þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 13-3727655 |
(State of Incorporation) | (I.R.S. Employer Identification No.) |
590 Madison Avenue, 32nd Floor | |
New York, New York | 10022 |
(Address of principal executive offices) | (Zip Code) |
Name of each exchange on | |
Title of each class | which registered |
Common units, $0 par | New York Stock Exchange |
Large accelerated filer | o | Non-accelerated filer | o | |
Accelerated filer | þ | Smaller reporting company | o |
PART I | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
PART III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
PART IV | ||
Item 15. | ||
Diversified Industrial | % Owned at December 31, 2015 | Energy | % Owned at December 31, 2015 | Financial Services | % Owned at December 31, 2015 | Corporate and Other | % Owned at December 31, 2015 | ||||
Handy & Harman Ltd. ("HNH") (1) | 70.1 | % | Steel Excel Inc. ("Steel Excel") (1) | 58.3 | % | WebBank (1), (3) | 90.7 | % | SPH Services, Inc. ("SPH Services") (1) | 100.0 | % |
WebFinancial Holding LLC ("WFH LLC")(1), (2), (3) | 90.7 | % | Aviat Networks, Inc. ("Aviat") (4) | 12.9 | % | DGT Holdings Corp. ("DGT") (1) | 100.0 | % | |||
SL Industries, Inc. ("SLI") (4) | 25.1 | % | API Technologies Corp. ("API Tech") (4) | 20.6 | % | BNS Holdings Liquidating Trust ("BNS Liquidating Trust") (1) | 84.9 | % | |||
iGo Inc. ("IGo") (4) | 45.7 | % | ModusLink Global Solutions, Inc. ("MLNK") (4) | 31.5 | % | ||||||
Other Investments | Various |
(1) | Consolidated subsidiary. |
(3) | Wholly owned by WebFinancial Corporation ("WFHC"), a subsidiary of SPLP. On December 31, 2015 SPLP's ownership in WFHC decreased from 100.0% to 90.7%. |
(4) | Equity method investment. |
• | Joining Materials - HNH's Joining Materials business primarily fabricates precious metals and their alloys into brazing alloys. Brazing alloys are used to join similar and dissimilar metals, as well as specialty metals and some ceramics, with strong, hermetic joints. The Joining Materials business offers these metal joining products in a wide variety of alloys, including gold, silver, palladium, copper, nickel, aluminum and tin. Operating income from precious metal products is principally derived from the "value added" of processing and fabricating and not from the purchase and resale of precious metals. |
• | Tubing - HNH's Tubing business manufactures and produces value added fabrications for a wide variety of steel tubing products such as continuous seamless stainless steel tubing coils for the petrochemical infrastructure and shipbuilding markets and small diameter coil tubing for the aerospace, defense and semiconductor fabrication markets. This unit also manufactures welded carbon steel tubing in coiled and straight lengths with a primary focus on products for the transportation, appliance and heating and oil and gas industries. |
• | Building Materials - HNH's Building Materials business manufactures and supplies products primarily to the commercial construction and building industries. It manufactures fasteners and fastening systems for the U.S. commercial low slope roofing industry, which are sold to building and roofing material wholesalers, roofing contractors and private label roofing system manufacturers, and a line of engineered specialty fasteners for the building products industry for fastening applications in the remodeling and construction of homes, decking and landscaping. |
• | Performance Materials - HNH's Performance Materials business manufactures sheet and mechanically formed glass and aramid materials for specialty applications in a wide expanse of markets requiring highly engineered components. Its products are used in a wide range of advanced composite applications, such as civilian and military aerospace components, printed electronic circuit boards, filtration and insulation products, specialty commercial construction substrates, automotive and industrial components, and soft body armor for civilian and military applications. HNH's Performance Materials business is currently comprised solely of the operations of JPS Industries, Inc. ("JPS"), which HNH acquired on July 2, 2015. |
• | Kasco Blades and Route Repair Services ("Kasco") - HNH's Kasco business provides meat-room blade products, repair services and resale products for the meat and deli departments of supermarkets, restaurants, meat and fish processing plants, and for distributors of electrical saws and cutting equipment, principally in North America and Europe. Kasco also provides wood cutting blade products for the pallet manufacturing, pallet recycler and portable saw mill industries in North America. |
• | SPH Services - SPH Services, a wholly owned subsidiary of SPLP, provides legal, tax, accounting, treasury, consulting, auditing, administration, compliance, environmental health and safety, human resources, marketing, investor relations and similar services, to other affiliated companies. SP Corporate has management services agreements with HNH, Steel Excel, WebBank, WFH LLC, BNS, DGT and other related companies. For additional information on these service agreements see Note 13 - "Related Party Transactions" to the SPLP consolidated financial statements found elsewhere in this Form 10-K. As of December 31, 2015, SPH Services had 69 employees. |
• | BNS Liquidating Trust - In June 2012, BNS Holding Inc. ("BNS") formed a liquidating trust, the BNS Liquidating Trust. BNS assigned its assets and liabilities to the BNS Liquidating Trust and initiated its dissolution. The BNS Liquidating Trust is owned by the BNS former shareholders in the same proportion as their former ownership in BNS. The BNS Liquidating Trust has no employees. |
• | DGT - DGT's operations currently consist of investments, general and administrative expenses and one building which is held for sale at December 31, 2015. |
• | The Comprehensive Environmental Response, Compensation and Liability Act, as amended, and comparable state laws (“CERCLA” or “Superfund”) impose liability without regard to fault or the legality of the original conduct on certain defined parties, including current and prior owners or operators of a site where a release of hazardous substances occurred and entities that disposed or arranged for the disposition of the hazardous substances found at the site. Under CERCLA, these parties may be subject to joint and several liability for the costs of cleaning up the hazardous substances that were released into the environment and for damages to natural resources. Further, claims may be filed for personal injury and property damages allegedly caused by the release of hazardous substances and other pollutants. We may encounter materials that are considered hazardous substances in the course of our operations. As a result, our businesses may incur CERCLA liability for cleanup costs and be subject to related third-party claims. We also may be subject to the requirements of the Resource Conservation and Recovery Act, as amended, and comparable state statutes (“RCRA”) related to solid wastes. Under CERCLA or RCRA, our subsidiaries could be required to clean up contaminated property (including contaminated groundwater) or to perform remedial activities to prevent future contamination. |
• | The Clean Water Act established the basic structure for regulating discharges of pollutants into the waters of the United States and quality standards for surface waters. |
• | The Oil Pollution Act of 1990 imposed a multitude of requirements on responsible parties related to the prevention of oil spills and liability for damages resulting from such spills in the waters of the United States. |
• | The Clean Air Act, as amended, and comparable state laws and regulations restrict the emission of air pollutants and impose various monitoring and reporting requirements. These laws and regulations may require our subsidiaries to obtain approvals or permits for construction, modification, or operation of certain projects or facilities and may require use of emission controls. |
• | The Occupational Safety and Health Act, as amended, (“OSHA”) and comparable state laws regulate the protection of employee health and safety. OSHA’s hazard communication standard requires that information about hazardous materials used or produced in its operations be maintained and provided to employees and state and local government authorities. |
• | the Federal Truth-in-Lending Act and Regulation Z promulgated thereunder, which require certain disclosures to borrowers regarding the terms of their loans; |
• | the Dodd-Frank Act, the Federal Trade Commission Act, and state laws that prohibit unfair, deceptive, or abusive acts or practices; |
• | the Federal Equal Credit Opportunity Act and Regulation B promulgated thereunder, which prohibit discrimination in the extension of credit on the basis of age, race, color, sex, religion, marital status, national origin, receipt of public assistance or the exercise of any right under the Consumer Credit Protection Act; |
• | Federal and state laws relating to privacy and the safeguarding of personally identifiable consumer information and data breach notification; and |
• | laws governing the permissibility of the interest rates and fees that are charged to borrowers. |
Fiscal year ending December 31, 2015 | High | Low | ||||||
First Quarter | $ | 19.30 | $ | 16.74 | ||||
Second Quarter | $ | 19.10 | $ | 17.51 | ||||
Third Quarter | $ | 17.84 | $ | 16.45 | ||||
Fourth Quarter | $ | 17.87 | $ | 16.15 | ||||
Fiscal year ending December 31, 2014 | High | Low | ||||||
First Quarter | $ | 17.57 | $ | 15.70 | ||||
Second Quarter | $ | 17.21 | $ | 15.91 | ||||
Third Quarter | $ | 16.92 | $ | 16.27 | ||||
Fourth Quarter | $ | 18.55 | $ | 15.65 |
4/19/2011 | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | ||||||||||||||||||
Steel Partners Holdings L.P. | $ | 100 | $ | 74.92 | $ | 73.30 | $ | 107.87 | $ | 109.80 | $ | 101.84 | |||||||||||
Russell 2000 Index | $ | 100 | $ | 90.96 | $ | 105.83 | $ | 146.91 | $ | 154.11 | $ | 147.30 | |||||||||||
Peer Group | $ | 100 | $ | 72.48 | $ | 79.34 | $ | 126.85 | $ | 126.08 | $ | 115.12 |
(a) | (b) | (c) | (d) | ||||||
Period | Total Number of Shares (or Units) Purchased (1) | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (2) | |||||
October 1, 2015 through October 31, 2015 | 494,631 | $ | 17.76 | — | $ | 513 | |||
November 1, 2015 through November 30, 2015 | — | $ | — | — | $ | 513 | |||
December 1, 2015 through December 31, 2015 | — | $ | — | — | $ | 513 | |||
Total | 494,631 | — |
• | The year ended December 31, 2014 includes the operations of HNH's Arlon LLC ("Arlon") business. |
• | The year ended December 31, 2013 includes the operations of HNH's businesses: Arlon, Continental Industries ("Continental"), Canfield Metal Coating Corporation ("CMCC") and Indiana Tube de Mexico, S. De R.L. de C.V. ("ITM") through their respective sale dates, as well as one of Steel Excel's sports businesses. |
• | The year ended December 31, 2012 includes the aforementioned HNH operations, as well as DGT's RFI subsidiary and DGT's Villa subsidiary through their respective sale dates. |
• | The year ended December 31, 2011 includes the aforementioned operations, as well as DGT's operations from July 5, 2011. |
STATEMENTS OF OPERATIONS DATA (a) | Year Ended December 31, | ||||||||||||||||||
(in thousands, except common unit and per common unit data) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Revenues | $ | 998,037 | $ | 849,530 | $ | 721,114 | $ | 630,771 | $ | 542,902 | |||||||||
Net income (loss) from continuing operations | $ | 70,311 | $ | (17,572 | ) | $ | 38,374 | $ | 43,736 | $ | 71,298 | ||||||||
Income from discontinued operations | 86,257 | 10,304 | 6,446 | 20,029 | 9,979 | ||||||||||||||
Net income (loss) | 156,568 | (7,268 | ) | 44,820 | 63,765 | 81,277 | |||||||||||||
Less: Net income attributable to non-controlling interests: | (19,833 | ) | (287 | ) | (25,360 | ) | (22,747 | ) | (45,808 | ) | |||||||||
Net income (loss) attributable to common unitholders | $ | 136,735 | $ | (7,555 | ) | $ | 19,460 | $ | 41,018 | $ | 35,469 | ||||||||
Net income (loss) per common unit - basic: | |||||||||||||||||||
Net income (loss) from continuing operations | $ | 2.97 | $ | (0.48 | ) | $ | 0.51 | $ | 1.01 | $ | 1.19 | ||||||||
Net income from discontinued operations | 2.03 | 0.21 | 0.14 | 0.37 | 0.22 | ||||||||||||||
Net income (loss) attributable to common unitholders | $ | 5.00 | $ | (0.27 | ) | $ | 0.65 | $ | 1.38 | $ | 1.41 | ||||||||
Basic weighted average common units outstanding | 27,317,974 | 28,710,220 | 29,912,993 | 29,748,746 | 25,232,985 | ||||||||||||||
Net (loss) income per common unit - diluted: | |||||||||||||||||||
Net income (loss) from continuing operations | $ | 2.96 | $ | (0.48 | ) | $ | 0.49 | $ | 1.01 | $ | 0.81 | ||||||||
Net income from discontinued operations | 2.02 | 0.21 | 0.14 | 0.37 | 0.18 | ||||||||||||||
Net income (loss) attributable to common unitholders | $ | 4.98 | $ | (0.27 | ) | $ | 0.63 | $ | 1.38 | $ | 0.99 | ||||||||
Diluted weighted average common units outstanding | 27,442,308 | 28,710,220 | 30,798,113 | 29,774,527 | 29,669,582 |
BALANCE SHEET DATA | December 31, | ||||||||||||||||||
(in thousands, except per common unit data) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Cash and cash equivalents | $ | 185,852 | $ | 188,983 | $ | 203,980 | $ | 198,027 | $ | 127,027 | |||||||||
Marketable securities | 80,842 | 138,457 | 178,485 | 199,128 | — | ||||||||||||||
Long-term investments | 167,214 | 311,951 | 295,440 | 199,865 | 320,891 | ||||||||||||||
Total assets | 1,684,773 | 1,490,497 | 1,522,245 | 1,378,359 | 1,129,843 | ||||||||||||||
Long-term debt | 235,913 | 295,707 | 223,355 | 140,065 | 130,955 | ||||||||||||||
SPLP Partners’ capital | 558,034 | 494,859 | 616,582 | 527,344 | 415,797 | ||||||||||||||
SPLP Partners’ capital per common unit | $ | 20.95 | $ | 17.95 | $ | 19.81 | $ | 17.13 | $ | 16.51 |
• | HNH completed the sale of Arlon in January 2015, which operations comprised substantially all of HNH's former Arlon business, for $155,500 in cash, reflecting transaction fees, a final working capital adjustment and certain reductions as provided in the stock purchase agreement. |
• | SPLP acquired CoSine on January 20, 2015 by contributing 24,807,203 shares of API and 445,456 shares of common stock of Nathan’s Famous, Inc. ("Nathan's") to CoSine in exchange for 16,500,000 shares of newly issued CoSine common stock and 12,761 shares of newly issued 7.5% series B non-voting preferred stock, which increased our ownership of CoSine to approximately 80%. |
• | HNH acquired ITW Polymers Sealants North America Inc. (“ITW”) on March 31, 2015 for $27,400 in cash, including a final working capital adjustment. ITW was the exclusive supplier of certain adhesive products to HNH's Building Materials business, and the acquisition will provide HNH with greater control of their supply chain and allow them to expand their product development initiatives. |
• | On April 17, 2015, CoSine obtained control over the operations of API as the result of a tender offer of 60 pence in cash per API share not already owned. |
• | On July 2, 2015, HNH acquired JPS through a combination of cash and the issuance of its shares to the Company in exchange for the Company's shares of JPS. Prior to the acquisition, the Company accounted for JPS as an equity method investment. As a result of the transaction, SPLP's ownership of HNH increased by approximately 4%. |
• | During 2015, one of the Company's subsidiaries, Steel Excel, identified an error related to the manner in which the provision for income taxes had reflected the tax effects related to unrealized gains and losses on available for sale securities during 2014 and 2013. As a result, the Company recorded an adjustment to its tax provision of approximately $3,500 in the twelve months ended December 31, 2015 to correct the error. |
• | In December 2015, the Company and its CoSine and WFHC subsidiaries entered into a series of transactions that impacted SPLP's ownership interest in both entities. Prior to these transactions SPLP owned 100% of WFHC and 80.6% of CoSine. After these transactions SPLP owned 90.7% of WFHC and WFHC owned 100% of WFH LLC, a Company that was merged into and with CoSine. For additional details of these transactions, see Note 16 – "Capital and Accumulated Other Comprehensive (Loss) Income" to the SPLP consolidated financial statements found elsewhere in this Form 10-K. |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenues | $ | 998,037 | $ | 849,530 | $ | 721,114 | |||||
Cost of goods sold | 670,047 | 588,209 | 496,757 | ||||||||
Selling, general and administrative expenses | 230,199 | 188,355 | 202,121 | ||||||||
Goodwill impairment | 19,571 | 41,450 | — | ||||||||
Asset impairment charges | 68,092 | 2,537 | 2,689 | ||||||||
All other (income) expenses, net | (13,241 | ) | 3,706 | 3,022 | |||||||
Total costs and expenses | 974,668 | 824,257 | 704,589 | ||||||||
Income from continuing operations before income taxes and equity method income (loss) | 23,369 | 25,273 | 16,525 | ||||||||
Income tax (benefit) provision | (78,719 | ) | 24,288 | 6,477 | |||||||
Income (Loss) from equity method investments and investments held at fair value: | |||||||||||
(Loss) Income of associated companies, net of taxes | (34,931 | ) | (3,379 | ) | 27,786 | ||||||
Income (Loss) from other investments - related party | 361 | 891 | (271 | ) | |||||||
Income (Loss) from investments held at fair value | 2,793 | (16,069 | ) | 811 | |||||||
Net income (loss) from continuing operations | 70,311 | (17,572 | ) | 38,374 | |||||||
Income from discontinued operations | 86,257 | 10,304 | 6,446 | ||||||||
Net income (loss) | 156,568 | (7,268 | ) | 44,820 | |||||||
Net income attributable to noncontrolling interests in consolidated entities | (19,833 | ) | (287 | ) | (25,360 | ) | |||||
Net income (loss) attributable to common unitholders | $ | 136,735 | $ | (7,555 | ) | $ | 19,460 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenue: | |||||||||||
Diversified industrial | $ | 763,009 | $ | 600,468 | $ | 571,164 | |||||
Energy | 132,620 | 210,148 | 120,029 | ||||||||
Financial services | 69,430 | 36,647 | 28,185 | ||||||||
Corporate and other | 32,978 | 2,267 | 1,736 | ||||||||
Total Revenue | $ | 998,037 | $ | 849,530 | $ | 721,114 | |||||
Net income (loss) by segment: | |||||||||||
Diversified industrial | $ | 42,281 | $ | 65,543 | $ | 51,900 | |||||
Energy | (95,112 | ) | (26,254 | ) | 12,641 | ||||||
Financial services | 46,314 | 24,251 | 17,668 | ||||||||
Corporate | (1,891 | ) | (56,824 | ) | (37,358 | ) | |||||
Net (loss) income from continuing operations before income taxes | (8,408 | ) | 6,716 | 44,851 | |||||||
Income tax (benefit) provision | (78,719 | ) | 24,288 | 6,477 | |||||||
Net income (loss) from continuing operations | 70,311 | (17,572 | ) | 38,374 | |||||||
Income from discontinued operations | 86,257 | 10,304 | 6,446 | ||||||||
Net income attributable to noncontrolling interests in consolidated entities | (19,833 | ) | (287 | ) | (25,360 | ) | |||||
Net income (loss) attributable to common unitholders | $ | 136,735 | $ | (7,555 | ) | $ | 19,460 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net Sales | $ | 763,009 | $ | 600,468 | $ | 571,164 | |||||
Cost of sales | 564,863 | 436,914 | 411,859 | ||||||||
Gross profit | 198,146 | 163,554 | 159,305 | ||||||||
Selling, general and administrative expenses | 152,109 | 116,394 | 117,920 | ||||||||
Asset impairment charges | 1,398 | 1,314 | — | ||||||||
Interest expense | 5,238 | 7,544 | 8,593 | ||||||||
Derivative activity income | (588 | ) | (1,307 | ) | (1,195 | ) | |||||
Other (income) expense, net | (3,544 | ) | 181 | 344 | |||||||
Net income from continuing operations before income taxes | 43,533 | 39,428 | 33,643 | ||||||||
Income (loss) from associated companies: | |||||||||||
JPS | 5,831 | 14,277 | 9,204 | ||||||||
SLI | (7,083 | ) | 11,838 | 9,053 | |||||||
Total Segment Income | $ | 42,281 | $ | 65,543 | $ | 51,900 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net revenues | $ | 132,620 | $ | 210,148 | $ | 120,029 | |||||
Cost of sales | 105,007 | 151,063 | 84,197 | ||||||||
Gross profit | 27,613 | 59,085 | 35,832 | ||||||||
Selling, general and administrative expenses | 39,674 | 41,658 | 27,591 | ||||||||
Goodwill impairment | 19,571 | 41,450 | — | ||||||||
Interest expense | 2,455 | 3,177 | 1,725 | ||||||||
Asset impairment charges | 59,781 | — | — | ||||||||
Other income, net | (14,858 | ) | (7,016 | ) | (6,988 | ) | |||||
Net (loss) income from continuing operations before income taxes | (79,010 | ) | (20,184 | ) | 13,504 | ||||||
Loss from associated companies (a) | (16,102 | ) | (6,070 | ) | (863 | ) | |||||
Total segment (loss) income | $ | (95,112 | ) | $ | (26,254 | ) | $ | 12,641 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenue: | |||||||||||
Interest income (including fees) | $ | 60,468 | $ | 24,640 | $ | 18,898 | |||||
Non-interest income | 8,962 | 12,007 | 9,287 | ||||||||
69,430 | 36,647 | 28,185 | |||||||||
Costs and expenses: | |||||||||||
Selling, general and administrative expenses | 21,716 | 11,808 | 9,933 | ||||||||
Interest expense | 1,450 | 638 | 496 | ||||||||
Recovery of loan losses | (50 | ) | (50 | ) | (80 | ) | |||||
Asset impairment charge | — | — | 168 | ||||||||
23,116 | 12,396 | 10,517 | |||||||||
Total segment income | $ | 46,314 | $ | 24,251 | $ | 17,668 |
Year Ended December 31, | ||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||||
Outstanding | Earned/ | Yield/ | Outstanding | Earned/ | Yield/ | Outstanding | Earned/ | Yield/ | ||||||||||||||||||
Balance | Paid | Rate | Balance | Paid | Rate | Balance | Paid | Rate | ||||||||||||||||||
Interest Earning Assets: | ||||||||||||||||||||||||||
Loans Receivable | $ | 197,467 | $ | 60,277 | 30.5 | % | $ | 94,484 | $ | 24,433 | 25.9 | % | $ | 62,110 | $ | 18,704 | 30.1 | % | ||||||||
Held-to-Maturity Securities | 999 | 30 | 3.0 | % | 70 | — | — | % | 58 | — | 0.1 | % | ||||||||||||||
Available for Sale Investments | 574 | 12 | 2.1 | % | 566 | 14 | 2.5 | % | 577 | 13 | 2.3 | % | ||||||||||||||
Fed Funds Sold | 589 | 1 | 0.2 | % | 637 | 1 | 0.1 | % | 692 | 1 | 0.1 | % | ||||||||||||||
Interest Bearing Deposits in other Banks | 55,076 | 148 | 0.3 | % | 87,820 | 192 | 0.2 | % | 73,345 | 180 | 0.3 | % | ||||||||||||||
Total Interest-Earning Assets | 254,705 | 60,468 | 23.7 | % | 183,577 | 24,640 | 13.4 | % | 136,782 | 18,898 | 11.4 | % | ||||||||||||||
Non Interest-Earning Assets | 2,978 | 1,811 | 1,286 | |||||||||||||||||||||||
Total Assets | $ | 257,683 | $ | 185,388 | $ | 138,068 | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||||||
Money Market Accounts | $ | 68,861 | 82 | 0.1 | % | $ | 58,232 | 87 | 0.2 | % | $ | 29,312 | 62 | 0.2 | % | |||||||||||
Time Deposits | 133,592 | 1,372 | 1.0 | % | 88,344 | 551 | 0.6 | % | 72,754 | 434 | 0.6 | % | ||||||||||||||
Other Borrowings | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Total Interest-Bearing Liabilities | 202,453 | 1,454 | 0.7 | % | 146,576 | 638 | 0.4 | % | 102,066 | 496 | 1.3 | % | ||||||||||||||
Other Non Interest-Bearing Liabilities | 6,339 | 3,923 | 3,347 | |||||||||||||||||||||||
Total Liabilities | 208,792 | 150,499 | 105,413 | |||||||||||||||||||||||
Shareholder's Equity | 48,891 | 34,889 | 32,655 | |||||||||||||||||||||||
Total Liabilities & Shareholder's Equity | $ | 257,683 | $ | 185,388 | $ | 138,068 | ||||||||||||||||||||
Net Interest Income | $ | 59,014 | $ | 24,002 | $ | 18,402 | ||||||||||||||||||||
Spread on Average Interest-Bearing Funds | 23.0 | % | 13.0 | % | 13.3 | % | ||||||||||||||||||||
Net Interest Margin | 23.2 | % | 13.1 | % | 13.5 | % | ||||||||||||||||||||
Return on Assets | 12.2 | % | 8.4 | % | 8.2 | % | ||||||||||||||||||||
Return on Equity | 64.3 | % | 44.5 | % | 29.5 | % | ||||||||||||||||||||
Equity to Assets | 19.0 | % | 18.8 | % | 23.2 | % |
Year Ended December 31, | |||||||||||||||||||||||||||||
2015 vs 2014 | 2014 vs 2013 | 2013 vs. 2012 | |||||||||||||||||||||||||||
Increase/ | Increase/ | Total | Increase/ | Increase/ | Total | Increase/ | Increase/ | Total | |||||||||||||||||||||
Rate/Volume | (Decrease) | (Decrease) | Increase/ | (Decrease) | (Decrease) | Increase/ | (Decrease) | (Decrease) | Increase/ | ||||||||||||||||||||
Due to Volume | Due to Rate | (Decrease) | Due to Volume | Due to Rate | (Decrease) | Due to Volume | Due to Rate | (Decrease) | |||||||||||||||||||||
Interest Earning Assets: | |||||||||||||||||||||||||||||
Loans Receivable | $ | 30,752 | $ | 5,089 | $ | 35,841 | $ | 7,860 | $ | (2,130 | ) | $ | 5,730 | $ | 4,572 | $ | (1,691 | ) | $ | 2,881 | |||||||||
Held-to-Maturity Securities | 2 | 28 | 30 | — | — | — | — | — | — | ||||||||||||||||||||
Available For Sale Investments | — | (3 | ) | (3 | ) | — | 1 | 1 | 5 | (8 | ) | (3 | ) | ||||||||||||||||
Fed Funds Sold | — | — | — | — | — | — | (1 | ) | 1 | — | |||||||||||||||||||
Interest Bearing Deposits in other Banks | (110 | ) | 65 | (45 | ) | 26 | (15 | ) | 11 | (24 | ) | (5 | ) | (29 | ) | ||||||||||||||
Total Interest-Earning Assets | 30,644 | 5,179 | 35,823 | 7,886 | (2,144 | ) | 5,742 | 4,552 | (1,703 | ) | 2,849 | ||||||||||||||||||
Interest-Bearing Liabilities: | |||||||||||||||||||||||||||||
Money Market Accounts | 57 | (61 | ) | (4 | ) | 36 | (11 | ) | 25 | 10 | (5 | ) | 5 | ||||||||||||||||
Time Deposits | 363 | 457 | 820 | 97 | 21 | 118 | 27 | (493 | ) | (466 | ) | ||||||||||||||||||
Total Interest-Bearing Liabilities | 420 | 396 | 816 | 133 | 10 | 143 | 37 | (498 | ) | (461 | ) | ||||||||||||||||||
Net Effect on Net Interest Income | $ | 30,224 | $ | 4,783 | $ | 35,007 | $ | 7,753 | $ | (2,154 | ) | $ | 5,599 | $ | 4,515 | $ | (1,205 | ) | $ | 3,310 |
As of December 31, | |||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 1,542 | 0.7 | % | $ | 1,650 | 1.4 | % | $ | 4,671 | 6.1 | % | $ | 6,724 | 9.8 | % | $ | 8,340 | 18.8 | % | |||||||||
Commercial - Other | 281 | 0.1 | % | 264 | 0.2 | % | 242 | 0.3 | % | 318 | 0.5 | % | 300 | 0.7 | % | ||||||||||||||
Total Real Estate Loans | 1,823 | 0.8 | % | 1,914 | 1.6 | % | 4,913 | 6.4 | % | 7,042 | 10.3 | % | 8,640 | 19.5 | % | ||||||||||||||
Commercial and Industrial: | 66,253 | 29.1 | % | 75,706 | 63.9 | % | 46,702 | 60.9 | % | 9,832 | 14.4 | % | 4,344 | 9.8 | % | ||||||||||||||
Total Commercial and Industrial | 66,253 | 29.1 | % | 75,706 | 63.9 | % | 46,702 | 60.9 | % | 9,832 | 14.4 | % | 4,344 | 9.8 | % | ||||||||||||||
Loans Held for Sale: | 159,592 | 70.1 | % | 40,886 | 34.5 | % | 25,125 | 32.7 | % | 51,505 | 75.3 | % | 31,363 | 70.7 | % | ||||||||||||||
Total Loans | 227,668 | 100.0 | % | 118,506 | 100.0 | % | 76,740 | 100.0 | % | 68,379 | 100 | % | 44,347 | 100.0 | % | ||||||||||||||
Less: | |||||||||||||||||||||||||||||
Deferred Fees and Discounts | (15 | ) | (20 | ) | — | 21 | (56 | ) | |||||||||||||||||||||
Allowance for Loan Losses | (630 | ) | (557 | ) | (424 | ) | (285 | ) | (529 | ) | |||||||||||||||||||
Total Loans Receivable, Net | $ | 227,023 | $ | 117,929 | $ | 76,316 | $ | 68,115 | $ | 43,762 |
Due During Years Ending December 31, | Real Estate | Commercial & Industrial | Loans Held for Sale | ||||||||
2016 | $ | 97 | $ | 5,943 | $ | 159,592 | |||||
2017-2021 | 678 | 7,945 | — | ||||||||
2022 and following | 1,048 | 52,365 | — | ||||||||
Total | $ | 1,823 | $ | 66,253 | $ | 159,592 |
As of December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Non-Accruing Loans: | |||||||||||||||||||
Commercial Real Estate - Owner Occupied | $ | 341 | $ | 374 | $ | 403 | $ | 147 | $ | 914 | |||||||||
Commercial and Industrial | 2 | 16 | 109 | 94 | 97 | ||||||||||||||
Total | 343 | 390 | 512 | 241 | 1,011 | ||||||||||||||
Accruing Loans Delinquent: | |||||||||||||||||||
90 Days or More | — | 52 | — | 2,581 | — | ||||||||||||||
Total | — | 52 | — | 2,581 | — | ||||||||||||||
Restructured Loans: | |||||||||||||||||||
Commercial Real Estate - Owner Occupied | — | — | — | — | 1 | ||||||||||||||
Total | — | — | — | — | 1 | ||||||||||||||
Foreclosed Assets: | |||||||||||||||||||
Commercial Real Estate - Owner Occupied | 11 | 111 | 149 | 68 | 333 | ||||||||||||||
Total | 11 | 111 | 149 | 68 | 333 | ||||||||||||||
Total Non-Performing Assets | $ | 354 | $ | 553 | $ | 661 | $ | 2,890 | $ | 1,345 | |||||||||
Total as a Percentage of Total Assets | 0.1 | % | 0.2 | % | 0.4 | % | 2.1 | % | 1.1 | % |
As of December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Balance at Beginning of Period | $ | 557 | $ | 424 | $ | 285 | $ | 529 | $ | 1,541 | |||||||||
Charge Offs: | |||||||||||||||||||
Commercial Real Estate - Construction | — | — | — | — | (440 | ) | |||||||||||||
Commercial Real Estate - Owner Occupied | — | — | — | (1 | ) | (422 | ) | ||||||||||||
Commercial and Industrial | — | (3 | ) | (64 | ) | — | (727 | ) | |||||||||||
Total Charge Offs | — | (3 | ) | (64 | ) | (1 | ) | (1,589 | ) | ||||||||||
Recoveries: | |||||||||||||||||||
Commercial Real Estate - Construction | — | — | — | — | 466 | ||||||||||||||
Commercial Real Estate - Owner Occupied | 25 | 65 | 23 | 48 | 27 | ||||||||||||||
Commercial Real Estate - Other | 44 | 40 | 44 | 44 | 44 | ||||||||||||||
Commercial and Industrial | 54 | 81 | 216 | 80 | 32 | ||||||||||||||
Total Recoveries | 123 | 186 | 283 | 172 | 569 | ||||||||||||||
Net Recoveries (Charge Offs) | 123 | 183 | 219 | 171 | (1,020 | ) | |||||||||||||
Additions Charged to Operations | (50 | ) | (50 | ) | (80 | ) | (415 | ) | 8 | ||||||||||
Balance at End of Period | $ | 630 | $ | 557 | $ | 424 | $ | 285 | $ | 529 | |||||||||
Ratio of Net Charge Offs During the Period to Average Loans Outstanding During the Period | 0.1 | % | (0.2 | )% | (0.4 | )% | (0.4 | )% | 2.6 | % |
As of December 31, | |||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Amount | % of Loans in Each Category of Total Loans | Amount | % of Loans in Each Category of Total Loans | Amount | % of Loans in Each Category of Total Loans | Amount | % of Loans in Each Category of Total Loans | Amount | % of Loans in Each Category of Total Loans | ||||||||||||||||||||
Commercial Real Estate - Owner Occupied | $ | 40 | 0.7 | % | $ | 64 | 1.4 | % | $ | 77 | 6.1 | % | $ | 187 | 9.8 | % | $ | 346 | 18.8 | % | |||||||||
Commercial Real Estate - Other | 8 | 0.1 | % | 12 | 0.2 | % | 28 | 0.3 | % | 34 | 0.5 | % | 47 | 0.7 | % | ||||||||||||||
Commercial and Industrial | 582 | 29.1 | % | 481 | 63.9 | % | 319 | 60.9 | % | 64 | 14.4 | % | 136 | 9.8 | % | ||||||||||||||
Loans Held for Sale | — | 70.1 | % | — | 34.5 | % | — | 32.7 | % | — | 75.3 | % | — | 70.7 | % | ||||||||||||||
Total Loans | $ | 630 | 100 | % | $ | 557 | 100 | % | $ | 424 | 100 | % | $ | 285 | 100 | % | $ | 529 | 100 | % |
Year Ended December 31, | |||||||||||
Revenue: | 2015 | 2014 | 2013 | ||||||||
Investment and other income | $ | 711 | $ | 1,346 | $ | 665 | |||||
Net investment gains | 32,267 | 921 | 1,071 | ||||||||
32,978 | 2,267 | 1,736 | |||||||||
Costs and expenses: | |||||||||||
Selling, general and administrative expenses | 16,700 | 18,494 | 46,677 | ||||||||
Interest expense, net | 1,169 | 529 | 338 | ||||||||
Asset impairment charges | 6,913 | 1,223 | 2,520 | ||||||||
Other (income) expense, net | (4,336 | ) | 243 | 491 | |||||||
20,446 | 20,489 | 50,026 | |||||||||
Income (Loss) from continuing operations before income (loss) from equity method investments and investments held at fair value | 12,532 | (18,222 | ) | (48,290 | ) | ||||||
Equity Method Investments: | |||||||||||
Associated Companies: | |||||||||||
MLNK | (16,743 | ) | (22,940 | ) | 23,154 | ||||||
CoSine (1) | (602 | ) | (405 | ) | (418 | ) | |||||
Fox & Hound Acquisition Corp. ("Fox & Hound") | — | — | (11,521 | ) | |||||||
Other | (232 | ) | (79 | ) | (823 | ) | |||||
Income (Loss) from other investments - related party | 361 | 891 | (271 | ) | |||||||
Total (loss) income from equity method investments | (17,216 | ) | (22,533 | ) | 10,121 | ||||||
Income (Loss) from investments held at fair value | 2,793 | (16,069 | ) | 811 | |||||||
Total segment loss | $ | (1,891 | ) | $ | (56,824 | ) | $ | (37,358 | ) |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net cash (used in) provided by operating activities | $ | (15,753 | ) | $ | 78,033 | $ | 94,952 | ||||
Net cash provided by (used in) investing activities | 64,539 | (63,058 | ) | (154,322 | ) | ||||||
Net cash (used in) provided by by financing activities | (51,192 | ) | (29,667 | ) | 65,450 | ||||||
Change in period | $ | (2,406 | ) | $ | (14,692 | ) | $ | 6,080 |
Payments Due By Period | ||||||||||||||||||||
Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | Thereafter | Total | ||||||||||||||||
Debt obligations | $ | 3,463 | $ | 141,089 | $ | 95,086 | $ | — | $ | 239,638 | ||||||||||
Estimated interest expense (1) | 5,931 | 8,710 | 1,698 | — | 16,339 | |||||||||||||||
Deposits (2) | 155,112 | 97,060 | — | — | 252,172 | |||||||||||||||
Operating lease obligations | 8,075 | 12,030 | 8,881 | 9,355 | 38,341 | |||||||||||||||
Capital lease obligations | 1,028 | 1,899 | — | — | 2,927 | |||||||||||||||
Deferred compensation | 3,546 | 7,519 | — | — | 11,065 | |||||||||||||||
Capital expenditures | 92 | — | — | — | 92 | |||||||||||||||
Purchase obligations | 6,470 | — | — | — | 6,470 | |||||||||||||||
Minimum pension contributions (3) | 17,536 | 78,372 | 76,172 | 93,536 | 265,616 | |||||||||||||||
Total | $ | 201,253 | $ | 346,679 | $ | 181,837 | $ | 102,891 | $ | 832,660 |
2015 | 2014 | |||||||
Current | $ | 155,112 | $ | 87,804 | ||||
Long-term | 97,060 | 77,056 | ||||||
Total | $ | 252,172 | $ | 164,860 |
Maturity | |||||||||||||||
< 3 Months | 3 to 6 Months | 6 to 12 Months | > 12 Months | Total | |||||||||||
(Dollars in Thousands) | |||||||||||||||
Certificate of Deposits less than $100 | $ | 9,999 | $ | 10,538 | $ | 24,772 | $ | 97,060 | $ | 142,369 | |||||
Certificate of Deposits of $100 or more | 4,128 | 9,723 | 12,531 | — | 26,382 | ||||||||||
Total Certificates of Deposits | $ | 14,127 | $ | 20,261 | $ | 37,303 | $ | 97,060 | $ | 168,751 |
• | Available-for-sale securities are reported at fair value, with unrealized gains and losses recognized in Accumulated other comprehensive income (loss) as a separate component of SPLP's Partners' capital. |
• | Associated companies represent equity method investments in companies where our ownership is between 20% and 50% of the outstanding equity and the Company has the ability to exercise influence, but not control, over the investee. For equity method investments where the fair value option has been elected, unrealized gains and losses are reported in the consolidated statement of operations as part of income (loss) from equity method investments and includes income (loss) of certain associated companies and income (loss) from other investments - related party. For the equity method investments where the fair value option has not been elected, SPLP records the investment at cost and subsequently increases or decreases the investment by its proportionate share of the net income or losses and other comprehensive income of the investee. |
• | Held-to-maturity securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts. |
• | The available-for-sale securities are recorded in the balance sheet at an aggregate fair value of $66,042 (see Note 5 - "Investments" to the SPLP consolidated financial statements found elsewhere in this Form 10-K). A change in the equity price of these securities would result in a change in value of such securities in future periods. |
• | The Company's associated company investments include its investments in ModusLink, SLI, Aviat and API Tech, for which it has elected the fair value option. At December 31, 2015, these investments are carried at a total fair value of $94,532 (see Note 5 - "Investments" to the SPLP consolidated financial statements found elsewhere in this Form 10-K). A change in the equity price of our investment in these securities would result in a change in value of such securities and would impact our results in future periods. |
Page | |
Reports of Independent Registered Public Accounting Firm | |
Consolidated Financial Statements: | |
Consolidated Balance Sheets as of December 31, 2015 and 2014 | |
Consolidated Statements of Operations for the years ended December 31, 2015, 2014 and 2013 | |
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2015, 2014 and 2013 | |
Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013 | |
Consolidated Statements of Changes in Capital for the years ended December 31, 2015, 2014 and 2013 | |
Notes to Consolidated Financial Statements |
December 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 185,852 | $ | 188,983 | |||
Restricted cash | 21,644 | 21,311 | |||||
Marketable securities | 80,842 | 138,457 | |||||
Trade and other receivables (net of allowance for doubtful accounts of $1,945 in 2015 and $2,149 in 2014) | 114,215 | 87,440 | |||||
Receivable from related parties | 1,722 | 838 | |||||
Loans receivable, including loans held for sale of $159,592 and $40,886, respectively | 164,987 | 41,547 | |||||
Inventories, net | 102,267 | 64,084 | |||||
Prepaid and other current assets | 45,396 | 15,082 | |||||
Assets of discontinued operations | 2,549 | 76,418 | |||||
Total current assets | 719,474 | 634,160 | |||||
Long-term loans receivable, net | 62,036 | 76,382 | |||||
Goodwill | 101,853 | 45,951 | |||||
Other intangible assets, net | 138,963 | 118,550 | |||||
Deferred tax assets - non-current | 212,894 | 74,155 | |||||
Other non-current assets | 26,937 | 45,034 | |||||
Property, plant and equipment, net | 255,402 | 184,314 | |||||
Long-term investments | 167,214 | 311,951 | |||||
Total Assets | $ | 1,684,773 | $ | 1,490,497 | |||
LIABILITIES AND CAPITAL | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 59,992 | $ | 34,686 | |||
Accrued liabilities | 60,802 | 41,133 | |||||
Financial instruments | 21,639 | 21,311 | |||||
Deposits | 155,112 | 87,804 | |||||
Payable to related parties | 704 | 3,404 | |||||
Short-term debt | 1,269 | 602 | |||||
Current portion of long-term debt | 2,176 | 19,535 | |||||
Other current liabilities | 19,105 | 8,250 | |||||
Liabilities of discontinued operations | 450 | 13,201 | |||||
Total current liabilities | 321,249 | 229,926 | |||||
Long-term deposits | 97,060 | 77,056 | |||||
Long-term debt | 235,913 | 295,707 | |||||
Accrued pension liability | 276,525 | 208,390 | |||||
Deferred tax liabilities - non-current | 4,759 | 3,796 | |||||
Other liabilities | 8,905 | 11,516 | |||||
Total Liabilities | 944,411 | 826,391 | |||||
Commitments and Contingencies | — | — | |||||
Capital: | |||||||
Partners’ capital common units: 26,632,689 and 27,566,200 issued and outstanding (after deducting 10,055,224 and 8,964,049 held in treasury, at cost of $157,603 and $138,363) at December 31, 2015 and December 31, 2014, respectively | 612,302 | 492,054 | |||||
Accumulated other comprehensive (loss) income | (54,268 | ) | 2,805 | ||||
Total Partners’ Capital | 558,034 | 494,859 | |||||
Noncontrolling interests in consolidated entities | 182,328 | 169,247 | |||||
Total Capital | 740,362 | 664,106 | |||||
Total Liabilities and Capital | $ | 1,684,773 | $ | 1,490,497 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenue | |||||||||||
Diversified industrial net sales | $ | 763,009 | $ | 600,468 | $ | 571,164 | |||||
Energy net sales | 132,620 | 210,148 | 120,029 | ||||||||
Financial services revenue | 69,430 | 36,647 | 28,185 | ||||||||
Investment and other income | 711 | 1,346 | 665 | ||||||||
Net investment gains | 32,267 | 921 | 1,071 | ||||||||
Total revenue | 998,037 | 849,530 | 721,114 | ||||||||
