicly-traded entities, as of March 31, 2015, 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 and marketable securities with no contractual maturities at March 31, 2015, by contractual maturity, were as follows: | ||||||||||||||||||||||
Cost | Estimated | |||||||||||||||||||||
Fair Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||
Mature in one year or less | $ | 202 | $ | 207 | ||||||||||||||||||
Mature in more than three years | 32,194 | 30,629 | ||||||||||||||||||||
Total debt securities | 32,396 | 30,836 | ||||||||||||||||||||
Securities with no contractual maturities | 147,126 | 135,253 | ||||||||||||||||||||
Total | $ | 179,522 | $ | 166,089 | ||||||||||||||||||
Financial Instrument Obligations | ||||||||||||||||||||||
Financial instrument obligations consisted of the following: | ||||||||||||||||||||||
31-Mar-15 | December 31, 2014 | |||||||||||||||||||||
Initial Obligation | Estimated Fair | Initial Obligation | Estimated Fair | |||||||||||||||||||
Value | Value | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Corporate securities | $ | 675 | $ | 744 | $ | 666 | $ | 621 | ||||||||||||||
Market indices | 18,685 | 20,540 | 18,685 | 20,451 | ||||||||||||||||||
Covered call options | 55 | 24 | 7 | 4 | ||||||||||||||||||
Naked put options | — | — | 109 | 235 | ||||||||||||||||||
Total | $ | 19,415 | $ | 21,308 | $ | 19,467 | $ | 21,311 | ||||||||||||||
For the three months ended March 31, 2015, the Company incurred losses on the financial instrument obligations totaling $0.2 million, which are included as a component of "Other income (expense), net" in the Company's consolidated statements of operations. | ||||||||||||||||||||||
Equity-Method Investments | ||||||||||||||||||||||
In January 2013, the Company acquired a 40% membership interest in Again Faster LLC ("Again Faster"), a fitness equipment company. In August 2013, the Company acquired approximately 44.7% of the common stock of iGo, Inc. (“iGo”), a provider of mobile accessories. Both Again Faster and iGo are accounted for using the traditional method of accounting for equity-method investments, with the Company recognizing its equity in the income and losses of each entity on a one-quarter lag basis. | ||||||||||||||||||||||
In May 2014, the Company increased its holdings of the common stock of API Technologies Corp. (“API”), a designer and manufacturer of high performance systems, subsystems, modules, and components, to 11,377,192 shares through the acquisition of 1,666,666 shares on the open market. Upon acquiring such shares the Company held approximately 20.6% of the total outstanding common stock of API. Effective as of that date the investment in API has been accounted for as an equity-method investment using the fair value option, with changes in fair value based on the market price of API's common stock recognized currently as income or loss from equity method investees. The Company elected the fair value option to account for its investment in API in order to more appropriately reflect the value of API in its financial statements. Prior to such time the investment in API was accounted for as an available-for-sale security, and upon the change in classification the Company recognized a loss of approximately $0.6 million that had previously been included as a component of "accumulated other comprehensive income". | ||||||||||||||||||||||
In January 2015, two members of the Company's board of directors were appointed to the eight-member board of directors of Aviat Networks, Inc. ("Aviat"), a global provider of microwave networking solutions. At the time of the appointment, the Company held 8,041,892 shares of Aviat, or approximately 12.9% of the total outstanding common stock. Effective as of the date of the appointment, the investment in Aviat has been accounted for as an equity-method investment as the Company’s voting interest and board representation provide it with significant influence over Aviat's operations. The Company elected the fair value option to account for its investment in Aviat, with changes in fair value based on the market price of Aviat's common stock recognized currently as income or loss from equity method investees, in order to more appropriately reflect the value of Aviat in its financial statements. Prior to such time the investment in Aviat was accounted for as an available-for-sale security, and upon the change in classification the Company recognized a loss of approximately $2.8 million that had previously been included as a component of "accumulated other comprehensive income". | ||||||||||||||||||||||
The following table summarizes the Company's equity-method investments. | ||||||||||||||||||||||
Ownership | Carrying Value | Income (Loss) Recognized | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | March 31, 2015 | March 31, 2014 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Traditional equity method | ||||||||||||||||||||||
Again Faster | 40 | % | 40 | % | $ | 2,683 | $ | 3,105 | $ | (422 | ) | $ | (129 | ) | ||||||||
iGo | 46.9 | % | 46.9 | % | 2,885 | 2,600 | 285 | (1,304 | ) | |||||||||||||
Fair value option | ||||||||||||||||||||||
API | 20.6 | % | 20.6 | % | 23,669 | 24,355 | (686 | ) | — | |||||||||||||
Aviat | 12.9 | % | 9,571 | (1,287 | ) | — | ||||||||||||||||
Total | $ | 38,808 | $ | 30,060 | $ | (2,110 | ) | $ | (1,433 | ) | ||||||||||||
Based on the closing market price of iGo’s publicly-traded shares, the value of the Company’s investment in iGo was approximately $3.3 million at March 31, 2015. | ||||||||||||||||||||||
The following table presents summarized income statement information for the Company's significant equity-method investees for three months ended March 31, 2015. The summarized income statement information is for the most recent practicable period for equity-method investments accounted for using the fair value option and as of the date through which Company has recognized its equity in the income of the investee for equity-method investments accounted for using the traditional method. The summarized income statement information is included for the periods during which such significant equity-method investments were accounted for as equity-method investments. | ||||||||||||||||||||||
Amount | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Revenues | $ | 143,350 | ||||||||||||||||||||
Gross profit | $ | 38,149 | ||||||||||||||||||||
Loss from continuing operations | $ | (5,379 | ) | |||||||||||||||||||
Net loss | $ | (5,479 | ) | |||||||||||||||||||
Net loss attributable to investees | $ | (5,479 | ) | |||||||||||||||||||
Other Investments | ||||||||||||||||||||||
The Company's other investments at March 31, 2015, include a $25.0 million cost-method investment in a limited partnership that co-invested with other private investment funds in a public company. The investment in the limited partnership had an approximate fair value of $26.7 million at March 31, 2015, based on the net asset value indicated in the monthly statement received from the partnership. The Company's other investments at March 31, 2015, also include an investment in a venture capital fund totaling $0.5 million and a promissory note with an amortized cost of $3.0 million, which is a reasonable approximation of fair value at March 31, 2015. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
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 a venture capital fund to determine the fair value of such fund. The Company determines the fair value of certain corporate securities and corporate obligations by incorporating and reviewing prices provided by third-party pricing services based on the specific features of the underlying securities. | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at March 31, 2015, summarized by measurement input category, were as follows: | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash, including short-term deposits(1) | $ | 64,076 | $ | 64,076 | $ | — | $ | — | ||||||||
Restricted cash | 21,308 | 21,308 | — | — | ||||||||||||
Mutual funds(2) | 21,471 | 21,471 | — | — | ||||||||||||
Corporate securities(2) | 72,078 | 59,890 | — | 12,188 | ||||||||||||
Corporate obligations(2) | 30,836 | — | 12,134 | 18,702 | ||||||||||||
Investments in equity-method investees | 33,240 | 33,240 | — | — | ||||||||||||
Investments in certain funds(3) | 483 | — | — | 483 | ||||||||||||
Total assets | $ | 243,492 | $ | 199,985 | $ | 12,134 | $ | 31,373 | ||||||||
Liabilities | ||||||||||||||||
Financial instrument obligations | $ | (21,308 | ) | $ | (21,308 | ) | $ | — | $ | — | ||||||
-1 | Reported within "Cash and cash equivalents" | |||||||||||||||
-2 | Reported within “Marketable securities” | |||||||||||||||
-3 | Reported within "Other investments" | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at December 31, 2014, summarized by measurement input category, were as follows: | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash, including short-term deposits(1) | $ | 51,910 | $ | 51,910 | $ | — | $ | — | ||||||||
Mutual funds(2) | 20,970 | 20,970 | — | — | ||||||||||||
Corporate securities(2) | 87,850 | 72,798 | — | 15,052 | ||||||||||||
Corporate obligations(2) | 29,637 | — | 10,793 | 18,844 | ||||||||||||
Investments in certain funds(3) | 525 | — | — | 525 | ||||||||||||
Total | $ | 190,892 | $ | 145,678 | $ | 10,793 | $ | 34,421 | ||||||||
Liabilities | ||||||||||||||||
Financial instrument obligations | $ | (21,311 | ) | $ | (21,311 | ) | $ | — | $ | — | ||||||
-1 | Reported within "Cash and cash equivalents." | |||||||||||||||
-2 | Reported within “Marketable securities.” | |||||||||||||||
-3 | Reported within "Other investments." | |||||||||||||||
There were no transfers of securities among the various measurement input levels during the three months ended March 31, 2015. | ||||||||||||||||
Changes in the fair value of assets valued using Level 3 measurement inputs during the three months ended March 31, 2015 and 2014, were as follows: | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Balance, beginning of period | $ | 34,421 | $ | 24,209 | ||||||||||||
Purchases | — | 5,299 | ||||||||||||||
Sales | (163 | ) | (1,974 | ) | ||||||||||||
Unrealized gains (losses) | (2,885 | ) | 2,857 | |||||||||||||
Balance, end of period | $ | 31,373 | $ | 30,391 | ||||||||||||
Realized gains and losses on the sale of investments using Level 3 measurement inputs are recognized as a component of "Other income (expense), net". Unrealized gains and losses on investments using Level 3 measurement inputs are recognized as a component of "Other comprehensive income". | ||||||||||||||||
