Capital and Accumulated Other Comprehensive (Loss) Income

6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

Capital and Accumulated Other Comprehensive (Loss) Income

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

As of June 30, 2015 the Company has two classes of common units which include 27,225,263 Class A units and 130,264 Class B units. The Class B units were issued in the first quarter of 2015 to WGL Capital Corp. (the "Investment Manager") an affiliate of the Manager. The units issued were for the final settlement of the additional liability due to the Investment Manager of approximately $1,800. Instead of receiving the amount in cash, the Investment Manager elected for the total amount to be paid in common units of the Company. The Class B Common Units are identical to the regular Common Units in all respects except that net tax losses are not allocated to a holder of Class B Common Units, liquidating distributions made by the Company to such holder may not exceed the amount of its capital account allocable to such Common Units, and such holder may not sell such Common Units in the public market. At such time that that the amount of the capital account allocable to a Class B Common Unit is equal to the amount of the capital account allocable to a regular Common Unit, such Class B Common Unit convert automatically into a regular Common Unit. As of December 31, 2014, the Company had one class of units outstanding totaling 27,566,200.  

Common Unit Repurchase Program

On December 24, 2013, the Board of Directors of the general partner of the Company, approved the repurchase of up to an aggregate of $5,000 of the Company's common units (the “Repurchase Program”). Any purchases made under the Repurchase Program will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market, in compliance with applicable laws and regulations. In connection with the Repurchase Program, the Company has entered into a Stock Purchase Plan which expired on March 26, 2014. The Repurchase Program has no termination date. In total, the Company has purchased 262,073 units for a total purchase price of approximately $4,488 under the repurchase program.

Common Units Issuance - Directors

The Company's non-management directors receive annual equity compensation in the amount of $75 in the form of restricted common units of the Company. The restrictions vest over a three year period, with one-third of the units vesting on the anniversary date of the grants. The total value of the unvested restricted units granted was $760 as of June 30, 2015. Total expense for the restricted units issued was approximately $104 and $104 for the three months ended June 30, 2015 and 2014, respectively and $198 and $198 for the six months ended June 30, 2015 and 2014, respectively.

Accumulated Other Comprehensive Income

Changes, net of tax, in Accumulated other comprehensive income are as follows:

	Six Months Ended June 30, 2015
	Unrealized gain on available-for-sale securities			Unrealized gain on derivative financial instruments		Cumulative translation adjustment			Change in net pension and other benefit obligations			Total
Balance at beginning of period	$	83,137		$	—	$	(4,691	)	$	(75,641	)	$	2,805
Other comprehensive income (loss), net of tax - before reclassifications (a)	13,432			9		11			1,076			14,528
Reclassification adjustments, net of tax (b)	(22,736		)	—		—			—			(22,736		)
Net other comprehensive income (loss) attributable to common unit holders (c)	(9,304		)	9		11			1,076			(8,208		)
Balance at end of period	$	73,833		$	9	$	(4,680	)	$	(74,565	)	$	(5,403	)

(a) Net of a tax benefit of approximately $783.

(b) Net of a tax provision of approximately $3,861.

(c) Amounts do not include net unrealized gains on available-for-sale securities of $7,972, unrealized gains on derivative financial instruments of $2, cumulative translation adjustment losses of $178 and income from the change in pension and other post-retirement obligations of $551, which are attributable to noncontrolling interests.

Noncontrolling Interests in Consolidated Entities

Noncontrolling interests in consolidated entities at June 30, 2015 and December 31, 2014 represent the interests held by the noncontrolling shareholders of HNH, Steel Excel, CoSine, DGT and the BNS Liquidating Trust.

Incentive Unit Expense

Effective January 1, 2012, SPLP issued to the Manager partnership profits interests in the form of incentive units, a portion of which will be classified as Class C common units of SPLP upon the attainment of certain specified performance goals by SPLP which are determined as of the last day of each fiscal year.  If the performance goals are not met for a fiscal year, no portion of the incentive units will be classified as Class C common units for that year. The number of outstanding incentive units is equal to 100% of the common units outstanding, including common units held by non-wholly owned subsidiaries. The performance goals and expense related to the classification of a portion of the incentive units as Class C units is measured on an annual basis, but is accrued on a quarterly basis. Accordingly, the expense accrued is adjusted to reflect the fair value of the Class C common units on each interim calculation date.  In the event the cumulative incentive unit expense calculated quarterly or for the full year is an amount less than the total previously accrued, the Company would record a negative incentive unit expense in the quarter when such over accrual is determined. The expense is recorded in Selling, general and administrative expenses in the Company's Consolidated Statements of Operations. Reductions to SG&A expenses related to the incentive units were approximately $6,353 and $544 in the three months ended June 30, 2015 and June 30, 2014, respectively. Incentive unit expense was approximately $1,040 and $0 in the six months ended June 30, 2015 and 2014, respectively

Subsidiary Purchases of the Company's Common Units

During the six months ended June 30, 2015, two subsidiaries of the Company purchased a total of 249,632, of the Company's common units at a total cost of $4,458. The purchases of these units are reflected as treasury unit purchases in the Company's consolidated financial statements.