Costs and expenses | |||||||||||
Cost of goods sold | 670,047 | 588,209 | 496,757 | ||||||||
Selling, general and administrative expenses | 230,199 | 188,355 | 202,121 | ||||||||
Goodwill impairment | 19,571 | 41,450 | — | ||||||||
Asset impairment charges | 68,092 | 2,537 | 2,689 | ||||||||
Finance interest expense | 1,450 | 815 | 698 | ||||||||
Recovery of loan losses | (50 | ) | (50 | ) | (80 | ) | |||||
Interest expense | 8,862 | 11,073 | 10,454 | ||||||||
Realized and unrealized gain on derivatives | (588 | ) | (1,307 | ) | (1,195 | ) | |||||
Other income, net | (22,915 | ) | (6,825 | ) | (6,855 | ) | |||||
Total costs and expenses | 974,668 | 824,257 | 704,589 | ||||||||
Income from continuing operations before income taxes and equity method income (loss) | 23,369 | 25,273 | 16,525 | ||||||||
Income tax (benefit) provision | (78,719 | ) | 24,288 | 6,477 | |||||||
Income (loss) from equity method investments and investments held at fair value: | |||||||||||
(Loss) Income of associated companies, net of taxes | (34,931 | ) | (3,379 | ) | 27,786 | ||||||
Income (Loss) from other investments - related party | 361 | 891 | (271 | ) | |||||||
Income (Loss) from investments held at fair value | 2,793 | (16,069 | ) | 811 | |||||||
Net income (loss) from continuing operations | 70,311 | (17,572 | ) | 38,374 | |||||||
Discontinued operations: | |||||||||||
Income (Loss) from discontinued operations, net of taxes | 565 | 10,262 | (227 | ) | |||||||
Gain on sale of discontinued operations, net of taxes | 85,692 | 42 | 6,673 | ||||||||
Income from discontinued operations | 86,257 | 10,304 | 6,446 | ||||||||
Net income (loss) | 156,568 | (7,268 | ) | 44,820 | |||||||
Net loss (income) attributable to noncontrolling interests in consolidated entities: | |||||||||||
Continuing operations | 10,875 | 3,882 | (23,227 | ) | |||||||
Discontinued operations | (30,708 | ) | (4,169 | ) | (2,133 | ) | |||||
(19,833 | ) | (287 | ) | (25,360 | ) | ||||||
Net income (loss) attributable to common unitholders | $ | 136,735 | $ | (7,555 | ) | $ | 19,460 | ||||
Net income (loss) per common unit - basic | |||||||||||
Net income (loss) from continuing operations | $ | 2.97 | $ | (0.48 | ) | $ | 0.51 | ||||
Net income from discontinued operations | 2.03 | 0.21 | 0.14 | ||||||||
Net income (loss) attributable to common unitholders | $ | 5.00 | $ | (0.27 | ) | $ | 0.65 | ||||
Net income (loss) per common unit - diluted | |||||||||||
Net income (loss) from continuing operations | $ | 2.96 | $ | (0.48 | ) | $ | 0.49 | ||||
Net income from discontinued operations | 2.02 | 0.21 | 0.14 | ||||||||
Net income (loss) attributable to common unitholders | $ | 4.98 | $ | (0.27 | ) | $ | 0.63 | ||||
Weighted average number of common units outstanding - basic | 27,317,974 | 28,710,220 | 29,912,993 | ||||||||
Weighted average number of common units outstanding - diluted | 27,442,308 | 28,710,220 | 30,798,113 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income (loss) | $ | 156,568 | $ | (7,268 | ) | $ | 44,820 | ||||
Other comprehensive income (loss), net of tax: | |||||||||||
Unrealized (losses) gains on available for sale securities, net of tax | (31,321 | ) | (5,828 | ) | 57,258 | ||||||
Reclassification of unrealized losses (gains) on available-for-sale securities, net of tax (a) | 4,932 | (5,484 | ) | (13,065 | ) | ||||||
(26,389 | ) | (11,312 | ) | 44,193 | |||||||
Gross unrealized losses on derivative financial instruments | (1,757 | ) | — | — | |||||||
Currency translation adjustments | (3,950 | ) | (2,090 | ) | 115 | ||||||
Reclassification of currency translation adjustments (b) | — | — | (2,927 | ) | |||||||
(3,950 | ) | (2,090 | ) | (2,812 | ) | ||||||
Change in net pension liability and post-retirement benefit obligations, net of tax | (25,839 | ) | (55,412 | ) | 39,147 | ||||||
Other comprehensive (loss) income | (57,935 | ) | (68,814 | ) | 80,528 | ||||||
Comprehensive income (loss) | 98,633 | (76,082 | ) | 125,348 | |||||||
Comprehensive (income) loss attributable to non-controlling interests | (17,032 | ) | 29,748 | (46,442 | ) | ||||||
Comprehensive income (loss) attributable to common unit holders | $ | 81,601 | $ | (46,334 | ) | $ | 78,906 | ||||
Tax (benefit) provision on gross unrealized gains and losses on available-for-sale securities | $ | (17,514 | ) | $ | — | $ | 7,531 | ||||
Tax provision (benefit) on reclassification of unrealized gains and losses on available-for-sale securities | $ | 19,416 | $ | — | $ | (966 | ) | ||||
Tax (benefit) provision on change in pension and other post-retirement benefit obligations | $ | (15,429 | ) | $ | (33,993 | ) | $ | 28,773 | |||
Tax benefit on change in currency translation adjustment | $ | (235 | ) | $ | — | $ | — |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 156,568 | $ | (7,268 | ) | $ | 44,820 | ||||
Income from discontinued operations | (86,257 | ) | (10,304 | ) | (6,446 | ) | |||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Net investment gains | (32,267 | ) | (921 | ) | (1,071 | ) | |||||
Recovery of loan losses | (50 | ) | (50 | ) | (80 | ) | |||||
Loss (Income) of associated companies | 34,931 | 3,379 | (27,786 | ) | |||||||
(Income) Loss from other investments - related party | (361 | ) | (891 | ) | 271 | ||||||
(Income) Loss from investments held at fair value | (2,793 | ) | 16,069 | (811 | ) | ||||||
Gain on asset dispositions | (1,588 | ) | — | — | |||||||
Deferred income taxes | 8,259 | 12,289 | 5,653 | ||||||||
Income tax benefit from release of deferred tax valuation allowance | (111,881 | ) | (45 | ) | (7,236 | ) | |||||
Depreciation and amortization | 48,560 | 38,438 | 30,990 | ||||||||
Reclassification of net cash settlements on derivative instruments | (625 | ) | (1,093 | ) | (2,346 | ) | |||||
Stock based compensation | 9,203 | 8,470 | 34,282 | ||||||||
Asset impairment charges | 68,092 | 2,537 | 2,689 | ||||||||
Goodwill impairment | 19,571 | 41,450 | — | ||||||||
Other | (9,686 | ) | 966 | 1,199 | |||||||
Net change in operating assets and liabilities: | |||||||||||
Receivables | 17,167 | (3,268 | ) | 8,672 | |||||||
Inventories | 12,534 | (4,697 | ) | 2,812 | |||||||
Prepaid and other assets | (666 | ) | 2,807 | (1,631 | ) | ||||||
Accounts payable, accrued and other liabilities | (23,504 | ) | (21,172 | ) | (25,107 | ) | |||||
Net (increase) decrease in loans held for sale | (118,706 | ) | (17,251 | ) | 26,379 | ||||||
Net cash (used in) provided by operating activities of continuing operations | (13,499 | ) | 59,445 | 85,253 | |||||||
Net cash (used in) provided by operating activities of discontinued operations | (2,254 | ) | 18,588 | 9,699 | |||||||
Net cash (used in) provided by operating activities | (15,753 | ) | 78,033 | 94,952 | |||||||
Cash flows from investing activities: | |||||||||||
Purchases of investments | (44,304 | ) | (111,648 | ) | (226,548 | ) | |||||
Proceeds from sales of investments | 86,559 | 120,235 | 104,545 | ||||||||
Maturities of marketable securities | 368 | 4,354 | 146,491 | ||||||||
Net increase in loans receivable | 2,168 | (25,805 | ) | (34,619 | ) | ||||||
Purchases of property and equipment | (23,252 | ) | (28,769 | ) | (20,885 | ) | |||||
Reclassification of restricted cash | 66 | 3,780 | (1,554 | ) | |||||||
Settlements of financial instruments | — | (24,429 | ) | — | |||||||
Net cash settlements on derivative instruments | 625 | 1,093 | 2,346 | ||||||||
Proceeds from sale of assets | 10,657 | 2,457 | 1,081 | ||||||||
Acquisitions, net of cash acquired | (116,135 | ) | (517 | ) | (130,528 | ) | |||||
Investments in associated companies | (7,607 | ) | (1,643 | ) | (36,018 | ) | |||||
Proceeds from sales of discontinued operations | 155,517 | 3,732 | 45,334 | ||||||||
Net cash provided by (used in) investing activities of discontinued operations | 25 | (2,902 | ) | (4,584 | ) | ||||||
Other | (148 | ) | (2,996 | ) | 617 | ||||||
Net cash provided by (used in) investing activities | 64,539 | (63,058 | ) | (154,322 | ) | ||||||
Cash flows from financing activities: | |||||||||||
Proceeds from term loans | 4,566 | 52,600 | 105,000 | ||||||||
Repurchases of Subordinated Notes | — | (346 | ) | (11,323 | ) | ||||||
Net revolver borrowings | (66,368 | ) | 196,212 | 30,950 | |||||||
Net borrowings of term loans - foreign | 240 | 315 | (424 | ) | |||||||
Repayments of term loans - domestic | (38,519 | ) | (182,080 | ) | (27,158 | ) | |||||
Subsidiary's purchases of the Company's common units | (17,323 | ) | (7,921 | ) | (15,690 | ) | |||||
Purchases of treasury units | (1,917 | ) | (51,465 | ) | (106 | ) | |||||
Subsidiary's purchases of their common stock | (17,031 | ) | (78,488 | ) | (50,144 | ) | |||||
Purchase of subsidiary shares from non-controlling interests | (93 | ) | (3,045 | ) | (917 | ) | |||||
Deferred finance charges | (477 | ) | (3,175 | ) | (2,139 | ) | |||||
Net increase in deposits | 87,312 | 46,654 | 39,567 | ||||||||
Net cash used in financing activities of discontinued operations | — | — | (3,093 | ) | |||||||
Other | (1,582 | ) | 1,072 | 927 | |||||||
Net cash (used in) provided by financing activities | (51,192 | ) | (29,667 | ) | 65,450 | ||||||
Net change for the period | (2,406 | ) | (14,692 | ) | 6,080 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (725 | ) | (305 | ) | (127 | ) | |||||
Cash and cash equivalents at beginning of period | 188,983 | 203,980 | 198,027 | ||||||||
Cash and cash equivalents at end of period | $ | 185,852 | $ | 188,983 | $ | 203,980 |
Steel Partners Holdings L.P. Common Unit Holders | |||||||||||||||||||||||||||||
Common | Treasury Units | Partners’ | Accumulated Other Comprehensive | Total Partners' | Non-controlling Interests in Consolidated | Total | |||||||||||||||||||||||
Units | Units | Dollars | Capital | Income (Loss) | Capital | Entities | Capital | ||||||||||||||||||||||
Balance at December 31, 2012 | 34,940,471 | (4,154,371 | ) | $ | (63,181 | ) | $ | 545,206 | $ | (17,862 | ) | $ | 527,344 | $ | 249,403 | $ | 776,747 | ||||||||||||
Net income | — | — | — | 19,460 | — | 19,460 | 25,360 | 44,820 | |||||||||||||||||||||
Unrealized gain on available-for-sale investments | — | — | — | — | 39,422 | 39,422 | 4,771 | 44,193 | |||||||||||||||||||||
Currency translation adjustment | — | — | — | — | (1,504 | ) | (1,504 | ) | (1,308 | ) | (2,812 | ) | |||||||||||||||||
Changes in pension liabilities and post-retirement benefit obligations | — | — | — | — | 21,528 | 21,528 | 17,619 | 39,147 | |||||||||||||||||||||
Acquisition by subsidiary | — | — | — | — | — | 2,896 | 2,896 | ||||||||||||||||||||||
Incentive units and vesting of restricted units | 1,561,835 | 26,957 | — | 26,957 | — | 26,957 | |||||||||||||||||||||||
Equity compensation - subsidiaries | — | — | — | 4,391 | — | 4,391 | 3,547 | 7,938 | |||||||||||||||||||||
Subsidiary's purchases of the Company's common units | — | (1,212,855 | ) | (15,690 | ) | (15,690 | ) | — | (15,690 | ) | — | (15,690 | ) | ||||||||||||||||
Purchases of SPLP common units | — | (6,015 | ) | (106 | ) | (106 | ) | — | (106 | ) | — | (106 | ) | ||||||||||||||||
Subsidiary's purchases of their common stock | — | — | — | (3,553 | ) | — | (3,553 | ) | (46,591 | ) | (50,144 | ) | |||||||||||||||||
Purchases of subsidiary shares from noncontrolling interests | — | — | — | (1,299 | ) | — | (1,299 | ) | 383 | (916 | ) | ||||||||||||||||||
Other, net | — | — | — | (368 | ) | — | (368 | ) | (2 | ) | (370 | ) | |||||||||||||||||
Balance at December 31, 2013 | 36,502,306 | (5,373,241 | ) | (78,977 | ) | 574,998 | 41,584 | 616,582 | 256,078 | 872,660 | |||||||||||||||||||
Net (loss) income | — | — | — | (7,555 | ) | — | (7,555 | ) | 287 | (7,268 | ) | ||||||||||||||||||
Unrealized gain on available-for-sale investments | — | — | — | — | (806 | ) | (806 | ) | (10,506 | ) | (11,312 | ) | |||||||||||||||||
Currency translation adjustment | — | — | — | — | (1,324 | ) | (1,324 | ) | (766 | ) | (2,090 | ) | |||||||||||||||||
Changes in pension liabilities and post-retirement benefit obligations | — | — | — | — | (36,649 | ) | (36,649 | ) | (18,763 | ) | (55,412 | ) | |||||||||||||||||
Vesting of restricted units | 27,943 | — | — | 420 | — | 420 | — | 420 | |||||||||||||||||||||
Equity compensation - subsidiaries | — | — | — | 4,628 | — | 4,628 | 3,134 | 7,762 | |||||||||||||||||||||
Subsidiary's purchases of the Company's common units | — | (473,054 | ) | (7,921 | ) | (7,921 | ) | — | (7,921 | ) | — | (7,921 | ) | ||||||||||||||||
Purchases of SPLP common units | — | (3,117,754 | ) | (51,465 | ) | (51,465 | ) | — | (51,465 | ) | — | (51,465 | ) | ||||||||||||||||
Subsidiary's purchases of their common stock | — | — | — | (32,682 | ) | — | (32,682 | ) | (45,806 | ) | (78,488 | ) | |||||||||||||||||
Purchases of subsidiary shares from noncontrolling interests | — | — | — | 11,643 | — | 11,643 | (14,688 | ) | (3,045 | ) | |||||||||||||||||||
Other, net | — | — | — | (12 | ) | — | (12 | ) | 277 | 265 | |||||||||||||||||||
Balance at December 31, 2014 | 36,530,249 | (8,964,049 | ) | (138,363 | ) | 492,054 | 2,805 | 494,859 | 169,247 | 664,106 | |||||||||||||||||||
Net income | — | — | $ | — | 136,735 | — | 136,735 | 19,833 | 156,568 | ||||||||||||||||||||
Unrealized (loss) gain on available-for-sale investments | — | — | — | — | (32,487 | ) | (32,487 | ) | 6,098 | (26,389 | ) | ||||||||||||||||||
Unrealized loss on derivative instruments | — | — | — | — | (1,415 | ) | (1,415 | ) | (342 | ) | (1,757 | ) | |||||||||||||||||
Currency translation adjustment | — | — | — | — | (2,966 | ) | (2,966 | ) | (984 | ) | (3,950 | ) | |||||||||||||||||
Changes in pension liabilities and post-retirement benefit obligations | — | — | — | — | (18,266 | ) | (18,266 | ) | (7,573 | ) | (25,839 | ) | |||||||||||||||||
Acquisition of CoSine | — | — | — | — | — | — | 12,841 | 12,841 | |||||||||||||||||||||
Units issued and vesting of restricted units | 157,664 | — | — | 2,281 | — | 2,281 | 2,281 | ||||||||||||||||||||||
Equity compensation - subsidiaries | — | — | — | 4,628 | — | 4,628 | 2,531 | 7,159 | |||||||||||||||||||||
Subsidiary's purchases of the Company's common units | — | (983,175 | ) | (17,323 | ) | (17,323 | ) | — | (17,323 | ) | (17,323 | ) | |||||||||||||||||
Purchases of SPLP common units | — | (108,000 | ) | (1,917 | ) | (1,917 | ) | — | (1,917 | ) | (1,917 | ) | |||||||||||||||||
Subsidiary's purchases of their common stock | — | — | — | (7,885 | ) | — | (7,885 | ) | (17,703 | ) | (25,588 | ) | |||||||||||||||||
Purchases of subsidiary shares from noncontrolling interests | — | — | — | 3,583 | (1,939 | ) | 1,644 | (1,737 | ) | (93 | ) | ||||||||||||||||||
Other, net | — | — | — | 146 | — | 146 | 117 | 263 | |||||||||||||||||||||
Balance at December 31, 2015 | 36,687,913 | (10,055,224 | ) | $ | (157,603 | ) | $ | 612,302 | $ | (54,268 | ) | $ | 558,034 | $ | 182,328 | $ | 740,362 | ||||||||||||
Ownership as of December 31, | |||||
2015 | 2014 | ||||
BNS Holding, Inc. ("BNS") and BNS Liquidating Trust ("BNS Liquidating Trust") | 84.9 | % | 84.9 | % | |
DGT Holdings Corp. ("DGT") (a) | 100.0 | % | 82.7 | % | |
Handy & Harman Ltd. ("HNH") | 70.1 | % | 66.2 | % | |
SPH Services, Inc. ("SPH Services") | 100.0 | % | 100.0 | % | |
Steel Excel | 58.3 | % | 57.9 | % | |
WebFinancial Holding Corporation ("WFHC") (b) | 90.7 | % | 100.0 | % |
• | Available-for-sale securities are reported at fair value, with unrealized gains and losses recognized in Accumulated other comprehensive income (loss) as a separate component of SPLP's Partners' capital. |
• | Associated companies represent equity method investments in companies where our ownership is between 20% and 50% of the outstanding equity and the Company has the ability to exercise influence, but not control, over the investee. For equity method investments where the fair value option has been elected, unrealized gains and losses are reported in the consolidated statement of operations as part of income (loss) from equity method investments and includes income (loss) of certain associated companies and income (loss) from other investments - related party. For the equity method investments where the fair value option has not been elected, SPLP records the investment at cost and subsequently increases or decreases the investment by its proportionate share of the net income or losses and other comprehensive income of the investee. |
• | Held-to-maturity securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts. |
Amount | |||
Assets: | |||
Cash and cash equivalents | $ | 22 | |
Trade and other receivables | 21,201 | ||
Inventories | 27,126 | ||
Prepaid expenses and other current assets | 4,961 | ||
Property, plant & equipment | 45,384 | ||
Goodwill | 32,336 | ||
Other intangible assets | 9,120 | ||
Deferred tax assets - non-current | 19,286 | ||
Other non-current assets | 3,280 | ||
Total assets acquired | 162,716 | ||
Liabilities: | |||
Accounts payable | 10,674 | ||
Accrued liabilities | 5,533 | ||
Long-term debt | 1,500 | ||
Accrued pension liability | 30,367 | ||
Other liabilities | 149 | ||
Total liabilities assumed | 48,223 | ||
Net assets acquired | $ | 114,493 |
Fair Value of Consideration Paid | ||||||||
Previously held common equity of CoSine | 4,779,721 | |||||||
Fair Value Per Share (a) | $ | 2.51 | $ | 12,011 | ||||
Shares of API transferred to CoSine | 24,807,203 | |||||||
Fair Value Per Share (b) | $ | 0.92 | 22,823 | |||||
Shares of Nathan's transferred to CoSine | 445,456 | |||||||
Fair Value Per Share (c) | $ | 70.50 | 31,405 | |||||
$ | 66,239 |
Amount | ||||
Assets: | ||||
Cash | $ | 17,614 | ||
Prepaid expenses and other current assets | 7 | |||
Investments | 54,228 | |||
Goodwill | 8,295 | |||
Total assets acquired | 80,144 | |||
Liabilities: | ||||
Accounts payable | 280 | |||
Accrued liabilities | 783 | |||
Total liabilities assumed | 1,063 | |||
Fair value of noncontrolling interest | 12,842 | |||
Net assets acquired | $ | 66,239 |
Fair Value of Consideration Paid | ||||
Previously held common equity of API | $ | 22,861 | ||
Cash paid for additional API equity | 47,866 | |||
$ | 70,727 |
Amount | ||||
Assets: | ||||
Cash | $ | 5,424 | ||
Trade and other receivables | 24,160 | |||
Inventories | 22,900 | |||
Prepaid expenses and other current assets | 4,838 | |||
Property, plant and equipment | 41,884 | |||
Other non-current assets | 4,814 | |||
Goodwill | 14,117 | |||
Other intangible assets | 23,664 | |||
Total assets acquired | 141,801 | |||
Liabilities: | ||||
Accounts payable | 24,556 | |||
Accrued liabilities | 7,028 | |||
Short-term debt | 2,104 | |||
Long-term debt | 22,784 | |||
Accrued pension liability | 11,791 | |||
Deferred tax liabilities - non-current | 2,811 | |||
Total liabilities assumed | 71,074 | |||
Net assets acquired | $ | 70,727 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenue | $ | 1,136,260 | $ | 1,194,658 | $ | 806,517 | |||||
Net income (loss) from continuing operations attributable to common unitholders | 63,455 | (15,009 | ) | 26,190 | |||||||
Net income (loss) from continuing operations per common unit - basic | 2.69 | (0.37 | ) | 0.88 | |||||||
Net income (loss) from continuing operations per common unit - diluted | 2.68 | (0.37 | ) | 0.85 |
December 31, | |||||||
2015 | 2014 | ||||||
Assets of discontinued operations: | |||||||
Trade and other receivables | $ | — | $ | 16,044 | |||
Inventories | — | 8,294 | |||||
Other current assets | — | 811 | |||||
Goodwill | — | 6,582 | |||||
Other intangibles, net | — | 14,230 | |||||
Property, plant and equipment, net | 2,549 | 30,457 | |||||
Other assets | — | — | |||||
Total assets | $ | 2,549 | $ | 76,418 | |||
Liabilities of discontinued operations: | |||||||
Trade payables and accrued liabilities | $ | 450 | $ | 6,702 | |||
Other current liabilities | — | 3,986 | |||||
Accrued pension liability | — | 1,794 | |||||
Other liabilities | — | 719 | |||||
Total liabilities | $ | 450 | $ | 13,201 |
Year Ended December 31, | |||||||||||
2015 (a) | 2014 (b) | 2013 (c) | |||||||||
Sales | $ | 5,952 | $ | 103,392 | $ | 105,194 | |||||
Net income (loss) from operations | 565 | 10,262 | (227 | ) | |||||||
Net income (loss) from operations after taxes and noncontrolling interests | (1,111 | ) | 6,112 | 703 | |||||||
Gain on sale of discontinued operations after taxes and noncontrolling interests | 56,659 | 23 | 3,610 |
• | On December 18, 2014, HNH entered into a contract to sell its Arlon business for $155,500 in cash, net of transaction fees, the final working capital adjustment and certain reductions as provided in the stock purchase agreement. The closing of the sale occurred in January 2015. |
• | In January 2013, HNH divested substantially all of the assets and existing operations of its Continental business unit for a cash sales price totaling approximately $37,400 less transaction fees. |
• | In June 2013, HNH divested substantially all of the assets and existing operations of its CMCC business unit for a cash sales price totaling approximately $9,500 less transaction fees. |
• | In July 2013, HNH divested substantially all of the equipment owned or utilized by ITM for the manufacture of refrigeration condensers for a cash sales price totaling $3,700, less transaction fees. |
• | HNH completed the final liquidation of its Indiana Tube Denmark A/S subsidiary in July 2013 (which had ceased operations in 2009) and recognized $2,600 in foreign currency translation gains in earnings during the third quarter of 2013, which were previously reported in Accumulated other comprehensive loss on the Consolidated Balance Sheet. |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair value | ||||||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||||||||||||
Short-term deposits | $ | 30,118 | $ | — | $ | — | $ | 30,118 | $ | 42,681 | $ | — | $ | — | $ | 42,681 | |||||||||||||||
Mutual funds | 11,835 | 2,182 | — | 14,017 | 17,030 | 4,262 | (322 | ) | 20,970 | ||||||||||||||||||||||
Corporate securities | 41,861 | 250 | (549 | ) | 41,562 | 103,761 | 7,821 | (23,732 | ) | 87,850 | |||||||||||||||||||||
Corporate obligations | 25,747 | 98 | (582 | ) | 25,263 | 32,486 | 592 | (3,441 | ) | 29,637 | |||||||||||||||||||||
Total marketable securities | 109,561 | 2,530 | (1,131 | ) | 110,960 | 195,958 | 12,675 | (27,495 | ) | 181,138 | |||||||||||||||||||||
Amounts classified as cash equivalents | (30,118 | ) | — | — | (30,118 | ) | (42,681 | ) | — | — | (42,681 | ) | |||||||||||||||||||
Amounts classified as marketable securities | $ | 79,443 | $ | 2,530 | $ | (1,131 | ) | $ | 80,842 | $ | 153,277 | $ | 12,675 | $ | (27,495 | ) | $ | 138,457 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Gross realized gains | $ | 12,053 | $ | 8,065 | $ | 6,984 | |||||
Gross realized losses | (6,806 | ) | (4,300 | ) | (4,376 | ) | |||||
Realized gains, net | $ | 5,247 | $ | 3,765 | $ | 2,608 |
Fair Value | Gross Unrealized Losses | ||||||
Corporate securities | $ | 2,283 | $ | (549 | ) | ||
Corporate obligations | 13,199 | (582 | ) | ||||
Total | $ | 15,482 | $ | (1,131 | ) |
Fair Value | Gross Unrealized Losses | ||||||
Corporate securities | $ | 39,869 | $ | (23,732 | ) | ||
Corporate obligations | 13,530 | (3,441 | ) | ||||
Mutual funds | 4,873 | (322 | ) | ||||
Total | $ | 58,272 | $ | (27,495 | ) |
Cost | Estimated Fair Value | ||||||
Mature after one year through three years | $ | 7,414 | $ | 7,512 | |||
Mature after three years | 18,333 | 17,751 | |||||
Total debt securities | 25,747 | 25,263 | |||||
Securities with no contractual maturities | 83,814 | 85,697 | |||||
$ | 109,561 | $ | 110,960 |
Investment Balance | Income (Loss) Recorded in Statement of Operations | ||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
(A) AVAILABLE-FOR-SALE SECURITIES | December 31, 2015 | December 31, 2014 | 2015 | 2014 | 2013 | ||||||||||||||||||
Fair Value Changes Recorded in Other Comprehensive (Loss) Income: | |||||||||||||||||||||||
Equity securities - U.S. (1) | |||||||||||||||||||||||
Aerospace/Defense | $ | 65,474 | $ | 76,512 | |||||||||||||||||||
Restaurants | — | 35,637 | |||||||||||||||||||||
Other | 568 | 572 | |||||||||||||||||||||
66,042 | 112,721 | ||||||||||||||||||||||
Fair Value Changes Recorded in Consolidated Statement of Operations: | |||||||||||||||||||||||
API(1) | — | 18,373 | $ | 4,449 | $ | (12,437 | ) | $ | (1,837 | ) | |||||||||||||
66,042 | 131,094 | $ | 4,449 | $ | (12,437 | ) | $ | (1,837 | ) | ||||||||||||||
(B) EQUITY METHOD INVESTMENTS | |||||||||||||||||||||||
Investments in Associated Companies: | December 31, 2015 | December 31, 2014 | |||||||||||||||||||||
At Cost: | Ownership | ||||||||||||||||||||||
WFH LLC (formerly CoSine) | 90.7 | % | 48.3 | % | — | 5,521 | $ | (602 | ) | $ | (405 | ) | $ | (418 | ) | ||||||||
Other (5) | 4,166 | 5,705 | (2,844 | ) | (2,634 | ) | (863 | ) | |||||||||||||||
At Fair Value: | |||||||||||||||||||||||
ModusLink Global Solutions, Inc. ("MLNK") (1) | 31.5 | % | 27.7 | % | 40,862 | 54,086 | (16,743 | ) | (22,940 | ) | 23,154 | ||||||||||||
SL Industries, Inc. ("SLI") (1) | 25.1 | % | 24.0 | % | 31,716 | 38,799 | (7,083 | ) | 11,838 | 9,053 | |||||||||||||
JPS Industries, Inc. ("JPS") (1) | 100.0 | % | 38.7 | % | — | 38,406 | 5,831 | 14,277 | 9,204 | ||||||||||||||
Fox & Hound | — | % | — | % | — | — | — | — | (11,521 | ) | |||||||||||||
API Technologies Corp. ("API Tech") (1) | 20.6 | % | 20.6 | % | 15,779 | 24,355 | (8,576 | ) | (3,436 | ) | — | ||||||||||||
Aviat Networks, Inc. ("Aviat") (1) | 12.9 | % | — | % | 6,175 | — | (4,682 | ) | — | — | |||||||||||||
Other (2) | 43.8 | % | 43.8 | % | 1,931 | 2,163 | (232 | ) | (79 | ) | (823 | ) | |||||||||||
100,629 | 169,035 | $ | (34,931 | ) | $ | (3,379 | ) | $ | 27,786 | ||||||||||||||
Other Investments at Fair Value - Related Party: | |||||||||||||||||||||||
SPII Liquidating Trust - Series B ("Barbican") (2) | — | — | $ | — | $ | — | $ | (16 | ) | ||||||||||||||
SPII Liquidating Trust - Series D ("Fox & Hound")(2) | — | — | — | (3 | ) | (35 | ) | ||||||||||||||||
SPII Liquidating Trust - Series G ("SPCA") (2), (3) | — | 6,811 | 447 | 1,040 | (245 | ) | |||||||||||||||||
SPII Liquidating Trust - Series H ("SPJSF") (2), (4) | — | 2,812 | (86 | ) | (146 | ) | 60 | ||||||||||||||||
SPII Liquidating Trust - Series I (2) | — | — | — | — | (35 | ) | |||||||||||||||||
— | 9,623 | $ | 361 | $ | 891 | $ | (271 | ) | |||||||||||||||
(C) OTHER INVESTMENTS | |||||||||||||||||||||||
ModusLink Warrants (2) | 543 | 2,199 | $ | (1,656 | ) | $ | (3,632 | ) | $ | 2,648 | |||||||||||||
Total Long-Term Investments | $ | 167,214 | $ | 311,951 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(A) AVAILABLE-FOR-SALE SECURITIES | |||||||||||
Fair Value Changes Recorded in Accumulated Other Comprehensive (Loss) Income: | |||||||||||
Proceeds from sales | $ | 33,582 | $ | 2,394 | $ | 3,964 | |||||
Gross gains from sales | $ | 27,275 | $ | 98 | $ | 1,245 | |||||
Gross losses from sales | (56 | ) | (16 | ) | — | ||||||
Net investment gain | $ | 27,219 | $ | 82 | $ | 1,245 | |||||
Change in net unrealized holding gains included in Accumulated other comprehensive (loss) income | $ | (11,090 | ) | $ | 14,273 | $ | 53,955 | ||||
Reclassified out of Accumulated other comprehensive (loss) income: | |||||||||||
Unrealized gains | $ | 29,663 | $ | 261 | $ | 14,217 | |||||
Unrealized losses | (50 | ) | — | (2,632 | ) | ||||||
Total | $ | 29,613 | $ | 261 | $ | 11,585 |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||
Aerospace/Defense | $ | 11,675 | $ | 53,799 | $ | — | $ | 65,474 | $ | 11,675 | $ | 64,837 | $ | — | $ | 76,512 | |||||||||
Restaurants | — | — | — | — | 5,974 | 29,663 | — | 35,637 | |||||||||||||||||
Other | 575 | — | (7 | ) | 568 | 575 | — | (3 | ) | 572 | |||||||||||||||
$ | 12,250 | $ | 53,799 | $ | (7 | ) | $ | 66,042 | $ | 18,224 | $ | 94,500 | $ | (3 | ) | $ | 112,721 |
• | Prior to acquiring a controlling interest in CoSine in the first quarter of 2015, the Company's investment in CoSine was accounted for under the traditional equity method. For additional information on the acquisition of CoSine and its related tender offer for the shares of API, see Note 3 - "Acquisitions." |
• | Steel Excel has an investment in a sports business and in iGo, a provider of accessories for mobile devices. These investments are being accounted for under the traditional equity method as associated companies. Steel Excel fully impaired its investment in the sports business in the third quarter of 2015, which resulted in a $2,500 impairment charge. Based on the closing market price of iGo's publicly-traded shares, the value of the investment in iGo was approximately $3,900 and $3,400 at December 31, 2015 and 2014, respectively. |
• | WFH LLC's API subsidiary has a 50% joint venture in API Optix with IQ Structures s.r.o. API Optix provides development and origination services in the field of micro and nano-scale surface relief technology. The investment, based in Prague, Czech Republic, is being accounted for under the traditional equity method as an associated company. |
• | MLNK provides supply chain and logistics services to companies in consumer electronics, communications, computing, medical devices, software, luxury goods and retail. In March 2013, pursuant to an agreement (“Investment Agreement”) between the Company and MLNK, MLNK also issued the Company warrants to purchase an additional 2,000,000 shares at $5.00 per share. See the "Other Investments" section of this Note for a further description of these warrants and their valuation. |
• | SLI is a publicly traded company that designs, manufactures and markets power electronics, motion control, power protection, power quality electromagnetic and specialized communication equipment. |
• | JPS is a U.S. manufacturer of extruded urethanes, ethylene vinyl acetates and mechanically formed glass and aramid substrate materials for specialty applications in a wide expanse of markets requiring highly engineered components. During the third quarter of 2015, the Company exchanged its shares of JPS common stock for shares of common stock of HNH. HNH also acquired all of the remaining shares of JPS through a tender offer, resulting in JPS becoming a wholly owned subsidiary of HNH (see Note 3 - "Acquisitions" for additional information). |
• | On December 15, 2013, Fox & Hound filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. The Bankruptcy Court approved a plan to sell the assets of Fox & Hound and the sale closed on March 12, 2014. The Company did not receive a distribution at the conclusion of the chapter 11 process. The investment in Fox & Hound was recorded under the equity method at fair value. During the third quarter of 2013 the Company wrote its investment down to zero. |
• | In May 2014, Steel Excel increased its holdings of the common stock of API Tech to 20.6%. API Tech is a designer and manufacturer of high performance systems, subsystems, modules, and components. Effective as of that date, the investment in API Tech has been accounted for as an equity method investment using the fair value option. Steel Excel elected the fair value option to account for its investment in API Tech in order to more appropriately reflect the value of API Tech in its financial statements. Prior to such time, the investment in API Tech was accounted for as an available-for-sale security, and upon the change in classification the Company recognized a loss of approximately $600 that had previously been included as a component of AOCI. In February 2016, API Tech announced that it had entered into a merger agreement subject to |
• | In January 2015, two members of Steel Excel'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, Steel Excel held 8,042,892 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 Steel Excel’s voting interest and board representation provide it with significant influence over Aviat's operations. Steel Excel 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 Steel Excel recognized a loss of approximately $2,800 that had previously been included as a component of AOCI. |
• | The Other investment represents the Company's investment in a Japanese real estate partnership. In the second quarter of 2013, the Company reclassified this investment to an associated company. During the year ended December 31, 2013 due to declines observed in this business, the Company recorded an impairment of $1,510, which is included in Asset impairment charges in the Consolidated Statements of Operations. |
December 31, | |||||||||||
2015 | 2014 | ||||||||||
Summary of balance sheet amounts: | |||||||||||
Current assets | $ | 540,446 | $ | 556,571 | |||||||
Noncurrent assets | 91,840 | 160,202 | |||||||||
Total assets | $ | 632,286 | $ | 716,773 | |||||||
Current liabilities | $ | 329,201 | $ | 257,559 | |||||||
Noncurrent liabilities | 98,730 | 113,217 | |||||||||
Total liabilities | 427,931 | 370,776 | |||||||||
Parent equity | 204,355 | 345,997 | |||||||||
Total liabilities and equity | $ | 632,286 | $ | 716,773 | |||||||
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Summary income statement amounts: | |||||||||||
Revenue | $ | 780,040 | $ | 1,102,133 | $ | 922,579 | |||||
Gross profit | 119,148 | 175,793 | 152,364 | ||||||||
Loss from continuing operations | (20,471 | ) | (170 | ) | (4,262 | ) | |||||
Net income (loss) after noncontrolling interests | (16,371 | ) | 7,952 | (5,663 | ) |
December 31, | |||||||||||
2015 | 2014 | ||||||||||
Summary of balance sheet amounts: | |||||||||||
Total assets | $ | 937 | $ | 21,996 | |||||||
Total liabilities | (937 | ) | — | ||||||||
Net Asset Value | $ | — | $ | 21,996 | |||||||
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Summary income statement amounts: | |||||||||||
Net increase (decrease) in net assets from operations | $ | 826 | $ | 2,038 | $ | (1,077 | ) |
December 31, 2015 | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Marketable securities (a) | $ | 47,274 | $ | 6,143 | $ | 27,425 | $ | 80,842 | |||||||
Long-term investments (a) | 160,574 | — | 2,474 | 163,048 | |||||||||||
Other investments | — | — | 555 | 555 | |||||||||||
Precious metal and commodity inventories recorded at fair value | 10,380 | — | — | 10,380 | |||||||||||
Commodity contracts on precious metal and commodity inventories | — | 215 | — | 215 | |||||||||||
Foreign currency forward exchange contracts | — | 325 | — | 325 | |||||||||||
Total | $ | 218,228 | $ | 6,683 | $ | 30,454 | $ | 255,365 | |||||||
Liabilities: | |||||||||||||||
Financial instruments | $ | 21,639 | $ | — | $ | — | $ | 21,639 | |||||||
Interest rate swap agreement | — | 30 | — | 30 | |||||||||||
Foreign currency forward exchange contracts | — | 30 | — | 30 | |||||||||||
Total | $ | 21,639 | $ | 60 | $ | — | $ | 21,699 |
December 31, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Marketable securities (a) | $ | 93,768 | $ | 10,793 | $ | 33,896 | $ | 138,457 | |||||||
Long-term investments (a) | 286,740 | — | 13,985 | 300,725 | |||||||||||
Other investments | — | — | 525 | 525 | |||||||||||
Precious metal and commodity inventories recorded at fair value | 13,249 | — | — | 13,249 | |||||||||||
Commodity contracts on precious metals and commodity inventories | 764 | — | — | 764 | |||||||||||
Total | $ | 394,521 | $ | 10,793 | $ | 48,406 | $ | 453,720 | |||||||
Liabilities: | |||||||||||||||
Financial instruments | $ | 21,311 | $ | — | $ | — | $ | 21,311 | |||||||
Interest rate swap agreement | — | 138 | — | 138 | |||||||||||
Total | $ | 21,311 | $ | 138 | $ | — | $ | 21,449 |
Long - Term Investments | |||||||||||||||||||
Investments in Associated Companies (a) | Other Investments - Related Party (b) | ModusLink Warrants (c) | Marketable Securities and Other (d), (e) | Total | |||||||||||||||
Assets | |||||||||||||||||||
Balance at December 31, 2012 | $ | 10,521 | $ | 11,263 | $ | — | $ | 2,804 | $ | 24,588 | |||||||||
Additions-Fair Value Elections in 2013 | 3,065 | — | — | — | 3,065 | ||||||||||||||
Purchases | 1,000 | — | 3,184 | 45,383 | 49,567 | ||||||||||||||
Sales | — | (764 | ) | — | (23,034 | ) | (23,798 | ) | |||||||||||
— | — | — | 1,556 | 1,556 | |||||||||||||||
Unrealized gains | — | 60 | 3,578 | — | 3,638 | ||||||||||||||
Unrealized losses | (12,343 | ) | (331 | ) | (930 | ) | (2,500 | ) | (16,104 | ) | |||||||||
Balance at December 31, 2013 | $ | 2,243 | $ | 10,228 | $ | 5,832 | $ | 24,209 | $ | 42,512 | |||||||||
Purchases | — | — | — | 13,294 | 13,294 | ||||||||||||||
Sales | — | (1,496 | ) | — | (5,001 | ) | (6,497 | ) | |||||||||||
Realized gain on sale | — | — | — | (129 | ) | (129 | ) | ||||||||||||
Unrealized gains | — | 2,411 | 99 | 2,048 | 4,558 | ||||||||||||||
Unrealized losses | (80 | ) | (1,520 | ) | (3,732 | ) | — | (5,332 | ) | ||||||||||
Balance at December 31, 2014 | 2,163 | 9,623 | 2,199 | 34,421 | 48,406 | ||||||||||||||
Purchases | — | — | — | 5,183 | 5,183 | ||||||||||||||
Sales | — | (9,985 | ) | — | (2,953 | ) | (12,938 | ) | |||||||||||
Realized loss on sale | — | — | — | 8 | 8 | ||||||||||||||
Unrealized gains | — | 484 | — | — | 484 | ||||||||||||||
Unrealized losses | (232 | ) | (122 | ) | (1,656 | ) | (8,679 | ) | (10,689 | ) | |||||||||
Balance at December 31, 2015 | $ | 1,931 | $ | — | $ | 543 | $ | 27,980 | $ | 30,454 |
Year Ended December 31, | ||||||||
2015 | 2014 | |||||||
Balance, beginning of period | $ | 21,311 | $ | 25,090 | ||||
Settlement of foreign currency financial instruments | — | (24,429 | ) | |||||
Settlement of short sales of corporate securities | (639 | ) | — | |||||
Short sales of corporate securities | 490 | 19,467 | ||||||
Net investment losses | 477 | 1,006 | ||||||
Receipt of dividends, net of interest expense | — | 177 | ||||||
Balance of financial instrument liabilities and related restricted cash, end of period | $ | 21,639 | $ | 21,311 |
Commodity | Amount | Notional Value | ||
Silver | 635,000 ounces | $ | 8,900 | |
Gold | 500 ounces | $ | 500 | |
Copper | 350,000 pounds | $ | 800 | |
Tin | 35 metric tons | $ | 500 |
December 31, | ||||||||||
Derivative | Balance Sheet Location | 2015 | 2014 | |||||||
Commodity contracts (a), (b) | Prepaid and other current assets | $ | 197 | $ | 667 | |||||
Commodity contracts (c) | Prepaid and other current assets/Accrued liabilities | $ | 18 | $ | 97 | |||||
Interest rate swap agreements | Other current liabilities | $ | (30 | ) | $ | (138 | ) | |||
Foreign exchange forward contracts (a), (d) | Accrued liabilities | $ | 325 | $ | — | |||||
Foreign exchange forward contracts (a), (b) | Accrued liabilities | $ | (30 | ) | $ | — |
Year Ended December 31, | ||||||||||||||
2015 | 2014 | 2013 | ||||||||||||
Derivative | Statement of Operations Location | Gain (loss) | Gain (loss) | Gain (loss) | ||||||||||
Commodity contracts (a), (b) | Cost of goods sold | $ | 1,467 | $ | 2,655 | $ | 2,620 | |||||||
Commodity contracts (c) | Cost of goods sold | 246 | 131 | (92 | ) | |||||||||
Commodity contracts (c) | Realized and unrealized gain on derivatives | 588 | 1,307 | 1,988 | ||||||||||
Interest rate swap agreements | Interest expense | (77 | ) | (156 | ) | (328 | ) | |||||||
Derivative features of subordinated notes | Realized and unrealized (loss) gain on derivatives | — | — | (793 | ) | |||||||||
Foreign exchange forward contracts (a), (d) | Revenue/Cost of goods sold | 2,063 | — | — | ||||||||||
Foreign exchange forward contracts (a), (b) | Other income, net | 21 | — | — | ||||||||||
Total derivatives | $ | 4,308 | $ | 3,937 | $ | 3,395 |
December 31, 2015 | December 31, 2014 | ||||||
Trade accounts receivable (net of allowance for doubtful accounts of $1,945 in 2015 and $2,149 in 2014) | $ | 112,369 | $ | 85,553 | |||
Other receivables | 1,846 | 1,887 | |||||
Total | $ | 114,215 | $ | 87,440 |
Total | Current | Non-current | |||||||||||||||||||||||||||