The carrying value of the Company's long-term debt (see Note 9) is a reasonable approximation of its fair value since it is a variable-rate obligation. |
Property_and_Equipment
Property and Equipment | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment | Property and Equipment | |||||||
Property and equipment at March 31, 2015, and December 31, 2014, consisted of the following: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
(in thousands) | ||||||||
Rigs and other equipment | $ | 116,235 | $ | 115,391 | ||||
Buildings and improvements | 19,206 | 18,977 | ||||||
Land | 1,893 | 1,893 | ||||||
Vehicles | 2,304 | 2,197 | ||||||
Furniture and fixtures | 776 | 673 | ||||||
Assets in progress | 298 | 644 | ||||||
140,712 | 139,775 | |||||||
Accumulated depreciation | (36,407 | ) | (32,588 | ) | ||||
Property and equipment, net | $ | 104,305 | $ | 107,187 | ||||
Depreciation expense was $3.8 million and $3.5 million for the three months ended March 31, 2015 and 2014, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||||||||||
The Company's intangible assets at March 31, 2015, and December 31, 2014, all of which are subject to amortization, consisted of the following: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Energy segment: | ||||||||||||||||||||||||
Customer relationships | $ | 54,430 | $ | (23,805 | ) | $ | 30,625 | $ | 54,430 | $ | (21,938 | ) | $ | 32,492 | ||||||||||
Trade names | 4,860 | (3,317 | ) | 1,543 | 4,860 | (3,161 | ) | 1,699 | ||||||||||||||||
Non-compete agreement | 120 | (31 | ) | 89 | 120 | (25 | ) | 95 | ||||||||||||||||
59,410 | (27,153 | ) | 32,257 | 59,410 | (25,124 | ) | 34,286 | |||||||||||||||||
Sports segment: | ||||||||||||||||||||||||
Customer relationships | 2,089 | (805 | ) | 1,284 | 2,089 | (678 | ) | 1,411 | ||||||||||||||||
Trade names | 122 | (43 | ) | 79 | 122 | (37 | ) | 85 | ||||||||||||||||
2,211 | (848 | ) | 1,363 | 2,211 | (715 | ) | 1,496 | |||||||||||||||||
Total | $ | 61,621 | $ | (28,001 | ) | $ | 33,620 | $ | 61,621 | $ | (25,839 | ) | $ | 35,782 | ||||||||||
Amortization expense was $2.2 million and $2.6 million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||
Estimated aggregate amortization expense related to the intangible assets for the remainder of 2015 and subsequent years is as follows: | ||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Remainder of 2015 | $ | 6,049 | ||||||||||||||||||||||
2016 | 7,202 | |||||||||||||||||||||||
2017 | 5,972 | |||||||||||||||||||||||
2018 | 5,229 | |||||||||||||||||||||||
2019 | 2,814 | |||||||||||||||||||||||
Thereafter | 6,354 | |||||||||||||||||||||||
Total | $ | 33,620 | ||||||||||||||||||||||
The changes to the Company’s carrying amount of goodwill were as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, 2015 | Year ended December 31, 2014 | |||||||||||||||||||||||
Energy | Sports | Total | Energy | Sports | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance, beginning of period | $ | 28,693 | $ | 2,171 | $ | 30,864 | $ | 65,359 | $ | 2,171 | $ | 67,530 | ||||||||||||
Impairments | — | — | — | (36,666 | ) | — | (36,666 | ) | ||||||||||||||||
Balance, end of period | $ | 28,693 | $ | 2,171 | $ | 30,864 | $ | 28,693 | $ | 2,171 | $ | 30,864 | ||||||||||||
The components of goodwill at March 31, 2015, and December 31, 2014, were as follows: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Goodwill | $ | 73,095 | $ | 73,095 | ||||||||||||||||||||
Accumulated impairment | (42,231 | ) | (42,231 | ) | ||||||||||||||||||||
Net goodwill | $ | 30,864 | $ | 30,864 | ||||||||||||||||||||
Longterm_Debt
Long-term Debt | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Debt Disclosure [Abstract] | ||||||
Long-term Debt | Long-term Debt | |||||
Steel Energy has a credit agreement, as amended (the “Amended Credit Agreement”), with Wells Fargo Bank National Association, RBS Citizens, N.A., and Comerica Bank that provides for a borrowing capacity of $105.0 million consisting of a $95.0 million secured term loan (the “Term Loan”) 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 Amended Credit Agreement are collateralized by substantially all the assets of Steel Energy and its wholly-owned subsidiaries Sun Well Service, Inc. (“Sun Well”), Rogue Pressure Services, LLC (“Rogue”), and Black Hawk Energy Services Ltd. ("Black Hawk Ltd."), and a pledge of all of the issued and outstanding shares of capital stock of Sun Well, Rogue, and Black Hawk Ltd. Borrowings under the Amended Credit Agreement are fully guaranteed by Sun Well, Rogue, and Black Hawk Ltd. The carrying values as of March 31, 2015, of the assets pledged as collateral by Steel Energy and its subsidiaries under the Amended Credit Agreement were as follows: | ||||||
Amount | ||||||
(in thousands) | ||||||
Cash and cash equivalents | $ | 41,734 | ||||
Accounts receivable | 16,710 | |||||
Property and equipment, net | 96,210 | |||||
Intangible assets, net | 32,257 | |||||
Total | $ | 186,911 | ||||
The Amended Credit Agreement has a term that runs through July 2018, with the Term Loan amortizing in quarterly installments of $3.3 million and a balloon payment due on the maturity date. At March 31, 2015, $76.0 million was outstanding under the Term Loan and no amount was outstanding under the Revolving Loans. Principal payments under the Amended Credit Agreement for the remainder of 2015 and subsequent years are as follows: | ||||||
Amount | ||||||
(in thousands) | ||||||
Remainder of 2015 | $ | 9,911 | ||||
2016 | 13,214 | |||||
2017 | 13,214 | |||||
2018 | 39,643 | |||||
Total | 75,982 | |||||
Less current portion | 13,214 | |||||
Total long-term debt | $ | 62,768 | ||||
The interest rate on the borrowings under the Amended Credit Agreement was 2.8% at March 31, 2015. For the three months ended March 31, 2015 and 2014, the Company incurred interest expense of $0.6 million and $0.8 million, respectively, in connection with the Amended Credit Agreement. The Company was in compliance with all financial covenants of the Amended Credit Agreement as of March 31, 2015. |
Other_Liabilities
Other Liabilities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Other Liabilities | Other Liabilities | |||||||
“Accrued expenses and other current liabilities” consisted of the following: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
(in thousands) | ||||||||
Accrued compensation and related taxes | $ | 5,285 | $ | 5,471 | ||||
Deferred compensation | 3,515 | — | ||||||
Deferred revenue | 3,494 | 1,308 | ||||||
Insurance | 2,535 | — | ||||||
Professional services | 264 | 763 | ||||||
Accrued fuel and rig-related charges | 2,076 | 601 | ||||||
Tax-related | 120 | 238 | ||||||
Other | 430 | 535 | ||||||
Total | $ | 17,719 | $ | 8,916 | ||||
“Other long-term liabilities” at December 31, 2014, primarily consisted deferred compensation arrangements that are expected to be paid out in 2016. |
Other_Income_Expense_net
Other Income (Expense), net | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Statement [Abstract] | ||||||||
Other Income (Expense), net | Other Income (Expense), net | |||||||
"Other income (expense), net" consisted of the following: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Investment income | $ | 1,564 | $ | 1,589 | ||||
Realized gain on sales of marketable securities, net | 135 | 2,991 | ||||||
Realized loss on financial instrument obligations | (186 | ) | — | |||||
Realized loss upon change to equity method at fair value | (2,807 | ) | — | |||||
Foreign exchange loss | (288 | ) | — | |||||
Other | (147 | ) | (63 | ) | ||||
Other income (expense), net | $ | (1,729 | ) | $ | 4,517 | |||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
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. | |
For the three months ended March 31, 2015, the Company recognized a benefit from income taxes of $0.4 million, which primarily reflects the allowable benefit recognized from a valuation allowance adjustment resulting from an increase in deferred tax liabilities related to net unrealized gains on marketable securities. For the three months ended March 31, 2014, the Company recognized a provision for income taxes of $0.2 million, which primarily reflects state and alternative minimum taxes. |
Stock_Benefit_Plans
Stock Benefit Plans | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Share-based Compensation [Abstract] | ||||||||
Stock Benefit Plans | Stock Benefit Plans | |||||||
The Company grants equity-based awards to employees under its 2004 Equity Incentive Plan, as amended (the “2004 Plan”), and grants equity-based awards to non-employee directors under its 2006 Director Plan, as amended (the "2006 Plan", and together with the “2004 Plan”, 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 months ended March 31, 2015 and 2014, was as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Stock options | $ | — | $ | 22 | ||||
Restricted stock | 539 | 595 | ||||||
Total stock-based compensation | $ | 539 | $ | 617 | ||||
Restricted stock activity in the Equity Plans during the three months ended March 31, 2015, was as follows: | ||||||||
Amount | ||||||||
(in thousands) | ||||||||
Non-vested stock, January 1, 2015 | 57 | |||||||
Awarded | 161 | |||||||
Vested | (3 | ) | ||||||
Non-vested stock, March 31, 2015 | 215 | |||||||
The Company did not grant any stock options during the three months ended March 31, 2015. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Income (Loss) Per Share | Net Income (Loss) Per Share | |||||||
Basic net income (loss) attributable to Steel Excel per share of common stock is computed by dividing net income (loss) attributable to Steel Excel by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share attributable to Steel Excel 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 months ended March 31, 2015 and 2014, were as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(Revised) | ||||||||
(in thousands, except per share data) | ||||||||
Numerators: | ||||||||
Net income (loss) | $ | (7,613 | ) | $ | 1,967 | |||
Non-controlling interest | 363 | 326 | ||||||
Net income (loss) attributable to Steel Excel Inc. | $ | (7,250 | ) | $ | 2,293 | |||
Denominators: | ||||||||
Basic weighted average common shares outstanding | 11,475 | 11,981 | ||||||
Effect of dilutive securities: | ||||||||
Stock-based awards | — | 18 | ||||||
Diluted weighted average common shares outstanding | 11,475 | 11,999 | ||||||
Basic income (loss) per share attributable to Steel Excel Inc.: | ||||||||
Net income (loss) | $ | (0.63 | ) | $ | 0.19 | |||
Diluted income (loss) per share attributable to Steel Excel Inc.: | ||||||||
Net income (loss) | $ | (0.63 | ) | $ | 0.19 | |||
The number of shares used in the calculation of diluted earnings (loss) per share for the three months ended March 31, 2015, excluded 15,000 incremental shares related to restricted stock awards. Such incremental shares were excluded from the calculation of diluted earnings (loss) per share due to their anti-dilutive effect on the loss from continuing operations. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income | ||||||||||||
Changes in the components of "Accumulated other comprehensive income" were as follows: | |||||||||||||
Unrealized | Cumulative | Total | |||||||||||
Gains on | Translation | ||||||||||||
Securities | Adjustment | ||||||||||||
(in thousands) | |||||||||||||
Balance, January 1, 2015 | $ | (14,821 | ) | $ | (385 | ) | $ | (15,206 | ) | ||||
Other comprehensive income (loss) before reclassifications | 1,114 | 2 | 1,116 | ||||||||||
Reclassifications from accumulated other comprehensive income | (185 | ) | — | (185 | ) | ||||||||
Current period other comprehensive income | 929 | 2 | 931 | ||||||||||
Balance, March 31, 2015 | $ | (13,892 | ) | $ | (383 | ) | $ | (14,275 | ) | ||||
Amounts reclassified for realized gains on marketable securities for the three months ended March 31, 2015, are reported as a component of "Other income (expense), net" in the consolidated statement of operations. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
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) before goodwill impairments. | ||||||||
Segment information relating to the Company's results from continuing operations was as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Revenues | ||||||||
Energy | $ | 37,132 | $ | 43,913 | ||||
Sports | 1,753 | 1,246 | ||||||
Total revenues | $ | 38,885 | $ | 45,159 | ||||
Operating income (loss) before goodwill impairments | ||||||||
Energy | $ | 2,359 | $ | 5,467 | ||||
Sports | (2,539 | ) | (2,032 | ) | ||||
Total segment operating income (loss) | (180 | ) | 3,435 | |||||
Corporate and other business activities | (3,324 | ) | (3,489 | ) | ||||
Interest expense | (642 | ) | (868 | ) | ||||
Other income (expense), net | (1,729 | ) | 4,517 | |||||
Income (loss) before income taxes and equity method loss | $ | (5,875 | ) | $ | 3,595 | |||
Depreciation and amortization expense: | ||||||||
Energy | $ | 5,565 | $ | 5,793 | ||||
Sports | 429 | 370 | ||||||
Total depreciation and amortization expense | $ | 5,994 | $ | 6,163 | ||||
Segment information related to the Company's assets was as follows: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
(in thousands) | ||||||||
Sports | $ | 18,559 | $ | 18,625 | ||||
Energy | 220,068 | 220,262 | ||||||
Corporate and other business activities | 235,471 | 240,467 | ||||||
Total assets | $ | 474,098 | $ | 479,354 | ||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
Steel Partners Holdings L.P. ("SPLP") beneficially owned approximately 57.2% of the Company’s outstanding common stock as of March 31, 2015. 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 L. 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. | |
The Company has contracted with SP Corporate Services LLC (“SP Corporate”), an affiliate of SPLP, to provide executive and financial management services in the areas of finance, regulatory reporting, and other administrative and operational functions, including the services of a chief financial officer. 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 March 31, 2015 and 2014, the Company incurred expenses of $2.2 million and $2.2 million, respectively, related to services provided by SP Corporate and reimbursements of expenses incurred on its behalf by SP Corporate and its affiliates. The Company owed SP Corporate and its affiliates $0.1 million at March 31, 2015. | |
The Company uses several firms to execute trades of its marketable securities and certain of its other investments. The Company uses Mutual Securities, Inc. ("Mutual Securities"), to execute certain trades, including repurchases of the Company's common stock. Jack L. Howard, the Company's principal executive officer, is a registered principal of Mutual Securities and receives commission payments from Mutual Securities after deductions for fees and expenses. During the three months ended March 31, 2015 and 2014, the Company paid commissions to Mutual Securities totaling $11,000 and $123,000, respectively. | |
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. | |
At March 31, 2015, the Company held $9.3 million of short-term deposits at WebBank, an affiliate of SPLP. For the three months ended March 31, 2015 and 2014, the Company recorded interest income of $16,000 and $7,000, respectively, on such deposits. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information | |||||||
Cash paid for interest and income taxes and non-cash investing and financing activities for the three months ended March 31, 2015 and 2014, was as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Interest paid | $ | 556 | $ | 735 | ||||
Income taxes paid, net of refunds | $ | 61 | $ | 44 | ||||
Non-cash investing and financing activities: | ||||||||
Reclassification of available-for-sale securities to equity method investment | $ | 10,858 | $ | — | ||||
Securities received in exchange for financial instrument obligations | $ | 76 | $ | — | ||||
Securities delivered in exchange for settlement of financial instrument obligations | $ | 76 | $ | — | ||||
Restricted stock awards surrendered to satisfy tax withholding obligations upon vesting | $ | 18 | $ | — | ||||
Revised_Financials_Tables
Revised Financials (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | ||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | The impact of these adjustments on the individual line items of the Company's financial statements was as follows: | |||||||||||||||
Balance Sheet at December 31, 2014: | ||||||||||||||||
Previously Reported | Adjustments | Revised | ||||||||||||||
(in thousands) | ||||||||||||||||
Stockholders' equity: | ||||||||||||||||
Common stock | $ | 14 | $ | — | $ | 14 | ||||||||||
Additional paid-in capital | 267,444 | — | 267,444 | |||||||||||||
Accumulated other comprehensive income | (18,730 | ) | 3,524 | (15,206 | ) | |||||||||||
Retained earnings | 190,160 | (3,524 | ) | 186,636 | ||||||||||||
Treasury stock, at cost | (81,355 | ) | — | (81,355 | ) | |||||||||||
Total Steel Excel Inc. stockholders' equity | 357,533 | — | 357,533 | |||||||||||||
Non-controlling interest | (15 | ) | — | (15 | ) | |||||||||||
Total stockholders' equity | $ | 357,518 | $ | — | $ | 357,518 | ||||||||||
Statement of Operations for the three months ended March 31, 2014: | ||||||||||||||||
Previously Reported | Adjustments | Revised | ||||||||||||||
(in thousands, except per-share data) | ||||||||||||||||
Income before income taxes and equity method loss | $ | 3,595 | $ | — | $ | 3,595 | ||||||||||
Benefit from (provision for) income taxes | 1,903 | (2,098 | ) | (195 | ) | |||||||||||
Loss from equity method investees, net of taxes | (1,433 | ) | — | (1,433 | ) | |||||||||||
Net income | 4,065 | (2,098 | ) | 1,967 | ||||||||||||
Net loss attributable to non-controlling interests in consolidated entities | 326 | — | 326 | |||||||||||||
Net income attributable to Steel Excel Inc. | $ | 4,391 | $ | (2,098 | ) | $ | 2,293 | |||||||||
Basic and diluted income (loss) per share attributable to Steel Excel Inc.: | ||||||||||||||||
Net income (loss) | $ | 0.37 | $ | (0.18 | ) | $ | 0.19 | |||||||||
Statement of Comprehensive Income for the three months ended March 31, 2014: | ||||||||||||||||
Previously Reported | Adjustments | Revised | ||||||||||||||
(in thousands) | ||||||||||||||||
Net income (loss) | $ | 4,065 | $ | (2,098 | ) | $ | 1,967 | |||||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustment | — | — | — | |||||||||||||
Reclassification to realized gains | — | — | — | |||||||||||||
Net foreign currency translation adjustment (A) | — | — | — | |||||||||||||
Marketable securities: | ||||||||||||||||
Gross unrealized gains on marketable securities, net of tax (B) | 5,259 | 2,764 | 8,023 | |||||||||||||
Reclassification to realized gains, net of tax (C) | (1,268 | ) | (666 | ) | (1,934 | ) | ||||||||||
Net unrealized gain on marketable securities, net of taxes | 3,991 | 2,098 | 6,089 | |||||||||||||
Comprehensive income (loss) | 8,056 | — | 8,056 | |||||||||||||
Comprehensive loss attributable to non-controlling interest | 326 | — | 326 | |||||||||||||
Comprehensive income (loss) attributable to Steel Excel Inc. | $ | 8,382 | $ | — | $ | 8,382 | ||||||||||
(A) No tax effect on cumulative translation adjustments | ||||||||||||||||
(B) Tax provision on gross unrealized gains | $ | (2,764 | ) | $ | 2,764 | $ | — | |||||||||
(C) Tax benefit on reclassifications to realized gains (losses) | $ | 666 | $ | (666 | ) | $ | — | |||||||||
Statement of Cash Flows for the three months ended March 31, 2014: | ||||||||||||||||
Previously Reported | Adjustments | Revised | ||||||||||||||
(in thousands) | ||||||||||||||||
Net income | $ | 4,065 | $ | (2,098 | ) | $ | 1,967 | |||||||||
Deferred income tax provision (benefit) | $ | (2,020 | ) | $ | 2,098 | $ | 78 | |||||||||
Cash provided by operating activities | $ | 9,858 | $ | — | $ | 9,858 | ||||||||||
The selected quarterly financial data for the years ended December 31, 2014 and 2013, revised to reflect the adjustments to correct the error, is as follows: | ||||||||||||||||
Quarter Ended: | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | December 31 (A) | |||||||||||||
(in thousands, except per-share data) | ||||||||||||||||
Year Ended December 31, 2014 (B) | ||||||||||||||||
Net revenues | $ | 45,159 | $ | 51,924 | $ | 58,583 | $ | 54,482 | ||||||||
Gross profits | $ | 10,058 | $ | 15,003 | $ | 17,183 | $ | 13,799 | ||||||||
Net income (loss) from continuing operations | $ | 1,967 | $ | 7,657 | $ | 75 | $ | (33,968 | ) | |||||||
Net income (loss) | $ | 1,967 | $ | 7,657 | $ | 75 | $ | (33,462 | ) | |||||||
Net income (loss) attributable to Steel Excel Inc. | $ | 2,293 | $ | 7,668 | $ | (163 | ) | $ | (33,605 | ) | ||||||
Net income (loss) from continuing operations attributable to Steel Excel Inc. | $ | 2,293 | $ | 7,668 | $ | (163 | ) | $ | (33,832 | ) | ||||||
Net income (loss) from continuing operations attributable to Steel Excel Inc. per share of common stock | ||||||||||||||||
Basic | $ | 0.19 | $ | 0.64 | $ | (0.01 | ) | $ | (2.97 | ) | ||||||
Diluted | $ | 0.19 | $ | 0.64 | $ | (0.01 | ) | $ | (2.97 | ) | ||||||