December 31, 2015 | % | December 31, 2014 | % | December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Loans held for sale | $ | 159,592 | $ | 40,886 | $ | 159,592 | $ | 40,886 | $ | — | $ | — | |||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Commercial - owner occupied | $ | 1,542 | 2 | % | $ | 1,650 | 2 | % | 97 | 96 | 1,445 | $ | 1,554 | ||||||||||||||||
Commercial – other | 281 | — | % | 264 | — | % | — | — | 281 | 264 | |||||||||||||||||||
Total real estate loans | 1,823 | 2 | % | 1,914 | 2 | % | 97 | 96 | 1,726 | 1,818 | |||||||||||||||||||
Commercial and industrial | 66,253 | 98 | % | 75,706 | 98 | % | 5,943 | 1,142 | 60,310 | 74,564 | |||||||||||||||||||
Total loans | 68,076 | 100 | % | 77,620 | 100 | % | 6,040 | 1,238 | 62,036 | 76,382 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Deferred fees and discounts | (15 | ) | (20 | ) | (15 | ) | (20 | ) | — | — | |||||||||||||||||||
Allowance for loan losses | (630 | ) | (557 | ) | (630 | ) | (557 | ) | — | — | |||||||||||||||||||
Total loans receivable, net (a) | $ | 67,431 | $ | 77,043 | 5,395 | 661 | 62,036 | 76,382 | |||||||||||||||||||||
Loans receivable, including loans held for sale (a) | $ | 164,987 | $ | 41,547 | $ | 62,036 | $ | 76,382 |
Real Estate | ||||||||||||||||
Commercial - Owner Occupied | Commercial - Other | Commercial & Industrial | Total | |||||||||||||
December 31, 2012 | $ | 187 | $ | 34 | $ | 64 | $ | 285 | ||||||||
Charge-offs | — | — | (64 | ) | (64 | ) | ||||||||||
Recoveries | 22 | 44 | 217 | 283 | ||||||||||||
Provision | (132 | ) | (50 | ) | 102 | (80 | ) | |||||||||
December 31, 2013 | 77 | 28 | 319 | 424 | ||||||||||||
Charge-offs | — | — | (3 | ) | (3 | ) | ||||||||||
Recoveries | 66 | 40 | 80 | 186 | ||||||||||||
Provision | (79 | ) | (56 | ) | 85 | (50 | ) | |||||||||
December 31, 2014 | 64 | 12 | 481 | 557 | ||||||||||||
Charge-offs | — | — | — | — | ||||||||||||
Recoveries | 25 | 44 | 54 | 123 | ||||||||||||
Provision | (49 | ) | (48 | ) | 47 | (50 | ) | |||||||||
December 31, 2015 | $ | 40 | $ | 8 | $ | 582 | $ | 630 |
Real Estate | ||||||||||||||||
December 31, 2015 | Commercial - Owner Occupied | Commercial - Other | Commercial & Industrial | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||
Individually evaluated for impairment | $ | 1 | $ | — | $ | 77 | $ | 78 | ||||||||
Collectively evaluated for impairment | 39 | 8 | 505 | 552 | ||||||||||||
Total | $ | 40 | $ | 8 | $ | 582 | $ | 630 | ||||||||
Outstanding Loan balances: | ||||||||||||||||
Individually evaluated for impairment | $ | 358 | $ | — | $ | 1,241 | $ | 1,599 | ||||||||
Collectively evaluated for impairment | 1,184 | 281 | 65,012 | 66,477 | ||||||||||||
Total | $ | 1,542 | $ | 281 | $ | 66,253 | $ | 68,076 |
Real Estate | ||||||||||||||||
December 31, 2014 | Commercial - Owner Occupied | Commercial - Other | Commercial & Industrial | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 52 | $ | 52 | ||||||||
Collectively evaluated for impairment | 64 | 12 | 429 | 505 | ||||||||||||
Total | $ | 64 | $ | 12 | $ | 481 | $ | 557 | ||||||||
Outstanding Loan balances: | ||||||||||||||||
Individually evaluated for impairment (1) | $ | 374 | $ | — | $ | 84 | $ | 458 | ||||||||
Collectively evaluated for impairment | 1,276 | 264 | 75,622 | 77,162 | ||||||||||||
Total | $ | 1,650 | $ | 264 | $ | 75,706 | $ | 77,620 |
December 31, 2015 | December 31, 2014 | ||||||
Real Estate Loans: | |||||||
Commercial - Owner Occupied | $ | 341 | $ | 374 | |||
Total Real Estate Loans | 341 | 374 | |||||
Commercial and Industrial | 2 | 16 | |||||
Total Loans | $ | 343 | $ | 390 |
December 31, 2015 | Current | 30-89 days past due | 90+ days past due | Total past due | Total loans | Recorded investment in accruing loans 90+ days past due | Nonaccrual loans that are current (1) | |||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 714 | $ | 487 | $ | 341 | $ | 828 | $ | 1,542 | $ | — | $ | — | ||||||||||||||
Commercial - Other | 281 | — | — | — | 281 | — | — | |||||||||||||||||||||
Total Real Estate Loans | 995 | 487 | 341 | 828 | 1,823 | — | — | |||||||||||||||||||||
Commercial and Industrial | 66,251 | — | 2 | 2 | 66,253 | — | — | |||||||||||||||||||||
Total Loans | $ | 67,246 | $ | 487 | $ | 343 | $ | 830 | $ | 68,076 | $ | — | $ | — |
December 31, 2014 | Current | 30-89 days past due | 90+ days past due | Total past due (2) | Total loans | Recorded investment in accruing loans 90+ days past due | Nonaccrual loans that are current (1) | |||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 1,228 | $ | 49 | $ | 373 | $ | 422 | $ | 1,650 | $ | — | $ | — | ||||||||||||||
Commercial - Other | 264 | — | — | — | 264 | — | — | |||||||||||||||||||||
Total Real Estate Loans | 1,492 | 49 | 373 | 422 | 1,914 | — | — | |||||||||||||||||||||
Commercial and Industrial | 75,635 | 3 | 68 | 71 | 75,706 | 52 | — | |||||||||||||||||||||
Total Loans | $ | 77,127 | $ | 52 | $ | 441 | $ | 493 | $ | 77,620 | $ | 52 | $ | — |
• | Pass: A Pass asset is a higher quality asset and does not fit any of the other categories described below. The likelihood of loss is considered remote. |
• | Special Mention: A receivable in this category has a specific weakness or problem but does not currently present a significant risk of loss or default as to any material term of the loan or financing agreement. |
• | Substandard: A substandard receivable has a developing or currently minor weakness or weaknesses that could result in loss or default if deficiencies are not corrected or adverse conditions arise. |
• | Doubtful: A doubtful receivable has an existing weakness or weaknesses that have developed into a serious risk of significant loss or default with regard to a material term of the financing agreement. |
December 31, 2015 | Pass | Special Mention | Sub- standard | Doubtful | Total loans | |||||||||||||||
Real Estate Loans: | ||||||||||||||||||||
Commercial - Owner Occupied | $ | 1,184 | $ | — | $ | 358 | — | $ | 1,542 | |||||||||||
Commercial - Other | 281 | — | — | — | 281 | |||||||||||||||
Total Real Estate Loans | 1,465 | — | 358 | — | 1,823 | |||||||||||||||
Commercial and Industrial | 61,310 | 3,702 | 1,241 | — | 66,253 | |||||||||||||||
Total Loans | $ | 62,775 | $ | 3,702 | $ | 1,599 | $ | — | $ | 68,076 |
December 31, 2014 | Pass | Special Mention | Sub- standard (1) | Doubtful | Total loans | |||||||||||||||
Real Estate Loans: | ||||||||||||||||||||
Commercial - Owner Occupied | 1,258 | 19 | 373 | — | 1,650 | |||||||||||||||
Commercial - Other | 264 | — | — | — | 264 | |||||||||||||||
Total Real Estate Loans | 1,522 | 19 | 373 | — | 1,914 | |||||||||||||||
Commercial and Industrial | 74,439 | 1,183 | 84 | — | 75,706 | |||||||||||||||
Total Loans | $ | 75,961 | $ | 1,202 | $ | 457 | $ | — | $ | 77,620 |
Recorded investment | ||||||||||||||||||||||||
December 31, 2015 | Unpaid principle balance | with no allowance | with allowance | Total recorded investment | Related Allowance | Average recorded investment | ||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 372 | $ | 341 | $ | 17 | $ | 358 | $ | 1 | $ | 370 | ||||||||||||
Total Real Estate Loans | 372 | 341 | 17 | 358 | 1 | 370 | ||||||||||||||||||
Commercial and Industrial | 1,320 | 12 | 1,229 | 1,241 | 77 | 569 | ||||||||||||||||||
Total Loans | $ | 1,692 | $ | 353 | $ | 1,246 | $ | 1,599 | $ | 78 | $ | 939 |
Recorded investment | ||||||||||||||||||||||||
December 31, 2014 | Unpaid principal balance | with no allowance | with allowance | Total recorded investment (1) | Related Allowance | Average recorded investment | ||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 430 | $ | 374 | $ | — | $ | 374 | $ | — | $ | 750 | ||||||||||||
Total Real Estate Loans | 430 | 374 | — | 374 | — | 750 | ||||||||||||||||||
Commercial and Industrial | 193 | 28 | 56 | 84 | 52 | 131 | ||||||||||||||||||
Total Loans | $ | 623 | $ | 402 | $ | 56 | $ | 458 | $ | 52 | $ | 881 |
December 31, 2015 | December 31, 2014 | ||||||
Finished products | $ | 39,405 | $ | 24,424 | |||
In – process | 20,814 | 10,310 | |||||
Raw materials | 28,893 | 12,346 | |||||
Fine and fabricated precious metal in various stages of completion | 13,155 | 17,094 | |||||
102,267 | 64,174 | ||||||
LIFO reserve | — | (90 | ) | ||||
Total | $ | 102,267 | $ | 64,084 |
December 31, 2015 | December 31, 2014 | ||||||
Supplemental inventory information: | |||||||
Precious metals stated at LIFO cost | $ | 3,536 | $ | 4,839 | |||
Precious metals stated under non-LIFO cost methods, primarily at fair value | 9,619 | 12,165 | |||||
Market value per ounce: | |||||||
Silver | 13.86 | 15.75 | |||||
Gold | 1,062.25 | 1,199.25 | |||||
Palladium | 547.00 | 798.00 |
December 31, 2015 | December 31, 2014 | ||||||
Land | $ | 20,434 | $ | 9,523 | |||
Buildings and improvements | 62,061 | 53,742 | |||||
Machinery, equipment and other | 276,599 | 194,356 | |||||
Construction in progress | 10,538 | 4,738 | |||||
369,632 | 262,359 | ||||||
Accumulated depreciation and amortization | (114,230 | ) | (78,045 | ) | |||
Net property, plant and equipment | $ | 255,402 | $ | 184,314 |
December 31, 2015 | |||||||||||||||
Diversified | Energy | Corporate | Total | ||||||||||||
Balance at beginning of year | |||||||||||||||
Gross Goodwill | $ | 26,299 | $ | 64,790 | $ | 81 | $ | 91,170 | |||||||
Accumulated impairments | — | (45,219 | ) | — | (45,219 | ) | |||||||||
Net Goodwill | 26,299 | 19,571 | 81 | 45,951 | |||||||||||
Acquisitions (a) | 76,016 | — | — | 76,016 | |||||||||||
Impairment | — | (19,571 | ) | — | (19,571 | ) | |||||||||
Currency translation adjustment | — | — | — | — | |||||||||||
Other adjustments | (543 | ) | — | — | (543 | ) | |||||||||
Balance at end of period | |||||||||||||||
Gross Goodwill | 101,772 | 64,790 | 81 | 166,643 | |||||||||||
Accumulated impairments | — | (64,790 | ) | — | (64,790 | ) | |||||||||
Net Goodwill | $ | 101,772 | $ | — | $ | 81 | $ | 101,853 |
December 31, 2014 | |||||||||||||||
Diversified | Energy | Corporate | Total | ||||||||||||
Balance at beginning of year | |||||||||||||||
Gross Goodwill | $ | 26,260 | $ | 64,790 | $ | 81 | $ | 91,131 | |||||||
Accumulated impairments | — | (3,769 | ) | — | (3,769 | ) | |||||||||
Net Goodwill | 26,260 | 61,021 | 81 | 87,362 | |||||||||||
Acquisitions | — | — | — | — | |||||||||||
Impairment | — | (41,450 | ) | — | (41,450 | ) | |||||||||
Currency translation adjustment | (37 | ) | — | — | (37 | ) | |||||||||
Other adjustments | 76 | — | — | 76 | |||||||||||
Balance at end of year | |||||||||||||||
Gross Goodwill | 26,299 | 64,790 | 81 | 91,170 | |||||||||||
Accumulated impairments | — | (45,219 | ) | — | (45,219 | ) | |||||||||
Net Goodwill | $ | 26,299 | $ | 19,571 | $ | 81 | $ | 45,951 |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||
Product and customer relationships | $ | 134,814 | $ | 41,153 | $ | 93,661 | $ | 113,952 | $ | 29,726 | $ | 84,226 | |||||||||||
Trademarks | 38,157 | 8,361 | 29,796 | 28,803 | 5,856 | 22,947 | |||||||||||||||||
Patents and technology | 17,010 | 7,379 | 9,631 | 16,773 | 6,023 | 10,750 | |||||||||||||||||
Other | 8,480 | 2,605 | 5,875 | 2,426 | 1,799 | 627 | |||||||||||||||||
$ | 198,461 | $ | 59,498 | $ | 138,963 | $ | 161,954 | $ | 43,404 | $ | 118,550 |
Products and | ||||||||||||
Customer | Patents and | |||||||||||
Relationships | Trademarks | Technology | Other | |||||||||
2016 | $ | 12,062 | $ | 2,808 | $ | 1,319 | $ | 839 | ||||
2017 | 11,632 | 2,252 | 1,319 | 725 | ||||||||
2018 | 11,221 | 1,697 | 1,319 | 771 | ||||||||
2019 | 8,957 | 1,539 | 1,312 | 734 | ||||||||
2020 | 8,944 | 1,539 | 907 | 734 | ||||||||
Thereafter | 40,845 | 11,941 | 3,455 | 2,072 | ||||||||
Total | $ | 93,661 | $ | 21,776 | $ | 9,631 | $ | 5,875 |
December 31, 2015 | December 31, 2014 | ||||||
Time deposits year of maturity: | |||||||
2015 | $ | — | $ | 27,001 | |||
2106 | 71,691 | 50,386 | |||||
2017 | 46,182 | 26,671 | |||||
2018 | 50,878 | — | |||||
Total time deposits | 168,751 | 104,058 | |||||
Money market deposits | 83,421 | 60,802 | |||||
Total deposits (a) | $ | 252,172 | $ | 164,860 | |||
Current | $ | 155,112 | $ | 87,804 | |||
Long-term | 97,060 | 77,056 | |||||
Total deposits | $ | 252,172 | $ | 164,860 | |||
December 31, 2015 | December 31, 2014 | ||||||
Short term debt: | |||||||
CoSine - Foreign | $ | 527 | $ | — | |||
HNH - Foreign | 742 | 602 | |||||
Total short-term debt | 1,269 | 602 | |||||
Long-term debt: | |||||||
Steel Excel Term Loan (a) | 42,666 | 78,653 | |||||
CoSine Term Loans | 2,664 | — | |||||
HNH Revolving Facilities | 90,613 | 193,375 | |||||
SPLP Revolving Facility | 75,140 | 33,788 | |||||
CoSine Revolving Facilities | 18,793 | — | |||||
Other debt - domestic | 6,936 | 8,014 | |||||
Foreign loan facilities | 1,277 | 1,412 | |||||
Subtotal | 238,089 | 315,242 | |||||
Less portion due within one year (b) | 2,176 | 19,535 | |||||
Long-term debt | 235,913 | 295,707 | |||||
Total debt | $ | 239,358 | $ | 315,844 | |||
Capital lease facility | |||||||
Current portion of capital lease | $ | 1,028 | $ | 486 | |||
Long-term portion of capital lease | 1,899 | 288 | |||||
$ | 2,927 | $ | 774 |
Total | Less: Unamortized debt issuance costs | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | |||||||||||||||||||||||||
Long-term debt | $ | 238,089 | $ | (280 | ) | $ | 2,176 | $ | 97,099 | $ | 42,991 | $ | 91,339 | $ | 3,997 | $ | 767 |
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | 54 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Interest cost | 24,870 | 20,518 | 18,447 | 46 | 49 | 98 | |||||||||||||||||
Expected return on plan assets | (29,253 | ) | (24,157 | ) | (23,900 | ) | — | — | — | ||||||||||||||
Amortization of prior service cost | — | — | — | (103 | ) | (103 | ) | — | |||||||||||||||
Amortization of actuarial loss | 6,229 | 1,878 | 5,026 | 37 | 34 | 8 | |||||||||||||||||
Total | $ | 1,900 | $ | (1,761 | ) | $ | (427 | ) | $ | (20 | ) | $ | (20 | ) | $ | 106 |
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||
Discount rates: | |||||||||||||||||
WHX Pension Plan | 3.70 | % | 4.40 | % | 3.50 | % | N/A | N/A | N/A | ||||||||
JPS Pension Plan | 4.00 | % | N/A | N/A | N/A | N/A | N/A | ||||||||||
API Pension Plan | 3.70 | % | N/A | N/A | N/A | N/A | N/A | ||||||||||
Other post-retirement benefit plans | N/A | N/A | N/A | 3.55 | % | 4.10 | % | 3.65 | % | ||||||||
Expected return on assets | 7.00 | % | 7.00 | % | 7.50 | % | N/A | N/A | N/A | ||||||||
API expected return on assets | 4.61 | % | N/A | N/A | N/A | N/A | N/A | ||||||||||
Health care cost trend rate - initial | N/A | N/A | N/A | 6.75 | % | 7.00 | % | 7.25 | % | ||||||||
Health care cost trend rate - ultimate | N/A | N/A | N/A | 5.00 | % | 5.00 | % | 5.00 | % | ||||||||
Year ultimate reached | N/A | N/A | N/A | 2022 | 2022 | 2022 |
HNH Plans | API Plan | |||||||||||||||||||
Pension Benefits | Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||
2015 | 2014 | 2015 | 2015 | 2014 | ||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||
Benefit obligation at January 1 | $ | 531,824 | $ | 494,272 | $ | — | $ | 1,356 | $ | 1,084 | ||||||||||
JPS and API pension plan acquisitions | 117,688 | — | 142,164 | — | — | |||||||||||||||
Service cost | 54 | — | — | — | — | |||||||||||||||
Interest cost | 21,286 | 20,518 | 3,444 | 46 | 49 | |||||||||||||||
Actuarial (gain) loss | (19,814 | ) | 51,274 | (3,175 | ) | 159 | 293 | |||||||||||||
Participant contributions | — | — | — | 1 | 1 | |||||||||||||||
Plan change | — | — | — | — | — | |||||||||||||||
Benefits paid | (37,644 | ) | (34,276 | ) | (3,394 | ) | (349 | ) | (71 | ) | ||||||||||
Transfer from Canfield Salaried SEPP | — | 36 | — | — | — | |||||||||||||||
Benefit obligation at December 31 | $ | 613,394 | $ | 531,824 | $ | 139,039 | $ | 1,213 | $ | 1,356 | ||||||||||
Change in plan assets: | ||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 323,493 | $ | 351,869 | $ | — | $ | — | $ | — | ||||||||||
JPS and API pension plan acquisition | 87,321 | — | 131,973 | — | — | |||||||||||||||
Actual returns on plan assets | (43,273 | ) | (14,676 | ) | (34 | ) | — | — | ||||||||||||
Participant contributions | — | — | — | 1 | 1 | |||||||||||||||
Benefits paid | (37,644 | ) | (34,276 | ) | (3,394 | ) | (349 | ) | (71 | ) | ||||||||||
Company contributions | 18,024 | 20,540 | 690 | 348 | 70 | |||||||||||||||
Transfer from Canfield Salaried SEPP | — | 36 | — | — | — | |||||||||||||||
Fair value of plan assets at December 31 | 347,921 | 323,493 | 129,235 | — | — | |||||||||||||||
Funded status | $ | (265,473 | ) | $ | (208,331 | ) | $ | (9,804 | ) | $ | (1,213 | ) | $ | (1,356 | ) | |||||
Accumulated benefit obligation ("ABO") for qualified | ||||||||||||||||||||
defined benefit pension plans : | ||||||||||||||||||||
ABO at January 1 | $ | 531,824 | $ | 494,272 | $ | — | $ | 1,356 | $ | 1,084 | ||||||||||
ABO at December 31 | $ | 613,394 | $ | 531,824 | $ | 139,039 | $ | 1,213 | $ | 1,356 | ||||||||||
Amounts recognized in the statement of financial position: | ||||||||||||||||||||
Current liability | $ | — | $ | — | $ | — | $ | (119 | ) | $ | (124 | ) | ||||||||
Non-current liability | (265,473 | ) | (208,331 | ) | (9,804 | ) | (1,094 | ) | (1,232 | ) | ||||||||||
Total | $ | (265,473 | ) | $ | (208,331 | ) | $ | (9,804 | ) | $ | (1,213 | ) | $ | (1,356 | ) |
Pension Benefits | Other Post-Retirement Benefits | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||
Discount rates: | |||||||||||
WHX Pension Plan | 4.01 | % | 3.70 | % | N/A | N/A | |||||
JPS Pension Plan | 3.93 | % | N/A | N/A | N/A | ||||||
API Pension Plan | 3.80 | % | N/A | N/A | N/A | ||||||
Other post-retirement benefit plans | N/A | N/A | 3.89 | % | 3.55 | % | |||||
Health care cost trend rate - initial | N/A | N/A | 6.50 | % | 6.75 | % | |||||
Health care cost trend rate - ultimate | N/A | N/A | 5.00 | % | 5.00 | % | |||||
Year ultimate reached | N/A | N/A | 2022 | 2022 |
HNH Plans | API Plan | |||||||||||||||||||
Pension Benefits | Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||
2015 | 2014 | 2015 | 2015 | 2014 | ||||||||||||||||
Prior service credit | $ | — | $ | — | $ | — | $ | (1,299 | ) | $ | (1,402 | ) | ||||||||
Net actuarial loss | 226,296 | 183,927 | 903 | 820 | 698 | |||||||||||||||
Accumulated other comprehensive loss (income) | $ | 226,296 | $ | 183,927 | $ | 903 | $ | (479 | ) | $ | (704 | ) |
HNH Plans | API Plan | |||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2015 | 2014 | 2013 | ||||||||||||||||||||||
Current year actuarial (income) loss | $ | (48,505 | ) | $ | 90,106 | $ | (54,111 | ) | $ | 903 | $ | 159 | $ | 293 | $ | (1,403 | ) | |||||||||||
Amortization of actuarial loss | (6,229 | ) | (1,878 | ) | (5,026 | ) | — | (37 | ) | (34 | ) | (8 | ) | |||||||||||||||
Current year prior service credit | — | — | — | — | — | — | (1,506 | ) | ||||||||||||||||||||
Amortization of prior service cost (credit) | — | — | — | — | 103 | 103 | — | |||||||||||||||||||||
Total recognized in comprehensive (income) loss | $ | (54,734 | ) | $ | 88,228 | $ | (59,137 | ) | $ | 903 | $ | 225 | $ | 362 | $ | (2,917 | ) |
HNH Plans | API Plan | |||||||||||||||||||
Pension Benefits | Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||
2015 | 2014 | 2015 | 2015 | 2014 | ||||||||||||||||
Projected benefit obligation | $ | 613,394 | $ | 531,824 | $ | 139,039 | $ | 1,213 | $ | 1,356 | ||||||||||
Accumulated benefit obligation | $ | 613,394 | $ | 531,824 | $ | 139,039 | $ | 1,213 | $ | 1,356 | ||||||||||
Fair value of plan assets | $ | 347,921 | $ | 323,493 | $ | 129,235 | $ | — | $ | — |
Fair Value Measurements as of December 31, 2015: | ||||||||||||||||
Assets at Fair Value as of December 31, 2015 | ||||||||||||||||
Asset Class | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Fixed income security: | ||||||||||||||||
Credit contract | $ | — | $ | 3,100 | $ | — | $ | 3,100 | ||||||||
Pension assets subject to leveling | $ | — | $ | 3,100 | $ | — | 3,100 | |||||||||
Pension assets measured at net asset value (1) | ||||||||||||||||
Hedge funds (2) | ||||||||||||||||
Equity long/short | 2,706 | |||||||||||||||
Event driven | 45,660 | |||||||||||||||
Funds of funds - international large cap growth (3) | 4,531 | |||||||||||||||
Common trust funds (2) | ||||||||||||||||
Large cap equity | 35,081 | |||||||||||||||
Mid-cap equity | 9,040 | |||||||||||||||
Small-cap equity | 5,158 | |||||||||||||||
International equity | 4,664 | |||||||||||||||
Intermediate bond fund | 6,492 | |||||||||||||||
Other | 662 | |||||||||||||||
Insurance separate account (4) | 15,013 | |||||||||||||||
Total pension assets measured at net asset value | 129,007 | |||||||||||||||
Cash and cash equivalents | 166,503 | |||||||||||||||
Net receivables | 49,311 | |||||||||||||||
Total pension assets | $ | 347,921 | ||||||||||||||
Fair Value Measurements as of December 31, 2014: | ||||||||||||||||
Assets at Fair Value as of December 31, 2014 | ||||||||||||||||
Asset Class | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equity securities: | ||||||||||||||||
U.S. large cap | $ | 9,548 | $ | — | $ | — | $ | 9,548 | ||||||||
U.S. mid-cap growth | 36,771 | — | — | 36,771 | ||||||||||||
U.S. small-cap value | 18,207 | 2,626 | — | 20,833 | ||||||||||||
International large cap value | 10,058 | — | — | 10,058 | ||||||||||||
Emerging markets growth | 375 | — | — | 375 | ||||||||||||
Equity contracts | 240 | 2,330 | — | 2,570 | ||||||||||||
Fixed income securities: | ||||||||||||||||
Corporate bonds and loans | — | 50,895 | — | 50,895 | ||||||||||||
Shorts | (46,909 | ) | (206 | ) | — | (47,115 | ) | |||||||||
Pension assets subject to leveling | $ | 28,290 | $ | 55,645 | $ | — | 83,935 | |||||||||
Pension assets measured at net asset value (1) | ||||||||||||||||
Hedge funds: (2) | ||||||||||||||||
Equity long/short | 72,497 | |||||||||||||||
Event driven | 50,131 | |||||||||||||||
Funds of funds: (3) | ||||||||||||||||
Equity long/short | 34,705 | |||||||||||||||
Global opportunities | 7,126 | |||||||||||||||
Total pension assets measured at net asset value | 164,459 | |||||||||||||||
Cash & cash equivalents | 75,099 | |||||||||||||||
Total pension assets | $ | 323,493 |
(1) | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. |
(2) | Hedge funds and common trust funds are comprised of shares or units in commingled funds that may not be publicly traded. The underlying assets in these funds are primarily publicly traded equity securities, fixed income securities and commodity-related securities and are valued at their net asset values which are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. |
(3) | Fund of funds consist of fund-of-fund LLC or commingled fund structures. The underlying assets in these funds are primarily publicly traded equity securities, fixed income securities and commodity-related securities. The LLCs are valued based on net asset values calculated by the fund and are not publicly available. |
(4) | The JPS Pension Plan holds a deposit administration group annuity contract with an immediate participation guarantee from Transamerica Life Insurance Company ("TFLIC"). The TFLIC contract unconditionally guarantees benefits to certain salaried JPS Pension Plan participants earned through June 30, 1984 in the plan of a predecessor employer. The assets deposited under the contract are held in a separate custodial account ("TFLIC Assets"). If the TFLIC Assets decrease to the level of the trigger point (as defined in the contract), which represents the guaranteed benefit obligation representing the |
Fair Value Measurements as of December 31, 2015: | ||||||||||||||||
Assets at Fair Value as of December 31, 2015 | ||||||||||||||||
Asset Class | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equities | $ | 62,549 | $ | — | $ | — | $ | 62,549 | ||||||||
Bonds | — | 29,661 | 29,661 | |||||||||||||
Index-linked government bonds | — | 8,721 | 8,721 | |||||||||||||
Property | — | 12,795 | 12,795 | |||||||||||||
Hedge fund | — | 15,035 | 15,035 | |||||||||||||
Cash and cash equivalents | 474 | — | 474 | |||||||||||||
Total pension assets | $ | 63,023 | $ | 66,212 | $ | — | $ | 129,235 |
Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||
Year Ended December 31, 2014 | Corporate Bonds and Loans | |||
Beginning balance as of January 1, 2014 | $ | 500 | ||
Transfers into Level 3 | — | |||
Transfers out of Level 3 | — | |||
Gains or losses included in changes in net assets | 73 | |||
Purchases, issuances, sales and settlements | ||||
Purchases | — | |||
Issuances | — | |||
Sales | (573 | ) | ||
Settlements | — | |||
Ending balance as of December 31, 2014 | $ | — |
Class Name | Description | Fair Value December 31, 2015 | Redemption Frequency | Redemption Notice Period | ||||||
Hedge funds | Event driven hedge funds | $ | 45,660 | Monthly | 90 day notice | |||||
Fund of funds | International large cap growth | $ | 4,531 | (1) | (1) | |||||
Hedge funds | Equity long/short hedge funds | $ | 2,706 | (1) | (1) | |||||
Common trust funds | Collective equity investment funds | $ | 61,097 | Daily | 0-2 days | |||||
Insurance separate account | Insurance separate account | $ | 15,013 | (2) | (2) |
(1) | Request for redemption has been submitted. |
(2) | Except for benefit payments to participants and beneficiaries and related expenses, withdrawals are restricted for substantially all of the assets in the account, as defined in the contract. However, a suspension or transfer can be requested with 30 day notice. When funds are exhausted either by benefit payments, purchase of annuity contracts, or transfer, the related contract terminates. |
Class Name | Description | Fair Value December 31, 2014 | Redemption Frequency | Redemption Notice Period | ||||||
Fund of funds | Equity long/short hedge funds | $ | 5,479 | Quarterly | 45 day notice | |||||
Fund of funds | Fund of fund composites | $ | 36,352 | Quarterly | 65 day notice | |||||
Hedge funds | Equity long/short hedge funds | $ | 59,727 | Annually | 45 day notice | |||||
Hedge funds | Event driven hedge funds | $ | 50,131 | Monthly | 90 day notice | |||||
Hedge funds | Equity long/short hedge funds | $ | 12,770 | Annually | 90 day notice | |||||
Separately managed fund | Separately managed fund | $ | 28,917 | Monthly | 30 day notice | |||||
Separately managed fund | Separately managed fund | $ | 66,851 | Quarterly | 45 day notice |
Pension Benefits | Other Post-Retirement | |||||||||
Years | HNH Plan | API Plan | Benefits | |||||||
2016 | $ | 44,406 | $ | 5,269 | $ | 119 | ||||
2017 | 44,062 | 5,535 | 107 | |||||||
2018 | 43,590 | 5,831 | 105 | |||||||
2019 | 43,095 | 6,098 | 106 | |||||||
2020 | 42,513 | 6,320 | 89 | |||||||
2021-2025 | 200,531 | 36,156 | 385 |
• | On December 17, 2015 WFHC issued a combination of common and preferred stock to SPLP in exchange for SPLP's existing common stock of WFHC. |
• | On December 28, 2015 CoSine completed a reverse-forward stock split in which CoSine stockholders holding fewer than 80,000 shares had their shares canceled and converted into a right to receive a cash payment for all of their outstanding shares based on the effective date of the stock split. As a result of the reverse forward split, the noncontrolling interest ownership percentage decreased from 19.4% to 11.9%. |
• | On December 31, 2015 WFHC issued new common and preferred shares to all of the previous holders of CoSine common and preferred equity, including the noncontrolling interest holders. As a result, Cosine was merged with and into WFH LLC, which is 100% owned by WFHC, and SPLP's ownership interest in WFHC decreased from 100% to 90.7%. In accordance with the accounting standard on consolidation, a change in a parent’s ownership interest while the parent retains a controlling financial interest in its subsidiary is accounted for as an equity transaction. SPLP accounted for its decrease in ownership by recording a noncontrolling interest amount representing the carrying amount of the noncontrolling shareholders' ownership in the new consolidated equity of WFHC at December 31, 2015. The recording of the noncontrolling interest's carrying amount in the consolidated equity of WFHC was recorded as an equity transaction, resulting in a decrease in Partner's capital. |
Unrealized gain on available-for-sale securities | Unrealized loss on derivative financial instruments | Cumulative translation adjustment | Change in net pension and other benefit obligations | Total | |||||||||||||||
Balance at December 31, 2014 | $ | 83,137 | $ | — | $ | (4,691 | ) | $ | (75,641 | ) | $ | 2,805 | |||||||
Other comprehensive (loss) income, net of tax - before reclassifications (a) | (22,792 | ) | (1,415 | ) | (2,966 | ) | (18,266 | ) | (45,439 | ) | |||||||||
Reclassification adjustments, net of tax (b) | (9,695 | ) | — | — | (9,695 | ) | |||||||||||||
Net other comprehensive loss attributable to common unit holders (c) | (32,487 | ) | (1,415 | ) | (2,966 | ) | (18,266 | ) | (55,134 | ) | |||||||||
Other changes | — | — | (1,939 | ) | — | (1,939 | ) | ||||||||||||
Balance at December 31, 2015 | $ | 50,650 | $ | (1,415 | ) | $ | (9,596 | ) | $ | (93,907 | ) | $ | (54,268 | ) |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income (loss) from continuing operations | $ | 70,311 | $ | (17,572 | ) | $ | 38,374 | ||||
Net loss (income) from continuing operations attributable to noncontrolling interests in consolidated entities | 10,875 | 3,882 | (23,227 | ) | |||||||
Net income (loss) from continuing operations attributable to common unit holders | 81,186 | (13,690 | ) | 15,147 | |||||||
Net income from discontinued operations | 86,257 | 10,304 | 6,446 | ||||||||
Net income from discontinued operations attributable to noncontrolling interests in consolidated entities | (30,708 | ) | (4,169 | ) | (2,133 | ) | |||||
Net income from discontinued operations attributable to common unit holders | 55,549 | 6,135 | 4,313 | ||||||||
Net income (loss) attributable to common unitholders | $ | 136,735 | $ | (7,555 | ) | $ | 19,460 | ||||
Net income (loss) per common unit - basic | |||||||||||
Net income (loss) from continuing operations | $ | 2.97 | $ | (0.48 | ) | $ | 0.51 | ||||
Net income from discontinued operations | 2.03 | 0.21 | 0.14 | ||||||||
Net income (loss) attributable to common unitholders | $ | 5.00 | $ | (0.27 | ) | $ | 0.65 | ||||
Net income (loss) per common unit – diluted | |||||||||||
Net income (loss) from continuing operations | $ | 2.96 | $ | (0.48 | ) | $ | 0.49 | ||||
Net income from discontinued operations | 2.02 | 0.21 | 0.14 | ||||||||
Net income (loss) attributable to common unitholders | $ | 4.98 | $ | (0.27 | ) | $ | 0.63 | ||||
Weighted average common units outstanding - basic | 27,317,974 | 28,710,220 | 29,912,993 | ||||||||
Incentive units | 112,127 | — | 826,986 | ||||||||
Unvested restricted units | 12,207 | — | 58,134 | ||||||||
Denominator for net income per common unit - diluted (a) | 27,442,308 | 28,710,220 | 30,798,113 |
(a) | For the year ended December 31, 2014, the diluted (loss) income per unit calculation was based on the basic weighted average units only since the impact of 32,566 common units in 2014, assuming a common unit settlement of the deferred fee liability and 13,728 of unvested restricted stock units would have been anti-dilutive. |
Diversified Industrial | % Owned at December 31, 2015 | Energy | % Owned at December 31, 2015 | Financial Services | % Owned at December 31, 2015 | Corporate and Other | % Owned at December 31, 2015 | ||||
Handy & Harman Ltd. ("HNH") (1) | 70.1 | % | Steel Excel Inc. ("Steel Excel") (1) | 58.3 | % | WebBank (1), (3) | 90.7 | % | SPH Services, Inc. ("SPH Services") (1) | 100 | % |
WebFinancial Holding LLC ("WFH LLC")(1), (2), (3) | 90.7 | % | Aviat Networks, Inc. ("Aviat") (4) | 12.9 | % | DGT Holdings Corp. ("DGT") (1) | 100 | % | |||
SL Industries, Inc. ("SLI") (4) | 25.1 | % | API Technologies Corp. ("API Tech") (4) | 20.6 | % | BNS Holdings Liquidating Trust ("BNS Liquidating Trust") (1) | 84.9 | % | |||
iGo Inc. ("IGo") (4) | 45.7 | % | ModusLink Global Solutions, Inc. ("MLNK") (4) | 31.5 | % | ||||||
Other Investments | Various |
(1) | Consolidated subsidiary. |
(3) | Wholly owned by WFHC, a subsidiary of SPLP. On December 31, 2015 SPLP's ownership in WFHC decreased from 100.0% to 90.7%. |
(4) | Equity method investment. |
Year Ended December 31, | |||||||||||
Revenue: | 2015 | 2014 | 2013 | ||||||||
Diversified industrial | $ | 763,009 | $ | 600,468 | $ | 571,164 | |||||
Energy | 132,620 | 210,148 | 120,029 | ||||||||
Financial services | 69,430 | 36,647 | 28,185 | ||||||||
Corporate and other | 32,978 | 2,267 | 1,736 | ||||||||
Total | $ | 998,037 | $ | 849,530 | $ | 721,114 | |||||
Income (loss) from continuing operations before income taxes: | |||||||||||
Diversified industrial | $ | 42,281 | $ | 65,543 | $ | 51,900 | |||||
Energy | (95,112 | ) | (26,254 | ) | 12,641 | ||||||
Financial services | 46,314 | 24,251 | 17,668 | ||||||||
Corporate and other | (1,891 | ) | (56,824 | ) | (37,358 | ) | |||||
(Loss) Income from continuing operations before income taxes | (8,408 | ) | 6,716 | 44,851 | |||||||
Income tax (benefit) provision | (78,719 | ) | 24,288 | 6,477 | |||||||
Net income (loss) from continuing operations | $ | 70,311 | $ | (17,572 | ) | $ | 38,374 | ||||
Income (loss) from equity method investments: | |||||||||||
Diversified industrial | $ | (1,252 | ) | $ | 26,115 | $ | 18,257 | ||||
Energy | (16,102 | ) | (6,070 | ) | (863 | ) | |||||
Corporate and other | (17,216 | ) | (22,533 | ) | 10,121 | ||||||
Total | $ | (34,570 | ) | $ | (2,488 | ) | $ | 27,515 |
Year ended December 31, 2015 | ||||||||||||
Interest expense | Capital expenditures | Depreciation and amortization | ||||||||||
Diversified industrial | $ | 5,238 | $ | 17,212 | $ | 27,340 | ||||||
Energy | 2,455 | 4,785 | 20,629 | |||||||||
Financial services | 1,450 | 1,153 | 170 | |||||||||
Corporate and other | 1,169 | 102 | 421 | |||||||||
Total | $ | 10,312 | $ | 23,252 | $ | 48,560 | ||||||
Year ended December 31, 2014 | ||||||||||||
Interest expense | Capital expenditures | Depreciation and amortization | ||||||||||
Diversified industrial | $ | 7,544 | $ | 12,658 | $ | 17,659 | ||||||
Energy | 3,177 | 15,939 | 19,992 | |||||||||
Financial services | 638 | 40 | 117 | |||||||||
Corporate and other | 529 | 132 | 670 | |||||||||
Total | $ | 11,888 | $ | 28,769 | $ | 38,438 | ||||||
Year ended December 31, 2013 | ||||||||||||
Interest expense | Capital Expenditures | Depreciation and Amortization | ||||||||||
Diversified industrial | $ | 8,593 | $ | 11,744 | $ | 16,197 | ||||||
Energy | 1,725 | 8,932 | 13,492 | |||||||||
Financial services | 496 | 57 | 125 | |||||||||
Corporate and other | 338 | 152 | 1,176 | |||||||||
Total | $ | 11,152 | $ | 20,885 | $ | 30,990 |
December 31, | ||||||||
2015 | 2014 | |||||||
Identifiable Assets Employed: | ||||||||
Diversified industrial | $ | 805,620 | $ | 518,035 | ||||
Energy | 332,661 | 443,491 | ||||||
Financial services | 331,714 | 228,264 | ||||||
Corporate and other | 212,229 | 224,289 | ||||||
Segment totals | 1,682,224 | 1,414,079 | ||||||
Discontinued operations | 2,549 | 76,418 | ||||||
Total | $ | 1,684,773 | $ | 1,490,497 |
2015 | 2014 | 2013 | ||||||||||||||||||
Revenue | Long-lived assets | Revenue | Long-lived assets | Revenue | ||||||||||||||||
Geographic information: | ||||||||||||||||||||
United States | $ | 857,341 | $ | 215,619 | $ | 798,663 | $ | 171,582 | $ | 668,131 | ||||||||||
Foreign | 140,696 | 39,783 | 50,867 | 12,732 | 52,983 | |||||||||||||||
Total | $ | 998,037 | $ | 255,402 | $ | 849,530 | $ | 184,314 | $ | 721,114 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Income from continuing operations before income taxes and equity method income (loss): | ||||||||||||
Domestic | $ | 22,107 | $ | 25,137 | $ | 16,648 | ||||||
Foreign | 1,262 | 136 | (123 | ) | ||||||||
Total | $ | 23,369 | $ | 25,273 | $ | 16,525 | ||||||
Income taxes: | ||||||||||||
Current: | ||||||||||||
Federal | $ | 20,220 | $ | 7,706 | $ | 4,178 | ||||||
State | 5,841 | 1,912 | 3,940 | |||||||||
Foreign | 995 | 1,360 | (6,709 | ) | ||||||||
Total income taxes, current | 27,056 | 10,978 | 1,409 | |||||||||
Deferred: | ||||||||||||
Federal | (105,928 | ) | 13,208 | 1,834 | ||||||||
State | 1,530 | 419 | 1,982 | |||||||||
Foreign | (1,377 | ) | (317 | ) | 1,252 | |||||||
Total income taxes, deferred | (105,775 | ) | 13,310 | 5,068 | ||||||||
Income tax (benefit) provision | $ | (78,719 | ) | $ | 24,288 | $ | 6,477 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Income from continuing operations before income taxes and equity method income (loss) | $ | 23,369 | $ | 25,273 | $ | 16,525 | ||||||
Federal income tax provision at statutory rate | $ | 8,179 | $ | 8,846 | $ | 5,771 | ||||||
Loss passed through to common unitholders (a) | 7,177 | 5,842 | 12,268 | |||||||||
15,356 | 14,688 | 18,039 | ||||||||||
State income taxes | 4,277 | 3,189 | 2,180 | |||||||||
Change in valuation allowance | (91,052 | ) | (7,730 | ) | (7,320 | ) | ||||||
Foreign tax rate differences | (235 | ) | 605 | 171 | ||||||||
Uncertain tax positions | (440 | ) | (116 | ) | (6,110 | ) | ||||||
Permanent differences and other (b) | (6,625 | ) | 13,652 | (483 | ) | |||||||
Income tax (benefit) provision | $ | (78,719 | ) | $ | 24,288 | $ | 6,477 |
December 31, | ||||||||
2015 | 2014 | |||||||
Deferred Tax Assets: | ||||||||
Operating loss carryforwards (a) | $ | 211,045 | $ | 90,958 | ||||
Postretirement and postemployment employee benefits | 108,316 | 84,628 | ||||||
Tax credit carryforwards | 48,380 | 37,220 | ||||||
Accrued costs | 8,801 | 7,131 | ||||||
Investment impairments and unrealized losses | 19,266 | 5,265 | ||||||
Inventories | 299 | 2,168 | ||||||
Foreign tax credits | 1,827 | 201 | ||||||
Environmental costs | 1,013 | 913 | ||||||
Impairment of long-lived assets | 551 | 529 | ||||||
Other | 16,431 | 11,216 | ||||||
Gross deferred tax assets | 415,929 | 240,229 | ||||||
Deferred Tax Liabilities: | ||||||||
Intangible assets | (36,528 | ) | (39,321 | ) | ||||
Fixed assets | (39,362 | ) | (37,010 | ) | ||||
Unremitted foreign earnings | (256 | ) | (903 | ) | ||||
Other | (7,093 | ) | (870 | ) | ||||
Gross deferred tax liabilities | (83,239 | ) | (78,104 | ) | ||||
Valuation allowance (a) | (124,555 | ) | (91,766 | ) | ||||
Net deferred tax assets | $ | 208,135 | $ | 70,359 | ||||
Classified in the Consolidated Balance Sheets as follows: | ||||||||
Deferred tax assets - non-current | $ | 212,894 | $ | 74,155 | ||||
Deferred tax liabilities - non-current | 4,759 | 3,796 | ||||||
$ | 208,135 | $ | 70,359 |
Balance at December 31, 2013 | $ | 20,465 | |
Additions for tax positions related to current year | 144 | ||
Additions due to interest accrued | 61 | ||
Reductions due to lapsed statute of limitations | (320 | ) | |
Balance at December 31, 2014 | 20,350 | ||
Additions for tax positions related to current year | 9,056 | ||
Additions due to interest accrued | 85 | ||
Payments | (57 | ) | |
Reductions due to lapsed statute of limitations | (362 | ) | |
Balance at December 31, 2015 | $ | 29,072 |
Amount of Capital Required | |||||||||||||||||||||
For capital | To be well capitalized under | ||||||||||||||||||||
Actual | adequacy purposes | prompt corrective provisions | |||||||||||||||||||
As of December 31, 2015 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
Total Capital | |||||||||||||||||||||
(to risk-weighted assets) | $ | 65,353 | 22.66 | % | $ | 23,076 | 8.00 | % | $ | 28,845 | 10.00 | % | |||||||||
Tier 1 Capital | |||||||||||||||||||||
(to risk-weighted assets) | $ | 64,535 | 22.37 | % | $ | 17,307 | 6.00 | % | $ | 23,076 | 8.00 | % | |||||||||
Common Equity Tier 1 Capital | |||||||||||||||||||||
(to risk-weighted assets) | $ | 64,535 | 22.37 | % | $ | 12,980 | 4.50 | % | $ | 18,749 | 6.50 | % | |||||||||