Year Ended December 31, 2013 (C) | ||||||||||||||||
Net revenues | $ | 26,351 | $ | 28,761 | $ | 31,420 | $ | 33,496 | ||||||||
Gross profits | $ | 6,983 | $ | 8,041 | $ | 8,010 | $ | 9,120 | ||||||||
Net income from continuing operations | $ | 1,602 | $ | 732 | $ | 2,383 | $ | 8,150 | ||||||||
Net income | $ | 1,207 | $ | 538 | $ | 1,495 | $ | 4,087 | ||||||||
Net income attributable to Steel Excel Inc. | $ | 1,543 | $ | 723 | $ | 1,806 | $ | 6,599 | ||||||||
Net income from continuing operations attributable to Steel Excel Inc. | $ | 1,622 | $ | 768 | $ | 2,205 | $ | 8,428 | ||||||||
Net income from continuing operations attributable to Steel Excel Inc. per share of common stock | ||||||||||||||||
Basic | $ | 0.13 | $ | 0.06 | $ | 0.18 | $ | 0.69 | ||||||||
Diluted | $ | 0.13 | $ | 0.06 | $ | 0.18 | $ | 0.69 | ||||||||
(A) Includes goodwill impairments of $36.7 million and a foreign tax benefit of $1.7 million. | ||||||||||||||||
(B) Reflects adjustments to correct the provision for income taxes of $2.1 million, $1.1 million, $(1.0) million, and $(2.2) million in the four sequential quarters of 2014, respectively. | ||||||||||||||||
(C) Reflects adjustments to the provision for income taxes of $1.8 million, $0.3 million, $0.7 million, and $0.7 million in the four sequential quarters of 2013, respectively. |
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||
Investments | Marketable securities at March 31, 2015, consisted of the following: | |||||||||||||||||||||
Cost | Gross | Gross | Estimated | |||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Short-term deposits | $ | 41,704 | $ | — | $ | — | $ | 41,704 | ||||||||||||||
Mutual funds | 17,030 | 4,713 | (272 | ) | 21,471 | |||||||||||||||||
Corporate securities | 88,392 | 8,963 | (25,277 | ) | 72,078 | |||||||||||||||||
Corporate obligations | 32,396 | 481 | (2,041 | ) | 30,836 | |||||||||||||||||
Total available-for-sale securities | 179,522 | 14,157 | (27,590 | ) | 166,089 | |||||||||||||||||
Amounts classified as cash equivalents | (41,704 | ) | — | — | (41,704 | ) | ||||||||||||||||
Amounts classified as marketable securities | $ | 137,818 | $ | 14,157 | $ | (27,590 | ) | $ | 124,385 | |||||||||||||
Marketable securities at December 31, 2014, consisted of the following: | ||||||||||||||||||||||
Cost | Gross | Gross | Estimated | |||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Short-term deposits | $ | 42,681 | $ | — | $ | — | $ | 42,681 | ||||||||||||||
Mutual funds | 17,030 | 4,262 | (322 | ) | 20,970 | |||||||||||||||||
Corporate securities | 103,761 | 7,821 | (23,732 | ) | 87,850 | |||||||||||||||||
Corporate obligations | 32,486 | 592 | (3,441 | ) | 29,637 | |||||||||||||||||
Total available-for-sale securities | 195,958 | 12,675 | (27,495 | ) | 181,138 | |||||||||||||||||
Amounts classified as cash equivalents | (42,681 | ) | — | — | (42,681 | ) | ||||||||||||||||
Amounts classified as marketable securities | $ | 153,277 | $ | 12,675 | $ | (27,495 | ) | $ | 138,457 | |||||||||||||
Available-for-sale Securities | 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 ended March 31, 2015 and 2014, were as follows: | |||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Gross realized gains | $ | 510 | $ | 3,200 | ||||||||||||||||||
Gross realized losses | (375 | ) | (209 | ) | ||||||||||||||||||
Realized gains (losses), net | $ | 135 | $ | 2,991 | ||||||||||||||||||
Schedule of Unrealized Loss on Investments | The fair value of the Company’s marketable securities with unrealized losses at March 31, 2015, all of which had unrealized losses for periods of less than twelve months, were as follows: | |||||||||||||||||||||
Fair | Gross | |||||||||||||||||||||
Value | Unrealized | |||||||||||||||||||||
Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Corporate securities | $ | 40,326 | $ | (25,277 | ) | |||||||||||||||||
Corporate obligations | 14,741 | (2,041 | ) | |||||||||||||||||||
Mutual funds | 4,922 | (272 | ) | |||||||||||||||||||
Total | $ | 59,989 | $ | (27,590 | ) | |||||||||||||||||
The fair value of the Company’s marketable securities with unrealized losses at December 31, 2014, all of which had unrealized losses for periods of less than twelve months, were as follows: | ||||||||||||||||||||||
Fair | Gross | |||||||||||||||||||||
Value | Unrealized | |||||||||||||||||||||
Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Corporate securities | $ | 39,869 | $ | (23,732 | ) | |||||||||||||||||
Corporate obligations | 13,530 | (3,441 | ) | |||||||||||||||||||
Mutual funds | 4,873 | (322 | ) | |||||||||||||||||||
Total | $ | 58,272 | $ | (27,495 | ) | |||||||||||||||||
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of available-for-sale debt securities and marketable securities with no contractual maturities at March 31, 2015, by contractual maturity, were as follows: | |||||||||||||||||||||
Cost | Estimated | |||||||||||||||||||||
Fair Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||
Mature in one year or less | $ | 202 | $ | 207 | ||||||||||||||||||
Mature in more than three years | 32,194 | 30,629 | ||||||||||||||||||||
Total debt securities | 32,396 | 30,836 | ||||||||||||||||||||
Securities with no contractual maturities | 147,126 | 135,253 | ||||||||||||||||||||
Total | $ | 179,522 | $ | 166,089 | ||||||||||||||||||
Financial Instrument Obligations | Financial instrument obligations consisted of the following: | |||||||||||||||||||||
31-Mar-15 | December 31, 2014 | |||||||||||||||||||||
Initial Obligation | Estimated Fair | Initial Obligation | Estimated Fair | |||||||||||||||||||
Value | Value | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Corporate securities | $ | 675 | $ | 744 | $ | 666 | $ | 621 | ||||||||||||||
Market indices | 18,685 | 20,540 | 18,685 | 20,451 | ||||||||||||||||||
Covered call options | 55 | 24 | 7 | 4 | ||||||||||||||||||
Naked put options | — | — | 109 | 235 | ||||||||||||||||||
Total | $ | 19,415 | $ | 21,308 | $ | 19,467 | $ | 21,311 | ||||||||||||||
Equity Method Investments | The summarized income statement information is included for the periods during which such significant equity-method investments were accounted for as equity-method investments. | |||||||||||||||||||||
Amount | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Revenues | $ | 143,350 | ||||||||||||||||||||
Gross profit | $ | 38,149 | ||||||||||||||||||||
Loss from continuing operations | $ | (5,379 | ) | |||||||||||||||||||
Net loss | $ | (5,479 | ) | |||||||||||||||||||
Net loss attributable to investees | $ | (5,479 | ) | |||||||||||||||||||
The following table summarizes the Company's equity-method investments. | ||||||||||||||||||||||
Ownership | Carrying Value | Income (Loss) Recognized | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | March 31, 2015 | March 31, 2014 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Traditional equity method | ||||||||||||||||||||||
Again Faster | 40 | % | 40 | % | $ | 2,683 | $ | 3,105 | $ | (422 | ) | $ | (129 | ) | ||||||||
iGo | 46.9 | % | 46.9 | % | 2,885 | 2,600 | 285 | (1,304 | ) | |||||||||||||
Fair value option | ||||||||||||||||||||||
API | 20.6 | % | 20.6 | % | 23,669 | 24,355 | (686 | ) | — | |||||||||||||
Aviat | 12.9 | % | 9,571 | (1,287 | ) | — | ||||||||||||||||
Total | $ | 38,808 | $ | 30,060 | $ | (2,110 | ) | $ | (1,433 | ) | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis at March 31, 2015, summarized by measurement input category, were as follows: | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash, including short-term deposits(1) | $ | 64,076 | $ | 64,076 | $ | — | $ | — | ||||||||
Restricted cash | 21,308 | 21,308 | — | — | ||||||||||||
Mutual funds(2) | 21,471 | 21,471 | — | — | ||||||||||||
Corporate securities(2) | 72,078 | 59,890 | — | 12,188 | ||||||||||||
Corporate obligations(2) | 30,836 | — | 12,134 | 18,702 | ||||||||||||
Investments in equity-method investees | 33,240 | 33,240 | — | — | ||||||||||||
Investments in certain funds(3) | 483 | — | — | 483 | ||||||||||||
Total assets | $ | 243,492 | $ | 199,985 | $ | 12,134 | $ | 31,373 | ||||||||
Liabilities | ||||||||||||||||
Financial instrument obligations | $ | (21,308 | ) | $ | (21,308 | ) | $ | — | $ | — | ||||||
-1 | Reported within "Cash and cash equivalents" | |||||||||||||||
-2 | Reported within “Marketable securities” | |||||||||||||||
-3 | Reported within "Other investments" | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at December 31, 2014, summarized by measurement input category, were as follows: | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash, including short-term deposits(1) | $ | 51,910 | $ | 51,910 | $ | — | $ | — | ||||||||
Mutual funds(2) | 20,970 | 20,970 | — | — | ||||||||||||
Corporate securities(2) | 87,850 | 72,798 | — | 15,052 | ||||||||||||
Corporate obligations(2) | 29,637 | — | 10,793 | 18,844 | ||||||||||||
Investments in certain funds(3) | 525 | — | — | 525 | ||||||||||||
Total | $ | 190,892 | $ | 145,678 | $ | 10,793 | $ | 34,421 | ||||||||
Liabilities | ||||||||||||||||
Financial instrument obligations | $ | (21,311 | ) | $ | (21,311 | ) | $ | — | $ | — | ||||||
-1 | Reported within "Cash and cash equivalents." | |||||||||||||||
-2 | Reported within “Marketable securities.” | |||||||||||||||
-3 | Reported within "Other investments." | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Changes in the fair value of assets valued using Level 3 measurement inputs during the three months ended March 31, 2015 and 2014, were as follows: | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Balance, beginning of period | $ | 34,421 | $ | 24,209 | ||||||||||||
Purchases | — | 5,299 | ||||||||||||||
Sales | (163 | ) | (1,974 | ) | ||||||||||||
Unrealized gains (losses) | (2,885 | ) | 2,857 | |||||||||||||
Balance, end of period | $ | 31,373 | $ | 30,391 | ||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | Property and equipment at March 31, 2015, and December 31, 2014, consisted of the following: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
(in thousands) | ||||||||
Rigs and other equipment | $ | 116,235 | $ | 115,391 | ||||
Buildings and improvements | 19,206 | 18,977 | ||||||
Land | 1,893 | 1,893 | ||||||
Vehicles | 2,304 | 2,197 | ||||||
Furniture and fixtures | 776 | 673 | ||||||
Assets in progress | 298 | 644 | ||||||
140,712 | 139,775 | |||||||
Accumulated depreciation | (36,407 | ) | (32,588 | ) | ||||
Property and equipment, net | $ | 104,305 | $ | 107,187 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | The Company's intangible assets at March 31, 2015, and December 31, 2014, all of which are subject to amortization, consisted of the following: | |||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Energy segment: | ||||||||||||||||||||||||
Customer relationships | $ | 54,430 | $ | (23,805 | ) | $ | 30,625 | $ | 54,430 | $ | (21,938 | ) | $ | 32,492 | ||||||||||
Trade names | 4,860 | (3,317 | ) | 1,543 | 4,860 | (3,161 | ) | 1,699 | ||||||||||||||||
Non-compete agreement | 120 | (31 | ) | 89 | 120 | (25 | ) | 95 | ||||||||||||||||
59,410 | (27,153 | ) | 32,257 | 59,410 | (25,124 | ) | 34,286 | |||||||||||||||||
Sports segment: | ||||||||||||||||||||||||
Customer relationships | 2,089 | (805 | ) | 1,284 | 2,089 | (678 | ) | 1,411 | ||||||||||||||||
Trade names | 122 | (43 | ) | 79 | 122 | (37 | ) | 85 | ||||||||||||||||
2,211 | (848 | ) | 1,363 | 2,211 | (715 | ) | 1,496 | |||||||||||||||||
Total | $ | 61,621 | $ | (28,001 | ) | $ | 33,620 | $ | 61,621 | $ | (25,839 | ) | $ | 35,782 | ||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated aggregate amortization expense related to the intangible assets for the remainder of 2015 and subsequent years is as follows: | |||||||||||||||||||||||
Amount | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Remainder of 2015 | $ | 6,049 | ||||||||||||||||||||||
2016 | 7,202 | |||||||||||||||||||||||
2017 | 5,972 | |||||||||||||||||||||||
2018 | 5,229 | |||||||||||||||||||||||
2019 | 2,814 | |||||||||||||||||||||||
Thereafter | 6,354 | |||||||||||||||||||||||
Total | $ | 33,620 | ||||||||||||||||||||||
Schedule of Goodwill | The changes to the Company’s carrying amount of goodwill were as follows: | |||||||||||||||||||||||
Three Months Ended March 31, 2015 | Year ended December 31, 2014 | |||||||||||||||||||||||
Energy | Sports | Total | Energy | Sports | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance, beginning of period | $ | 28,693 | $ | 2,171 | $ | 30,864 | $ | 65,359 | $ | 2,171 | $ | 67,530 | ||||||||||||
Impairments | — | — | — | (36,666 | ) | — | (36,666 | ) | ||||||||||||||||
Balance, end of period | $ | 28,693 | $ | 2,171 | $ | 30,864 | $ | 28,693 | $ | 2,171 | $ | 30,864 | ||||||||||||
Schedule of Intangible Assets and Goodwill | The components of goodwill at March 31, 2015, and December 31, 2014, were as follows: | |||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Goodwill | $ | 73,095 | $ | 73,095 | ||||||||||||||||||||
Accumulated impairment | (42,231 | ) | (42,231 | ) | ||||||||||||||||||||
Net goodwill | $ | 30,864 | $ | 30,864 | ||||||||||||||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Debt Disclosure [Abstract] | ||||||
Assets Pledged as Collateral | The carrying values as of March 31, 2015, of the assets pledged as collateral by Steel Energy and its subsidiaries under the Amended Credit Agreement were as follows: | |||||
Amount | ||||||
(in thousands) | ||||||
Cash and cash equivalents | $ | 41,734 | ||||
Accounts receivable | 16,710 | |||||
Property and equipment, net | 96,210 | |||||
Intangible assets, net | 32,257 | |||||
Total | $ | 186,911 | ||||
Schedule of Maturities of Long-term Debt | Principal payments under the Amended Credit Agreement for the remainder of 2015 and subsequent years are as follows: | |||||
Amount | ||||||
(in thousands) | ||||||
Remainder of 2015 | $ | 9,911 | ||||
2016 | 13,214 | |||||
2017 | 13,214 | |||||
2018 | 39,643 | |||||
Total | 75,982 | |||||
Less current portion | 13,214 | |||||
Total long-term debt | $ | 62,768 | ||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Schedule of Accrued Liabilities | “Accrued expenses and other current liabilities” consisted of the following: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
(in thousands) | ||||||||
Accrued compensation and related taxes | $ | 5,285 | $ | 5,471 | ||||
Deferred compensation | 3,515 | — | ||||||
Deferred revenue | 3,494 | 1,308 | ||||||
Insurance | 2,535 | — | ||||||
Professional services | 264 | 763 | ||||||
Accrued fuel and rig-related charges | 2,076 | 601 | ||||||
Tax-related | 120 | 238 | ||||||
Other | 430 | 535 | ||||||
Total | $ | 17,719 | $ | 8,916 | ||||
Other_Income_Expense_net_Table
Other Income (Expense), net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Statement [Abstract] | ||||||||
Schedule of Other Income (Expense), Net | "Other income (expense), net" consisted of the following: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Investment income | $ | 1,564 | $ | 1,589 | ||||
Realized gain on sales of marketable securities, net | 135 | 2,991 | ||||||
Realized loss on financial instrument obligations | (186 | ) | — | |||||
Realized loss upon change to equity method at fair value | (2,807 | ) | — | |||||
Foreign exchange loss | (288 | ) | — | |||||
Other | (147 | ) | (63 | ) | ||||
Other income (expense), net | $ | (1,729 | ) | $ | 4,517 | |||
Stock_Benefit_Plans_Tables
Stock Benefit Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Share-based Compensation [Abstract] | ||||||||
Stock-based compensation expense by type of award | 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 months ended March 31, 2015 and 2014, was as follows: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Stock options | $ | — | $ | 22 | ||||
Restricted stock | 539 | 595 | ||||||
Total stock-based compensation | $ | 539 | $ | 617 | ||||
Restricted Stock Activity | Restricted stock activity in the Equity Plans during the three months ended March 31, 2015, was as follows: | |||||||
Amount | ||||||||
(in thousands) | ||||||||
Non-vested stock, January 1, 2015 | 57 | |||||||
Awarded | 161 | |||||||
Vested | (3 | ) | ||||||
Non-vested stock, March 31, 2015 | 215 | |||||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | Amounts used in the calculation of basic and diluted net income (loss) per share of common stock for the three months ended March 31, 2015 and 2014, were as follows: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(Revised) | ||||||||
(in thousands, except per share data) | ||||||||
Numerators: | ||||||||
Net income (loss) | $ | (7,613 | ) | $ | 1,967 | |||
Non-controlling interest | 363 | 326 | ||||||
Net income (loss) attributable to Steel Excel Inc. | $ | (7,250 | ) | $ | 2,293 | |||
Denominators: | ||||||||
Basic weighted average common shares outstanding | 11,475 | 11,981 | ||||||
Effect of dilutive securities: | ||||||||
Stock-based awards | — | 18 | ||||||
Diluted weighted average common shares outstanding | 11,475 | 11,999 | ||||||
Basic income (loss) per share attributable to Steel Excel Inc.: | ||||||||
Net income (loss) | $ | (0.63 | ) | $ | 0.19 | |||
Diluted income (loss) per share attributable to Steel Excel Inc.: | ||||||||
Net income (loss) | $ | (0.63 | ) | $ | 0.19 | |||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income | Changes in the components of "Accumulated other comprehensive income" were as follows: | ||||||||||||
Unrealized | Cumulative | Total | |||||||||||
Gains on | Translation | ||||||||||||
Securities | Adjustment | ||||||||||||
(in thousands) | |||||||||||||
Balance, January 1, 2015 | $ | (14,821 | ) | $ | (385 | ) | $ | (15,206 | ) | ||||
Other comprehensive income (loss) before reclassifications | 1,114 | 2 | 1,116 | ||||||||||
Reclassifications from accumulated other comprehensive income | (185 | ) | — | (185 | ) | ||||||||
Current period other comprehensive income | 929 | 2 | 931 | ||||||||||
Balance, March 31, 2015 | $ | (13,892 | ) | $ | (383 | ) | $ | (14,275 | ) |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Segment information relating to the Company's results from continuing operations was as follows: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Revenues | ||||||||
Energy | $ | 37,132 | $ | 43,913 | ||||
Sports | 1,753 | 1,246 | ||||||
Total revenues | $ | 38,885 | $ | 45,159 | ||||
Operating income (loss) before goodwill impairments | ||||||||
Energy | $ | 2,359 | $ | 5,467 | ||||
Sports | (2,539 | ) | (2,032 | ) | ||||
Total segment operating income (loss) | (180 | ) | 3,435 | |||||
Corporate and other business activities | (3,324 | ) | (3,489 | ) | ||||
Interest expense | (642 | ) | (868 | ) | ||||
Other income (expense), net | (1,729 | ) | 4,517 | |||||
Income (loss) before income taxes and equity method loss | $ | (5,875 | ) | $ | 3,595 | |||
Depreciation and amortization expense: | ||||||||
Energy | $ | 5,565 | $ | 5,793 | ||||
Sports | 429 | 370 | ||||||
Total depreciation and amortization expense | $ | 5,994 | $ | 6,163 | ||||
Reconciliation of Assets from Segment to Consolidated | Segment information related to the Company's assets was as follows: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
(in thousands) | ||||||||
Sports | $ | 18,559 | $ | 18,625 | ||||
Energy | 220,068 | 220,262 | ||||||
Corporate and other business activities | 235,471 | 240,467 | ||||||
Total assets | $ | 474,098 | $ | 479,354 | ||||
Supplemental_Cash_Flows_Inform
Supplemental Cash Flows Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Schedule of Cash Flow, Supplemental Disclosures | Cash paid for interest and income taxes and non-cash investing and financing activities for the three months ended March 31, 2015 and 2014, was as follows: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Interest paid | $ | 556 | $ | 735 | ||||
Income taxes paid, net of refunds | $ | 61 | $ | 44 | ||||
Non-cash investing and financing activities: | ||||||||
Reclassification of available-for-sale securities to equity method investment | $ | 10,858 | $ | — | ||||
Securities received in exchange for financial instrument obligations | $ | 76 | $ | — | ||||
Securities delivered in exchange for settlement of financial instrument obligations | $ | 76 | $ | — | ||||
Restricted stock awards surrendered to satisfy tax withholding obligations upon vesting | $ | 18 | $ | — | ||||
Description_and_Basis_of_Prese1
Description and Basis of Presentation (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments (in segments) | 2 |
Revised_Financials_Balance_She
Revised Financials - Balance Sheet (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Common stock | $14 | $14 |
Additional paid-in capital | 267,965 | 267,444 |
Accumulated other comprehensive income | -14,275 | -15,206 |
Retained earnings | 179,386 | 186,636 |
Treasury stock, at cost | -81,355 | -81,355 |
Total Steel Excel Inc. stockholders' equity | 351,735 | 357,533 |
Non-controlling interest | -378 | -15 |
Total stockholders' equity | 351,357 | 357,518 |
Valuation Allowance of Deferred Tax Assets | ||
Common stock | 14 | |
Additional paid-in capital | 267,444 | |
Accumulated other comprehensive income | -15,206 | |
Retained earnings | 186,636 | |
Treasury stock, at cost | -81,355 | |