Tier 1 Capital | |||||||||||||||||||||
(to average assets) | $ | 64,535 | 19.68 | % | $ | 13,116 | 4.00 | % | $ | 16,395 | 5.00 | % | |||||||||
As of December 31, 2014 | |||||||||||||||||||||
Total Capital | |||||||||||||||||||||
(to risk-weighted assets) | $ | 42,861 | 24.99 | % | $ | 13,720 | 8.00 | % | $ | 17,150 | 10.00 | % | |||||||||
Tier 1 Capital | |||||||||||||||||||||
(to risk-weighted assets) | $ | 42,116 | 24.56 | % | $ | 6,860 | 4.00 | % | $ | 10,290 | 6.00 | % | |||||||||
Tier 1 Capital | |||||||||||||||||||||
(to average assets) | $ | 42,116 | 19.53 | % | $ | 8,627 | 4.00 | % | $ | 10,784 | 5.00 | % |
Payments due by period | Amount | ||
Less than 1 year | $ | 8,075 | |
1-3 years | 12,030 | ||
3-5 years | 8,881 | ||
More than 5 years | 9,355 | ||
Total | $ | 38,341 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | 9,213 | $ | 11,471 | $ | 12,103 | |||||
Taxes | $ | 24,221 | $ | 12,194 | $ | 16,720 | |||||
Non-cash investing activities: | |||||||||||
Reclassification of investment in associated company to cost of an acquisition | $ | 66,239 | $ | — | $ | — | |||||
Reclassification of investment in associated company to investment in consolidated subsidiaries | $ | 48,748 | $ | — | $ | — | |||||
Reclassification of available-for-sale securities to equity method investment | $ | 10,857 | $ | 27,647 | $ | — | |||||
Partnership interest exchanged for marketable securities | $ | 25,000 | $ | — | $ | — | |||||
Sales of marketable securities not settled | $ | 23,229 | $ | — | $ | — | |||||
Securities received in exchange for financial instrument obligations | $ | 76 | $ | 20,007 | $ | — | |||||
Securities delivered in exchange for settlement of financial instrument obligations | $ | 76 | $ | 520 | $ | — | |||||
Net decrease (increase) in restricted cash from purchase of foreign currency financial instruments | $ | — | $ | 25,090 | $ | (377 | ) | ||||
Net transfers between loans and other assets | $ | — | $ | — | $ | 119 | |||||
Non-cash financing activities: | |||||||||||
Repurchase of common stock by subsidiary not paid | $ | (8,557 | ) | $ | — | $ | — | ||||
Subsidiary restricted stock awards surrendered to satisfy tax withholding obligations | $ | 85 | $ | 120 | $ | — | |||||
Note receivable exchanged for preferred stock | $ | 75 | $ | — | $ | — | |||||
Contribution of note payable by non-controlling interest | $ | — | $ | 268 | $ | — |
Net Income (Loss) From Continuing Operations Attributable to Common Unit Holders | Net Income (Loss) Attributable to Common Unit Holders | |||||||||||||||||||||||||||
Quarter | Revenue | Net Income (Loss) From Continuing Operations | Per Common Unit Basic | Per Common Unit Diluted | Net Income (Loss) Attributable to Common Unit Holders | Per Common Unit Basic | Per Common Unit Diluted | |||||||||||||||||||||
2015 | ||||||||||||||||||||||||||||
First (a) | $ | 214,581 | $ | 18,807 | $ | 0.81 | $ | 0.80 | $ | 78,431 | $ | 2.84 | $ | 2.80 | ||||||||||||||
Second (a) | 251,654 | 9,154 | 0.39 | 0.39 | 10,579 | 0.39 | 0.38 | |||||||||||||||||||||
Third (a) | 276,390 | (14,792 | ) | (0.38 | ) | (0.38 | ) | (12,143 | ) | (0.44 | ) | (0.44 | ) | |||||||||||||||
Fourth (a), (b), (c) | 255,412 | 57,142 | 2.19 | 2.19 | 59,868 | 2.24 | 2.24 | |||||||||||||||||||||
$ | 998,037 | $ | 70,311 | $ | 136,735 | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
First | $ | 187,857 | $ | (14,357 | ) | $ | (0.46 | ) | $ | (0.46 | ) | $ | (12,706 | ) | $ | (0.41 | ) | $ | (0.41 | ) | ||||||||
Second | 228,003 | 17,573 | 0.27 | 0.27 | 9,795 | 0.34 | 0.34 | |||||||||||||||||||||
Third | 234,523 | 18,545 | 0.46 | 0.46 | 14,027 | 0.50 | 0.50 | |||||||||||||||||||||
Fourth (c) | 199,147 | (39,333 | ) | (0.72 | ) | (0.72 | ) | (18,671 | ) | (0.68 | ) | (0.68 | ) | |||||||||||||||
$ | 849,530 | $ | (17,572 | ) | $ | (7,555 | ) |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Consolidated Balance Sheets as of December 31, 2015 and 2014 |
Consolidated Statements of Operations for the years ended December 31, 2015, 2014 and 2013 |
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2015, 2014 and 2013 |
Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013 |
Consolidated Statements of Changes in Capital for the years ended December 31, 2015, 2014 and 2013 |
Notes to Consolidated Financial Statements |
Exhibit No. | Description |
2.1 | Share Acquisition Agreement, dated as of April 30, 2012, by and among Steel Excel Inc., BNS Holding, Inc., SWH, Inc. and SPH Group Holdings LLC. (incorporated by reference to Exhibit 2.1 of Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed June 6, 2012). |
2.2 | Asset Purchase Agreement between F&H Acquisition Corp. and Cerberus Business Finance, LLC (incorporated by reference to Exhibit 2.1 of Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed March 14, 2014). |
2.3 | Stock Purchase Agreement, dated December 18, 2014, by and among Handy & Harman Group Ltd., Bairnco Corporation and Rogers Corporation (incorporated by reference to Exhibit 2.1 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed January 27, 2015). |
2.4 | Amendment No. 1 to Stock Purchase Agreement, dated January 22, 2015, by and among Handy & Harman Group Ltd., Bairnco, LLC and Rogers Corporation (incorporated by reference to Exhibit 2.2 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed January 27, 2015). |
2.5 | Agreement and Plan of Merger, dated as of May 31, 2015, by and among Handy & Harman Ltd., Handy & Harman Group, Ltd., HNH Group Acquisition LLC, HNH Group Acquisition Sub LLC and JPS Industries, Inc. (incorporated by reference to Exhibit 2.1 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed June 1, 2015). |
3.1 | Certificate of Limited Partnership (incorporated by reference to Exhibit 3.1 to Steel Partners Holdings L.P.'s Registration Statement on Form 10 filed December 15, 2011). |
3.2 | Amendment to the Certificate of Limited Partnership, dated April 2, 2009 (incorporated by reference to Exhibit 3.2 to Steel Partners Holdings L.P.'s Registration Statement on Form 10 filed December 15, 2011). |
3.3 | Amendment to the Certificate of Limited Partnership, dated January 20, 2010 (incorporated by reference to Exhibit 3.3 to Steel Partners Holdings L.P.'s Registration Statement on Form 10 filed December 15, 2011). |
3.4 | Amendment to the Certificate of Limited Partnership, dated October 15, 2010 (incorporated by reference to Exhibit 3.4 to Steel Partners Holdings L.P.'s Registration Statement on Form 10 filed December 15, 2011). |
4.1 | Credit Agreement, dated as of October 23, 2013, by and among SPH Group Holdings LLC, Steel Partners Holdings L.P., the lenders thereunder and PNC Bank, National Association, in its capacity as administrative agent for the lenders thereunder (incorporated by reference to Exhibit 99.1 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed October 28, 2013). |
4.2 | First Amendment, dated as of December 15, 2014, to the Credit Agreement. dated as of October 13, 2013 by and among SPH Group Holdings LLC, Steel Partners Holdings L.P., the lenders thereunder and PNC Bank, National Association, in its capacity as administrative agent for the lenders thereunder (incorporated by reference to Exhibit 4.1 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed December 15, 2014). |
4.3 | Second Amendment, dated as of March 27, 2015, to the Credit Agreement, dated as of October 23, 2013, by and among SPH Group Holdings LLC, Steel Partners Holdings L.P., the lenders thereunder and PNC Bank, National Association, in its capacity as administrative agent for the lenders thereunder. (incorporated by reference to Exhibit 99.1 to Steel Partners Holdings L.P.'s Current Report on Form 8-K filed March 30, 2015). |
4.4 | Third Amendment, dated as of September 28, 2015, to the Credit Agreement, dated as of October 23, 2013, by and among SPH Group Holdings LLC, Steel Partners Holdings L.P., the lenders thereunder and PNC Bank, National Association, in its capacity as administrative agent for the lenders thereunder (incorporated by reference to Exhibit 99.1 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed September 29, 2015). |
10.1 | License Agreement by and between Steel Partners LLC and Steel Partners Holdings L.P., dated January 1, 2009 (incorporated by reference to Exhibit 10.3 to Steel Partners Holdings L.P.'s Registration Statement on Form 10 filed December 15, 2011). |
10.2 | Assignment and Assumption Agreement by and among Steel Partners II (Offshore) Ltd., WGL Capital Corp. and Steel Partners Holdings L.P., dated July 15, 2009 (incorporated by reference to Exhibit 10.4 to Amendment No. 1 of Steel Partners Holdings L.P.'s Registration Statement on Form 10 filed January 20, 2012). |
10.3 | Second Amended and Restated Deferred Fee Agreement, dated as of October 31, 2002, as amended and restated as of January 1, 2005, and as further amended and restated as of July 15, 2009, by and between Steel Partners Holdings L.P. and WGL Capital Corp (incorporated by reference to Exhibit 10.5 to Amendment No. 1 of Steel Partners Holdings L.P.'s Registration Statement on Form 10 filed January 20, 2012). |
10.4 | Investor Services Agreement by and among Steel Partners Holdings L.P., Steel Partners LLC and WGL Capital Corp., dated July 15, 2009 (incorporated by reference to Exhibit 10.6 to Steel Partners Holdings L.P.'s Registration Statement on Form 10 filed December 15, 2011). |
10.5 | Advance Agreement by and between Steel Partners Holdings L.P. and Steel Partners II Master Fund L.P., dated June 28, 2009 (incorporated by reference to Exhibit 10.7 to Steel Partners Holdings L.P.'s Registration Statement on Form 10 filed December 15, 2011). |
10.6 | Amended and Restated Services Agreement by and between Steel Partners Holdings L.P. and SP Corporate Services, LLC, effective as of dated July 15, 2009 (incorporated by reference to Exhibit 10.8 to Amendment No. 1 of Steel Partners Holdings L.P.'s Registration Statement on Form 10 filed January 20, 2012). |
10.7 | Letter Agreement by and between Steel Partners Holdings L.P. and Steel Partners II GP LLC, dated July 15, 2009 (incorporated by reference to Exhibit 10.9 to Steel Partners Holdings L.P.'s Registration Statement on Form 10 filed December 15, 2011). |
10.8 | Management Services Agreement by and between SP Corporate Services LLC and Handy & Harman Ltd. and Handy & Harman Group Ltd., dated as of January 1, 2012 (incorporated by reference to Exhibit 10.10 to Amendment No. 1 of Steel Partners Holdings L.P.'s Registration Statement on Form 10 filed January 20, 2012). |
10.9*** | Employment Agreement by and among WHX Corporation, Handy & Harman, and James McCabe, Jr. dated as of February 1, 2007 (incorporated by reference to Exhibit 10.1 of Steel Partners Holdings L.P.'s Form 10-Q, filed May 15, 2012). |
10.10*** | Amendment to Employment Agreement by and among WHX Corporation, Handy & Harman, and James F. McCabe, Jr., effective January 1, 2009 (incorporated by reference to Exhibit 10.2 of Steel Partners Holdings L.P.'s Form 10-Q, filed May 15, 2012). |
10.11*** | Second Amendment to Employment Agreement by and among WHX Corporation, Handy & Harman, and James F. McCabe, Jr., effective January 4, 2009 (incorporated by reference to Exhibit 10.3 of Steel Partners Holdings L.P.'s Form 10-Q, filed May 15, 2012). |
10.12 | First Amendment to Management Services Agreement between Handy & Harman Ltd., Handy & Harman Group Ltd. and SP Corporate Services LLC (incorporated by reference to Exhibit 10.1 to Steel Partners Holdings L.P.'s Current Report on Form 8-K filed April 2, 2013). |
10.13 | Management Services Agreement between SP Corporate Services LLC and iGo, Inc. effective October 1, 2013. (incorporated by reference to Exhibit 10.3 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed October 15, 2013). |
10.14 | Pledge Agreement, dated as of October 23, 2013, by and among SPH Group Holdings LLC, Steel Partners Holdings L.P., and PNC Bank, National Association, as agent for the benefit of the lenders (incorporated by reference to Exhibit 99.2 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed October 28, 2013). |
10.15 | Amended and Restated Management Services Agreement between SP Corporate Services LLC and Steel Excel Inc. (incorporated by reference to Exhibit 10.1 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed January 14, 2014). |
10.16 | Amendment No. 1 to Amended and Restated Management Services Agreement between SP Corporate Services LLC and Steel Excel Inc. (incorporated by reference to Exhibit 10.2 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed January 14, 2014). |
10.17 | Amendment No. 2 to Amended and Restated Management Services Agreement between SP Corporate Services LLC and Steel Excel Inc. (incorporated by reference to Exhibit 10.3 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed January 14, 2014). |
10.18 | Amendment No. 3 to the Amended and Restated Management Services Agreement between Steel Excel Inc. and SP Corporate Services LLC, dated as of January 1, 2014 (incorporated by reference to Exhibit 10.1 to Steel Partners Holdings L.P.'s Quarterly Report on Form 10-Q, filed November 6, 2014). |
10.19 | Sixth Amended and Restated Management Agreement by and between SP Corporate Services LLC and SP General Services LLC, effective as of January 1, 2015 (incorporated by reference to Exhibit 10.1 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed January 13, 2015). |
10.20*** | Incentive Unit Agreement by and between Steel Partners Holdings L.P. and SPH SPV-I LLC, effective as of May 11, 2012 (incorporated by reference to Exhibit 10.2 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed January 13, 2015). |
10.21 | Fifth Amended and Restated Agreement of Limited Partnership of Steel Partners Holdings L.P., dated as of July 14, 2009 (incorporated by reference to Exhibit 10.3 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed January 13, 2015). |
10.22 | Second Amendment to Management Services Agreement, dated as of May 3, 2015, by and among SP Corporate Services LLC, Handy & Harman Ltd. and Handy & Harman Group Ltd. (incorporated by reference to Exhibit 10.1 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed May 5, 2015). |
10.23 | Exchange Agreement, dated as of May 31, 2015, by and between Handy & Harman Group, Ltd. and SPH Group Holdings LLC (incorporated by reference to Exhibit 10.1 to Steel Partners Holdings L.P.'s Current Report on Form 8-K, filed June 1, 2015). |
21* | Subsidiaries of Steel Partners Holdings L.P. |
24* | Power of Attorney (included in the signature page) |
31.1* | Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2* | Certification by the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1* | Certification by the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2* | Certification by the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
99.1** | Financial Statements of SL Industries, Inc. |
99.2 | Financial Statements of JPS Industries, Inc. for the years ended November 1, 2014 and November 2, 2013 (incorporated by reference to Exhibit 99.3 of Steel Partners Holdings L.P.'s Form 10-K filed March 16, 2015). |
99.3 | Financial Statements of JPS Industries, Inc. for the six months ended May 2, 2015 and May 3, 2014 (incorporated by reference to Exhibit 99.2 of Steel Partners Holdings L.P.'s Form 8-K filed September 3, 2015). |
99.4* | Financial Statements of ModusLink Global Solutions, Inc. |
Exhibit 101.INS* | XBRL Instance Document |
Exhibit 101.SCH* | XBRL Taxonomy Extension Schema |
Exhibit 101.CAL* | XBRL Taxonomy Extension Calculation Linkbase |
Exhibit 101.DEF* | XBRL Taxonomy Extension Definition Linkbase |
Exhibit 101.LAB* | XBRL Taxonomy Extension Label Linkbase |
Exhibit 101.PRE* | XBRL Taxonomy Extension Presentation Linkbase |
Dated: | STEEL PARTNERS HOLDINGS L.P. | |
March 11, 2016 | ||
By: | Steel Partners Holdings GP Inc. | |
Its General Partner | ||
By: | /s/ Warren G. Lichtenstein | |
Warren G. Lichtenstein | ||
Executive Chairman | ||
By: | /s/ Warren G. Lichtenstein | March 11, 2016 | |
Warren G. Lichtenstein, Executive Chairman | Date | ||
(Principal Executive Officer) | |||
By: | /s/ James F. McCabe, Jr. | March 11, 2016 | |
James F. McCabe, Jr., Chief Financial Officer | Date | ||
(Principal Accounting Officer) | |||
By: | /s/ Jack L. Howard | March 11, 2016 | |
Jack L. Howard, Director | Date | ||
By: | /s/ Anthony Bergamo | March 11, 2016 | |
Anthony Bergamo, Director | Date | ||
By: | /s/ John P. McNiff | March 11, 2016 | |
John P. McNiff, Director | Date | ||
By: | /s/ Joseph L. Mullen | March 11, 2016 | |
Joseph L. Mullen, Director | Date | ||
By: | /s/ General Richard I. Neal | March 11, 2016 | |
General Richard I. Neal, Director | Date | ||
By: | /s/ Allan R. Tessler | March 11, 2016 | |
Allan R. Tessler, Director | Date |
1. | I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2015 of Steel Partners Holdings L.P.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
Date: | ||||
March 11, 2016 | /s/ Warren G. Lichtenstein | |||
Warren G. Lichtenstein Executive Chairman of Steel Partners Holdings GP Inc. |
1. | I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2015 of Steel Partners Holdings L.P.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
e) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
f) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
Date: | ||||
March 11, 2016 | /s/ James F. McCabe, Jr. | |||
James F. McCabe, Jr. Chief Financial Officer of Steel Partners Holdings GP Inc. |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. |
Date: | ||||
March 11, 2016 | /s/ Warren G. Lichtenstein | |||
Warren G. Lichtenstein Executive Chairman of Steel Partners Holdings GP Inc. |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. |
Date: | |||||
March 11, 2016 | /s/ James F. McCabe, Jr. | ||||
James F. McCabe, Jr. Chief Financial Officer of Steel Partners Holdings GP Inc. |
Page | |
Reports of Independent Registered Public Accounting Firms | 1 |
Consolidated Balance Sheets at July 31, 2015 and 2014 | 3 |
Consolidated Statements of Operations for the years ended July 31, 2015, 2014, and 2013 | 4 |
Consolidated Statements of Comprehensive Loss for the years ended July 31, 2015, 2014 and 2013 | 5 |
Consolidated Statements of Stockholders’ Equity for the years ended July 31, 2015, 2014, and 2013 | 6 |
Consolidated Statements of Cash Flows for the years ended July 31, 2015, 2014, and 2013 | 7 |
Notes to Consolidated Financial Statements | 8 |
July 31, 2015 | July 31, 2014 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 119,431 | $ | 183,515 | ||||
Trading securities | 78,716 | 22,793 | ||||||
Accounts receivable, trade, net of allowance for doubtful accounts of $57 and $63 at July 31, 2015 and July 31, 2014, respectively | 131,216 | 123,948 | ||||||
Inventories | 48,740 | 65,269 | ||||||
Funds held for clients | 21,807 | — | ||||||
Prepaid expenses and other current assets | 13,732 | 10,243 | ||||||
Total current assets | 413,642 | 405,768 | ||||||
Property and equipment, net | 22,736 | 25,126 | ||||||
Investments in affiliates | — | 7,172 | ||||||
Goodwill | — | 3,058 | ||||||
Other intangible assets, net | — | 667 | ||||||
Other assets | 10,124 | 9,855 | ||||||
Total assets | $ | 446,502 | $ | 451,646 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 120,118 | $ | 105,045 | ||||
Accrued restructuring | 1,528 | 2,246 | ||||||
Accrued expenses | 38,970 | 39,544 | ||||||
Other current liabilities | 50,737 | 51,759 | ||||||
Total current liabilities | 211,353 | 198,594 | ||||||
Long-term portion of accrued restructuring | — | 39 | ||||||
Notes payable | 77,864 | 73,391 | ||||||
Other long-term liabilities | 12,684 | 8,004 | ||||||
Long-term liabilities | 90,548 | 81,434 | ||||||
Total liabilities | 301,901 | 280,028 | ||||||
Commitments and contingencies (Note 10) | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.01 par value per share. Authorized 5,000,000 shares; zero issued or outstanding shares at July 31, 2015 and July 31, 2014 | — | — | ||||||
Common stock, $0.01 par value per share. Authorized 1,400,000,000 shares; 52,233,888 issued and outstanding shares at July 31, 2015; 52,100,763 issued and outstanding shares at July 31, 2014 | 522 | 521 | ||||||
Additional paid-in capital | 7,452,410 | 7,450,541 | ||||||
Accumulated deficit | (7,311,841 | ) | (7,293,412 | ) | ||||
Accumulated other comprehensive income | 3,510 | 13,968 | ||||||
Total stockholders’ equity | 144,601 | 171,618 | ||||||
Total liabilities and stockholders’ equity | $ | 446,502 | $ | 451,646 |
Twelve Months Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Net revenue | $ | 561,673 | $ | 723,400 | $ | 754,504 | ||||||
Cost of revenue | 507,188 | 648,675 | 680,134 | |||||||||
Gross profit | 54,485 | 74,725 | 74,370 | |||||||||
Operating expenses | ||||||||||||
Selling, general and administrative | 59,667 | 72,020 | 86,972 | |||||||||
Amortization of intangible assets | 667 | 1,097 | 1,133 | |||||||||
Impairment of goodwill and long-lived assets | 3,360 | 500 | — | |||||||||
Restructuring, net | 5,130 | 6,557 | 14,497 | |||||||||
Total operating expenses | 68,824 | 80,174 | 102,602 | |||||||||
Operating loss | (14,339 | ) | (5,449 | ) | (28,232 | ) | ||||||
Other income (expense): | ||||||||||||
Interest income | 893 | 382 | 300 | |||||||||
Interest expense | (10,618 | ) | (5,009 | ) | (612 | ) | ||||||
Other gains, net | 15,005 | (50 | ) | (2,642 | ) | |||||||
Impairment of investments in affiliates | (7,295 | ) | (1,420 | ) | (2,750 | ) | ||||||
Total other income (expense) | (2,015 | ) | (6,097 | ) | (5,704 | ) | ||||||
Loss from continuing operations before income taxes | (16,354 | ) | (11,546 | ) | (33,936 | ) | ||||||
Income tax expense | 2,283 | 4,682 | 3,779 | |||||||||
(Gains) losses, and equity in losses, of affiliates, net of tax | (208 | ) | 134 | 1,615 | ||||||||
Loss from continuing operations | (18,429 | ) | (16,362 | ) | (39,330 | ) | ||||||
Discontinued operations, net of income taxes: | ||||||||||||
Income (loss) from discontinued operations | — | 80 | (1,025 | ) | ||||||||
Net loss | $ | (18,429 | ) | $ | (16,282 | ) | $ | (40,355 | ) | |||
Basic and diluted net income per share: | ||||||||||||
Loss from continuing operations | $ | (0.35 | ) | $ | (0.32 | ) | $ | (0.84 | ) | |||
Income (loss) from discontinued operations | — | — | (0.02 | ) | ||||||||
Net loss | $ | (0.35 | ) | $ | (0.32 | ) | $ | (0.86 | ) | |||
Weighted average common shares used in: | ||||||||||||
Basic and diluted earnings per share | 51,940 | 51,582 | 46,654 |
Twelve Months Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Net loss | $ | (18,429 | ) | $ | (16,282 | ) | $ | (40,355 | ) | |||
Other comprehensive income: | ||||||||||||
Foreign currency translation adjustment | (8,163 | ) | 74 | 3,057 | ||||||||
Pension liability adjustments, net of tax | (2,306 | ) | 166 | (831 | ) | |||||||
Net unrealized holding gain on securities, net of tax | 11 | 15 | 46 | |||||||||
Other comprehensive income (loss) | (10,458 | ) | 255 | 2,272 | ||||||||
Comprehensive loss | $ | (28,887 | ) | $ | (16,027 | ) | $ | (38,083 | ) |
Number of Shares | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Stockholders’ Equity | ||||||||||||||||||
Balance at July 31, 2012 | 43,926,622 | $ | 439 | $ | 7,390,027 | $ | (7,236,775 | ) | $ | 11,441 | $ | 165,132 | |||||||||||
Net loss | (40,355 | ) | (40,355 | ) | |||||||||||||||||||
Issuance of common stock to Steel Partners Holdings, L.P., net of transaction costs of $2.3 million | 7,500,000 | 75 | 27,600 | — | — | 27,675 | |||||||||||||||||
Issuance of common stock pursuant to employee stock purchase plan and stock option exercises | 11,986 | — | 31 | — | — | 31 | |||||||||||||||||
Restricted stock grants | 278,220 | 3 | (3 | ) | — | — | — | ||||||||||||||||
Restricted stock forfeitures | (140,935 | ) | (1 | ) | (157 | ) | — | — | (158 | ) | |||||||||||||
Share-based compensation | — | — | 2,308 | — | — | 2,308 | |||||||||||||||||
Other comprehensive items | — | — | — | — | 2,272 | 2,272 | |||||||||||||||||
Balance at July 31, 2013 | 51,575,893 | 516 | 7,419,806 | (7,277,130 | ) | 13,713 | 156,905 | ||||||||||||||||
Net loss | (16,282 | ) | — | (16,282 | ) | ||||||||||||||||||
Equity portion of convertible senior notes | — | — | 27,163 | — | — | 27,163 | |||||||||||||||||
Issuance of common stock pursuant to employee stock purchase plan and stock option exercises | 354,711 | 3 | 1,365 | — | — | 1,368 | |||||||||||||||||
Restricted stock grants | 184,130 | 2 | (2 | ) | — | — | — | ||||||||||||||||
Restricted stock forfeitures | (13,971 | ) | — | (45 | ) | — | — | (45 | ) | ||||||||||||||
Share-based compensation | — | — | 2,254 | — | — | 2,254 | |||||||||||||||||
Other comprehensive items | — | — | — | — | 255 | 255 | |||||||||||||||||
Balance at July 31, 2014 | 52,100,763 | 521 | 7,450,541 | (7,293,412 | ) | 13,968 | 171,618 | ||||||||||||||||
Net loss | (18,429 | ) | (18,429 | ) | |||||||||||||||||||
Issuance of common stock pursuant to employee stock purchase plan and stock option exercises | 33,358 | — | 113 | — | — | 113 | |||||||||||||||||
Restricted stock grants | 111,110 | 1 | (1 | ) | — | — | — | ||||||||||||||||
Restricted stock forfeitures | (11,343 | ) | — | — | — | — | — | ||||||||||||||||
Share-based compensation | — | — | 1,757 | — | — | 1,757 | |||||||||||||||||
Other comprehensive items | — | — | — | — | (10,458 | ) | (10,458 | ) | |||||||||||||||
Balance at July 31, 2015 | 52,233,888 | $ | 522 | $ | 7,452,410 | $ | (7,311,841 | ) | $ | 3,510 | $ | 144,601 |
Twelve Months Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Cash flows from operating activities of continuing operations: | ||||||||||||
Net loss | $ | (18,429 | ) | $ | (16,282 | ) | $ | (40,355 | ) | |||
Income from discontinued operations | — | 80 | (1,025 | ) | ||||||||
Loss from continuing operations | (18,429 | ) | (16,362 | ) | (39,330 | ) | ||||||
Adjustments to reconcile loss from continuing operations to net cash used in operating activities of continuing operations: | ||||||||||||
Depreciation | 8,668 | 13,179 | 14,118 | |||||||||
Amortization of intangible assets | 667 | 1,097 | 1,133 | |||||||||
Amortization of deferred financing costs | 557 | 1,255 | 353 | |||||||||
Accretion of debt discount | 4,473 | 1,489 | — | |||||||||
Impairment of goodwill and long-lived assets | 3,360 | 500 | — | |||||||||
Share-based compensation | 1,757 | 2,254 | 2,308 | |||||||||
Non-operating (gains) losses, net | (15,005 | ) | 50 | 2,642 | ||||||||
(Gains) losses, and equity in losses, of affiliates and impairments | 7,087 | 1,554 | 4,365 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Trade accounts receivable, net | (14,970 | ) | 17,698 | 8,583 | ||||||||
Inventories | 11,839 | (4,403 | ) | 22,434 | ||||||||
Prepaid expenses and other current assets | (26,580 | ) | (511 | ) | 2,356 | |||||||
Accounts payable, accrued restructuring and accrued expenses | 22,258 | (2,513 | ) | (5,851 | ) | |||||||
Refundable and accrued income taxes, net | 367 | (311 | ) | (3,652 | ) | |||||||
Other assets and liabilities | 33,145 | (4,837 | ) | (1,478 | ) | |||||||
Net cash provided by operating activities of continuing operations | 19,194 | 10,139 | 7,981 | |||||||||
Cash flows from investing activities of continuing operations: | ||||||||||||
Additions to property and equipment | (8,518 | ) | (4,489 | ) | (7,296 | ) | ||||||
Proceeds from the disposition of the TFL business, net of transaction costs of $81 | — | — | 1,269 | |||||||||
Proceeds from the sale of trading securities | 2,325 | — | — | |||||||||
Proceeds from the sale of available-for-sale securities | — | — | 96 | |||||||||
Purchase of trading securities | (69,221 | ) | (395 | ) | — | |||||||
Investments in affiliates | (323 | ) | (756 | ) | (1,712 | ) | ||||||
Proceeds from investments in affiliates | 408 | — | 207 | |||||||||
Net cash used in investing activities of continuing operations | (75,329 | ) | (5,640 | ) | (7,436 | ) | ||||||
Cash flows from financing activities of continuing operations: | ||||||||||||
Payment of deferred financing costs | — | (628 | ) | (1,416 | ) | |||||||
Repayments on capital lease obligations | (216 | ) | (130 | ) | (60 | ) | ||||||
Net proceeds (repayments) of revolving line of credit | (4,453 | ) | 4,453 | — | ||||||||
Proceeds from issuance of common stock to Steel Partners Holdings, L.P., net of transaction costs of $2,325 | — | — | 27,675 | |||||||||
Proceeds from issuance of common stock | 113 | 1,368 | — | |||||||||
Repurchase of common stock | — | — | (158 | ) | ||||||||
Proceeds from issuance of convertible notes, net of transaction costs of $3,430 | — | 96,570 | — | |||||||||
Net cash provided by (used in) financing activities of continuing operations | (4,556 | ) | 101,633 | 26,041 | ||||||||
Cash flows from discontinued operations: | ||||||||||||
Operating cash flows | — | (324 | ) | (1,645 | ) | |||||||
Net cash used in discontinued operations | — | (324 | ) | (1,645 | ) | |||||||
Net effect of exchange rate changes on cash and cash equivalents | (3,393 | ) | (209 | ) | 606 | |||||||
Net decrease in cash and cash equivalents | (64,084 | ) | 105,599 | 25,547 | ||||||||
Cash and cash equivalents at beginning of period | 183,515 | 77,916 | 52,369 | |||||||||
Cash and cash equivalents at end of period | $ | 119,431 | $ | 183,515 | $ | 77,916 |
(1) | NATURE OF OPERATIONS |
(2) | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
July 31, 2015 | July 31, 2014 | |||||||
(In thousands ) | ||||||||
Cash and bank deposits | $ | 43,154 | $ | 32,889 | ||||
Money market funds | 76,277 | 150,626 | ||||||
$ | 119,431 | $ | 183,515 |
Level 1: | Observable inputs such as quoted prices for identical assets or liabilities in active markets |
Level 2: | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market-corroborated inputs |
Level 3: | Unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants would price the assets or liabilities |
July 31, 2015 | July 31, 2014 | |||||||
(In thousands) | ||||||||
Raw materials | $ | 38,922 | $ | 51,179 | ||||
Work-in-process | 536 | 910 | ||||||
Finished goods | 9,282 | 13,180 | ||||||
$ | 48,740 | $ | 65,269 |
Buildings | 32 years | |
Machinery & equipment | 3 to 5 years | |
Furniture & fixtures | 5 to 7 years | |
Automobiles | 5 years | |
Software | 3 to 8 years | |
Leasehold improvements | Shorter of the remaining lease term or the estimated useful life of the asset |
Twelve Months Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(In thousands, except per share data) | ||||||||||||
Loss from continuing operations | $ | (18,429 | ) | $ | (16,362 | ) | $ | (39,330 | ) | |||
Income from discontinued operations | — | 80 | (1,025 | ) | ||||||||
Net loss | $ | (18,429 | ) | $ | (16,282 | ) | $ | (40,355 | ) | |||
Weighted average common shares outstanding | 51,940 | 51,582 | 46,654 | |||||||||
Weighted average common equivalent shares arising from dilutive stock options and restricted stock | — | — | — | |||||||||
Weighted average number of common and potential common shares | 51,940 | 51,582 | 46,654 | |||||||||
Basic net income (loss) per common share from: | ||||||||||||
Continuing operations | $ | (0.35 | ) | $ | (0.32 | ) | $ | (0.84 | ) | |||
Discontinued operations | — | — | (0.02 | ) | ||||||||
$ | (0.35 | ) | $ | (0.32 | ) | $ | (0.86 | ) | ||||
Diluted net income (loss) per common share from: | ||||||||||||
Continuing operations | $ | (0.35 | ) | $ | (0.32 | ) | $ | (0.84 | ) | |||
Discontinued operations | — | — | (0.02 | ) | ||||||||
$ | (0.35 | ) | $ | (0.32 | ) | $ | (0.86 | ) |
(3) | ACCOUNTS RECEIVABLE |
July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(In thousands) | ||||||||||||
Balance at beginning of year | $ | 63 | $ | 64 | $ | 344 | ||||||
Provisions charged to expense | — | 59 | 146 | |||||||||
Accounts written off—continued operations | (6 | ) | (60 | ) | (120 | ) | ||||||
Accounts written off—discontinued operations | — | — | (222 | ) | ||||||||
Balance reclassified to discontinued operations | — | — | (84 | ) | ||||||||
$ | 57 | $ | 63 | $ | 64 |
(4) | PROPERTY AND EQUIPMENT |
July 31, | ||||||||
2015 | 2014 | |||||||
(In thousands ) | ||||||||
Buildings | $ | 27,294 | $ | 31,430 | ||||
Machinery and equipment | 31,264 | 45,910 | ||||||
Leasehold improvements | 14,799 | 17,026 | ||||||
Software | 42,790 | 42,554 | ||||||
Other | 22,188 | 33,789 | ||||||
138,335 | 170,709 | |||||||
Less: Accumulated depreciation and amortization | (115,599 | ) | (145,583 | ) | ||||
Property and equipment, net | $ | 22,736 | $ | 25,126 |
July 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Machinery and equipment | $ | 370 | $ | 383 | ||||
Other | 212 | 259 | ||||||
582 | 642 | |||||||
Less: Accumulated depreciation and amortization | (431 | ) | (451 | ) | ||||
$ | 151 | $ | 191 |
(5) | INVESTMENTS |
(6) | GOODWILL AND INTANGIBLE ASSETS |
July 31, 2015 | July 31, 2014 | |||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization/ Impairment | Net Book Value | Weighted Average Amortization Period | Gross Carrying Amount | Accumulated Amortization/ Impairment | Net Book Value | Weighted Average Amortization Period | |||||||||||||||||||||
Client Relationships | $ | 4,399 | $ | 4,399 | $ | — | 7 years | $ | 4,399 | $ | 4,002 | $ | 397 | 7 years | ||||||||||||||
Developed Technology | 5,092 | 5,092 | — | 3 to 7 years | 5,092 | 4,859 | 233 | 3 to 7 years | ||||||||||||||||||||
Trade Names | 1,515 | 1,515 | — | 3 to 7 years | 1,515 | 1,478 | 37 | 3 to 7 years | ||||||||||||||||||||
Non-Competes | 83 | 83 | — | 1 to 5 years | 83 | 83 | — | 1 to 5 years | ||||||||||||||||||||
Total | $ | 11,089 | $ | 11,089 | $ | — | $ | 11,089 | $ | 10,422 | $ | 667 |
(7) | RESTRUCTURING |
Employee Related Expenses | Contractual Obligations | Total | ||||||||||
(In thousands) | ||||||||||||
Accrued restructuring balance at July 31, 2012 | $ | 626 | $ | 1,098 | $ | 1,724 | ||||||
Restructuring charges | 13,638 | 1,112 | 14,750 | |||||||||
Restructuring adjustments | (232 | ) | (21 | ) | (253 | ) | ||||||
Cash paid | (9,947 | ) | (999 | ) | (10,946 | ) | ||||||
Non-cash adjustments | 133 | — | 133 | |||||||||
Restructuring charges, discontinued operations | 42 | 112 | 154 | |||||||||
Cash paid, discontinued operations | (243 | ) | (97 | ) | (340 | ) | ||||||
Reclassification of restructuring charges of discontinued operations | (43 | ) | (15 | ) | (58 | ) | ||||||
Accrued restructuring balance at July 31, 2013 | 3,974 | 1,190 | 5,164 | |||||||||
Restructuring charges | 6,111 | 294 | 6,405 | |||||||||
Restructuring adjustments | 161 | (9 | ) | 152 | ||||||||
Cash paid | (8,640 | ) | (817 | ) | (9,457 | ) | ||||||
Non-cash adjustments | 81 | (60 | ) | 21 | ||||||||
Accrued restructuring balance at July 31, 2014 | 1,687 | 598 | 2,285 | |||||||||
Restructuring charges | 5,063 | 324 | 5,387 | |||||||||
Restructuring adjustments | (193 | ) | (64 | ) | (257 | ) | ||||||
Cash paid | (4,949 | ) | (691 | ) | (5,640 | ) | ||||||
Non-cash adjustments | (171 | ) | (76 | ) | (247 | ) | ||||||
Accrued restructuring balance at July 31, 2015 | $ | 1,437 | $ | 91 | $ | 1,528 |
Twelve Months Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(In thousands) | ||||||||||||
Cost of revenue | $ | 4,718 | $ | 4,283 | $ | 10,625 | ||||||
Selling, general and administrative | 412 | 2,274 | 3,872 | |||||||||
$ | 5,130 | $ | 6,557 | $ | 14,497 |
Americas | Asia | Europe | e-Business | Discontinued Operations | Consolidated Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Accrued restructuring balance at July 31, 2012 | $ | 1,086 | $ | — | $ | 51 | $ | 343 | $ | 244 | $ | 1,724 | ||||||||||||
Restructuring charges | 1,614 | 2,516 | 9,610 | 1,010 | — | 14,750 | ||||||||||||||||||
Restructuring adjustments | (21 | ) | (89 | ) | 27 | (170 | ) | — | (253 | ) | ||||||||||||||
Cash paid | (2,284 | ) | (1,899 | ) | (5,517 | ) | (1,246 | ) | — | (10,946 | ) | |||||||||||||
Non-cash adjustments | (13 | ) | (8 | ) | 85 | 69 | — | 133 | ||||||||||||||||
Restructuring charges, discontinued operations | — | — | — | — | 154 | 154 | ||||||||||||||||||
Cash paid, discontinued operations | — | — | — | — | (340 | ) | (340 | ) | ||||||||||||||||
Reclassification of restructuring charges of discontinued operations | — | — | — | — | (58 | ) | (58 | ) | ||||||||||||||||
Accrued restructuring balance at July 31, 2013 | 382 | 520 | 4,256 | 6 | — | 5,164 | ||||||||||||||||||
Restructuring charges | 918 | 944 | 4,235 | 308 | — | 6,405 | ||||||||||||||||||
Restructuring adjustments | (49 | ) | (11 | ) | 102 | 110 | — | 152 | ||||||||||||||||
Cash paid | (975 | ) | (1,161 | ) | (6,957 | ) | (364 | ) | — | (9,457 | ) | |||||||||||||
Non-cash adjustments | (81 | ) | (18 | ) | 114 | 6 | — | 21 | ||||||||||||||||
Accrued restructuring balance at July 31, 2014 | 195 | 274 | 1,750 | 66 | — | 2,285 | ||||||||||||||||||
Restructuring charges | 1,073 | 1,056 | 3,158 | 100 | — | 5,387 | ||||||||||||||||||
Restructuring adjustments | (164 | ) | (59 | ) | 7 | (41 | ) | — | (257 | ) | ||||||||||||||
Cash paid | (869 | ) | (1,106 | ) | (3,655 | ) | (10 | ) | — | (5,640 | ) | |||||||||||||
Non-cash adjustments | — | 88 | (234 | ) | (101 | ) | — | (247 | ) | |||||||||||||||
Accrued restructuring balance at July 31, 2015 | $ | 235 | $ | 253 | $ | 1,026 | $ | 14 | $ | — | $ | 1,528 |
(8) | OTHER CURRENT LIABILITIES |
July 31, 2015 | July 31, 2014 | |||||||
(In thousands) | ||||||||
Accrued pricing liabilities | $ | 18,882 | $ | 19,301 | ||||
Unsettled trading securities liabilities | — | 22,430 | ||||||
Line of credit liability | — | 4,453 | ||||||
Funds held for clients | 21,807 | — | ||||||
Other | 10,048 | 5,575 | ||||||
$ | 50,737 | $ | 51,759 |
(9) | DEBT |
July 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Carrying amount of equity component (net of allocated debt issuance costs) | $ | 27,163 | $ | 27,163 | ||||
Principal amount of Notes | $ | 100,000 | $ | 100,000 | ||||
Unamortized debt discount | (22,136 | ) | (26,609 | ) | ||||
Net carrying amount | $ | 77,864 | $ | 73,391 |
Twelve Months Ended July 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Interest expense related to contractual interest coupon | $ | 5,310 | $ | 1,940 | ||||
Interest expense related to accretion of the discount | 4,473 | 1,489 | ||||||
Interest expense related to debt issuance costs | 344 | 183 | ||||||
$ | 10,127 | $ | 3,612 |
(10) | COMMITMENTS AND CONTINGENCIES |
Operating Leases | Capital Lease Obligations | Purchase Obligations | Convertible Notes Interest & Principal | Total | |||||||||||
(In thousands) | |||||||||||||||
For the fiscal years ended July 31: | |||||||||||||||
2016 | 16,055 | 257 | 47,922 | 5,469 | 69,703 | ||||||||||
2017 | 9,796 | 281 | — | 5,250 | 15,327 | ||||||||||
2018 | 5,314 | 109 | — | 5,250 | 10,673 | ||||||||||
2019 | 3,619 | 105 | — | 105,250 | 108,974 | ||||||||||
2020 | 3,114 | 100 | — | — | 3,214 | ||||||||||
Thereafter | 4,088 | 132 | — | — | 4,220 | ||||||||||
41,986 | 984 | 47,922 | 121,219 | 212,111 |
• | Irene Collier, Individually And On Behalf Of All Others Similarly Situated, vs. ModusLink Global Solutions, Inc., Joseph C. Lawler and Steven G. Crane, Case 1:12-CV-11044-DJC, filed June 12, 2012 (the “Collier Action”); |
• | Alexander Shnerer Individually And On Behalf Of All Others Similarly Situated, vs. ModusLink Global Solutions, Inc., Joseph C. Lawler and Steven G. Crane, Case 1:12-CV-11078-DJC, filed June 18, 2012 (the “Shnerer Action”); and |
• | Harold Heszkel, Individually and on Behalf of All Others Similarly Situated v. ModusLink Global Solutions, Inc., Joseph C. Lawler, and Steven G. Crane, Case 1:12-CV-11279-DJC, filed July 11, 2012 (the “Heszkel Action”). |