Total Steel Excel Inc. stockholders' equity | 357,533 | |
Non-controlling interest | -15 | |
Total stockholders' equity | 357,518 | |
Valuation Allowance of Deferred Tax Assets | Previously Reported | ||
Common stock | 14 | |
Additional paid-in capital | 267,444 | |
Accumulated other comprehensive income | -18,730 | |
Retained earnings | 190,160 | |
Treasury stock, at cost | -81,355 | |
Total Steel Excel Inc. stockholders' equity | 357,533 | |
Non-controlling interest | -15 | |
Total stockholders' equity | 357,518 | |
Valuation Allowance of Deferred Tax Assets | Adjustments | ||
Common stock | 0 | |
Additional paid-in capital | 0 | |
Accumulated other comprehensive income | 3,524 | |
Retained earnings | -3,524 | |
Treasury stock, at cost | 0 | |
Total Steel Excel Inc. stockholders' equity | 0 | |
Non-controlling interest | 0 | |
Total stockholders' equity | $0 |
Revised_Financials_Statement_o
Revised Financials - Statement of Operations (Details) (USD $) | 3 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Income before income taxes and equity method loss | ($5,875) | $3,595 | |||||||
Benefit from (provision for) income taxes | 372 | -195 | |||||||
Loss from equity method investees, net of taxes | -2,110 | -1,433 | |||||||
Net income (loss) | -7,613 | 1,967 | |||||||
Net loss attributable to non-controlling interests in consolidated entities | 363 | 326 | |||||||
Net income attributable to Steel Excel Inc. | -7,250 | 2,293 | |||||||
Valuation Allowance of Deferred Tax Assets | |||||||||
Income before income taxes and equity method loss | 3,595 | ||||||||
Benefit from (provision for) income taxes | -195 | ||||||||
Loss from equity method investees, net of taxes | -1,433 | ||||||||
Net income (loss) | 1,967 | -33,462 | 75 | 7,657 | 4,087 | 1,495 | 538 | 1,207 | |
Net loss attributable to non-controlling interests in consolidated entities | 326 | ||||||||
Net income attributable to Steel Excel Inc. | 2,293 | -33,605 | -163 | 7,668 | 6,599 | 1,806 | 723 | 1,543 | |
Net income (loss) (in dollars per share) | $0.19 | ||||||||
Valuation Allowance of Deferred Tax Assets | Previously Reported | |||||||||
Income before income taxes and equity method loss | 3,595 | ||||||||
Benefit from (provision for) income taxes | 1,903 | ||||||||
Loss from equity method investees, net of taxes | -1,433 | ||||||||
Net income (loss) | 4,065 | ||||||||
Net loss attributable to non-controlling interests in consolidated entities | 326 | ||||||||
Net income attributable to Steel Excel Inc. | 4,391 | ||||||||
Net income (loss) (in dollars per share) | $0.37 | ||||||||
Valuation Allowance of Deferred Tax Assets | Adjustments | |||||||||
Income before income taxes and equity method loss | 0 | ||||||||
Benefit from (provision for) income taxes | -2,098 | 2,200 | 1,000 | -1,100 | -700 | -700 | -300 | -1,800 | |
Loss from equity method investees, net of taxes | 0 | ||||||||
Net income (loss) | -2,098 | ||||||||
Net loss attributable to non-controlling interests in consolidated entities | 0 | ||||||||
Net income attributable to Steel Excel Inc. | ($2,098) | ||||||||
Net income (loss) (in dollars per share) | ($0.18) |
Revised_Financials_Revised_Fin
Revised Financials Revised Financials - Statement of Comprehensive Income (Details) (USD $) | 3 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | ||
Net income (loss) | ($7,613) | $1,967 | |||||||||
Foreign currency translation adjustment | 2 | 0 | |||||||||
Reclassification to realized gains | 0 | 0 | |||||||||
Net foreign currency translation adjustment | 2 | [1] | 0 | [1] | |||||||
Gross unrealized gains on marketable securities, net of tax | 1,114 | [2] | 8,023 | [2] | |||||||
Reclassification to realized gains, net of tax | -185 | [3] | -1,934 | [3] | |||||||
Net unrealized gain on marketable securities, net of taxes | 929 | 6,089 | |||||||||
Comprehensive income (loss) | -6,682 | 8,056 | |||||||||
Comprehensive loss attributable to non-controlling interest | 363 | 326 | |||||||||
Comprehensive income (loss) attributable to Steel Excel Inc. | -6,319 | 8,382 | |||||||||
Tax provision on gross unrealized gains | -548 | 0 | |||||||||
Tax benefit on reclassifications to realized gains (losses) | 91 | 0 | |||||||||
Valuation Allowance of Deferred Tax Assets | |||||||||||
Net income (loss) | 1,967 | -33,462 | 75 | 7,657 | 4,087 | 1,495 | 538 | 1,207 | |||
Foreign currency translation adjustment | 0 | ||||||||||
Reclassification to realized gains | 0 | ||||||||||
Net foreign currency translation adjustment | 0 | ||||||||||
Gross unrealized gains on marketable securities, net of tax | 8,023 | ||||||||||
Reclassification to realized gains, net of tax | -1,934 | ||||||||||
Net unrealized gain on marketable securities, net of taxes | 6,089 | ||||||||||
Comprehensive income (loss) | 8,056 | ||||||||||
Comprehensive loss attributable to non-controlling interest | 326 | ||||||||||
Comprehensive income (loss) attributable to Steel Excel Inc. | 8,382 | ||||||||||
Tax provision on gross unrealized gains | 0 | ||||||||||
Tax benefit on reclassifications to realized gains (losses) | 0 | ||||||||||
Valuation Allowance of Deferred Tax Assets | Previously Reported | |||||||||||
Net income (loss) | 4,065 | ||||||||||
Foreign currency translation adjustment | 0 | ||||||||||
Reclassification to realized gains | 0 | ||||||||||
Net foreign currency translation adjustment | 0 | ||||||||||
Gross unrealized gains on marketable securities, net of tax | 5,259 | ||||||||||
Reclassification to realized gains, net of tax | -1,268 | ||||||||||
Net unrealized gain on marketable securities, net of taxes | 3,991 | ||||||||||
Comprehensive income (loss) | 8,056 | ||||||||||
Comprehensive loss attributable to non-controlling interest | 326 | ||||||||||
Comprehensive income (loss) attributable to Steel Excel Inc. | 8,382 | ||||||||||
Tax provision on gross unrealized gains | -2,764 | ||||||||||
Tax benefit on reclassifications to realized gains (losses) | 666 | ||||||||||
Valuation Allowance of Deferred Tax Assets | Adjustments | |||||||||||
Net income (loss) | -2,098 | ||||||||||
Foreign currency translation adjustment | 0 | ||||||||||
Reclassification to realized gains | 0 | ||||||||||
Net foreign currency translation adjustment | 0 | ||||||||||
Gross unrealized gains on marketable securities, net of tax | 2,764 | ||||||||||
Reclassification to realized gains, net of tax | -666 | ||||||||||
Net unrealized gain on marketable securities, net of taxes | 2,098 | ||||||||||
Comprehensive income (loss) | 0 | ||||||||||
Comprehensive loss attributable to non-controlling interest | 0 | ||||||||||
Comprehensive income (loss) attributable to Steel Excel Inc. | 0 | ||||||||||
Tax provision on gross unrealized gains | 2,764 | ||||||||||
Tax benefit on reclassifications to realized gains (losses) | ($666) | ||||||||||
[1] | No tax effect on cumulative translation adjustments | ||||||||||
[2] | Tax provision on gross unrealized gains: $(548) $0 | ||||||||||
[3] | Tax benefit on reclassifications to realized gains: $91 $0 |
Revised_Financials_Statement_o1
Revised Financials - Statement of Cash Flows (Details) (USD $) | 3 Months Ended | ||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Net income | ($7,613,000) | $1,967,000 | |||||||
Deferred income tax provision (benefit) | -598,000 | 78,000 | |||||||
Cash provided by operating activities | 15,322,000 | 9,858,000 | |||||||
Valuation Allowance of Deferred Tax Assets | |||||||||
Net income | 1,967,000 | -33,462,000 | 75,000 | 7,657,000 | 4,087,000 | 1,495,000 | 538,000 | 1,207,000 | |
Deferred income tax provision (benefit) | 78,000 | ||||||||
Cash provided by operating activities | 9,858 | ||||||||
Valuation Allowance of Deferred Tax Assets | Previously Reported | |||||||||
Net income | 4,065,000 | ||||||||
Deferred income tax provision (benefit) | -2,020,000 | ||||||||
Cash provided by operating activities | 9,858 | ||||||||
Valuation Allowance of Deferred Tax Assets | Adjustments | |||||||||
Net income | -2,098,000 | ||||||||
Deferred income tax provision (benefit) | 2,098,000 | ||||||||
Cash provided by operating activities | $0 |
Revised_Financials_Quarterly_F
Revised Financials - Quarterly Financial Data (Details) (USD $) | 3 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Net revenues | $38,885 | $45,159 | |||||||
Gross profits | 6,697 | 10,058 | |||||||
Net income (loss) from continuing operations | -7,613 | 1,967 | |||||||
Net income (loss) | -7,613 | 1,967 | |||||||
Net income (loss) attributable to Steel Excel Inc. | -7,250 | 2,293 | |||||||
Basic (in dollars per share) | ($0.63) | $0.19 | |||||||
Diluted (in dollars per share) | ($0.63) | $0.19 | |||||||
Valuation Allowance of Deferred Tax Assets | |||||||||
Net revenues | 45,159 | 54,482 | 58,583 | 51,924 | 33,496 | 31,420 | 28,761 | 26,351 | |
Gross profits | 10,058 | 13,799 | 17,183 | 15,003 | 9,120 | 8,010 | 8,041 | 6,983 | |
Net income (loss) from continuing operations | 1,967 | -33,968 | 75 | 7,657 | 8,150 | 2,383 | 732 | 1,602 | |
Net income (loss) | 1,967 | -33,462 | 75 | 7,657 | 4,087 | 1,495 | 538 | 1,207 | |
Net income (loss) attributable to Steel Excel Inc. | 2,293 | -33,605 | -163 | 7,668 | 6,599 | 1,806 | 723 | 1,543 | |
Net income (loss) from continuing operations attributable to Steel Excel Inc. | $2,293 | ($33,832) | ($163) | $7,668 | $8,428 | $2,205 | $768 | $1,622 | |
Basic (in dollars per share) | $0.19 | ($2.97) | ($0.01) | $0.64 | $0.69 | $0.18 | $0.06 | $0.13 | |
Diluted (in dollars per share) | $0.19 | ($2.97) | ($0.01) | $0.64 | $0.69 | $0.18 | $0.06 | $0.13 |
Revised_Financials_Narrative_D
Revised Financials - Narrative (Details) (USD $) | 3 Months Ended | ||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Goodwill impairments | $0 | $36,666,000 | |||||||
Provision for income taxes | -372,000 | 195,000 | |||||||
Valuation Allowance of Deferred Tax Assets | |||||||||
Goodwill impairments | 36,700,000 | ||||||||
Foreign tax benefit | 1,700,000 | ||||||||
Provision for income taxes | 195,000 | ||||||||
Valuation Allowance of Deferred Tax Assets | Adjustments | |||||||||
Provision for income taxes | $2,098,000 | ($2,200,000) | ($1,000,000) | $1,100,000 | $700,000 | $700,000 | $300,000 | $1,800,000 |
Acquisitions_Detail
Acquisitions (Detail) (UK Elite Soccer, Inc., Provider of Soccer Clinics, USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2014 |
Consideration transferred, net | $0.50 |
Customer relationships | |
Intangible assets | $0.50 |
Investments_Detail
Investments (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | 31-May-14 | Dec. 31, 2014 | Aug. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2015 | |
director | |||||||
Sales of marketable securities | $6,773,000 | $40,579,000 | |||||
Derivative liability | 166,089,000 | 181,138,000 | |||||
Realized loss on financial instrument obligation | -200,000 | ||||||
Loss on change to equity method at fair value | 2,807,000 | 0 | |||||
Value of investment | 33,240,000 | 26,871,000 | |||||
Cost-method investments | 28,483,000 | 28,525,000 | |||||
Venture Capital Funds | |||||||
Other investments | 500,000 | ||||||
Promissory Note | |||||||
Other investments | 3,000,000 | ||||||
Again Faster | |||||||
Membership interest (as a percent) | 44.70% | 40.00% | |||||
Ownership (as a percent) | 40.00% | 40.00% | |||||
iGo | |||||||
Ownership (as a percent) | 46.90% | 46.90% | |||||
Value of investment | 3,300,000 | ||||||
API | |||||||
Ownership (as a percent) | 20.60% | 20.60% | 20.60% | ||||
Number of shares held | 11,377,192 | ||||||
Number of shares purchased | 1,666,666 | ||||||
Loss on change to equity method at fair value | 600,000 | ||||||
Aviat Networks, Inc. | |||||||
Ownership (as a percent) | 12.90% | 12.90% | |||||
Number of shares held | 8,041,892 | ||||||
Number of directors | 2 | ||||||
Number of directors on board | 8 | ||||||
Partnership | |||||||
Cost-method investments | 25,000,000 | ||||||
Fair value of cost method investments | $26,700,000 |
Investments_Portfolio_of_marke
Investments - Portfolio of marketable securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available-for-sale securities: | ||
Cost | $179,522 | $195,958 |
Gross Unrealized Gains | 14,157 | 12,675 |
Gross Unrealized Losses | -27,590 | -27,495 |
Estimated Fair Value | 166,089 | 181,138 |
Amounts classified as cash equivalents | -41,704 | -42,681 |
Marketable securities cost | 137,818 | 153,277 |
Marketable securities estimated fair value | 124,385 | 138,457 |
Short-term deposits | ||
Available-for-sale securities: | ||
Cost | 41,704 | 42,681 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 41,704 | 42,681 |
Mutual funds | ||
Available-for-sale securities: | ||
Cost | 17,030 | 17,030 |
Gross Unrealized Gains | 4,713 | 4,262 |
Gross Unrealized Losses | -272 | -322 |
Estimated Fair Value | 21,471 | 20,970 |
Corporate securities | ||
Available-for-sale securities: | ||
Cost | 88,392 | 103,761 |
Gross Unrealized Gains | 8,963 | 7,821 |
Gross Unrealized Losses | -25,277 | -23,732 |
Estimated Fair Value | 72,078 | 87,850 |
Corporate obligations | ||
Available-for-sale securities: | ||
Cost | 32,396 | 32,486 |
Gross Unrealized Gains | 481 | 592 |
Gross Unrealized Losses | -2,041 | -3,441 |
Estimated Fair Value | $30,836 | $29,637 |
Investments_Fair_value_and_gro
Investments - Fair value and gross unrealized losses of the available for sale securities (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Gross realized gains | $510 | $3,200 | |
Gross realized losses | -375 | -209 | |
Realized gains (losses), net | 135 | 2,991 | |
Unrealized loss position, total, fair value | 59,989 | 58,272 | |
Unrealized loss position, total, gross unrealized losses | -27,590 | -27,495 | |
Corporate securities | |||
Unrealized loss position, total, fair value | 40,326 | 39,869 | |
Unrealized loss position, total, gross unrealized losses | -25,277 | -23,732 | |
Corporate obligations | |||
Unrealized loss position, total, fair value | 14,741 | 13,530 | |
Unrealized loss position, total, gross unrealized losses | -2,041 | -3,441 | |
Mutual funds | |||
Unrealized loss position, total, fair value | 4,922 | 4,873 | |
Unrealized loss position, total, gross unrealized losses | ($272) | ($322) |
Investments_Amortized_cost_and
Investments - Amortized cost and estimated fair value of investments in available-for-sale securities, by contractual maturity (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Cost | |
Mature in one year or less | $202 |
Mature in more than three years | 32,194 |
Total debt securities | 32,396 |
Securities with no contractual maturities | 147,126 |
Total | 179,522 |
Estimated Fair Value | |
Mature in one year or less | 207 |
Mature in more than three years | 30,629 |
Total debt securities | 30,836 |
Securities with no contractual maturities | 135,253 |
Total | $166,089 |
Investments_Financial_Instrume
Investments - Financial Instrument Obligations (Details) (Financial instrument liabilities, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Initial Obligation | $19,415 | $19,467 |
Estimated Fair Value | 21,308 | 21,311 |
Corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Initial Obligation | 675 | 666 |
Estimated Fair Value | 744 | 621 |
Market indices | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Initial Obligation | 18,685 | 18,685 |
Estimated Fair Value | 20,540 | 20,451 |
Covered call options | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Initial Obligation | 55 | 7 |
Estimated Fair Value | 24 | 4 |
Naked put options | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Initial Obligation | 0 | 109 |
Estimated Fair Value | $0 | $235 |
Investments_Summarized_Income_
Investments - Summarized Income Statement Information (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Investments [Abstract] | |
Revenues | $143,350 |
Gross profit | 38,149 |
Loss from continuing operations | -5,379 |
Net loss | -5,479 |
Net loss attributable to investees | ($5,479) |
Investments_Equity_Method_Inve
Investments - Equity Method Investments (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | 31-May-14 | Jan. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | |||||
Carrying Value | $38,808 | $30,060 | |||
Income (Loss) Recognized | -2,110 | -1,433 | |||
Again Faster | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership (as a percent) | 40.00% | 40.00% | |||
Carrying Value | 2,683 | 3,105 | |||
Income (Loss) Recognized | -422 | -129 | |||
iGo | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership (as a percent) | 46.90% | 46.90% | |||
Carrying Value | 2,885 | 2,600 | |||
Income (Loss) Recognized | 285 | -1,304 | |||
API | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership (as a percent) | 20.60% | 20.60% | 20.60% | ||
Carrying Value | 23,669 | 24,355 | |||
Income (Loss) Recognized | -686 | 0 | |||
Aviat | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership (as a percent) | 12.90% | 12.90% | |||
Carrying Value | 9,571 | ||||
Income (Loss) Recognized | ($1,287) | $0 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial assets measured at fair value on a recurring basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial instrument obligations | ||
Liabilities | ($21,308) | ($21,311) |
Cash, including short-term deposits | ||
Assets | 64,076 | 51,910 |
Restricted cash | ||
Assets | 21,308 | |
Mutual funds | ||
Assets | 21,471 | 20,970 |
Corporate securities | ||
Assets | 72,078 | 87,850 |
Corporate obligations | ||
Assets | 30,836 | 29,637 |
Investments in equity-method investees | ||
Assets | 33,240 | |
Investments in certain funds | ||
Assets | 483 | 525 |
Financial Assets | ||
Assets | 243,492 | 190,892 |
Level 1 | Financial instrument obligations | ||
Liabilities | -21,308 | -21,311 |
Level 1 | Cash, including short-term deposits | ||
Assets | 64,076 | 51,910 |
Level 1 | Restricted cash | ||
Assets | 21,308 | |
Level 1 | Mutual funds | ||
Assets | 21,471 | 20,970 |
Level 1 | Corporate securities | ||
Assets | 59,890 | 72,798 |
Level 1 | Corporate obligations | ||
Assets | 0 | 0 |
Level 1 | Investments in equity-method investees | ||
Assets | 33,240 | |
Level 1 | Investments in certain funds | ||
Assets | 0 | 0 |
Level 1 | Financial Assets | ||
Assets | 199,985 | 145,678 |
Level 2 | Financial instrument obligations | ||
Liabilities | 0 | 0 |
Level 2 | Cash, including short-term deposits | ||
Assets | 0 | 0 |
Level 2 | Restricted cash | ||
Assets | 0 | |
Level 2 | Mutual funds | ||
Assets | 0 | 0 |
Level 2 | Corporate securities | ||
Assets | 0 | 0 |
Level 2 | Corporate obligations | ||
Assets | 12,134 | 10,793 |
Level 2 | Investments in equity-method investees | ||
Assets | 0 | |
Level 2 | Investments in certain funds | ||
Assets | 0 | 0 |
Level 2 | Financial Assets | ||
Assets | 12,134 | 10,793 |
Level 3 | Financial instrument obligations | ||
Liabilities | 0 | 0 |
Level 3 | Cash, including short-term deposits | ||
Assets | 0 | 0 |
Level 3 | Restricted cash | ||
Assets | 0 | |
Level 3 | Mutual funds | ||
Assets | 0 | 0 |
Level 3 | Corporate securities | ||
Assets | 12,188 | 15,052 |
Level 3 | Corporate obligations | ||
Assets | 18,702 | 18,844 |
Level 3 | Investments in equity-method investees | ||
Assets | 0 | |
Level 3 | Investments in certain funds | ||
Assets | 483 | 525 |
Level 3 | Financial Assets | ||
Assets | $31,373 | $34,421 |
Fair_Value_Measurements_Reconc
Fair Value Measurements - Reconciliation of the beginning and ending balances of the Level 3 assets and liabilities (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning | $34,421 | $24,209 |
Purchases | 0 | 5,299 |
Sales | -163 | -1,974 |
Unrealized gains (losses) | -2,885 | 2,857 |
Balance, End | $31,373 | $30,391 |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $3.80 | $3.50 |
Property_and_Equipment_Schedul
Property and Equipment - Schedule (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property and equipment, gross | $140,712 | $139,775 |
Accumulated depreciation | -36,407 | -32,588 |
Property and equipment, net | 104,305 | 107,187 |
Rigs and other equipment | ||
Property and equipment, gross | 116,235 | 115,391 |
Buildings and improvements | ||
Property and equipment, gross | 19,206 | 18,977 |
Land | ||
Property and equipment, gross | 1,893 | 1,893 |
Vehicles | ||
Property and equipment, gross | 2,304 | 2,197 |
Furniture and fixtures | ||
Property and equipment, gross | 776 | 673 |
Assets in progress | ||
Property and equipment, gross | $298 | $644 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangibles | $2,162 | $2,641 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets, net (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $61,621 | $61,621 |
Accumulated Amortization | -28,001 | -25,839 |
Net | 33,620 | 35,782 |
Energy segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 59,410 | 59,410 |
Accumulated Amortization | -27,153 | -25,124 |
Net | 32,257 | 34,286 |
Sports segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2,211 | 2,211 |
Accumulated Amortization | -848 | -715 |
Net | 1,363 | 1,496 |
Customer relationships | Energy segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 54,430 | 54,430 |
Accumulated Amortization | -23,805 | -21,938 |
Net | 30,625 | 32,492 |