(11) | DEFINED BENEFIT PENSION PLANS |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
(In thousands) | July 31, 2015 | Asset Allocations | Level 1 | Level 2 | Level 3 | ||||||||||||||
Insurance contracts | $ | 18,038 | 93 | % | $ | — | $ | — | $ | 18,038 | |||||||||
Other investments | 1,312 | 7 | % | — | — | 1,312 | |||||||||||||
$ | 19,350 | 100 | % | $ | — | $ | — | $ | 19,350 | ||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
(In thousands) | July 31, 2014 | Asset Allocations | Level 1 | Level 2 | Level 3 | ||||||||||||||
Insurance contracts | $ | 20,884 | 93 | % | $ | — | $ | — | $ | 20,884 | |||||||||
Other investments | 1,659 | 7 | % | — | — | 1,659 | |||||||||||||
$ | 22,543 | 100 | % | $ | — | $ | — | $ | 22,543 |
July 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Change in benefit obligation | ||||||||
Benefit obligation at beginning of year | $ | 26,326 | $ | 20,095 | ||||
Service cost | 658 | 521 | ||||||
Interest cost | 604 | 743 | ||||||
Actuarial (gain) loss | 3,310 | 5,291 | ||||||
Employee contributions | 51 | 182 | ||||||
Amendments | 24 | (187 | ) | |||||
Benefits and administrative expenses paid | (311 | ) | (445 | ) | ||||
Adjustments | 6 | 310 | ||||||
Settlements | (279 | ) | — | |||||
Effect of curtailment | (164 | ) | (371 | ) | ||||
Currency translation | (4,608 | ) | 187 | |||||
Benefit obligation at end of year | 25,617 | 26,326 | ||||||
Change in plan assets | ||||||||
Fair value of plan assets at beginning of year | 22,543 | 16,498 | ||||||
Actual return on plan assets | 852 | 5,316 | ||||||
Employee contributions | 129 | 175 | ||||||
Employer contributions | 347 | 844 | ||||||
Settlements | (264 | ) | — | |||||
Benefits and administrative expenses paid | (311 | ) | (445 | ) | ||||
Currency translation | (3,946 | ) | 155 | |||||
Fair value of plan assets at end of year | 19,350 | 22,543 | ||||||
Funded status | ||||||||
Assets | 81 | — | ||||||
Current liability | (43 | ) | — | |||||
Noncurrent liability | (6,305 | ) | (3,783 | ) | ||||
Net amount recognized in statement of financial position as a noncurrent asset (liability) | $ | (6,267 | ) | $ | (3,783 | ) |
July 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Projected benefit obligation | $ | 24,818 | $ | 24,352 | ||||
Accumulated benefit obligation | $ | 22,205 | $ | 21,675 | ||||
Fair value of plan assets | $ | 18,470 | $ | 21,425 |
Twelve Months Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(In thousands) | ||||||||||||
Service cost | $ | 658 | $ | 521 | $ | 644 | ||||||
Interest costs | 604 | 743 | 728 | |||||||||
Expected return on plan assets | (537 | ) | (577 | ) | (538 | ) | ||||||
Amortization of net actuarial (gain) loss | 64 | 62 | 38 | |||||||||
Curtailment gain | (164 | ) | — | (504 | ) | |||||||
Net periodic pension costs | $ | 625 | $ | 749 | $ | 368 |
Twelve Months Ended July 31, | |||||||||
2015 | 2014 | 2013 | |||||||
Discount rate | 2.46 | % | 2.95 | % | 3.61 | % | |||
Rate of compensation increase | 1.95 | % | 2.05 | % | 2.07 | % |
Twelve Months Ended July 31, | |||||||||
2015 | 2014 | 2013 | |||||||
Discount rate | 3.05 | % | 3.73 | % | 4.13 | % | |||
Expected long-term rate of return on plan assets | 3.02 | % | 3.54 | % | 3.43 | % | |||
Rate of compensation increase | 2.41 | % | 2.01 | % | 2.05 | % |
Pension Benefit Payments | ||
(in thousands) | ||
For the fiscal years ended July 31: | ||
2016 | 155 | |
2017 | 179 | |
2018 | 175 | |
2019 | 205 | |
2020 | 213 | |
Next 5 years | 1,707 |
(12) | OTHER GAINS (LOSSES), NET |
Twelve Months Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(In thousands) | ||||||||||||
Foreign currency exchange gain (losses) | $ | 1,796 | $ | (480 | ) | $ | (2,050 | ) | ||||
Gain on disposal of assets | 22 | 475 | 97 | |||||||||
Gain on Trading Securities | 13,611 | — | — | |||||||||
Other, net | (424 | ) | (45 | ) | (689 | ) | ||||||
$ | 15,005 | $ | (50 | ) | $ | (2,642 | ) |
(13) | SHARE-BASED PAYMENTS |
Twelve Months Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(In thousands) | ||||||||||||
Cost of revenue | $ | 171 | $ | 434 | $ | 263 | ||||||
Selling, general and administrative | 1,586 | 1,820 | 2,045 | |||||||||
$ | 1,757 | $ | 2,254 | $ | 2,308 |
Years Ended July 31, | |||||||||
2015 | 2014 | 2013 | |||||||
Expected volatility | 56.30 | % | 57.32 | % | 60.53 | % | |||
Risk-free interest rate | 1.24 | % | 1.16 | % | 0.78 | % | |||
Expected term (in years) | 4.41 | 4.41 | 4.60 | ||||||
Expected dividend yield | — | % | — | % | — | % |
Number of Shares | Weighted- Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||||
(in thousands, except exercise price and years) | ||||||||||||||
Stock options outstanding, July 31, 2014 | 2,944 | $ | 4.66 | |||||||||||
Granted | 603 | 3.56 | ||||||||||||
Exercised | (29 | ) | 3.38 | |||||||||||
Forfeited or expired | (428 | ) | 6.61 | |||||||||||
Stock options outstanding, July 31, 2015 | 3,090 | 4.19 | 4.79 | $ | — | |||||||||
Stock options exercisable, July 31, 2015 | 1,380 | $ | 4.85 | 3.95 | $ | — |
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||
(share amounts in thousands) | |||||||
Nonvested stock outstanding, July 31, 2014 | 239 | $ | 3.16 | ||||
Granted | 375 | 3.25 | |||||
Vested | (119 | ) | 2.88 | ||||
Forfeited | (19 | ) | 3.53 | ||||
Nonvested stock outstanding, July 31, 2015 | 476 | $ | 3.54 |
Years Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(in thousands) | ||||||||||||
Income (loss) from continuing operations before income taxes: | ||||||||||||
U.S. | $ | (8,476 | ) | $ | (21,437 | ) | $ | (41,257 | ) | |||
Foreign | (7,878 | ) | 9,891 | 7,321 | ||||||||
Total loss from continuing operations before income taxes | $ | (16,354 | ) | $ | (11,546 | ) | $ | (33,936 | ) |
Years Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(in thousands) | ||||||||||||
Income tax expense from continuing operations | $ | 2,283 | $ | 4,682 | $ | 3,779 | ||||||
Total income tax expense | $ | 2,283 | $ | 4,682 | $ | 3,779 |
Twelve Months Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(In thousands) | ||||||||||||
Current provision | ||||||||||||
Federal | $ | — | $ | — | $ | — | ||||||
State | — | — | — | |||||||||
Foreign | 4,323 | 4,916 | 4,307 | |||||||||
4,323 | 4,916 | 4,307 | ||||||||||
Deferred provision: | ||||||||||||
Federal | — | — | — | |||||||||
State | — | — | — | |||||||||
Foreign | (2,040 | ) | (234 | ) | (528 | ) | ||||||
(2,040 | ) | (234 | ) | (528 | ) | |||||||
Total tax provision | $ | 2,283 | $ | 4,682 | $ | 3,779 |
July 31, 2015 | July 31, 2014 | |||||||||||||||||
Current | Non-current | Total | Current | Non-current | Total | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||
Deferred tax assets: | ||||||||||||||||||
Accruals and reserves | 4,592 | 5,686 | 10,278 | 9,634 | 4,981 | 14,615 | ||||||||||||
Tax basis in excess of financial basis of investments in affiliates | — | 18,959 | 18,959 | — | 17,251 | 17,251 | ||||||||||||
Tax basis in excess of financial basis for intangible and fixed assets | — | 9,499 | 9,499 | — | 9,699 | 9,699 | ||||||||||||
Net operating loss and capital loss carry forwards | — | 739,042 | 739,042 | — | 747,038 | 747,038 | ||||||||||||
Total gross deferred tax assets | 4,592 | 773,186 | 777,778 | 9,634 | 778,969 | 788,603 | ||||||||||||
Less: valuation allowance | (3,515 | ) | (747,054 | ) | (750,569 | ) | (8,364 | ) | (749,961 | ) | (758,325 | ) | ||||||
Net deferred tax assets | 1,077 | 26,132 | 27,209 | 1,270 | 29,008 | 30,278 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||||
Accruals and reserves | (60 | ) | — | (60 | ) | (31 | ) | — | (31 | ) | ||||||||
Financial basis in excess of tax basis for intangible and fixed assets | — | (961 | ) | (961 | ) | — | (1,210 | ) | (1,210 | ) | ||||||||
Convertible Debt | — | (7,524 | ) | (7,524 | ) | — | (11,302 | ) | (11,302 | ) | ||||||||
Undistributed accumulated earnings of foreign subsidiaries | — | (13,363 | ) | (13,363 | ) | — | (14,680 | ) | (14,680 | ) | ||||||||
Total gross deferred tax liabilities | (60 | ) | (21,848 | ) | (21,908 | ) | (31 | ) | (27,192 | ) | (27,223 | ) | ||||||
Net deferred tax asset | 1,017 | 4,284 | 5,301 | 1,239 | 1,816 | 3,055 |
Income tax benefit recognized in the consolidated statement of operations | $ | (735,108 | ) |
Additional paid in capital | (15,461 | ) | |
$ | (750,569 | ) | |
Twelve Months Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(In thousands) | ||||||||||||
Computed “expected” income tax expense (benefit) | $ | (5,653 | ) | $ | (3,907 | ) | $ | (12,443 | ) | |||
Increase (decrease) in income tax expense resulting from: | ||||||||||||
Losses not benefited | 2,067 | 3,282 | 13,413 | |||||||||
Foreign dividends | 732 | 5,737 | 2,956 | |||||||||
Foreign tax rate differential | 1,262 | (750 | ) | (316 | ) | |||||||
Capitalized costs | (478 | ) | (54 | ) | 100 | |||||||
Nondeductible goodwill impairment | 1,070 | — | — | |||||||||
Nondeductible expenses | 417 | (49 | ) | 254 | ||||||||
Foreign withholding taxes | (19 | ) | 423 | 218 | ||||||||
Reversal of uncertain tax position reserves | — | — | (403 | ) | ||||||||
Foreign tax reserve | 2,885 | — | — | |||||||||
Actual income tax expense | $ | 2,283 | $ | 4,682 | $ | 3,779 |
Twelve Months Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(In thousands) | ||||||||||||
Balance as of beginning of year | $ | 1,028 | $ | 1,015 | $ | 1,230 | ||||||
Additions for current year tax positions | 2,884 | 13 | 79 | |||||||||
Currency translation | (156 | ) | — | 33 | ||||||||
Reductions for lapses in statute of limitations | — | — | (212 | ) | ||||||||
Reductions of prior year tax positions | — | — | (115 | ) | ||||||||
Balance as of end of year | $ | 3,756 | $ | 1,028 | $ | 1,015 |
(15) | ACCUMULATED OTHER COMPREHENSIVE INCOME |
Foreign currency items | Pension items | Unrealized gains (losses) on Securities | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Accumulated other comprehensive income (loss) at July 31, 2014 | $ | 15,833 | $ | (1,900 | ) | $ | 35 | $ | 13,968 | |||||||
Foreign currency translation adjustment | (8,163 | ) | — | — | (8,163 | ) | ||||||||||
Pension liability adjustments | — | (2,306 | ) | — | (2,306 | ) | ||||||||||
Net unrealized holding gain on securities | — | — | 11 | 11 | ||||||||||||
Net current-period other comprehensive income (loss) | (8,163 | ) | (2,306 | ) | 11 | (10,458 | ) | |||||||||
Accumulated other comprehensive income (loss) at July 31, 2015 | $ | 7,670 | $ | (4,206 | ) | $ | 46 | $ | 3,510 |
(16) | STATEMENT OF CASH FLOWS SUPPLEMENTAL INFORMATION |
Years Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(In thousands) | ||||||||||||
Cash paid for interest | $ | 5,281 | $ | 33 | $ | 30 | ||||||
Cash paid for income taxes | $ | 2,078 | $ | 3,838 | $ | 4,632 |
(17) | STOCKHOLDERS’ EQUITY |
• | one vote per share on all matters submitted to a vote of the stockholders, subject to the rights of any preferred stock that may be outstanding; |
• | dividends as may be declared by our board of directors out of funds legally available for that purpose, subject to the rights of any preferred stock that may be outstanding; and |
• | a pro rata share in any distribution of our assets after payment or providing for the payment of liabilities and the liquidation preference of any outstanding preferred stock in the event of liquidation. |
(18) | FOREIGN CURRENCY CONTRACTS |
(19) | DISCONTINUED OPERATIONS AND DIVESTITURES |
Years Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(in thousands) | ||||||||||||
Results of operations: | ||||||||||||
Net revenue | $ | — | $ | — | $ | 4,592 | ||||||
Other gains (losses), net | — | 80 | 582 | |||||||||
Total expenses | — | — | (6,199 | ) | ||||||||
Income (loss) from discontinued operations | $ | — | $ | 80 | $ | (1,025 | ) |
(20) | FAIR VALUE MEASUREMENTS |
Level 1: | Observable inputs such as quoted prices for identical assets or liabilities in active markets |
Level 2: | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market-corroborated inputs |
Level 3: | Unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants would price the assets or liabilities |
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
(In thousands) | July 31, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Marketable equity securities | $ | 37,396 | $ | 37,396 | $ | — | $ | — | ||||||||
Marketable corporate bonds | 41,320 | 41,320 | — | — | ||||||||||||
Money market funds | 76,277 | 76,277 | — | — | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
(In thousands) | July 31, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Marketable equity securities | $ | 9,856 | $ | 9,856 | $ | — | $ | — | ||||||||
Marketable corporate bonds | 12,937 | 12,937 | — | — | ||||||||||||
Money market funds | 150,626 | 150,626 | — | — |
July 31, 2015 | July 31, 2014 | Fair Value Hierarchy | ||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||
(In thousands) | ||||||||||||||
Notes payable | 77,864 | 88,188 | 73,391 | 93,750 | Level 1 |
(21) | SEGMENT INFORMATION |
Twelve Months Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(In thousands) | ||||||||||||
Net revenue: | ||||||||||||
Americas | $ | 200,929 | $ | 299,026 | $ | 268,490 | ||||||
Asia | 163,262 | 176,592 | 212,963 | |||||||||
Europe | 160,602 | 209,550 | 237,222 | |||||||||
e-Business | 36,880 | 38,232 | 35,829 | |||||||||
$ | 561,673 | $ | 723,400 | $ | 754,504 | |||||||
Operating income (loss): | ||||||||||||
Americas | $ | (4,407 | ) | $ | 9,456 | $ | (230 | ) | ||||
Asia | 10,003 | 17,335 | 22,841 | |||||||||
Europe | (6,479 | ) | (12,319 | ) | (22,091 | ) | ||||||
e-Business | (2,367 | ) | (249 | ) | 349 | |||||||
Total Segment operating income | (3,250 | ) | 14,223 | 869 | ||||||||
Corporate-level activity | (11,089 | ) | (19,672 | ) | (29,101 | ) | ||||||
Total operating loss | (14,339 | ) | (5,449 | ) | (28,232 | ) | ||||||
Total other expense | (2,015 | ) | (6,097 | ) | (5,704 | ) | ||||||
Loss from continuing operations before income taxes | $ | (16,354 | ) | $ | (11,546 | ) | $ | (33,936 | ) |
July 31, 2015 | July 31, 2014 | |||||||
(In thousands) | ||||||||
Total assets: | ||||||||
Americas | $ | 41,367 | $ | 73,254 | ||||
Asia | 122,277 | 78,749 | ||||||
Europe | 67,783 | 81,327 | ||||||
e-Business | 35,512 | 14,221 | ||||||
Sub-total—segment assets | 266,939 | 247,551 | ||||||
Corporate | 179,563 | 204,095 | ||||||
$ | 446,502 | $ | 451,646 |
Twelve Months Ended July 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(In thousands) | ||||||||||||
Supply chain services | $ | 484,438 | $ | 635,504 | $ | 676,709 | ||||||
Aftermarket services | 40,355 | 49,664 | 41,966 | |||||||||
e-Business services | 36,880 | 38,232 | 35,829 | |||||||||
$ | 561,673 | $ | 723,400 | $ | 754,504 |
(22) | RELATED PARTY TRANSACTIONS |
(23) | SELECTED QUARTERLY FINANCIAL INFORMATION (Unaudited) |
Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||
Oct. 31, ‘14 | Jan. 31, ‘15 | Apr. 30, ‘15 | Jul. 31, ‘15 | Oct. 31, ‘13 | Jan. 31, ‘14 | Apr. 30, ‘14 | Jul. 31, ‘14 | |||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | |||||||||||||||||||||||||||||||
Net revenue | $ | 187,444 | $ | 148,310 | $ | 106,234 | $ | 119,685 | $ | 191,415 | $ | 194,011 | $ | 173,274 | $ | 164,700 | ||||||||||||||||
Cost of revenue | 168,606 | 131,716 | 97,222 | 109,644 | 169,420 | 171,431 | 157,575 | 150,249 | ||||||||||||||||||||||||
Gross profit | 18,838 | 16,594 | 9,012 | 10,041 | 21,995 | 22,580 | 15,699 | 14,451 | ||||||||||||||||||||||||
Total operating expenses | 17,691 | 15,948 | 16,564 | 18,621 | 19,374 | 21,345 | 20,837 | 18,618 | ||||||||||||||||||||||||
Operating income (loss) | 1,147 | 646 | (7,552 | ) | (8,580 | ) | 2,621 | 1,235 | (5,138 | ) | (4,167 | ) | ||||||||||||||||||||
Total other income (expense) | 224 | (1,853 | ) | (3,860 | ) | 3,474 | (812 | ) | 581 | (3,640 | ) | (2,226 | ) | |||||||||||||||||||
Income tax benefit (expense) | (1,157 | ) | (549 | ) | (694 | ) | 117 | (1,137 | ) | (753 | ) | (700 | ) | (2,092 | ) | |||||||||||||||||
Gains (losses), and equity in losses, of affiliates, net of tax | 8 | 200 | — | — | (134 | ) | — | — | — | |||||||||||||||||||||||
Income (loss) from continuing operations | 222 | (1,556 | ) | (12,106 | ) | (4,989 | ) | 538 | 1,063 | (9,478 | ) | (8,485 | ) | |||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | — | 79 | 1 | — | — | ||||||||||||||||||||||||
Net income (loss) | $ | 222 | $ | (1,556 | ) | $ | (12,106 | ) | $ | (4,989 | ) | $ | 617 | $ | 1,064 | $ | (9,478 | ) | $ | (8,485 | ) | |||||||||||
Basic and diluted earnings (loss) per share: | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | — | $ | (0.03 | ) | $ | (0.23 | ) | $ | (0.10 | ) | $ | 0.01 | $ | 0.02 | $ | (0.18 | ) | $ | (0.16 | ) | |||||||||||
Loss from discontinued operations | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net income (loss) | $ | — | $ | (0.03 | ) | $ | (0.23 | ) | $ | (0.10 | ) | $ | 0.01 | $ | 0.02 | $ | (0.18 | ) | $ | (0.16 | ) |
(24) | SUBSEQUENT EVENTS |
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MT
Document and Entity Information - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Mar. 07, 2016 |
Jun. 30, 2015 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | STEEL PARTNERS HOLDINGS L.P. | ||
Entity Central Index Key | 0001452857 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 26,632,689 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 240.6 |
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,945 | $ 2,149 |
Loans receivable, held for sale | $ 159,592 | $ 40,886 |
Common units issued (in shares) | 26,632,689 | 27,566,200 |
Common units outstanding (in shares) | 26,632,689 | 27,566,200 |
Common units held in treasury (in shares) | 10,055,224 | 8,964,049 |
Common units held in treasury, at cost | $ 157,603 | $ 138,363 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Cash flows from operating activities: | |||
Net income (loss) | $ 156,568 | $ (7,268) | $ 44,820 |
Income from discontinued operations | (86,257) | (10,304) | (6,446) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Net investment gains | (32,267) | (921) | (1,071) |
Recovery of loan losses | (50) | (50) | (80) |
Loss (Income) of associated companies | 34,931 | 3,379 | (27,786) |
(Income) Loss from other investments - related party | (361) | (891) | 271 |
(Income) Loss from investments held at fair value | (2,793) | 16,069 | (811) |
Gain on asset dispositions | (1,588) | 0 | 0 |
Deferred income taxes | 8,259 | 12,289 | 5,653 |
Income tax benefit from release of deferred tax valuation allowance | (111,881) | (45) | (7,236) |
Depreciation and amortization | 48,560 | 38,438 | 30,990 |
Reclassification of net cash settlements on derivative instruments | (625) | (1,093) | (2,346) |
Stock based compensation | 9,203 | 8,470 | 34,282 |
Asset impairment charges | 68,092 | 2,537 | 2,689 |
Goodwill impairment | 19,571 | 41,450 | 0 |
Other | (9,686) | 966 | 1,199 |
Net change in operating assets and liabilities: | |||
Receivables | 17,167 | (3,268) | 8,672 |
Inventories | 12,534 | (4,697) | 2,812 |
Prepaid and other assets | (666) | 2,807 | (1,631) |
Accounts payable, accrued and other liabilities | (23,504) | (21,172) | (25,107) |
Net (increase) decrease in loans held for sale | (118,706) | (17,251) | 26,379 |
Net cash (used in) provided by operating activities of continuing operations | (13,499) | 59,445 | 85,253 |
Net cash (used in) provided by operating activities of discontinued operations | (2,254) | 18,588 | 9,699 |
Net cash (used in) provided by operating activities | (15,753) | 78,033 | 94,952 |
Cash flows from investing activities: | |||
Purchases of investments | (44,304) | (111,648) | (226,548) |
Proceeds from sales of investments | 86,559 | 120,235 | 104,545 |
Maturities of marketable securities | 368 | 4,354 | 146,491 |
Net increase in loans receivable | 2,168 | (25,805) | (34,619) |
Purchases of property and equipment | (23,252) | (28,769) | (20,885) |
Reclassification of restricted cash | 66 | 3,780 | (1,554) |
Settlements of financial instruments | 0 | (24,429) | 0 |
Net cash settlements on derivative instruments | 625 | 1,093 | 2,346 |
Proceeds from sale of assets | 10,657 | 2,457 | 1,081 |
Acquisitions, net of cash acquired | (116,135) | (517) | (130,528) |
Investments in associated companies | (7,607) | (1,643) | (36,018) |
Proceeds from sales of discontinued operations | 155,517 | 3,732 | 45,334 |
Net cash provided by (used in) investing activities of discontinued operations | 25 | (2,902) | (4,584) |
Other | (148) | (2,996) | 617 |
Net cash provided by (used in) investing activities | 64,539 | (63,058) | (154,322) |
Cash flows from financing activities: | |||
Proceeds from term loans | 4,566 | 52,600 | 105,000 |
Repurchases of Subordinated Notes | 0 | (346) | (11,323) |
Net revolver borrowings | (66,368) | 196,212 | 30,950 |
Net borrowings of term loans - foreign | 240 | 315 | (424) |
Repayments of term loans - domestic | (38,519) | (182,080) | (27,158) |
Subsidiary's purchases of the Company's common units | (17,323) | (7,921) | (15,690) |
Purchases of treasury units | (1,917) | (51,465) | (106) |
Subsidiary's purchases of their common stock | (17,031) | (78,488) | (50,144) |
Purchase of subsidiary shares from non-controlling interests | (93) | (3,045) | (917) |
Deferred finance charges | (477) | (3,175) | (2,139) |
Net increase (decrease) in deposits | 87,312 | 46,654 | 39,567 |
Net cash used in financing activities of discontinued operations | 0 | 0 | (3,093) |
Other | (1,582) | 1,072 | 927 |
Net cash provided by (used in) financing activities | (51,192) | (29,667) | 65,450 |
Net change for the period | (2,406) | (14,692) | 6,080 |
Effect of exchange rate changes on cash and cash equivalents | (725) | (305) | (127) |
Cash and cash equivalents at beginning of period | 188,983 | 203,980 | 198,027 |
Cash and cash equivalents at end of period | $ 185,852 | $ 188,983 | $ 203,980 |
Consolidated Statements of Changes in Capital - USD ($) $ in Thousands |
12 Months Ended | 24 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
|
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance at beginning of year | $ 664,106 | $ 872,660 | $ 776,747 | |
Balance at beginning of year (in shares) | (27,566,200) | |||
Net income (loss) | $ 156,568 | (7,268) | 44,820 | |
Unrealized gain on available-for-sale investments | (26,389) | (11,312) | 44,193 | |
Unrealized loss on derivative instruments | (1,757) | |||
Currency translation adjustment | (3,950) | (2,090) | (2,812) | |
Changes in pension liabilities and post-retirement benefit obligations | (25,839) | (55,412) | 39,147 | |
Acquisition | 12,841 | 2,896 | ||
Vesting of restricted units | 2,281 | 420 | 26,957 | |
Equity compensation - subsidiaries | 7,159 | 7,762 | 7,938 | |
Subsidiary's purchases of the Company's common units | (17,323) | (7,921) | (15,690) | |
Purchases of SPLP common units | (1,917) | (51,465) | (106) | |
Subsidiary's purchases of their common stock | (25,588) | (78,488) | (50,144) | |
Purchases of subsidiary shares from noncontrolling interests | (93) | (3,045) | (916) | |
Other, net | 263 | 265 | (370) | |
Balance at end of year | $ 740,362 | $ 664,106 | 872,660 | $ 740,362 |
Balance at end of year (in shares) | (26,632,689) | (27,566,200) | (26,632,689) | |
Parent | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance at beginning of year | $ 494,859 | $ 616,582 | 527,344 | |
Net income (loss) | 136,735 | (7,555) | 19,460 | |
Unrealized gain on available-for-sale investments | (32,487) | (806) | 39,422 | |
Unrealized loss on derivative instruments | (1,415) | |||
Currency translation adjustment | (2,966) | (1,324) | (1,504) | |
Changes in pension liabilities and post-retirement benefit obligations | (18,266) | (36,649) | 21,528 | |
Vesting of restricted units | 2,281 | 420 | 26,957 | |
Equity compensation - subsidiaries | 4,628 | 4,628 | 4,391 | |
Subsidiary's purchases of the Company's common units | (17,323) | (7,921) | (15,690) | |
Purchases of SPLP common units | (1,917) | (51,465) | (106) | |
Subsidiary's purchases of their common stock | (7,885) | (32,682) | (3,553) | |
Purchases of subsidiary shares from noncontrolling interests | 1,644 | 11,643 | (1,299) | |
Other, net | 146 | (12) | (368) | |
Balance at end of year | $ 558,034 | $ 494,859 | $ 616,582 | $ 558,034 |
Common Units | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance at beginning of year (in shares) | (36,530,249) | (36,502,306) | (34,940,471) | |
Incentive units and vesting of restricted units (in shares) | 157,664 | 27,943 | 1,561,835 | |
Balance at end of year (in shares) | (36,687,913) | (36,530,249) | (36,502,306) | (36,687,913) |
Treasury Units | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance at beginning of year | $ (138,363) | $ (78,977) | $ (63,181) | |
Balance at beginning of year (in shares) | (8,964,049) | (5,373,241) | (4,154,371) | |
Subsidiary's purchases of the Company's common units | $ (17,323) | $ (7,921) | $ (15,690) | |
Subsidiary's purchases of the Company's Common Units (in shares) | (983,175) | (473,054) | (1,212,855) | |
Purchases of SPLP common units | $ (1,917) | $ (51,465) | $ (106) | |
Purchases of treasury units (in shares) | (108,000) | (3,117,754) | (6,015) | (262,073) |
Balance at end of year | $ (157,603) | $ (138,363) | $ (78,977) | $ (157,603) |
Balance at end of year (in shares) | (10,055,224) | (8,964,049) | (5,373,241) | (10,055,224) |
Partners' Capital | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance at beginning of year | $ 492,054 | $ 574,998 | $ 545,206 | |
Net income (loss) | 136,735 | (7,555) | 19,460 | |
Vesting of restricted units | 2,281 | 420 | 26,957 | |
Equity compensation - subsidiaries | 4,628 | 4,628 | 4,391 | |
Subsidiary's purchases of the Company's common units | (17,323) | (7,921) | (15,690) | |
Purchases of SPLP common units | (1,917) | (51,465) | (106) | $ (4,488) |
Subsidiary's purchases of their common stock | (7,885) | (32,682) | (3,553) | |
Purchases of subsidiary shares from noncontrolling interests | 3,583 | 11,643 | (1,299) | |
Other, net | 146 | (12) | (368) | |
Balance at end of year | 612,302 | 492,054 | 574,998 | 612,302 |
Accumulated Other Comprehensive Loss | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance at beginning of year | 2,805 | 41,584 | (17,862) | |
Unrealized gain on available-for-sale investments | (32,487) | (806) | 39,422 | |
Unrealized loss on derivative instruments | (1,415) | |||
Currency translation adjustment | (2,966) | (1,324) | (1,504) | |
Changes in pension liabilities and post-retirement benefit obligations | (18,266) | (36,649) | 21,528 | |
Purchases of subsidiary shares from noncontrolling interests | (1,939) | |||
Balance at end of year | (54,268) | 2,805 | 41,584 | (54,268) |
Non-controlling Interests in Consolidated Entities | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance at beginning of year | 169,247 | 256,078 | 249,403 | |
Net income (loss) | 19,833 | 287 | 25,360 | |
Unrealized gain on available-for-sale investments | 6,098 | (10,506) | 4,771 | |
Unrealized loss on derivative instruments | (342) | |||
Currency translation adjustment | (984) | (766) | (1,308) | |
Changes in pension liabilities and post-retirement benefit obligations | (7,573) | (18,763) | 17,619 | |
Acquisition | 12,841 | 2,896 | ||
Equity compensation - subsidiaries | 2,531 | 3,134 | 3,547 | |
Subsidiary's purchases of their common stock | (17,703) | (45,806) | (46,591) | |
Purchases of subsidiary shares from noncontrolling interests | (1,737) | (14,688) | 383 | |
Other, net | 117 | 277 | (2) | |
Balance at end of year | $ 182,328 | $ 169,247 | $ 256,078 | $ 182,328 |
NATURE OF THE BUSINESS AND BASIS OF PRESENTATION |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NATURE OF THE BUSINESS AND BASIS OF PRESENTATION | NATURE OF THE BUSINESS AND BASIS OF PRESENTATION Nature of the Business Steel Partners Holdings L.P. ("SPLP" or the "Company") is a global diversified holding company that engages in multiple businesses, including diversified industrial products, energy, defense, supply chain management and logistics, banking, food products and services, sports, training, education, and the entertainment and lifestyle industries. The Company works with its businesses to increase corporate value for all stakeholders by utilizing Steel Partners Operational Excellence programs, the Steel Partners Purchasing Council, Steel Partners Corporate Services, balance sheet improvements, capital allocation policies and growth initiatives. All of the Company's programs are focused on helping SPLP companies strengthen their competitive advantage and increase their profitability, while enabling them to achieve operational excellence and enhanced customer satisfaction. Steel Partners Holdings GP Inc. (“SPH GP”), a Delaware corporation, is the general partner of SPLP and is wholly-owned by SPLP. The Company is managed by SP General Services LLC (the “Manager”), pursuant to the terms of an amended and restated management agreement (the “Management Agreement”) discussed in further detail in Note 13 - "Related party Transactions." Basis of Presentation Significant inter-company accounts and transactions have been eliminated in consolidation. Certain prior period amounts in the Consolidated Statements of Operations, Balance Sheets and Statement of Cash Flows have been reclassified to conform to the comparable 2015 presentation (see Note 2 - "Summary of Significant Accounting Policies"). During 2015, one of the Company's subsidiaries, Steel Excel Inc. ("Steel Excel"), identified an error related to the manner in which the provision for income taxes had reflected the tax effects related to unrealized gains and losses on available for sale securities during 2014 and 2013. As a result, the Company recorded an adjustment to correct the error in the first quarter of 2015 to its tax provision of approximately $3,500, which is included in the Consolidated Statements of Operations for the twelve months ended December 31, 2015. The consolidated financial statements include the accounts of the Company and its majority or wholly-owned subsidiaries, which include the following:
(a) DGT’s financial statements are recorded on a two-month lag, and as a result the balance sheet and statement of operations as of and for the twelve months ended December 31, 2015 includes DGT’s activity as of and for its twelve months ended October 31, 2015. (b) WFHC owns 100% of WebBank ("WebBank") and 100% of WebFinancial Holding LLC ("WFH LLC") (formerly known as CoSine Communications, Inc. ("CoSine")), which operates through its subsidiary API Group plc ("API"). |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended | ||||||||||||
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Dec. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates in Preparation of Consolidated Financial Statements The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues, expenses, unrealized gains and losses during the reporting period. The more significant estimates include: (1) the valuation allowances of accounts receivable and inventory; (2) the valuation of goodwill, indefinite-lived intangible assets, long-lived assets and associated companies; (3) deferred tax assets; (4) environmental liabilities; (5) fair value of derivatives; (6) post-employment benefit liabilities; (7) estimates and assumptions used in the determination of fair value of certain securities, such as whether declines in value of securities are other than temporary; and (8) estimates of loan losses. Actual results may differ from the estimates used in preparing the consolidated financial statements; and, due to substantial holdings in and/or restrictions on certain investments, the value that may be realized could differ from the estimated fair value. Cash and Cash Equivalents Cash and cash equivalents include cash and deposits in depository institutions, financial institutions and banks. Cash at December 31, 2015 and 2014 also includes $1,490 and $368, respectively, of WebBank Federal Funds sold. The Company considers all highly liquid debt instruments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents exclude amounts where availability is restricted by loan agreements or other contractual provisions. Cash equivalents are stated at cost, which approximates market value. There is a significant concentration of cash that, during the periods presented, exceeded the federal deposit insurance limits and exposed the Company to credit risk. SPLP does not anticipate any losses due to this concentration of cash at December 31, 2015. Restricted Cash Restricted cash at December 31, 2015 and 2014 primarily represents cash collateral for certain short sales of corporate securities (see Note 7 - "Financial Instruments" for additional information). Marketable Securities and Long-Term Investments Marketable securities are classified as available-for-sale and consist of short-term deposits, corporate debt and equity instruments, and mutual funds. The Company classifies its Marketable securities as current assets based on the nature of the securities and their availability for use in current operations. Long-term investments consist of available-for-sale securities and equity method investments. Held-to-maturity securities are classified in Other non-current assets. SPLP determines the appropriate classifications of its investments at the acquisition date and re-evaluates the classifications at each balance sheet date.
Dividend and interest income is recognized when earned. Realized gains and losses on available-for-sale securities are included in earnings and are derived using the specific-identification method. Commission expense is recorded as a reduction of sales proceeds on investment sales. Commission expense on purchases is included in the cost of investments in the consolidated balance sheets. Other Than Temporary Impairment If the Company believes a decline in the market value of any available-for-sale, equity method or held-to-maturity security below cost is other than temporary, a loss is charged to earnings, which establishes a new cost basis for the security. Impairment losses are included in Asset impairment charges in the consolidated statements of operations. SPLP's determination of whether a security is other than temporarily impaired incorporates both quantitative and qualitative information. The Company considers a number of factors including, but not limited to, the length of time and the extent to which the fair value has been less than cost, the length of time expected for recovery, the financial condition of the issuer, the reason for the decline in fair value, changes in fair value subsequent to the balance sheet date, the ability and intent to hold investments to maturity, and other factors specific to the individual investment. Specifically, for held-to-maturity securities, the Company considers whether it plans to sell the security or it is more-likely-than-not that it will be required to sell the security before recovery of its amortized cost. The credit component of an other-than-temporary impairment loss is recognized in earnings and the non-credit component is recognized in Accumulated other comprehensive (loss) income in situations where the Company does not intend to sell the security and it is more likely-than-not that the Company will not be required to sell the security prior to recovery. If there is an other-than-temporary impairment in the fair value of any individual security classified as held-to-maturity, the Company writes down the security to fair value with a corresponding credit loss portion charged to earnings, and the non-credit portion being charged to Accumulated other comprehensive (loss) income. SPLP's assessment involves a high degree of judgment and accordingly, actual results may differ materially from those estimates and judgments. Trade Accounts Receivable and Allowance for Doubtful Accounts The Company recognizes bad debt expense through an allowance account using estimates based primarily on management's evaluation of the financial condition of the customer, historical experience, credit quality, whether any amounts are currently past due, the length of time accounts may be past due, previous loss history and management’s determination of a customer’s current ability to pay its obligations. Trade accounts receivable balances are charged off against the allowance when it is determined that the receivables will not be recovered, and payments subsequently received on such receivables are credited to recovery of accounts written off. The Company believes that the credit risk with respect to trade accounts receivable is limited due to this credit evaluation process. As of December 31, 2015, the top 10 of the Company's largest customer balances accounted for 24% of the Company's trade receivables. Loans Receivable, Including Loans Held for Sale WebBank’s loan activities include several lending arrangements with companies where it originates private label credit card and other loans for consumers and small businesses. These loans are classified as Loans receivable and are typically sold after origination. As part of these arrangements WebBank earns origination fees that are recorded in interest income. Fees earned from these lending arrangements are recorded as fee income. WebBank also purchases participations in commercial and industrial loans through loan syndications. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the estimated life of the loan. Loans held for sale are carried at the lower of cost or estimated market value in the aggregate. A valuation allowance is recorded when cost exceeds fair value based on our determination at the time of reclassification and periodically thereafter. Gains and losses are recorded in noninterest income based on the difference between sales proceeds and carrying value and impairments from reductions in carrying value. Loans are reported as past due when either principal or interest is due and unpaid for a period of 30 days or more. The accrual of interest on loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loan Impairment and Allowance for Loan Losses A loan is considered impaired when, based on current information and events, it is probable that WebBank will be unable to collect all amounts due according to the contractual terms of the loan agreement, including schedules interest payments. When a loan has been identified as being impaired, the amount of impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, when appropriate, the loan’s observable fair value or the fair value of the collateral (less any selling costs) if the loan is collateral-dependent. If the measurement of the impaired loan is less than the recorded investment in the loan (including accrued interest, net of deferred loan fees or costs and unamortized premium or discount), an impairment is recognized by creating or adjusting an existing allocation of the allowance for loan losses, or by charging down the loan to its value determined in accordance with generally accepted accounting principles. The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when the uncollectability of a loan or receivable balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis and is based upon a periodic review of the collectability of the amounts due in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are classified as doubtful, substandard, or loss. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience and is adjusted for qualitative factors to cover uncertainties that could affect the estimate of probable losses. The allowance for loan losses is increased by charges to income and decreased by charge-offs (net of recoveries). The periodic evaluation of the adequacy of the allowance is based on WebBank’s past loss experience, known and inherent risks in the portfolio, adverse situations that may affect the debtor’s ability to repay, the estimated value of any underlying collateral and current economic conditions. Inventories Inventories are generally stated at the lower of cost (determined by the first-in, first-out method or average cost method) or market. Cost is determined by the last-in, first-out (“LIFO”) method for certain precious metal inventory held in the United States, and remaining precious metal inventory is primarily carried at fair value. For precious metal inventory, no segregation among raw materials, work in process and finished products is practicable. For other inventory, the cost of work in progress and finished goods comprises the cost of raw materials, direct labor and overhead cats attributable to the production of inventory. Non-precious metal inventories are evaluated for estimated excess and obsolescence based upon assumptions about future demand and market conditions and are adjusted accordingly. If actual market conditions are less favorable than those projected, future write-downs may be required. Goodwill and Other Intangible Assets, Net Goodwill, which is not amortized, represents the difference between the purchase price and the fair value of identifiable net assets acquired in a business combination. We review goodwill for impairment indicators throughout the year and test for impairment annually in the fourth quarter. Under ASC 350, an entity can choose between two testing approaches: a. Step 0 or Qualitative approach - An entity may assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. In evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, an entity shall assess relevant events and circumstances. Examples of such events and circumstances would include pertinent macroeconomic conditions, industry and market considerations, overall financial performance and other factors. An entity has an unconditional option to bypass this qualitative assessment for any reporting unit in any period and proceed directly to performing the first step of the goodwill impairment test. An entity may resume performing the qualitative assessment in any subsequent period. b. Step 1 or Quantitative approach - The fair value of a reporting unit is calculated and compared with its carrying amount. There are several methods that may be used to estimate a reporting unit’s fair value, including market quotations, asset and liability fair values and other valuation techniques, including, but not limited to, discounted projected future net earnings or net cash flows and multiples of earnings. If the fair value of a reporting unit exceeds its carrying amount, there is no indication of impairment and further testing is not required. If the carrying amount of a reporting unit exceeds its fair value, then a second step of testing is required (“Step 2”). The second step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. For 2015, the Company utilized a qualitative approach for three of its reporting units to assess its goodwill as of its most recent assessment date and used the quantitative approach to test the goodwill of one of its reporting units, Energy. As a result of the assessment of the Energy reporting unit, we recorded a goodwill impairment in our Energy segment in the fourth quarter of 2015 (see Note 11 - "Goodwill and Intangible Assets" for additional information). Other intangible assets with indefinite lives are not amortized, while other intangible assets with finite lives are amortized over their estimated useful lives. Intangible assets with finite lives are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable (see "Long-Lived Asset Testing" below). In 2015 and 2014, the adverse effect on the Energy business of declining oil prices resulted in the need for the Company to assess the recoverability of certain of its finite-lived intangible assets and property and equipment in its Energy segment. The undiscounted cash flows expected to be generated by such assets exceeded SPLP's basis their carrying value, and therefore the Company has not recognized any impairment charges on its long-lived assets in its Energy segment. A change in the business climate in the Company's Energy segment in future periods, including an inability to effectively integrate new businesses in which significant investments have been made or a general downturn in the Company’s Energy segment could lead to a required assessment of the recoverability of the long-lived assets in its Energy segment, which may subsequently result in an impairment charge. Intangible assets with indefinite lives, which are only within the Diversified Industrial segment, are tested for impairment at least annually, or when events or changes in circumstances indicate that it is more likely than not that the asset is impaired. ASC 360 affords the same two testing approaches for indefinite lived intangibles as for goodwill. For 2015, the Company utilized a qualitative approach to assess its intangible assets with indefinite lives as of its most recent assessment date, and the results indicated no impairments in 2015. Derivatives The Company uses various hedging and swap instruments to reduce the impact of changes in precious metal prices, interest costs on variable interest debt and the effect of foreign currency fluctuations. In accordance with ASC 815, Derivatives and Hedging, these instruments are recorded as either fair value hedges, economic hedges, cash flow hedges or derivatives with no hedging designation. Precious Metals H&H's precious metal and commodity inventories are subject to market price fluctuations. H&H enters into commodity futures and forward contracts to mitigate the impact of price fluctuations on its precious and certain non-precious metal inventories that are not subject to fixed price contracts. Fair Value Hedges. The fair values of these derivatives are recognized as derivative assets and liabilities on the consolidated balance sheet. The net change in fair value of the derivative assets and liabilities and the change in the fair value of the underlying hedged inventory are recognized in the consolidated income statement, and such amounts principally offset each other due to the effectiveness of the hedges. The fair value hedges are associated primarily with HNH's precious metal inventory carried at fair value. Economic Hedges. As these derivatives are not designated as accounting hedges under ASC 815, they are accounted for as derivatives with no hedge designation. The derivatives are marked to market and both realized and unrealized gains and losses are recorded in current period earnings in the consolidated income statement. The economic hedges are associated primarily with the Company's precious metal inventory valued using the LIFO method. Interest Rate Swaps HNH has entered into interest rate swap agreements in order to economically hedge a portion of its debt, which is subject to variable interest rates. As these derivatives are not designated as accounting hedges under U.S. GAAP, they are accounted for as derivatives with no hedge designation. HNH records the gains and losses both from the mark-to-market adjustments and net settlements in interest expense in the consolidated income statement as the hedges are intended to offset interest rate movements. Foreign Currency Forward Contracts WFH LLC (formally known as CoSine), through its subsidiary API, enters into foreign currency forward contracts to hedge its receivables and payables denominated in other currencies. In addition, API enters into foreign currency forward contracts to hedge the value of its future sales denominated in Euros and the value of its future purchases denominated in USD. These hedges have settlement dates ranging through June 2016. The forward contracts that are used to hedge the risk of foreign exchange movement on its receivables and payables and are accounted for as fair value hedges under ASC 815. The fair values of these derivatives are recognized as derivative assets and liabilities in the Company's Consolidated Balance Sheets. The net change in fair value of the derivative assets and liabilities are recognized in the consolidated statement of operations. The forward contracts that are used to hedge the value of API's future sales and purchases are accounted for as cash flow hedges in accordance with ASC 815. These hedges are fully effective and accordingly, the changes in fair value are recorded in AOCI and, at maturity, any gain or loss on the forward contract is reclassified from AOCI into the Consolidated Statement of Operations. Property, Plant and Equipment, Net Property, plant and equipment is recorded at cost. Depreciation of property, plant and equipment is recorded principally on the straight line method over the estimated useful lives of the assets, which range is as follows: machinery & equipment 3 to 15 years and buildings and improvements 10 to 30 years. Leasehold improvements are amortized over the shorter of the terms of the related leases or the estimated useful lives of the improvements. Interest cost is capitalized for qualifying assets during the assets' acquisition period. Maintenance and repairs are charged to expense and renewals and betterments are capitalized. Gain or loss on dispositions is recorded in other income. Long-Lived Asset Testing The Company estimates the depreciable lives of property, plant and equipment, and reviews long-lived assets for impairment whenever events, or changes in circumstances, indicate the carrying amount of such assets may not be recoverable. If the carrying values of the long-lived assets exceed the sum of the undiscounted cash flows, an impairment charge is recognized in the amount by which the carrying values exceeds their fair values. The Company performs such assessments at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities, which is generally at the plant level, operating company level or the reporting unit level, dependent on the level of interdependencies in the Company's operations. Impairment losses are recorded on long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. The impairment loss is measured by comparing the fair value of the asset to its carrying amount. The Company considers various factors in determining whether an impairment test is necessary, including among other things: a significant or prolonged deterioration in operating results and projected cash flows; significant changes in the extent or manner in which assets are used; technological advances with respect to assets which would potentially render them obsolete; the Company's strategy and capital planning; and the economic climate in the markets it serves. When estimating future cash flows and if necessary, fair value, the Company makes judgments as to the expected utilization of assets and estimated future cash flows related to those assets. The Company considers historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and other information available at the time the estimates are made. The Company believes these estimates are reasonable; however, changes in circumstances or conditions could have a significant impact on its estimates, which might result in material impairment charges in the future. Business Combinations When the Company acquires a business, it allocates the purchase price to the assets acquired, liabilities assumed and any noncontrolling interests based on their fair values at the acquisition date. Significant judgment may be used to determine these fair values including the use of appraisals, discounted cash flow models, market value for similar purchases, or other methods applicable to the circumstances. The assumptions and judgments made by the Company when recording business combinations will have an impact on reported results of operations in the future. Revenue Recognition Diversified Industrial and Energy Segments Revenue in our Diversified Industrial and Energy segments is recognized when the title and risk of loss has passed to the customer, the service has been provided to the customer, the price is fixed or determinable and collection is reasonably assured. This condition is normally met when product has been shipped or the service performed. An allowance is provided for estimated returns and discounts based on experience. Revenue is reported net of any sales tax collected. Cash received from customers prior to shipment of goods, or otherwise not yet earned, is recorded as deferred revenue. Rental revenues are derived from the rental of production facilities and certain equipment to the food industry where customers prepay for the rental period - usually 3 to 6 month periods. For prepaid rental contracts, sales revenue is recognized on a straight-line basis over the term of the contract. Service revenues are generated primarily by Steel Excel's energy and sports businesses and HNH's repair and maintenance work performed on equipment used at mass merchants, supermarkets and restaurants. HNH records all shipping and handling fees billed to customers as revenue, and related costs are charged principally to cost of goods sold, when incurred. Our HNH subsidiary has also entered into rebate agreements with certain customers. These programs are typically structured to incentivize the customers to increase their annual purchases from HNH. The rebates are usually calculated as a percentage of the purchase amount, and such percentages may increase as the customer’s level of purchases rise. Rebates are recorded as a reduction of net sales in the consolidated income statement and are accounted for on an accrual basis. As of December 31, 2015 and 2014, accrued rebates payable totaled $7,600 and $6,100, respectively, and are included in accrued liabilities on the consolidated balance sheet. Financial Services Segment WebBank generates revenue through a combination of interest income and non-interest income. Interest income is derived from interest and origination fees earned on loans and investments. Interest income is accrued on the unpaid principal balance, including amortization of premiums and accretion of discounts. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the estimated life of the loan. Non-interest income is primarily derived from fee income on contractual lending arrangements, premiums on the sale of loans, and loan servicing fees. Concentration of Revenue No single customer accounted for 5% or more of the Company's consolidated revenues in 2015, 2014 or 2013. In 2015, 2014 and 2013 the 10 largest customers accounted for approximately 24%, 28% and 20%, respectively, of the Company's consolidated revenues. Fair Value Measurements The Company measures certain assets and liabilities at fair value (see Note 6 - "Fair Value Measurements"). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values of assets and liabilities are determined based on a three-level measurement input hierarchy. Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date. Level 2 inputs are other than quoted market prices that are observable, either directly or indirectly, for an asset or liability. Level 2 inputs can include quoted prices in active markets for similar assets or liabilities, quoted prices in a market that is not active for identical assets or liabilities, or other inputs that can be corroborated by observable market data. Level 3 inputs are unobservable for the asset or liability when there is little, if any, market activity for the asset or liability. Level 3 inputs are based on the best information available, and may include data developed by the Company. Stock-Based Compensation The Company accounts for stock options and restricted stock units granted to employees and non-employee directors as compensation expense, which is recognized in exchange for the services received. The compensation expense is based on the fair value of the equity instruments on the grant-date and is recognized as an expense over the service period of the recipients. Income Taxes SPLP and certain of its subsidiaries, as limited partnerships, are generally not responsible for federal and state income taxes and their profits and losses are passed directly to their partners for inclusion in their respective income tax returns. SPLP's subsidiaries that are corporate entities are subject to federal and state income taxes and file corporate income tax returns. SPLP's subsidiaries that are subject to income taxes use the liability method of accounting for such taxes. Under the liability method, deferred tax assets and deferred tax liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and deferred tax liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and deferred tax liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Such subsidiaries evaluate the recoverability of deferred tax assets and establish a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. When tax returns are filed, it is highly certain that most positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is provided for and reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets, along with any associated interest and penalties that would be payable to the taxing authorities upon examination. SPLP's policy is to record estimated interest and penalties related to the underpayment of income taxes as income tax expense in the statements of operations. Foreign Currency Translation Assets and liabilities of SPLP's foreign subsidiaries are translated at current exchange rates and related revenues and expenses are translated at average rates of exchange in effect during the year. Resulting cumulative translation adjustments are recorded as a separate component of Accumulated other comprehensive income (loss). Gains and losses arising from transactions denominated in a currency other than the functional currency of the reporting entity are included in earnings. Advertising Costs Advertising costs consist of sales promotion literature, samples, cost of trade shows and general advertising costs, and are included in selling, general and administrative expenses on the consolidated statements of operations. Advertising, promotion and trade show costs totaled approximately $3,830, $3,400 and $2,777 for the years ended December 31, 2015, 2014 and 2013, respectively. Legal Contingencies The Company provides for legal contingencies when the liability is probable and the amount of the associated loss is reasonably estimable. The Company regularly monitors the progress of legal contingencies and revises the amounts recorded in the period in which a change in estimate occurs. Environmental Liabilities The Company accrues for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remedial feasibility study. Such accruals are adjusted as further information develops or circumstances change. Costs of future expenditures for environmental remediation obligations are not discounted to their present value. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. Recently Adopted Accounting Standards 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 were 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. ASU 2015-03 is required to 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 chose to early adopt ASU No. 2015-03 as of December 31, 2015, since it believes that the adoption provides simplicity and consistency to the presentation of debt issuance costs. The Company retrospectively adjusted its December 31, 2014 balance sheet classification of $632 of debt issuance costs, the effect of which was a decrease in the Other current assets line item from $45,666 to $45,034, a decrease in the Current portion of long-term debt line of from $19,592 to $19,535 and a decrease in the Long-term debt line from $296,282 to $295,707. In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The Company's subsidiaries early adopted ASU No. 2015-07 retrospectively as of December 31, 2015, since it believes that the adoption of this ASU provides more consistency in the classification of investments within the fair value hierarchy. ASU No. 2015-07 applies to certain of the Company's subsidiary pension plan assets disclosed in Note 15 - "Pension and Other Post-Retirement Benefits." Pension plan assets totaling $164,500, which were previously categorized as Level 2 measurements are no longer categorized in the fair value hierarchy based on the adoption of ASU No. 2015-07, but are reflected in the tables in Note 15 - "Pension and Other Post-Retirement Benefits" in order to reconcile the total pension plan assets. In November 2015, the FASB issued ASU No 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, requires that deferred income tax assets and liabilities be classified as non-current on a classified statement of financial position. This ASU retains the requirement that the deferred income taxes of each tax jurisdiction be presented separately. The Company adopted ASU No. 2015-17 retrospectively as of December 31, 2015, since it believes that the adoption provides simplicity and consistency to the presentation of deferred income taxes. As a result of adopting ASU 2015-17, the Company reclassified $30,262 of Deferred tax assets - current and $271 of Deferred tax liabilities - current as follows: $28,486 was reclassified to Deferred tax assets - long term and $1,505 was reclassified to Deferred tax liabilities - long term. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and the guidance defines a five step process to achieve this core principle. In August 2015, the FASB issued ASU No. 2015-14, which deferred the effective date of ASU 2014-09 by one year. The ASU, as amended, is effective for the Company's 2018 fiscal year and may be applied either (i) retrospectively to each prior reporting period presented with an election for certain specified practical expedients, or (ii) retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application, with additional disclosure requirements. The Company is evaluating the potential impact of this new guidance, but does not currently anticipate that the application of ASU No. 2014-09 will have a significant effect on its financial condition, results of operations or its cash flows. We have not yet determined the method by which we will adopt the standard. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendments do not apply to inventory that is measured using the LIFO cost method. The Company is currently evaluating the potential impact of this new guidance, which is effective for the Company's 2017 fiscal year. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments, which eliminates the requirement to restate prior-period financial statements for measurement-period adjustments following a business combination. The new guidance requires that the cumulative impact of a measurement-period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The prior-period impact of the adjustment should either be presented separately on the face of the income statement or disclosed in the notes. This new guidance is effective for the Company's 2016 fiscal year. The amendments in this ASU will be applied prospectively to adjustments to provisional amounts that occur after the effective date of this ASU. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10), which eliminates the requirement to classify equity securities with readily determinable market values as either available-for-sale securities and trading securities, and requires that equity investments, other than those accounted for under the traditional equity method of accounting, be measured at their fair value with changes in fair value recognized in net income. Equity investments that do not have readily determinable market values may be measured at cost, subject to an assessment for impairment. ASU No. 2016-01 also requires enhanced disclosures about such equity investments. ASU No. 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption prohibited. Upon adoption, a reporting entity should apply the provisions of ASU No. 2016-01 by means of a cumulative effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company is evaluating the potential impact on its consolidated financial statements of adopting ASU No. 2016-01. In February 2016, the FASB issued ASU No. 2016-2, Leases (Topic 842). The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability, measured on a discounted basis, on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for capital and operating leases existing at the date of adoption, with certain practical expedients available. The Company is currently evaluating the potential impact of this new guidance, which is effective for the Company's 2019 fiscal year. |
ACQUISITIONS |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS | ACQUISITIONS 2015 Acquisitions HNH's Acquisition of JPS Effective July 2, 2015, H&H Group, a wholly owned subsidiary of HNH, completed the acquisition of JPS Industries, Inc. ("JPS") pursuant to an agreement and plan of merger, dated as of May 31, 2015, by and among HNH, H&H Group, HNH Group Acquisition LLC, a Delaware limited liability company and a subsidiary of H&H Group ("H&H Acquisition Sub"), HNH Group Acquisition Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of H&H Acquisition Sub ("Sub"), and JPS. JPS is a manufacturer of mechanically formed glass and aramid substrate materials for specialty applications in a wide expanse of markets requiring highly engineered components. At the effective time of the Merger (as defined below), Sub was merged with and into JPS ("Merger"), with JPS being the surviving corporation in the Merger, and each outstanding share of JPS common stock (other than shares held by HNH and its affiliates, including SPH Group Holdings LLC ("SPH Group Holdings"), a subsidiary of SPLP, and a significant stockholder of JPS, was converted into the right to receive $11.00 in cash. The total merger consideration was $114,493 which represents the aggregate cash merger consideration of $70,255 and the fair value of SPLP's previously held interest in JPS of $44,238. The cash considerations was funded primarily by H&H Group and also by SPH Group Holdings. SPH Group Holding's funding of the aggregate merger consideration totaled approximately $4,510, with the remainder funded by H&H Group financed through additional borrowings under HNH's senior secured revolving credit facility. As a result of the closing of the Merger, JPS was indirectly owned by both H&H Group and SPH Group Holdings. Following the expiration of the 20-day period provided in Section 262(d)(2) of the Delaware General Corporation Law for JPS stockholders to exercise appraisal rights in connection with the Merger, and in accordance with an exchange agreement, dated as of May 31, 2015, by and between H&H Group and SPH Group Holdings, on July 31, 2015, HNH issued ("Issuance") to H&H Group 1,429,407 shares of HNH’s common stock with a value of $48,700 and, following the Issuance, H&H Group exchanged ("Exchange") those shares of HNH common stock for all shares of JPS common stock held by SPH Group Holdings. As a result of the Exchange, H&H Group owned 100% of JPS and merged JPS with and into its wholly-owned subsidiary, HNH Acquisition LLC, a Delaware limited liability company, which was the surviving entity in the merger and was renamed JPS Industries Holdings LLC. The following table summarizes the assets acquired and liabilities assumed at the acquisition date on a preliminary basis:
The preliminary purchase price allocation is subject to finalization of valuations of certain acquired assets and liabilities. The goodwill of $32,336 arising from the acquisition consists largely of the synergies expected from combining the operations of HNH and JPS. All of the goodwill is assigned to SPLP's Diversified Industrial segment and is not expected to be deductible for income tax purposes. Other intangible assets consist primarily of acquired trade names of approximately $4,300, customer relationships of approximately $3,100, and unpatented technology of approximately $1,700. These intangible assets have been assigned useful lives ranging from 10 to 15 years based on the long operating history, broad market recognition and continued demand for the associated brands, and the limited turnover and longstanding relationships JPS has with its existing customer base. The valuations of acquired trade names and unpatented technology were performed utilizing a relief from royalty method, and significant assumptions used in the valuation included the royalty rate assumed and the expected level of future sales, as well as the rate of technical obsolescence for the unpatented technology. The acquired customer relationships were valued using an excess earnings approach, and significant assumptions used in the valuation included the customer attrition rate assumed and the expected level of future sales. CoSine Acquisition Description of the Transaction On January 20, 2015 ("CoSine Acquisition Date"), the Company entered into a contribution agreement (the “Contribution Agreement”) with CoSine. Pursuant to the Contribution Agreement, the Company contributed (i) 24,807,203 ordinary shares of API and (ii) 445,456 shares of common stock of Nathan’s Famous, Inc. ("Nathan's") to CoSine in exchange for 16,500,000 shares of newly issued CoSine common stock and 12,761 shares of newly issued 7.5% series B non-voting preferred stock, which increased SPLP's ownership of CoSine to approximately 80%. Prior to obtaining a controlling interest, SPLP owned approximately 48% of the outstanding shares of CoSine, and its investment was accounted for under the traditional equity method. As a result of the above transaction, CoSine became a majority-owned controlled subsidiary and is consolidated with SPLP from the CoSine Acquisition Date. Prior to CoSine's Acquisition of API, CoSine was included in the Corporate and Other segment. Beginning in the second quarter of 2015, CoSine is included in the Diversified Industrial segment. The Contribution Agreement was the first step in a plan for a wholly owned UK subsidiary of CoSine ("BidCo") to make an offer (the “Offer”), which commenced on February 4, 2015, to acquire all of the issued and to be issued shares in API for 60 pence in cash per API share not already owned by BidCo. As a result of the Offer, BidCo owned approximately 98% of API as of March 31, 2015, however CoSine did not obtain control over the operations of API until April 17, 2015 (see the "CoSine's Acquisition of API" section below). Fair Value of Consideration Paid As of the CoSine Acquisition Date, the fair value of the Company's previously held equity interest and the noncontrolling interest in CoSine were valued at approximately $2.51 per share. Accordingly, the Company remeasured its previously held equity interest to a fair value of approximately $12,011, resulting in an investment gain, which was recorded in the first quarter of 2015, of approximately $6,900 and is included in Net investment (losses) gains in the Consolidated Statements of Operations. The table below details the consideration paid to acquire the controlling interest in CoSine:
(a) Based on comparable company trading multiples and discounted cash flow analysis. (b) Represents the Offer price of 60 pence at the U.S. dollar to GBP exchange rate on the CoSine Acquisition Date. (c) Determined by analysis of other publicly traded companies. Allocation of Consideration Paid The following table summarizes the preliminary estimates of the fair values of the assets acquired and liabilities assumed as of the CoSine Acquisition Date as well as the fair value of the noncontrolling interest in CoSine:
CoSine's Acquisition of API Description of the Transaction As discussed above, CoSine obtained control over the operations of API on April 17, 2015 ("API Acquisition Date"), at which time API became a majority-owned subsidiary of CoSine. API is a manufacturer and distributor of foils, films and laminates used to enhance the visual appeal of products and packaging. API is headquartered in Cheshire, England. Fair Value of Consideration Paid The table below details the consideration paid to acquire the controlling interest in API:
Allocation of Consideration Paid The following table summarizes the preliminary estimates of the fair values of the assets acquired and liabilities assumed as of the API Acquisition Date:
The preliminary purchase price allocation is subject to finalization of valuations of certain acquired assets. All of the goodwill is assigned to SPLP's Diversified Industrial segment and is not expected to be deductible for income tax purposes. Other intangible assets consist primarily of acquired trade names of approximately $5,200 and customer relationships of $18,430. Based on our preliminary evaluation, the trade names have been assigned a 10 year useful life based on the long operating history, broad market recognition and continued demand for the associated brands, and customer relationships have been assigned a 7 year life based on the expected turnover of API's existing customer base. The valuation of acquired trade names was performed utilizing a relief from royalty method, and significant assumptions used in the valuation include the royalty rate assumed and the expected level of future sales. The acquired customer relationships were valued using an excess earnings approach, and significant assumptions used in the valuation include the customer attrition rate assumed and the expected level of future sales. HNH Acquisition of ITW Polymers Sealants North America Inc. (“ITW”) On March 31, 2015, HNH, through its indirect subsidiary, OMG, Inc. (“OMG”), acquired certain assets and assumed certain liabilities of ITW, which are used in the business of manufacturing two-component polyurethane adhesive for the roofing industry for a cash purchase price of $27,400, reflecting a final working capital adjustment of $400. The assets acquired and liabilities assumed primarily include net working capital of inventories and accrued liabilities; property, plant and equipment; and intangible assets, primarily unpatented technology, valued at $1,700, $100 and $4,400, respectively. In connection with the ITW acquisition, HNH has recorded goodwill totaling approximately $21,268, which is expected to be deductible for income tax purposes. 2014 Acquisitions There were no significant acquisitions during the year ended December 31, 2014. 2013 Acquisitions Wolverine Joining Technologies, LLC On April 16, 2013, HNH and its indirect subsidiary, Lucas-Milhaupt Warwick LLC (collectively, the "Buyer"), entered into an asset purchase agreement ("Purchase Agreement") with Wolverine Tube, Inc. ("Wolverine") and its subsidiary, Wolverine Joining Technologies, LLC ("Wolverine Joining" and, together with Wolverine, "Seller"), pursuant to which the Buyer agreed to purchase substantially all of the assets of the Seller used in the business of Wolverine Joining, consisting of assets used for the development, manufacturing and sale of brazing, flux and soldering products and the alloys for electrical, catalyst and other industrial specialties, other than certain leased real property, and to assume certain liabilities related to such business. The purchase price for the acquisition was approximately $59,700, reflecting a final working capital adjustment and certain other reductions totaling approximately $300 as provided in the Purchase Agreement. The closing of this transaction occurred on April 26, 2013. Funding of the purchase price for the acquisition was from HNH's cash on hand and borrowings under HNH's then existing senior secured credit facility, which was amended in connection with the acquisition. The amount of net sales and operating income of the acquired business, net of sales volume transferred to or from the acquired business unit as part of the Company's integration activities, included in the consolidated income statement for the twelve months ended December 31, 2013 was approximately $43,300 and $1,600, respectively, including $3,500 of intercompany sales which were eliminated in consolidation. The results of operations of the acquired business are reported within the Company's Diversified Industrial segment. PAM Fastening Technology, Inc. On November 7, 2013, HNH, through its indirect subsidiary, OMG, Inc., acquired 100% of the stock of PAM Fastening Technology, Inc. ("PAM") for a cash purchase price of $9,200, net of cash acquired. PAM is a distributor of screw guns, collated screws and hot melt systems to the manufacturing and building industries in North America. The amount of net sales and operating income of the acquired business included in the consolidated income statement for the year ended December 31, 2013 was approximately $1,500 and $200, respectively. The results of operations of the acquired business are reported within the Company's Diversified Industrial segment. Steel Excel - Black Hawk Acquisition On December 16, 2013, Steel Excel acquired the business and substantially all of the assets of Black Hawk Energy Services, Inc. (“Black Hawk”), a provider of drilling and production services to the oil and gas industry, for approximately $59,600 in cash, subject to a post-closing working capital adjustment. The acquisition was funded with approximately $34,600 from Steel Excel's cash reserves and $25,000 in proceeds from additional borrowings under an existing credit facility (see Note 14 - "Debt and Capital Lease Obligations"). Steel Excel acquired Black Hawk to further solidify its presence in North Dakota in the Bakken basin and to expand its business into other regions, including Texas and New Mexico. Revenues and operating income from Black Hawk Ltd. included in the Company’s consolidated financial statements for the year ended December 31, 2013, totaled $2,500 and $800, respectively. The results of operations of the acquired business are reported within the Company's Energy segment. Steel Excel - Sports Acquisitions During 2013, Steel Excel's sports business made two acquisitions totaling $3,250 that were not material to SPLP's operations. Steel Excel has determined that one of these acquisitions is a variable interest entity and that Steel Excel is the primary beneficiary. Accordingly, Steel Excel accounts for its acquisition of its 30% membership interest as a business combination and has consolidated this company in accordance with ASC 805. Pro Forma Results The following unaudited pro forma results of operations assumes that the JPS, CoSine, API, Wolverine and Black Hawk acquisitions were made at the beginning of the year prior to acquisition. This unaudited pro forma information does not purport to be indicative of the results that would have been obtained if the acquisitions had actually occurred at the beginning of the year prior to acquisition, nor of the results that may be reported in the future. The 2015 supplemental pro forma earnings reflect adjustments to exclude $8,572 of acquisition-related costs incurred in 2015 and $4,375 of nonrecurring expense related to the fair value adjustment to acquisition-date inventories. As required, the 2014 supplemental pro forma earnings were adjusted to include such charges. The 2013 supplemental pro forma earnings reflect adjustments to exclude $600 of acquisition-related costs incurred in 2013 and $500 of nonrecurring expense related to the fair value adjustment to acquisition-date inventories.