Customer relationships | Sports segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2,089 | 2,089 |
Accumulated Amortization | -805 | -678 |
Net | 1,284 | 1,411 |
Trade names | Energy segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 4,860 | 4,860 |
Accumulated Amortization | -3,317 | -3,161 |
Net | 1,543 | 1,699 |
Trade names | Sports segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 122 | 122 |
Accumulated Amortization | -43 | -37 |
Net | 79 | 85 |
Non-compete agreement | Energy segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 120 | 120 |
Accumulated Amortization | -31 | -25 |
Net | $89 | $95 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Estimated Aggregate Future Amortization Expense: (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2015 | $6,049 |
2016 | 7,202 |
2017 | 5,972 |
2018 | 5,229 |
2019 | 2,814 |
Thereafter | 6,354 |
Finite-Lived Intangible Assets, Net | $33,620 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Goodwill reconciliation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill [Roll Forward] | ||
Balance, beginning of period | $30,864 | $67,530 |
Impairments | 0 | -36,666 |
Balance, end of period | 30,864 | 30,864 |
Energy segment: | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 28,693 | 65,359 |
Impairments | 0 | -36,666 |
Balance, end of period | 28,693 | 28,693 |
Sports segment: | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 2,171 | 2,171 |
Impairments | 0 | 0 |
Balance, end of period | $2,171 | $2,171 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Components of Goodwill (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $73,095 | $73,095 | ||
Accumulated impairment | -42,231 | -42,231 | ||
Goodwill | $30,864 | $30,864 | $30,864 | $67,530 |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | ||
Long-term debt | $75,982,000 | |
Interest expense | 642,000 | 868,000 |
Steel Energy Ltd | ||
Debt Instrument [Line Items] | ||
Long-term debt | 76,000,000 | |
Energy Credit Agreement | Long-term Debt | Steel Energy Ltd | ||
Debt Instrument [Line Items] | ||
Long-term debt | 105,000,000 | |
Energy Credit Agreement | Term Loan | Steel Energy Ltd | ||
Debt Instrument [Line Items] | ||
Long-term debt | 95,000,000 | |
Energy Credit Agreement | Line of Credit | Revolving Credit Facility | Steel Energy Ltd | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 10,000,000 | |
Borrowing base of eligible accounts receivable (as a percent) | 85.00% | |
Amended Credit Agreement | Steel Energy Ltd | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 2.80% | |
Interest expense | 600,000 | 800,000 |
Amended Credit Agreement | Long-term Debt | Steel Energy Ltd | ||
Debt Instrument [Line Items] | ||
Quarterly installments | $3,300,000 |
Longterm_Debt_Assets_Pledged_a
Long-term Debt - Assets Pledged as Collateral (Details) (Steel Energy Ltd and Subsidiaries, USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Steel Energy Ltd and Subsidiaries | |
Debt Instrument [Line Items] | |
Cash and cash equivalents | $41,734 |
Accounts receivable | 16,710 |
Property and equipment, net | 96,210 |
Intangible assets, net | 32,257 |
Total | $186,911 |
Longterm_Debt_Principal_paymen
Long-term Debt - Principal payments under the Energy Credit Agreement (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Remainder of 2015 | $9,911 | |
2016 | 13,214 | |
2017 | 13,214 | |
2018 | 39,643 | |
Total | 75,982 | |
Less current portion | 13,214 | 13,214 |
Total long-term debt | $62,768 | $66,071 |
Other_Liabilities_Accrued_and_
Other Liabilities - Accrued and other liabilities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued and other liabilities | $17,719 | $8,916 |
Accrued compensation and related taxes | ||
Accrued and other liabilities | 5,285 | 5,471 |
Deferred compensation | ||
Accrued and other liabilities | 3,515 | 0 |
Deferred revenue | ||
Accrued and other liabilities | 3,494 | 1,308 |
Insurance | ||
Accrued and other liabilities | 2,535 | 0 |
Professional services | ||
Accrued and other liabilities | 264 | 763 |
Accrued fuel and rig-related charges | ||
Accrued and other liabilities | 2,076 | 601 |
Tax-related | ||
Accrued and other liabilities | 120 | 238 |
Other | ||
Accrued and other liabilities | $430 | $535 |
Other_Income_Expense_net_Detai
Other Income (Expense), net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Investment income | $1,564 | $1,589 |
Realized gain on sales of marketable securities, net | 135 | 2,991 |
Realized loss on financial instrument obligations | -186 | 0 |
Realized loss upon change to equity method at fair value | -2,807 | 0 |
Foreign exchange loss | -288 | 0 |
Other | -147 | -63 |
Other income (expense), net | ($1,729) | $4,517 |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $372 | ($195) |
Stock_Benefit_Plans_Stockbased
Stock Benefit Plans - Stock-based compensation expenses (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Total stock-based compensation | $539 | $617 |
Stock options | ||
Total stock-based compensation | 0 | 22 |
Restricted stock | ||
Total stock-based compensation | $539 | $595 |
Stock_Benefit_Plans_Restricted
Stock Benefit Plans Restricted Stock Activity (Details) (Restricted stock) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Restricted stock | |
Restricted Stock Activity (in shares) | |
Balance, beginning of period | 57 |
Awarded | 161 |
Vested | -3 |
Balance, end of period | 215 |
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 | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerators: | ||
Net income (loss) | ($7,613) | $1,967 |
Non-controlling interest | 363 | 326 |
Net income (loss) attributable to Steel Excel Inc. | ($7,250) | $2,293 |
Denominators: | ||
Basic weighted average common shares outstanding (in Shares) | 11,475 | 11,981 |
Effect of dilutive securities: | ||
Stock-based awards (in Shares) | 0 | 18 |
Diluted weighted average common shares outstanding (in Shares) | 11,475 | 11,999 |
Basic income (loss) per share attributable to Steel Excel Inc.: | ||
Net income (loss) (in dollars per share) | ($0.63) | $0.19 |
Diluted income (loss) per share attributable to Steel Excel Inc.: | ||
Net income (loss) (in dollars per share) | ($0.63) | $0.19 |
Antidilutive securities excluded (in shares) | -15 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Changes, net of tax, in Accumulated other comprehensive income are as follows (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance at beginning of period | $357,518 |
Current period other comprehensive income | 931 |
Balance at end of period | 351,357 |
Unrealized Gains on Securities | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance at beginning of period | -14,821 |
Other comprehensive income (loss) before reclassifications | 1,114 |
Reclassifications from accumulated other comprehensive income | -185 |
Current period other comprehensive income | 929 |
Balance at end of period | -13,892 |
Cumulative Translation Adjustment | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance at beginning of period | -385 |
Other comprehensive income (loss) before reclassifications | 2 |
Reclassifications from accumulated other comprehensive income | 0 |
Current period other comprehensive income | 2 |
Balance at end of period | -383 |
Total | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance at beginning of period | -15,206 |
Other comprehensive income (loss) before reclassifications | 1,116 |
Reclassifications from accumulated other comprehensive income | -185 |
Current period other comprehensive income | 931 |
Balance at end of period | ($14,275) |
Segment_Information_Detail
Segment Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
segment | |
Segment Reporting [Abstract] | |
Number of reportable segments (in segments) | 2 |
Segment_Information_Operating_
Segment Information - Operating results (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Revenues | $38,885 | $45,159 |
Operating income (loss) before goodwill impairments | ||
Operating income (loss) before goodwill impairments | -3,504 | -54 |
Corporate and other business activities | -10,201 | -10,112 |
Interest expense | -642 | -868 |
Other income (expense), net | -1,729 | 4,517 |
Income (loss) before income taxes and equity method loss | -5,875 | 3,595 |
Depreciation and amortization | 5,994 | 6,163 |
Energy segment: | ||
Revenues | ||
Revenues | 37,132 | 43,913 |
Operating income (loss) before goodwill impairments | ||
Operating income (loss) before goodwill impairments | 2,359 | 5,467 |
Depreciation and amortization | 5,565 | 5,793 |
Sports segment: | ||
Revenues | ||
Revenues | 1,753 | 1,246 |
Operating income (loss) before goodwill impairments | ||
Operating income (loss) before goodwill impairments | -2,539 | -2,032 |
Depreciation and amortization | 429 | 370 |
Total segment operating income (loss) | ||
Operating income (loss) before goodwill impairments | ||
Operating income (loss) before goodwill impairments | -180 | 3,435 |
Corporate and other business activities | ||
Operating income (loss) before goodwill impairments | ||
Corporate and other business activities | ($3,324) | ($3,489) |
Segment_Information_Assets_Det
Segment Information - Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Total assets: | ||
Total assets | $474,098 | $479,354 |
Sports segment: | ||
Total assets: | ||
Total assets | 18,559 | 18,625 |
Energy segment: | ||
Total assets: | ||
Total assets | 220,068 | 220,262 |
Corporate and other business activities | ||
Total assets: | ||
Total assets | $235,471 | $240,467 |
Related_Party_Transactions_Det
Related Party Transactions (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Oct. 31, 2013 | |
SP Corporate Services LLC | |||
Provision of services | $2,200,000 | $2,200,000 | |
Accounts payable | 100,000 | ||
Mutual Securities, Inc. | |||
Paid commissions | 11,000 | 123,000 | |
iGo | |||
Fixed annual fee | 400,000 | ||
WebBank | Interest Income | |||
Interest income | 16,000 | 7,000 | |
WebBank | Short-term deposits | |||
Short-term deposits | $9,300,000 | ||
Steel Excel | Percentage Owned By Steel Partners | |||
Ownership (as a percent) | 57.20% |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | $556 | $735 |
Income taxes paid, net of refunds | 61 | 44 |
Reclassification of available-for-sale securities to equity method investment | 10,858 | 0 |
Securities received in exchange for financial instrument obligations | 76 | 0 |
Securities delivered in exchange for settlement of financial instrument obligations | 76 | 0 |
Restricted stock awards surrendered to satisfy tax withholding obligations upon vesting | $18 | $0 |