The amount of net sales of API and JPS included in the Company’s Consolidated Statement of Operations for the year ended December 31, 2015 totaled approximately $113,540 and $59,500, respectively. The amount of operating income or loss of CoSine and its API subsidiary and JPS included in the Company’s Consolidated Statement of Operations for the year ended December 31, 2015 totaled a loss of approximately $1,783 and a loss of $2,200, respectively. The results of operations of CoSine and its API subsidiary and JPS are included within the Diversified Industrial segment. |
DISCONTINUED OPERATIONS |
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DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS Assets and Liabilities of discontinued operations at December 31, 2015 include a building owned by DGT, which is held for sale, and a sports business owned by Steel Excel. Amounts at December 31, 2014 include assets and liabilities relating to HNH's discontinued operations, primarily Arlon LLC ("Arlon"), a building owned by DGT, which was held for sale, and a sports business owned by Steel Excel.
Summary results for our discontinued operations included in the Company's Consolidated Statements of Operations are detailed in the table below.
(a) Includes gain on sale of Arlon. (b) Includes the operations of Arlon. (c) Includes the operations of Arlon, Continental Industries, Inc. ("Continental"), Canfield Metal Coating Corporation ("CMCC") and Indiana Tube Mexico ("ITM") through their respective sale dates as well as the operations of a sports business owned by Steel Excel. HNH’s Discontinued Operations Below is a summary of HNH's discontinued operations which were all part of SPLP's Diversified Industrial segment:
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INVESTMENTS |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | INVESTMENTS A. Short-Term Investments Marketable Securities The Company's short-term investments primarily consist of its marketable securities portfolio held by its subsidiary, Steel Excel. These marketable securities as of December 31, 2015, and 2014, were classified as available-for-sale securities. The classification of marketable securities as a current asset is based on the intended holding period and realizability of the investment. The Company's portfolio of marketable securities at December 31, 2015 and 2014 was as follows:
Proceeds from sales of marketable securities were $43,300, $116,300 and $75,800 in 2015, 2014 and 2013, 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, net in the consolidated statements of operations, were as follows:
The fair value of the Company’s marketable securities with unrealized losses at December 31, 2015, all of which had unrealized losses for periods of twelve months or less, were as follows:
The fair value of marketable securities with unrealized losses at December 31, 2014, all of which had unrealized losses for periods of twelve months or less, were as follows:
Gross unrealized losses primarily related to losses on corporate securities and corporate obligations, which primarily consist of investments in equity and debt securities of publicly-traded entities. Based on Steel Excel's evaluation of such securities, it determined that certain unrealized losses represented other-than-temporary impairments. This determination was based on several factors, including adverse changes in the market conditions and economic environments in which the entities operate. Steel Excel recognized impairment charges of approximately $59,800 for the year ended December 31, 2015, respectively, equal to the cost basis of such securities in excess of their fair values. Steel Excel has determined that there was no indication of other-than-temporary impairments on its other investments with unrealized losses as of December 31, 2015. 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 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 as of December 31, 2015, by contractual maturity, were as follows:
B. Long-Term Investments The following table summarizes the Company's long-term investments as of December 31, 2015 and 2014. For those investments at fair value, the carrying amount of the investment equals its respective fair value.
(1) Level 1 investment. Equity securities totaling $66,042 and $112,721 were classified as Level 1 investments as of December 31, 2015 and 2014, respectively. (2) Level 3 investment (see Note 6 - "Fair Value Measurements" for additional information). (3) Steel Partners China Access I L.P. Trust H was liquidated during the first quarter of 2015. (4) Steel Partners Japan Strategic Fund, L.P. Trust G was liquidated during the second quarter of 2015. (5) Represents Steel Excel's investments in a sports business and iGo, Inc. ("iGo") of 40.0% and 45.7%, respectively and a 50% investment in API Optix s.r.o ("API Optix"), a joint venture investment held by CoSine's API subsidiary. The following table presents activity for the available-for-sale securities presented in the table above for the years ended December 31, 2015, 2014 and 2013:
(A) AVAILABLE-FOR-SALE SECURITIES Fair Value Changes Recorded in Accumulated Other Comprehensive (Loss) Income For purposes of determining gross realized gains and losses, the cost of securities sold is based on specific identification. Gross unrealized gains and gross unrealized losses are reported in Accumulated other comprehensive (loss) income ("AOCI") in the Company's Consolidated Balance Sheets. In January 2015 the Company contributed Nathan’s, one if its available -for-sale securities, to CoSine in exchange for additional CoSine equity (see Note 3 - "Acquisitions" for additional information). Also, in 2015 Cosine sold all 445,456 shares of Nathan's for proceeds of approximately $33,202 and received a special dividend of approximately $5,500 which is included in Other income, net in the Consolidated Statement of Operations for the year ended December 31, 2015. As a result, management determined there to be an other-than-temporary impairment in the stock price and recorded an impairment charge of approximately $5,500. In 2013 the Company recognized other than temporary impairment losses of approximately $1,010 related to two available-for-sale securities which are included in Asset impairment charges in the Consolidated Statements of Operations. The cost basis and gross unrealized gains and losses related to our available-for-sale securities which are classified as long-term investments is as follows:
Fair Value Changes Recorded in Consolidated Statement of Operations Available-for-sale securities that are classified as long-term investments also included the Company's investment in API prior to its acquisition by CoSine. Changes in the fair value of this investment were reported in the Company's Consolidated Statements of Operations as (Loss) Income from investments held at fair value. In January 2015, the Company contributed its investment in API to CoSine in exchange for additional CoSine equity. CoSine subsequently acquired all of the remaining outstanding shares of API which became a consolidated subsidiary in the second quarter of 2015 (see Note 3 - "Acquisitions" for additional information). (B) EQUITY METHOD INVESTMENTS Investments in Associated Companies The Company’s investments in associated companies are accounted for under the equity method of accounting (see Note 2 - "Summary of Significant Accounting Policies" for additional information). Associated companies are included in either the Diversified Industrial, Energy or Corporate and Other segments. Certain associated companies have a fiscal year end that differs from December 31. Additional information for each of SPLP's investments in associated companies that have impacted the Consolidated Statement of Operations during 2015, 2014 or 2013 follows: Equity Method:
Equity Method, At Fair Value:
Associated Company Information The below summary balance sheet amounts are for the nearest practicable period. The below summary income statement amounts include results for associated companies for the periods in which they were accounted for as an associated company, or the nearest practicable corresponding period. This summary data may be derived from unaudited financial statements and may contain a lag.
Other Investments at Fair Value - Related Party Other investments - related party, consists of the Company’s investment in each series of the SPII Liquidating Trust (see Note 12 - “Related Party Transactions”) which have all been liquidated as of December 31, 2015. These investments were accounted for under the equity method. In February 2015, the SPII Liquidating Trust comprising Trust H was fully liquidated and, as a result, the Company received its proportional interest of the cash and investments in Trust H totaling approximately $2,730. Also, in June 2015, the SPII Liquidating Trust comprising Trust G was fully liquidated and, as a result, the Company received its proportional interest of the cash and investments in Trust G totaling approximately $6,913. During the year ended December 31, 2014, the Company received approximately $504 and $992 in cash distributions from Trusts D and H, respectively. There were no gains or losses recorded on any of the liquidations. Prior to liquidation, the purpose of the SPII Liquidating Trust was to effect the orderly liquidation of certain assets previously held by Steel Partners II, L.P. ("SPII"). SPLP’s financial position, financial performance and cash flows were affected by the extent to which the operations of the SPII Liquidating Trust results in realized or unrealized gains (losses) and by distributions it makes in each reporting period. The Company held variable interests in each series of the SPII Liquidating Trust. Each series of the SPII Liquidating Trust was separate and distinct with respect to its assets, liabilities and net assets. Each individual series had no liability or claim with respect to the liabilities or assets of the other series. Each series shared in the costs, assets and liabilities, if any, that were not specifically attributable to a particular series. Each series generally held the securities related to a specific investment and cash for operating expenses of the series. The fair values for the investments in the SPII Liquidating Trust at December 31, 2014 were estimated using the net asset value of such interests as reported by the SPII Liquidating Trust. The following tables provide combined summarized data with respect to the other investments - related party accounted for under the equity method, at fair value:
(C) OTHER INVESTMENTS In connection with the acquisition of ModusLink common shares in March 2013, the Company received warrants ("ModusLink Warrants") to acquire an additional 2,000,000 shares at an exercise price of $5.00 per share. The ModusLink Warrants are accounted for as an asset at fair value with changes in fair value recognized each period in (Loss) Income from investments at fair value in the Company's Consolidated Statements of operations. The warrants have a life of 5 years and are valued using the Black-Scholes option pricing model. Assumptions used in the current valuation were as follows: 1) volatility of 51.7% 2) term of approximately 2.2 years 3) risk free interest rate of 1.76% based on the U.S. Treasury bill yield, and 4) an expected dividend of $0. LIMITED PARTNERSHIP INVESTMENT AND PROMISSORY NOTE At December 31, 2014 Steel Excel had other investments which included a $25,000 cost-method investment in a limited partnership that co-invested with other private investment funds in a public company. The limited partnership was liquidated in August 2015, with Steel Excel receiving its proportionate share of the common stock of the public company investee. Upon liquidation, Steel Excel recognized a gain on the non-monetary exchange of $9,300 based on the fair value of the shares received of $34,300. The shares of common stock of the public company investee received are reported with the Company's marketable securities and are classified as "available-for-sale" securities at December 31, 2015. At December 31, 2014 this investment had an approximate fair value of $28,600, based on the net asset value included in the monthly statement it received from the partnership and it was included in Other non-current assets in the Company's Consolidated Balance Sheet. Steel Excel's other investments at December 31, 2015 and 2014, also include an investment in a venture capital fund totaling $500, preferred stock of an investee of $100 and a promissory note with an amortized cost of $3,000, which is a reasonable approximation of fair value at December 31, 2015 and 2014. These amounts are also included in Other non-current assets in the Company's Consolidated Balance Sheets. HELD-TO-MATURITY SECURITIES WebBank holds $6,558 of held-to-maturity securities at December 31, 2015 which are included in Other non-current assets in the Company's Consolidated Balance Sheets. WebBank records these securities at amortized cost. The dollar value of these securities with expected maturities from five years through ten years is $5,716, and after ten years is $842. Actual maturities may differ from expected or contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The securities are collateralized by unsecured consumer loans. These securities had an estimated fair value of $6,551 at December 31, 2015. |
FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements as of December 31, 2015 and 2014 are summarized by type of inputs applicable to the fair value measurements as follows:
(a) For additional detail of the marketable securities and long-term investments see Note 5 - "Investments." There were no transfers of securities among the various measurement input levels during the year ended December 31, 2015. The fair value of the Company's financial instruments, such as cash and cash equivalents, trade and other receivables and trade payables, approximate carrying value due to the short-term maturities of these assets and liabilities. Carrying cost approximates fair value for long-term debt which has variable interest rates. The precious metal and commodity inventories associated with HNH's fair value hedges (see Note 7 - "Financial Instruments") are reported at fair value. Fair value of these inventories is based on quoted market prices on commodity exchanges and are considered Level 1 measurements. The derivative instruments that HNH purchases in connection with its precious metal and commodity inventories, specifically commodity futures and forwards contracts, are also valued at fair value. The futures contracts are Level 1 measurements since they are traded on a commodity exchange. The forward contracts are entered into with a counterparty and are considered Level 2 measurements. Interest rate swap agreements were considered Level 2 measurements as the inputs were observable at commonly quoted intervals. Following is a summary of changes in financial assets measured using Level 3 inputs:
(a) Unrealized losses are recorded in (Loss) Income of associated companies, net of taxes in the Company's Consolidated Statements of Operations. (b) Unrealized gains and losses are recorded in Income (Loss) from other investments-related party in the Company's Consolidated Statements of Operations. (c) Unrealized gains and losses are recorded in Income (Loss) from investments held at fair value in the Company's Consolidated Statements of Operations. (d) Realized gains and losses on sale is recorded in Other income, net in the Company's Consolidated Statements of Operations. (e) Unrealized gains and losses on marketable securities are recorded in AOCI. Level 3 Liabilities During the year ended December 31, 2013, the Company recognized a $184 decrease in fair value for the derivative features of the HNH Subordinated notes. As of December 31, 2015 and 2014, the Company did not hold any financial liabilities that are measured using Level 3 inputs. Long-Term Investments - Valuation Techniques The Company primarily uses three valuation methods to estimate the fair value of its equity securities measured using Level 3 inputs. The Company estimates the value of one of its investments in an associated company primarily using a discounted cash flow method adjusted for additional information related to debt covenants, solvency issues, etc. The Company estimated the value of Other investments - related party at December 31, 2014, which represented its interest in the SPII Liquidating Trust, based on the net asset value of each series of the Trust. The ModusLink Warrants are valued using the Black-Scholes option pricing model (for additional information see Note 5 - "Investments"). Marketable Securities and Other - Valuation Techniques The Company used 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 Measured at Fair Value on a Nonrecurring Basis The Company’s non-financial assets measured at fair value in 2015 and 2014 on a non-recurring basis include the tangible and intangible assets acquired and liabilities assumed in the acquisitions, as well as any related goodwill, described in Note 3 – “Acquisitions”. Significant judgments and estimates are made to determine the acquisition date fair values which may include the use of appraisals, discounted cash flow techniques or other information the Company considers relevant to the fair value measurement. See Note 2 - "Summary of Significant Accounting Policies" for discussion on significant estimates and impairment testing. As of December 31, 2015 and 2014, WebBank has impaired loans of $423 that are collateral-dependent, and that were measured at fair value of the collateral less estimated selling costs using Level 3 inputs. There were no impaired loans outstanding as of December 31, 2014 that were measured at fair value during 2014. See the Impaired Loans section of Note 8 - "Trade, Other and Loans Receivable" for additional discussion of loan impairment measurements. |
FINANCIAL INSTRUMENTS |
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Derivative and Other Financial Instrument [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS At December 31, 2015 and 2014 financial instrument liabilities and related restricted cash consists of $21,639 and $21,311, respectively, of short sales of corporate securities. Activity is summarized below for financial instrument liabilities and related restricted cash:
Short Sales of Corporate Securities From time to time, Steel Excel enters into short sale transactions on certain corporate securities in which Steel Excel received proceeds from the sale of such securities and incurred obligations to deliver such securities at a later date. Upon initially entering into such short sale transactions Steel Excel recognizes a liability equal to the fair value of the obligation, with a comparable amount of cash and cash equivalents reclassified as restricted cash. Subsequent changes in the fair value of such obligations, determined based on the closing market price of the securities, are recognized currently as gains or losses, with a comparable adjustment made between unrestricted and restricted cash. Foreign Currency Exchange Rate Risk Financial instrument activity in 2014 includes activity for amounts that were payable in foreign currencies which were subject to the risk of exchange rate changes. The liabilities were accounted for at fair value on the balance sheet date with changes in fair value reported in the Company's Consolidated Statements of Operations included in Net investment (losses) gains. The liabilities were not designated as hedging instruments and were settled in the fourth quarter of 2014. CoSine, through its subsidiary API, enters into foreign currency forward contracts to hedge its receivables and payables denominated in other currencies. In addition, API enters into foreign currency forward contracts to hedge the value of its future sales denominated in Euros and the value of its future purchases denominated in USD. These hedges have settlement dates ranging through June 2016. At December 31, 2015 there was a contract in place to buy Sterling and sell Euros in the amount of €2,150. Also, at December 31, 2015 there were contracts in place to hedge the value of future sales denominated in Euros in the amount of €6,425 and the value of future purchases denominated in USD in the amount of $600. For additional information on the Company's accounting policy related to foreign forward currency contracts, see Note 2 - "Summary of Significant Accounting Policies." Precious Metal and Commodity Inventories As of December 31, 2015, HNH had the following outstanding forward contracts with settlement dates ranging through to January 2016. There were no futures contracts outstanding at December 31, 2015.
Of the total forward contracts outstanding, 575,000 ounces of silver and substantially all of the copper contracts are designated and accounted for as fair value hedges. The remaining outstanding futures contracts for silver, and all of the contracts for gold and tin, are accounted for as economic hedges. For additional information on the Company's accounting policy related to these hedges, see Note 2 - "Summary of Significant Accounting Policies." The forward contracts were made with a counter party rated A+ by Standard & Poors. Accordingly, HNH has determined that there is minimal credit risk of default. HNH estimates the fair value of its derivative contracts through the use of market quotes or broker valuations when market information is not available. HNH maintains collateral on account with the third-party broker. Such collateral consists of both cash that varies in amount depending on the value of open contracts, as well as ounces of precious metal held on account by the broker. Debt Agreements As discussed in Note 14 - "Debt and Capital Lease Obligations," Handy & Harman Group Ltd. ("H&H Group") entered into two interest rate swap agreements to reduce its exposure to interest rate fluctuations. For additional information on the Company's accounting policy related to these interest rate swaps, see Note 2 - "Summary of Significant Accounting Policies." HNH's Subordinated Notes had call premiums as well as Warrants associated with them. As discussed in Note 14 - "Debt and Capital lease Obligations," on March 26, 2013, HNH discharged its obligations associated with the Subordinated Notes and Warrants. The fair value and carrying amount of derivative instruments in the Consolidated Balance Sheets is provided in the table below:
(a) Designated as hedging instruments as of December 31, 2015. (b) Fair value hedge (c) Economic hedge (d) Cash flow hedge Effect of derivative instruments on the Consolidated Statements of Operations:
(a) Designated as hedging instruments as of December 31, 2015. (b) Fair value hedge (c) Economic hedge (d) Cash flow hedge Financial Instruments with Off-Balance Sheet Risk WebBank is a party to financial instruments with off-balance sheet risk. In the normal course of business, these financial instruments include commitments to extend credit in the form of loans as part of WebBank’s lending arrangements. Those instruments involve to varying degrees, elements of credit and interest rate risk in excess of the amount recognized on the balance sheet. The contract amounts of those instruments reflect the extent of involvement WebBank has in particular classes of financial instruments. At December 31, 2015 and 2014, WebBank’s undisbursed loan commitments totaled $80,667 and $82,788, respectively. Commitments to extend credit are agreements to lend to a borrower who meets the lending criteria through one of the Bank’s lending agreements, provided there is no violation of any condition established in the contract with the counterparty to the lending arrangement. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since certain of the commitments are expected to expire without the credit being extended, the total commitment amounts do not necessarily represent future cash requirements. WebBank evaluates each prospective borrower’s credit worthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by WebBank upon extension of credit is based on management's credit evaluation of the borrower and WebBank’s counterparty. WebBank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. WebBank uses the same credit policy in making commitments and conditional obligations as it does for on-balance sheet instruments. WebBank estimates an allowance for potential losses on off-balance sheet contingent credit exposures related to the guaranteed amount of its SBA and USDA loans and whether or not the SBA/USDA honors the guarantee. WebBank determines the allowance for these contingent credit exposures based on historical experience and portfolio analysis. The allowance is included with other liabilities in the consolidated balance sheet, with any related increases or decreases in the reserve included in the statement of income. The allowance was $188 at December 31, 2015 and 2014, and is included within Other current liabilities in the consolidated balance sheets. Increases or decreases in the allowance are included in Selling, general and administrative expenses in the consolidated statements of operations. The amount included in Selling, general and administrative expenses for credit losses on off-balance sheet contingent credit exposure was a benefit of $147, $277 and $175 for the years ended December 31, 2015, 2014 and 2013, respectively. |
TRADE, OTHER AND LOANS RECEIVABLE |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TRADE, OTHER AND LOANS RECEIVABLE | TRADE, OTHER AND LOANS RECEIVABLE Trade and Other Receivables, Net
Loans Receivable, Including Loans Held for Sale Major classification of WebBank’s loans receivable, including loans held for sale at December 31, 2015 and 2014 are as follows:
(a) The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of loans receivable, including loans held for sale, net was $226,541 and $117,346 at December 31, 2015 and 2014, respectively. Commercial and industrial loans include unamortized premiums of $18 and unaccreted discounts of $311 at December 31, 2015 and unamortized premiums of $57 and unaccreted discounts of $358 at December 31, 2014. Loans with a carrying value of approximately $63,393 and $71,448 were pledged as collateral for potential borrowings at December 31, 2015 and 2014, respectively. Allowance for Loan Losses The Allowance for Loan Losses (“ALLL”) represents an estimate of probable and estimable losses inherent in the loan portfolio as of the balance sheet date. Losses are charged to the ALLL when incurred. Generally, commercial loans are charged off or charged down at the point at which they are determined to be uncollectible in whole or in part, or when 180 days past due unless the loan is well secured and in the process of collection. The amount of the ALLL is established by analyzing the portfolio at least quarterly and a provision for or reduction of loan losses is recorded so that the ALLL is at an appropriate level at the balance sheet date. The methodologies used to estimate the ALLL depend upon the impairment status and portfolio segment of the loan. Loan groupings are created for each loan class, and are then graded against historical and industry loss rates. After applying historic loss experience, the quantitatively derived level of ALLL is reviewed for each segment using qualitative criteria. Various risk factors are tracked that influence judgment regarding the level of the ALLL across the portfolio segments. Primary qualitative factors that may be reflected in the quantitative models include: • Asset quality trends • Risk management and loan administration practices • Risk identification practices • Effect of changes in the nature and volume of the portfolio • Existence and effect of any portfolio concentrations • National economic and business conditions • Regional and local economic and business conditions • Data availability and applicability Changes in these factors are reviewed to ensure that changes in the level of the ALLL are consistent with changes in these factors. The magnitude of the impact of each of these factors on the qualitative assessment of the ALLL changes from quarter to quarter according to the extent these factors are already reflected in historic loss rates and according to the extent these factors diverge from one another. Also considered is the uncertainty inherent in the estimation process when evaluating the ALLL. Changes in the allowance for loan losses are summarized as follows:
The ALLL and outstanding loan balances according to the Company’s impairment method are summarized as follows:
(1) $4 is guaranteed by the USDA or SBA. Nonaccrual and Past Due Loans Loans past due 90 days or more and still accruing interest were $0 and $52 at December 31, 2015 and 2014, respectively. Nonaccrual loans are summarized as follows:
Past due loans (accruing and nonaccruing) are summarized as follows:
(1) Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected.
(1) Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected. (2) $4 is guaranteed by the USDA or SBA. Credit Quality Indicators In addition to the past due and nonaccrual criteria, loans are analyzed using a loan grading system. Generally, internal grades are assigned to loans based on the performance of the loans, financial/statistical models and loan officer judgment. WebBank reviews and grades loans with unpaid principal balances of $100 or more once per year. Grades follow definitions of Pass, Special Mention, Substandard, and Doubtful which are consistent with published definitions of regulatory risk classifications. The definitions of Pass, Special Mention, Substandard, and Doubtful are summarized as follows:
Outstanding loan balances (accruing and nonaccruing) categorized by these credit quality indicators are summarized as follows:
(1) $4 is guaranteed by the USDA or SBA. Impaired Loans Loans are considered impaired when, based on current information and events, it is probable that WebBank will be unable to collect all amounts due according to the contractual terms of the loan agreement, including scheduled interest payments. When loans are impaired, an estimate of the amount of the balance that is impaired is made and a specific reserve is assigned to the loan based on the estimated present value of the loan’s future cash flows discounted at the loan’s effective interest rate, the observable market price of the loan, or the fair value of the loan’s underlying collateral less the cost to sell. When the impairment is based on the fair value of the loan’s underlying collateral, the portion of the balance that is impaired is charged off, such that these loans do not have a specific reserve in the ALLL. Payments received on impaired loans that are accruing are recognized in interest income, according to the contractual loan agreement. WebBank recognized $86, $60, and $121 in interest income on impaired loans for the years ended December 31, 2015, 2014, and 2013, respectively. Payments received on impaired loans that are on nonaccrual are not recognized in interest income, but are applied as a reduction to the principal outstanding. Payments are recognized when cash is received. Information on impaired loans is summarized as follows:
(1) $4 is guaranteed by the USDA or SBA. |
INVENTORIES, NET |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES, NET | INVENTORIES, NET A summary of Inventories, net is as follows:
Inventories, net at December 31, 2015 include $22,843 and $19,432 from HNH's acquisition of JPS and CoSine's acquisition of API as discussed in Note 3 - "Acquisitions." Fine and Fabricated Precious Metal Inventory In order to produce certain of its products, HNH purchases, maintains and utilizes precious metal inventory. HNH records certain precious metal inventory at the lower of LIFO cost or market, with any adjustments recorded through cost of goods sold. Remaining precious metal inventory is accounted for primarily at fair value. Certain customers and suppliers of HNH choose to do business on a “pool” basis. Such customers or suppliers furnish precious metal to HNH for return in fabricated form or for purchase from or return to the supplier. When the customer's precious metal is returned in fabricated form, the customer is charged a fabrication charge. The value of pooled precious metal is not included in the Company’s Consolidated Balance Sheets. To the extent HNH is able to utilize customer precious metal in its production process, such customer metals replaces the need for HNH to purchase its own inventory. As of December 31, 2015, customer metal in H&H's custody consisted of 160,363 ounces of silver, 535 ounces of gold, and 1,391 ounces of palladium. As of December 31, 2014, HNH’s customer metal consisted of 191,217 ounces of silver, 518 ounces of gold, and 1,392 ounces of palladium.
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PROPERTY, PLANT AND EQUIPMENT, NET |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | PROPERTY, PLANT AND EQUIPMENT, NET A summary of property, plant and equipment, net is as follows:
Depreciation expense was $32,302, $24,745 and $20,036 for the twelve months ended December 31, 2015, 2014 and 2013, respectively. |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | GOODWILL AND OTHER INTANGIBLE ASSETS, NET A reconciliation of the change in the carrying value of goodwill is as follows:
(a) Goodwill from acquisitions relates to HNH's acquisitions of ITW and JPS, as well as the acquisitions of CoSine and API. These balances are subject to adjustment during the finalization of the purchase price allocation for these acquisitions. For additional information, see Note 3 - "Acquisitions".
In connection with its annual goodwill impairment tests and the adverse effects of the recent developments in the oil services industry, the Company recognized impairment charges of $19,571 and $41,450 in the fourth quarter of 2015 and 2014, respectively, related to the goodwill associated with its Energy segment. The impairments resulted from the adverse effects the decline in energy prices had on the oil services industry and the projected future results of operations of the Energy segment. The fair values of the reporting units used in determining the goodwill impairment were based on valuations using a combination of the income approach (discounted cash flows) and the market approach (guideline public company method and guideline transaction method). A summary of other intangible assets is as follows:
Trademarks with indefinite lives as of December 31, 2015 and 2014 were $8,020. Amortization expense related to intangible assets was $16,258, $13,693 and $10,954 for the twelve months ended December 31, 2015, 2014 and 2013, respectively. The estimated amortization expense for each of the five succeeding years and thereafter is as follows:
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BANK DEPOSITS |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BANK DEPOSITS | BANK DEPOSITS A summary of WebBank deposits is as follows:
(a) All time deposits accounts are under $250. The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of Deposits was $250,862 and $165,381 at December 31, 2015 and 2014, respectively. |
RELATED PARTY TRANSACTIONS |
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Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Management Agreement with SP General Services LLC The Manager receives a fee, pursuant to the terms of the Management Agreement, at an annual rate of 1.5% of total partner’s capital ("Management Fee"), payable on the first day of each quarter and subject to quarterly adjustment. In addition, SPLP may issue to the Manager partnership profits interests in the form of incentive units, which will be classified as Class C common units of SPLP, upon the attainment of certain specified performance goals by SPLP which are determined as of the last day of each fiscal year (see Note 16 - "Capital and Accumulated other Comprehensive Income" for additional information on the incentive units). The Management Agreement is automatically renewed each December 31 for successive one-year terms unless otherwise determined at least 60 days prior to each renewal date by a majority of the independent directors. The Management Fee was $8,150, $8,775 and $8,178 for the twelve months ended December 31, 2015, 2014 and 2013, respectively. The Management Fee is recorded in Selling, general and administrative expenses ("SG&A") in the Company's Consolidated Statements of Operations. Unpaid amounts for management fees included in Payable to related parties were $0 at December 31, 2015 and 2014. SPLP will bear (or reimburse the Manager with respect to) all its reasonable costs and expenses of the managed entities, the Manager, SPH GP or their affiliates, including but not limited to: legal, tax, accounting, auditing, consulting, administrative, compliance, investor relations costs related to being a public entity rendered for SPLP or SPH GP as well as expenses incurred by the Manager and SPH GP which are reasonably necessary for the performance by the Manager of its duties and functions under the Management Agreement and certain other expenses incurred by managers, officers, employees and agents of the Manager or its affiliates on behalf of SPLP. Reimbursable expenses incurred by the Manager in connection with its provision of services under the Management Agreement were approximately $2,906, $3,100 and $1,310 during the twelve months ended December 31, 2015, 2014 and 2013, respectively. Unpaid amounts for reimbursable expenses were approximately $695 and $1,504 at December 31, 2015 and 2014, respectively, and are included in Payable to related parties in the Company's Consolidated Balance Sheets. In 2015, SPLP issued units 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 (see Note 16 - "Capital and Accumulated Other Comprehensive (Loss) Income"). Corporate Services SPH Services, a subsidiary of SPLP, was created to consolidate the executive and corporate functions of SPLP and certain of its affiliates, and to provide such services to other portfolio companies. SP Corporate Services LLC ("SP Corporate"), through management services agreements with these companies, provides services which include assignment of C-Level management personnel, as well as a variety of services including legal, tax, accounting, treasury, consulting, auditing, administrative, compliance, environmental health and safety, human resources, marketing, investor relations and other similar services. The fees payable under these agreements are initially based on the level of services expected to be provided. They are subject to annual review and adjustment and are approved by the respective company's board of directors. The agreements automatically renew for successive one-year periods unless and until terminated in accordance with the agreement. Under certain circumstances, the termination may result in payment of a termination fee to SP Corporate. Consolidated companies that have agreements with SP Corporate include HNH, Steel Excel, SPLP, WFHC, DGT, WebBank, BNS and WFH LLC, as a successor in interest to CoSine. Annual amounts to be billed to these companies are $9,996, $8,150, $3,000, $4,200, $476 $500, $204 and $1,200, respectively. In addition to its servicing agreements with SPLP and its consolidated subsidiaries, SP Corporate has management services agreements with other companies considered to be related parties, including, NOVT Corporation, Ore Holdings, Inc., J. Howard Inc., SL Industries, Inc., Steel Partners, Ltd., iGo and MLNK. In total, SP Corporate will charge approximately $4,121 annually to these companies. All amounts billed under these service agreements are classified as a reduction within Selling, general and administrative expenses. SPII Liquidating Trust SPLP held interests in the SPII Liquidating Trust, an entity that held certain investments which it acquired in connection with an exchange transaction, which the Manager and its affiliate served as the manager and liquidating trustee, respectively, without compensation other than reimbursement for out-of-pocket expenses. The SPII Liquidating Trust has been fully liquidated during 2015. See Note 5 - "Investments" for additional information. In 2013, the SPII Liquidating Trust sold its remaining investments comprising Trust I to a related party, Steel Partners Ltd. The Company received proceeds of $764 representing its proportionate interest in the Trust. There was no gain or loss on the transaction. Mutual Securities Pursuant to the Management Agreement, the Manager was responsible for selecting executing brokers. Securities transactions for SPLP are allocated to brokers on the basis of reliability and best price and execution. The Manager has selected Mutual Securities as an introducing broker and may direct a substantial portion of the managed entities’ trades to such firm among others. An officer of the Manager and SPH GP is affiliated with Mutual Securities. The Manager only uses Mutual Securities when such use would not compromise the Manager’s obligation to seek best price and execution. SPLP has the right to pay commissions to Mutual Securities, which are higher than those that can be obtained elsewhere, provided that the Manager believes that the rates paid are competitive institutional rates. Mutual Securities also served as an introducing broker for SPLP’s trades. The commissions paid by SPLP to Mutual securities were approximately $180, $352 and $310 for the twelve months ended December 31, 2015, 2014 and 2013, respectively. Such commissions are included in the net investment gains (losses) in the consolidated statements of operations. The portion of the commission paid to Mutual Securities ultimately received by such officer is net of clearing and other charges. Other SPLP had an arrangement whereby it held an asset on behalf of a related party in which it had an investment. The investment was liquidated during the second quarter of 2015. The asset had a fair value of $34,280 at December 31, 2014. The Company’s non-management directors receive an annual retainer of $150, of which $75 is paid in cash and $75 is paid in restricted common units of SPLP. The restricted units vest over a three year period. These directors are also paid fees of $1 for each board committee meeting attended. The chairmen of the Audit Committee, Corporate Governance and Nominating Committee and Compensation Committee are paid an additional annual fee of $60, $5 and $5, respectively. Non-management directors’ fees expensed were $950, $931 and $855 for the twelve months ended December 31, 2015, 2014 and 2013, respectively. Unpaid non-management directors’ fees are included in Payable to related parties in the Company's Consolidated Balance Sheets and were $43 and $46 at December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014, several related parties and consolidated subsidiaries had deposits totaling $3,135 and $14,875, respectively, in WebBank. $1,298 and $12,391 of these deposits have been eliminated in consolidation as of December 31, 2015 and 2014, respectively. The deposits held at WebBank earned $57, $104 and $159 in interest for the years ended December 31, 2015, 2014 and 2013, respectively. The amount of interest that has been eliminated in consolidation was $46, $89 and $150 for the years ended December 31, 2015, 2014 and 2013, respectively. |
DEBT AND CAPITAL LEASE OBLIGATIONS |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT AND CAPITAL LEASE OBLIGATIONS | DEBT AND CAPITAL LEASE OBLIGATIONS Debt and capital lease obligations consists of the following:
(a) Net of unamortized debt issuance costs of $280 and $632 at December 31, 2015 and 2014, respectively. (b) Net of unamortized debt issuance costs of $57 at 2014, respectively. Long-term debt obligations as of December 31, 2015 matures in each of the next five years as follows:
SPLP Revolving Credit Facility On September 28, 2015 the Company amended its Credit Agreement (the “Amended Credit Facility”) with PNC Bank, National Association (“PNC”), as administrative agent for the lenders thereunder. The Amended Credit Facility provides for a revolving credit facility with borrowing availability of up to $105,000 and increased the applicable the applicable margin from 1.50% to 1.625%. Amounts outstanding under the Amended Credit Facility bear interest at SPLP's option at either the Base Rate, as defined, plus 0.625% or LIBOR plus 1.625%, and are collateralized by first priority security interests of certain of the Company's deposit accounts and publicly traded securities. The pledged collateral of approximately $371,300 includes SPLP's investments in publicly traded securities, including investments in majority-owned, consolidated subsidiaries. The average interest rate on the Amended Credit Facility was 2.15% as of December 31, 2015. The Amended Credit Facility requires a commitment fee to be paid on unused borrowings and also contains customary affirmative and negative covenants, including a minimum cash balance covenant, restrictions against the payment of dividends and customary events of default. Any amounts outstanding under the Amended Credit Facility are due and payable in full on October 23, 2017. The Amended Credit Facility also includes provisions for the issuance of letters of credit up to $10,000, with any such issuances reducing total borrowing availability. The Company has an outstanding letter of credit of approximately $893 at December 31, 2015. In April 2014, the Company borrowed $47,500 under the Amended Credit Facility in connection with a tender offer for its common units (see Note 16 - "Capital and Accumulated Other Comprehensive Income") and in the first quarter of 2015, the Company borrowed an additional $37,000 to fund CoSine's tender offer for API (see Note 3 - "Acquisitions" for additional information). HNH Debt Senior Credit Facility On August 29, 2014, H&H Group, a wholly owned subsidiary of HNH, entered into an amended and restated senior credit facility ("Senior Credit Facility") which provides for an up to $365,000 senior secured revolving credit facility, including a $20,000 sublimit for the issuance of letters of credit and a $20,000 sublimit for the issuance of swing loans. Borrowings under the Senior Credit Facility bear interest at H&H Group's option, at either LIBOR or the Base Rate, as defined, plus an applicable margin as set forth in a the loan agreement (2.00% and 1.00%, respectively, for LIBOR and Base Rate borrowings at December 31, 2015), and the revolving facility provides for a commitment fee to be paid on unused borrowings. The weighted average interest rate on the revolving facility was 2.47% at December 31, 2015. At December 31, 2015, letters of credit totaling $4,800 had been issued under the Senior Credit Facility, including $3,400 of the letters of credit guaranteeing various insurance activities, and $1,400 for environmental and other matters. H&H Group's availability under the Senior Credit Facility was $183,200 as of December 31, 2015. On January 22, 2015, H&H Group, and certain subsidiaries of H&H Group, entered into an amendment to its Senior Credit Facility to, among other things, provide for the consent of the administrative agent and the lenders, subject to compliance with certain conditions, for the tender offer by H&H Acquisition Sub for the shares of JPS, including the use of up to $71,000 under the Senior Credit Facility to purchase such shares, and certain transactions related thereto. In addition, H&H Acquisition Sub and HNH Acquisition LLC became guarantors under the Senior Credit Facility pursuant to the amendment. See further discussion regarding the JPS transaction in Note 3 - "Acquisitions." The Senior Credit Facility will expire, with remaining outstanding balances due and payable, on August 29, 2019. The Senior Credit Facility is guaranteed by substantially all existing and thereafter acquired or created domestic and Canadian wholly-owned subsidiaries of H&H Group, and obligations under the Senior Credit Facility are collateralized by first priority security interests in and liens upon all present and future assets of H&H Group and these subsidiaries, which approximated $465,000 at December 31, 2015. The Senior Credit Facility restricts H&H Group's ability to transfer cash or other assets to HNH, subject to certain exceptions including required pension payments to the WHX Corporation Pension Plan ("WHX Pension Plan"). The Senior Credit Facility is subject to certain mandatory prepayment provisions and restrictive and financial covenants, which include a maximum ratio limit on Total Leverage and a minimum ratio limit on Fixed Charge Coverage, as defined, as well as a minimum liquidity level. HNH was in compliance with all debt covenants at December 31, 2015. HNH's prior senior credit facility, as amended, consisted of a revolving credit facility in an aggregate principal amount not to exceed $110,000 and a senior term loan. On August 5, 2014, this agreement was further amended to, among other things permit a new $40,000 term loan and permit H&H Group to make a distribution to HNH of up to $80,000. The revolving facility provided for a commitment fee to be paid on unused borrowings. Borrowings under the prior senior credit facility bore interest, at H&H Group's option, at a rate based on LIBOR or the Base Rate, as defined, plus an applicable margin as set forth in the loan agreement. On August 29, 2014, all amounts outstanding under this agreement were repaid. Interest Rate Swap Agreements H&H Group entered into an interest rate swap agreement in February 2013 to reduce its exposure to interest rate fluctuations. Under the interest rate swap, HNH received one-month LIBOR in exchange for a fixed interest rate of 0.569% over the life of the agreement on an initial $56,400 notional amount of debt, with the notional amount decreasing by $1,100, $1,800 and $2,200 per quarter in 2013, 2014 and 2015, respectively. The agreement expired in February 2016. In connection with the amendments made to the Senior Credit Facility in connection with the Wolverine Joining acquisition, H&H Group entered into a second interest rate swap agreement in June 2013 to reduce its exposure to interest rate fluctuations. Under the interest rate swap, HNH received one-month LIBOR in exchange for a fixed interest rate of 0.598% over the life of the agreement on an initial $5,000 notional amount of debt, with the notional amount decreasing by $100, $200 and $200 per quarter in 2013, 2014 and 2015, respectively. The agreement expired in February 2016. WHX CS Loan On June 3, 2014, WHX CS Corp., a wholly-owned subsidiary of HNH, entered into a credit agreement ("WHX CS Loan"), which provided for a term loan facility with borrowing availability of up to a maximum aggregate principal amount of $15,000. The amounts outstanding under the WHX CS Loan bore interest at LIBOR plus 1.25%. On August 29, 2014, the WHX CS Loan was terminated and all outstanding amounts thereunder were repaid. Subordinated Notes On March 26, 2013, H&H Group instructed Wells Fargo Bank, National Association ("Wells Fargo"), as trustee and collateral agent, to deliver an irrevocable notice of H&H Group's election to redeem all of its outstanding 10% Subordinated Secured Notes ("Subordinated Notes") to the holders of the Subordinated Notes. Pursuant to the terms of that certain amended and restated indenture, dated as of December 13, 2010, as amended ("Indenture"), by and among H&H Group, the guarantors named therein and Wells Fargo, as trustee and collateral agent, H&H Group has instructed Wells Fargo to redeem, on April 25, 2013, approximately $31,800 principal amount of Subordinated Notes, representing all of the outstanding Subordinated Notes, at a redemption price equal to 112.6% of the principal amount and accrued but unpaid payment-in-kind-interest thereof, plus accrued and unpaid cash interest. The Subordinated Notes were part of a unit ("Unit"), and each Unit consisted of (i) Subordinated Notes and (ii) warrants to purchase shares of common stock of the Company ("Warrants"). The Subordinated Notes and Warrants which comprised the Unit were not detachable until October 14, 2013. Accordingly, all Units were also redeemed. On March 26, 2013, H&H Group irrevocably deposited with Wells Fargo funds totaling $36,900 for such redemption and interest payment in order to satisfy and discharge its obligations under the Indenture from both a legal and accounting perspective. Approximately $25,000 of this deposit related to SPLP's holdings of the Subordinated Notes. SPLP received the proceeds on April 26, 2013. Interest expense in 2013 included a $5,700 loss associated with the redemption of the Subordinated Notes, including the redemption premium and the write-off of remaining deferred finance costs and unamortized debt discounts. The obligations outstanding under the Subordinated Notes bore interest at a rate of 10% per annum, 6% of which was payable in cash and 4% of which was payable in-kind. Other Debt A subsidiary of H&H has two mortgage agreements, each collateralized by real property. On October 5, 2015, a subsidiary of H&H refinanced one of the outstanding mortgage notes, which had an original maturity in October 2015. Under the terms of the revised agreement, the subsidiary paid down $700 of the original outstanding principal balance. The remaining outstanding principal balance of $5,400 was refinanced and will be repaid in equal monthly installments totaling $400 per year over the next 5 years, with a final principal payment of $3,600 due at maturity of the loan in October 2020. The mortgage bears interest at LIBOR plus a margin of 2.00%, or 2.28% at December 31, 2015. The mortgage on the second facility was approximately $1,600 and $1,700 at December 31, 2015 and 2014, respectively. This mortgage bears interest at LIBOR plus a margin of 2.70%, or 3.12% at December 31, 2015, and matures in 2017. Steel Excel Term Loan Steel Excel's energy business has a credit agreement, as amended (“Amended Credit Agreement”) with Wells Fargo Bank National Association, RBS Citizens, N.A., and Comerica Bank that provides for a borrowing capacity of $105,000 consisting of a $95,000 secured term loan (the “Term Loan”) and up to $10,000 in revolving loans (the “Revolving Loans”) subject to a borrowing base of 85% of the eligible accounts receivable. The Company incurred fees totaling approximately $1,400 in connection with the Amended Credit Agreement that are being amortized over the life of the arrangement as a component of interest expense. Borrowings under the Amended Credit Agreement are collateralized by substantially all the assets of Steel Excel's wholly-owned subsidiary, Steel Energy Ltd. ("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 value as of December 31, 2015 of the assets pledged as collateral by Steel Energy and its subsidiaries under the Amended Credit Agreement was $138,218. The Amended Credit Agreement has a term that runs through July 2018, with the Term Loan amortizing in quarterly installments of $3,300 and a balloon payment due on the maturity date. In December 2015, Steel Excel made a prepayment of $23,100 on the Term Loan, with the prepayment applied to the next seven quarterly installments. Steel Excel recognized a loss on extinguishment of $100 in connection with the prepayment from the write-off of unamortized debt issuance costs, which was reported as a component of Other income, net in the Consolidated Statement of Operations for the year ended December 31, 2015. At December 31, 2015, $42,666 was outstanding under the Term Loan and no amount was outstanding under the Revolving Loans. Borrowings under the Amended Credit Agreement bear interest at annual rates of either (i) the Base Rate plus an applicable margin of 1.50% to 2.25% or (ii) LIBOR plus an applicable margin of 2.50% to 3.25%. The “Base Rate” is the greatest of (i) the prime lending rate, (ii) the Federal Funds Rate plus 0.5%, and (iii) the one-month LIBOR plus 1.0%. The applicable margin for both Base Rate and LIBOR is determined based on the leverage ratio calculated in accordance with the Amended Credit Agreement. LIBOR-based borrowings are available for interest periods of one, three, or six months. In addition, Steel Excel is required to pay commitment fees of between 0.375% and 0.50% per annum on the daily unused amount of the Revolving Loans. The interest rate on the borrowings under the Amended Credit Agreement was 3.1% at December 31, 2015. For the years ended December 31, 2015 and 2014 and 2013, Steel Excel incurred interest expense of $2,400, $3,100 and $1,400, respectively, in connection with the Amended Credit Agreement. The Amended Credit Agreement contains certain financial covenants, including (i) a leverage ratio not to exceed 2.75:1 for quarterly periods through June 30, 2017, and 2.50:1 thereafter and (ii) a fixed charge coverage ratio of 1.15:1 for quarterly periods through December 31, 2016, and 1.25:1 thereafter. Steel Excel was in compliance with all financial covenants as of December 31, 2015. The Amended Credit Agreement also contains representations, warranties and covenants, including, among other things, covenants relating to (i) financial reporting and notification, (ii) payment of obligations, (iii) compliance with law, (iv) maintenance of properties and (v) payment of restricted payments. The repayment of the Term Loan can be accelerated upon (i) a change in control, which would include Steel Energy owning less than 100% of the equity of Sun Well, Rogue, or Black Hawk Ltd. or SPLP owning, directly or indirectly, less than 35% of Steel Excel's energy business or (ii) other events of default, including payment failure, false representations, covenant breaches, and bankruptcy. CoSine Long-Term Debt Facilities CoSine's API subsidiary in the United Kingdom has a multi-currency revolving agreement of £13,500 (approximately $19,980) with HSBC Bank plc ("HSBC") that expires on December 31, 2017. At December 31, 2015, approximately $16,280 was outstanding under the facility. The interest rate on the borrowings under the UK facility was 2.60% at December 31, 2015. These borrowings are secured by certain UK assets which totaled approximately $56,388 at December 31, 2015 and include certain debt covenants including leverage and interest cover. API was in compliance with all covenants at December 31, 2015. API also has a number of revolving facilities with HSBC in the U.S. that expires in June 2018, with availability up to approximately $4,635 as of December 31, 2015. At December 31, 2015, $2,513 was outstanding under the facility at an interest rate of 3.24%. The facility is secured against certain property, plant & equipment, inventories and receivables which totaled approximately $18,100 at December 31, 2015. API received a temporary waiver after failing to meet one of the debt covenants under this facility as of December 31, 2015. The facility was amended in October 2015 to modify and add certain covenants and provisions that will be in place until June 30, 2016. In addition, API has certain term loans for equipment with HSBC and Wells Fargo Bank for approximately $2,664. The loan with Wells Fargo Bank had an interest rate of 4.26% at December 31, 2015. This loan is secured over the related equipment. |
PENSION AND OTHER POST-RETIREMENT BENEFITS |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENSION AND OTHER POST-RETIREMENT BENEFITS | PENSION AND OTHER POST-RETIREMENT BENEFITS HNH maintains several qualified and non-qualified pension plans and other post-retirement benefit plans. HNH’s significant pension, health care benefit and defined contribution plans are discussed below. HNH’s other pension and post-retirement plans are not significant individually or in the aggregate. Qualified Pension Plans HNH sponsors a defined benefit pension plan, the WHX Pension Plan, covering many of H&H’s employees and certain employees of H&H’s former subsidiary, Wheeling-Pittsburgh Corporation (“WPC”). The WHX Pension Plan was established in May 1998 as a result of the merger of the former H&H plans, which covered substantially all H&H employees, and the WPC plan. The WPC plan, covering most USWA-represented employees of WPC, was created pursuant to a collective bargaining agreement ratified on August 12, 1997. Prior to that date, benefits were provided through a defined contribution plan, the Wheeling-Pittsburgh Steel Corporation Retirement Security Plan (“RSP Plan”). The assets of the RSP Plan were merged into the WPC plan as of December 1, 1997. Under the terms of the WHX Pension Plan, the benefit formula and provisions for the WPC and H&H participants continued as they were designed under each of the respective plans prior to the merger. The qualified pension benefits under the WHX Pension Plan were frozen as of December 31, 2015 and April 30, 2006 for hourly and salaried non-bargaining participants, respectively, with the exception of a single operating unit. In 2011, the benefits were frozen for the remainder of the participants. WPC employees ceased to be active participants in the WHX Pension Plan effective July 31, 2003, and as a result such employees no longer accrue benefits under the WHX Pension Plan. JPS sponsors a defined benefit pension plan ("JPS Pension Plan"), which was assumed in connection with HNH's JPS acquisition. Under the JPS Pension Plan, substantially all of JPS's employees who were employed prior to April 1, 2005 have benefits. The JPS Pension Plan was frozen effective December 31, 2015. Employees no longer earned additional benefits after that date. Benefits earned prior to December 31, 2015 will be paid out to eligible participants following retirement. The JPS Pension Plan was "unfrozen" for employees who were active employees on or after June 1, 2012. This new benefit, calculated based on years of service and a capped average salary, will be added to the amount of any pre-2005 benefit. The JPS Pension Plan was again frozen for all future accruals effective December 31, 2015, although unvested participants may still vest in accrued but unvested benefits. Bairnco had several pension plans, which covered substantially all of its employees. In 2006, Bairnco froze the Bairnco Corporation Retirement Plan and initiated employer contributions to its 401(k) plan. On June 2, 2008, two Bairnco plans (Salaried and Kasco) were merged into the WHX Pension Plan. Some of the Company's foreign subsidiaries provide retirement benefits for their employees through defined contribution plans or otherwise provide retirement benefits for employees consistent with local practices. The foreign plans are not significant in the aggregate and therefore are not included in the following disclosures. Pension benefits under the WHX Pension Plan are based on years of service and the amount of compensation earned during the participants’ employment. However, as noted above, the qualified pension benefits have been frozen for all participants. Pension benefits for the WPC bargained participants include both defined benefit and defined contribution features, since the plan includes the account balances from the RSP Plan. The gross benefit, before offsets, is calculated based on years of service and the benefit multiplier under the plan. The net defined benefit pension plan benefit is the gross amount offset for the benefits payable from the RSP Plan and benefits payable by the Pension Benefit Guaranty Corporation from previously terminated plans. Individual employee accounts established under the RSP Plan are maintained until retirement. Upon retirement, participants who are eligible for the WHX Pension Plan and maintain RSP Plan account balances will normally receive benefits from the WHX Pension Plan. When these participants become eligible for benefits under the WHX Pension Plan, their vested balances in the RSP Plan becomes assets of the WHX Pension Plan. Although these RSP Plan assets cannot be used to fund any of the net benefit that is the basis for determining the defined benefit plan’s net benefit obligation at the end of the year, the HNH has included the amount of the RSP Plan accounts of $13,300 and $17,700 on a gross basis as both assets and liabilities of the plan as of December 31, 2015 and 2014, respectively. Certain current and retired employees of H&H are covered by post-retirement medical benefit plans, which provide benefits for medical expenses and prescription drugs. Contributions from a majority of the participants are required, and for those retirees and spouses, HNH’s payments are capped. Actuarial losses for the WHX Pension Plan are being amortized over the average future lifetime of the participants, which is expected to be approximately 20 years. HNH believes that use of the future lifetime of the participants is appropriate because the WHX Pension Plan is completely inactive. API maintains pension plans in the United Kingdom and in the U.S. The disclosures below only include the significant UK pension plan. The following table presents the components of pension expense and other post-retirement benefit (income) expense for the HNH and API UK benefit plans:
Actuarial assumptions used to develop the components of pension expense and other post-retirement benefit (income) expense were as follows:
The measurement date for plan obligations is December 31. The discount rate is the rate at which the plans’ obligations could be effectively settled and is based on high quality bond yields as of the measurement date. Summarized below is a reconciliation of the funded status for HNH’s and API's qualified defined benefit pension plans and other post-retirement benefit plan:
The weighted average assumptions used in the valuations at December 31 were as follows:
The effect of a 1% increase (decrease) in health care cost trend rates on other post-retirement benefits obligations is not significant. Pretax amounts included in “Accumulated other comprehensive income” at December 31, 2015 and 2014 were as follows:
The pretax amount of actuarial losses included in “Accumulated other comprehensive loss” at December 31, 2015 that is expected to be recognized in net periodic benefit cost in 2015 is $8,500. Other changes in plan assets and benefit obligations recognized in “Comprehensive (loss) income" are as follows:
The actuarial loss in 2015 occurred principally because the investment returns on the assets of the WHX Pension Plan were lower than actuarial assumptions, partially offset by an increase in discount rates based on changes in corporate bond yields. Benefit obligations were in excess of plan assets for both the pension plan and the other post-retirement benefit plan at both December 31, 2015 and 2014. Additional information for the plans with accumulated benefit obligations in excess of plan assets:
In determining the expected long-term rate of return on assets, HNH evaluated input from various investment professionals. In addition, HNH considered its historical compound returns as well as HNH’s forward-looking expectations. HNH determines its actuarial assumptions for its pension and other post-retirement benefit plans on December 31 of each year to calculate liability information as of that date and pension and other post-retirement benefit expense for the following year. The discount rate assumption is derived from the rate of return on high-quality bonds as of December 31 of each year. HNH’s investment policy is to maximize the total rate of return with a view to long-term funding objectives of the pension plan to ensure that funds are available to meet benefit obligations when due. Pension plan assets are diversified to the extent necessary to minimize risk and to achieve an optimal balance between risk and return. There are no target allocations. The WHX Pension Plan’s assets are diversified as to type of assets, investment strategies employed and number of investment managers used. Investments may include equities, fixed income, cash equivalents, convertible securities, and private investment funds. Derivatives may be used as part of the investment strategy. HNH may direct the transfer of assets between investment managers in order to re-balance the portfolio in accordance with asset allocation guidelines established by the HNH. The fair value of pension investments is defined by reference to one of three categories (Level 1, Level 2 or Level 3) based on the reliability of inputs, as such terms are defined in Note 2 - "Summary of Significant Accounting Policies." HNH's pension plans assets at December 31, 2015 and 2014, by asset category, are as follows:
API's pension plans assets at December 31, 2015 by asset category, are as follows:
There were no assets for which fair value was determined using significant unobservable inputs (Level 3) during 2015. Changes in Level 3 assets were as follows during 2014:
HNH's policy is to recognize transfers in and transfers out of Level 3 as of the date of the event or change in circumstances that caused the transfer. The following table presents the category, fair value, redemption frequency, and redemption notice period for those assets whose fair value is estimated using the net asset value per share (or its equivalents), as well as plan assets which have redemption notice periods, as of December 31, 2015 and 2014:
Contributions Employer contributions consist of funds paid from employer assets into a qualified pension trust account. HNH’s funding policy is to contribute annually an amount that satisfies the minimum funding standards of the Employee Retirement Income Security Act. HNH expects to have required minimum contributions for 2016, 2017, 2018, 2019, 2020, and for the five years thereafter of $16,500, $34,300, $42,000, $38,800, $35,300, and $92,500, respectively. API expects to have required minimum contributions of $1,036 for 2016, 2017, 2018, 2019, 2020, and for the five years thereafter. Required future contributions are estimated based upon assumptions such as discount rates on future obligations, assumed rates of return on plan assets and legislative changes. Actual future pension costs and required funding obligations will be affected by changes in the factors and assumptions described in the previous sentence, as well as other changes such as any plan termination or other acceleration or other acceleration events. Benefit Payments Estimated future benefit payments for the benefit plans over the next ten years are as follows:
401(k) Plans Beginning January 1, 2012, certain employees participate in a SPLP sponsored savings plan which qualifies under Section 401(k) of the Internal Revenue Code. SPLP presently makes a contribution to match 50% if the first 6% of the employees contribution. The charge to expense for SPLP's matching contributions totaled $283, $243 and $220 for the years ended December 31, 2015, 2014 and 2013, respectively. In addition, certain employees participate in a HNH sponsored savings plan which qualifies under Section 401(k) of the Internal Revenue Code. This savings plan allows eligible employees to contribute from 1% to 75% of their income on a pretax basis. HNH presently makes a contribution to match 50% of the first 6% of the employee’s contribution. The charge to expense for HNH’s matching contributions amounted to $1,900 in 2015, $2,000 in 2014 and $1,600 in 2013. |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME As of December 31, 2015 the Company has two classes of common units which include 26,502,425 Class A units and 130,264 Class B units. The Class B units were issued in the first quarter of 2015 to 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 only one class of common units, totaling 27,566,200 outstanding. WFHC Ownership Change In December 2015, the Company and its CoSine and WFHC subsidiaries entered into a series of transactions that impacted SPLP's ownership interest in both entities. Prior to these transactions SPLP owned 100% of WFHC and 80.6% of CoSine.
DGT Ownership Increase On October 28, 2015 DGT shareholders approved an amendment to DGT's certificate of incorporation in order to complete a 1-for-100,000 reverse stock split of DGT's common stock. No fractional shares were issued and shareholders owning fewer than 100,000 shares of common stock had their shares canceled and converted into the right to receive $18.30, resulting in a payable to shareholders of approximately $8,500 at December 31, 2015. After the reverse stock split, SPLP owned 100% of DGT's common stock. In accordance with the accounting standard on consolidation, a change in a parent’s ownership interest while the parent retains a controlling financial interest in its subsidiary is accounted for as an equity transaction. As a result, SPLP accounted for its increase in ownership by adjusting the carrying amount of its noncontrolling interest in DGT. The difference between the consideration paid to the noncontrolling interest holders by DGT and the amount by which the carrying value of the noncontrolling interest was adjusted has been recognized in Partner's capital. Tender Offer for SPLP Units On March 25, 2014, the Company commenced a modified "Dutch Auction" tender offer to purchase for cash up to $49,000 in value of its common units, no par value, at a price per unit of not less than $16.50 nor greater than $17.50 per unit. At the Purchase Price selected by SPLP of $16.50 per unit, SPLP purchased 2,969,696 common units. The Company funded the Offer with $1,500 cash on hand and $47,500 of borrowings under its existing credit facility with PNC (see Note 14 – "Debt and Capital Lease Obligations"). 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 will continue through 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 3 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 $531 in as of December 31, 2015. Total expense for the vesting of the restricted common units issued was approximately $427, $490 and $344 for the twelve months ended December 31, 2015, 2014 and 2013, respectively. Accumulated Other Comprehensive (Loss) Income Changes, net of tax, in Accumulated other comprehensive (loss) income are as follows:
(a) Net of tax benefit of approximately $20,343. (b) Net of tax provision of approximately $11,207. (c) Does not include amounts attributable to noncontrolling interests for unrealized gain on available-for sale securities and derivative financial instruments of $5,756, cumulative translation adjustment loss of $984 and a loss from the change in net pension and other benefit obligations of $7,573. Noncontrolling Interests in Consolidated Entities Noncontrolling interests in consolidated entities at December 31, 2015 and 2014 represent the interests held by the noncontrolling shareholders of HNH, Steel Excel, WFHC 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 SG&A expenses in the Company's Consolidated Statement of Operations. Incentive unit expense of approximately $0, $0 and $26,600, representing the classification of approximately 0, 0 and 1,534,000 Class C common units with respect to the incentive units, was recorded for the twelve months ended December 31, 2015, 2014 and 2013, respectively. Subsidiary Purchases of the Company's Common Units During the twelve months ended December 31, 2015, 2014 and 2013 , two subsidiaries of the Company purchased 983,175, 473,054 and 1,212,855, respectively, of the Company's common units at a total cost of $17,323, $7,921 and $15,690, respectively. The purchases of these units are reflected as treasury unit purchases in the Company's consolidated financial statements. |
NET INCOME (LOSS) PER COMMON UNIT |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INCOME (LOSS) PER COMMON UNIT | NET INCOME (LOSS) PER COMMON UNIT The following data was used in computing net income (loss) per common unit shown in the consolidated statements of operations:
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SEGMENT INFORMATION |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION The following table presents the composition of our segments. Our segments are managed separately and offer different products and services. No single customer accounted for 10% or more of the Company's consolidated revenues during the years ended December 31, 2015, 2014 and 2013.
(2) WFH LLC was formerly known as CoSine Communications, Inc. ("CoSine") and consists of the operations of API Group plc ("API").
Diversified Industrial The Diversified Industrial segment consists of the operations of HNH, a diversified holding company that owns a variety of manufacturing operations encompassing joining materials, tubing, building materials, performance materials and cutting replacement products and services businesses. The performance materials operation is currently comprised solely of the operations of JPS, which was acquired on July 2, 2015 as discussed in Note 3 -"Acquisitions." The Diversified Industrial segment also includes the operations of WFH LLC's (formerly known as CoSine) API subsidiary beginning in the second quarter of 2015. API, is a manufacturer and distributor of foils, films and laminates used to enhance the visual appeal of products and packaging. Energy Steel Excel's Energy business provides drilling and production services to the oil and gas industry. Through its wholly owned subsidiary Steel Sports Inc., Steel Excel's sports business is a social impact organization that strives to provide a first-class youth sports experience emphasizing positive experiences and instilling the core values of discipline, teamwork, safety, respect, and integrity. Steel Excel also continues to identify other new business acquisition opportunities. The operations of Steel Sports are not considered material and are included in the Energy segment. Financial Services The Financial Services segment activity during 2015 primarily consists of our subsidiary WFHC, which conducted its financial operations during 2015 through its wholly owned subsidiary WebBank. WebBank originates and funds consumer and small business loans through lending programs with unaffiliated companies that market and service the programs (“Marketing Partners”), where the Marketing Partners subsequently purchase the loans (or interests in the loans) that are originated by WebBank. WebBank also has private-label financing programs that are branded for a specific retailer, manufacturer, dealer channel, or proprietary network and bank card programs. WebBank also participates in syndicated commercial and industrial as well as asset based credit facilities and asset based securitizations through relationships with other financial institutions. Interest income is primarily derived from interest and origination fees earned on loans and investments. Non-interest income is primarily derived from fee income on contractual lending arrangements, premiums on the sale of loans, and loan servicing fees. WebBank’s deposits are insured by the Federal Deposit Insurance Corporation ("FDIC") up to the current limits, and the bank is examined and regulated by the FDIC and the State of Utah Department of Financial Institutions (“UDFI”). Corporate and Other Corporate assets, revenues and overhead expenses are not allocated to the segments. Corporate revenues primarily consist of investment and other income, investment gains and losses and rental income. SPH services provides legal, tax, accounting, treasury, consulting, auditing, administration, compliance, environmental health and safety, human resources, marketing, investor relations and similar services, to other affiliated companies. SPH Services charged the Diversified Industrial, Energy and Financial services segments approximately $10,200, $8,150 and $3,167, respectively for these services for the year ended December 31, 2015. In 2014 and 2013 SPH Services charged the Diversified Industrial, Energy and Financial services segments approximately $8,900, $8,000 and $250 respectively for these services. These amounts are eliminated in consolidation. The Corporate and Other segment also includes the operations of the BNS Liquidating Trust and DGT. DGT's operations currently consist of investments, and general and administrative expenses and one building which is held for sale at December 31, 2015. Segment information is presented below:
The following table presents geographic revenue and long-lived asset information as of and for the year ended December 31, 2015 and 2014. In addition to property, plant and equipment, the amounts in 2015 and 2014 include $7,300 and $8,400, respectively, of inactive properties from previous operating businesses, and other non-operating assets that are carried at the lower of cost or fair value less cost to sell and are included in other non-current assets in the consolidated balance sheets. Neither net sales nor long-lived assets from any single foreign country was material to the consolidated financial statements of the Company.
Foreign revenue is based on the country in which the legal subsidiary is domiciled. Neither revenue nor long-lived assets from any single foreign country was material to the consolidated revenues of the Company. |
INCOME TAXES |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES Details of the provision for income taxes are follows:
The following is a reconciliation of income tax (benefit) expense computed at the federal statutory rate to the provision for income taxes:
(a) Represents taxes at statutory rate on loss for which no tax benefit is recognizable by SPLP and certain of its subsidiaries which are taxed as pass-through entities. Such loss is allocable directly to SPLP’s common unitholders and taxed when realized. (b) Amounts in 2015 and 2014 include the tax effect of the non-deductible portion of the goodwill impairments recorded in the fourth quarters of 2015 and 2014 (see Note 11 - "Goodwill and Other Intangible Assets, Net"). Deferred income taxes result from temporary differences in the financial basis and tax basis of assets and liabilities. The amounts shown on the following table represent the tax effect of temporary differences between the consolidated tax return basis of assets and liabilities and the corresponding basis for financial reporting, as well as tax credit and operating loss carryforwards.
(a) The ability for certain subsidiaries to utilize its net operating loss and other credit carryforwards would be subject to limitation upon changes in control. (b) Certain subsidiaries of Company establish valuation allowances when they determine, based on their assessment, that it is more likely than not that certain deferred tax assets will not be fully realized. This assessment is based on, but not limited to, historical operating results, uncertainty in projections of taxable income, and other uncertainties that may be specific to a particular business. During 2015, 2014 and 2013, the Company changed its judgment about the realizability of its deferred tax assets at certain subsidiaries. In accordance with U.S. GAAP under ASC 740, the effect of a change in the beginning-of-the-year balance of a valuation allowance that results from a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years should be included in income from continuing operations in the period of the change. In 2015, 2014 and 2013, the Company recorded tax benefits in continuing operations of approximately $111,881, $7,730 and $7,320 associated with the reversal of its deferred tax valuation allowances at certain subsidiaries. HNH At December 31, 2015, HNH has federal net operating loss carryforwards ("NOLs") of approximately $71,300 (approximately $25,000 tax-effected), as well as, certain state NOLs. Included in these amounts is approximately $47,000 of U.S. federal NOLs resulting from the JPS acquisition. The utilization of the JPS NOL is subject to certain annual limitations under the ownership change rules of Section 382 of the Internal Revenue Code. The federal NOLs expire between 2020 and 2031. Also included in deferred income tax assets are tax credit carryforwards of $7,400. HNH's 2015 tax provision from continuing and discontinued operations reflect the utilization of approximately $57,300 of federal NOLs. In 2005, HNH experienced an ownership change as defined by Section 382 of the Internal Revenue Code. Section 382 imposes annual limitations on the utilization of NOLs post-ownership change. HNH believes it qualifies for the bankruptcy exception to the general Section 382 limitations. Under this exception, the annual limitation imposed by Section 382 resulting from an ownership change will not apply; instead the NOLs must be reduced by certain interest expense paid to creditors who became stockholders as a result of the bankruptcy reorganization. Thus, HNH's federal NOLs of $71,300 as of December 31, 2015 include a reduction of $31,000 ($10,800 tax-effect). HNH provides income taxes on the undistributed earnings of non-U.S. corporate subsidiaries except to the extent that such earnings are permanently invested outside the United States. As of December 31, 2015, $6,200 of accumulated undistributed earnings of non-U.S. corporate subsidiaries were permanently invested. At existing applicable income tax rates, additional taxes of approximately $2,500 would need to be provided if such earnings were remitted. Steel Excel At December 31, 2015, Steel Excel had federal net operating loss carryforwards of approximately $139,100 that expire in 2022 through 2035, and domestic state net operating loss carryforwards of approximately $156,100 that will expire in 2016 through 2035. Steel Excel also has federal research and development credit carryforwards of approximately $30,300 that expire in 2018 through 2029, and domestic state research and development credit carryforwards of approximately $17,700 that do not expire. Of the total federal net operating loss carryforwards, approximately $10,500 related to deductions for stock-based compensation, the tax benefit of which will be credited to additional paid-in capital when realized. Federal income taxes and foreign withholding taxes associated with the repatriation of earnings of foreign subsidiaries have been fully provided. Steel Excel has a valuation allowance to reserve its net deferred tax assets at December 31, 2015 and 2014. WFHC As discussed in Note 16 - "Capital and Accumulated Other Comprehensive (Loss) Income " WFHC and Cosine entered into a series of transactions whereby CoSine was merged with and into WFH LLC, a newly formed wholly owned subsidiary of WFHC, which is disregarded for income tax purposes. This merger was a tax-free transaction which was completed and declared effective on December 31, 2015. WFHC is also the parent company of WebBank. The transaction is characterized as a reverse acquisition for federal income tax purposes. As a result, WFHC will elect to file a consolidated federal income tax return, which will include WebBank and the newly merged CoSine business (the "WFHC U.S. Consolidated Group"), with CoSine considered to be the parent of the consolidated group. Accordingly, the tax attributes acquired in the merger can be utilized against the taxable income of the affiliated group, generally without limitation. At December 31, 2015, the WFHC U.S. Consolidated Group had federal NOLs of approximately of $329,600 that expire between 2018 and 2034, and state NOLs of approximately $77,500 that expire between 2016 and 2025, as well as federal and state tax credit carryforwards of $7,540. As noted above, the Company recorded tax benefits in continuing operations of approximately $111,881 associated with the reversal of its deferred tax valuation allowances. Such amount was attributable against the deferred tax asset related to the aforementioned federal NOLs. However, the Company continues to maintain a full valuation allowance (approximately $12,900) against the deferred tax assets related to the state NOLs and tax credit carryforwards given its judgment about the realizability of the associated deferred tax assets. API As discussed in Note 3 - "Acquisitions", CoSine obtained control over the operations of API on April 17, 2015 and SPLP began consolidating the operations of API. As of December 31, 2015 API had approximately $7,533 of non-U.S. NOLs that do not expire, of which a valuation allowance to reserve of a significant portion of the associated deferred tax assets exists at December 31, 2015. In addition, U.S. subsidiaries of API had approximately $8,563 of federal NOLs that are scheduled to expire between 2022 and 2035. Included in the federal net operating loss carryforwards is approximately $7,665 that are subject to certain annual limitations under the change of ownership rules of Internal Revenue Section 382. API has a valuation allowance to reserve the entire amount of the deferred tax assets associated with the federal NOLs at December 31, 2015. DGT As of October 31, 2015 DGT had approximately $31,961 of federal net operating loss carryforwards that are scheduled to expire from 2020 to 2035. DGT also had various state net operating loss carryforwards of $25,807 that expire at various times between 2018 and 2035. DGT has a valuation allowance to reserve the entire amount of the deferred tax assets associated with its federal and state NOLs at December 31, 2015. As described in Note 1 - “Nature of the Business and Basis of Presentation,” the Consolidated Balance Sheet as of and for the twelve months ended December 31, 2015 includes DGT’s activity as of and for its twelve months ended October 31, 2015. Unrecognized Tax Benefits U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is more likely than not of being sustained on audit, based on the technical merits of the position. The change in the amount of unrecognized tax benefits (related solely to HNH and Steel Excel) for 2015 and 2014 was as follows:
HNH Unrecognized Tax Benefits At December 31, 2015 and 2014, HNH had approximately $1,786 and $1,274, respectively, of unrecognized tax benefits, all of which would affect the Company's effective tax rate if recognized. HNH recognizes interest and penalties related to uncertain tax positions in its income tax expense. As of December 31, 2015 and 2014, approximately $100 of interest related to uncertain tax positions was accrued. No penalties were accrued. It is reasonably possible that the total amount of unrecognized tax benefits will decrease by as much as $300 during the next year as a result of the lapse of the applicable statutes of limitations in certain taxing jurisdictions. HNH is generally no longer subject to federal, state or local income tax examinations by tax authorities for any year prior to 2012. However, NOLs generated in prior years are subject to examination and potential adjustment by the Internal Revenue Service ("IRS") upon their utilization in future years' tax returns. HNH is not currently under examination by the IRS. In 2014, the IRS conducted a limited review of HNH's 2012 federal consolidated income tax return, accepting the return as filed. An IRS examination of our federal consolidated income tax return for 2010 was settled during 2013 with minor adjustments. HNH was under examination by the State of New York for 2009 to 2011, which resulted in an assessment of $57 paid during 2015. An examination by the State of New York for tax years 2012 to 2013 has not yet commenced. Steel Excel Unrecognized Tax Benefits Steel Excel's total gross unrecognized tax benefits were $27,300 and $19,076 at December 31, 2015 and 2014, respectively, of which $300, if recognized, would affect the provision for income taxes. In 2015, Steel Excel reversed approximately $100 of reserves for for foreign taxes upon the expiration of the statute of limitations. Steel Excel recognizes interest and penalties related to uncertain tax positions in its income tax provision. For the years ended December 31, 2015, 2014 and 2013, the amount of such interest and penalties recognized was immaterial. Steel Excel is subject to U.S. federal income tax as well as income taxes in many domestic states and foreign jurisdictions in which they operate or formerly operated in. As of December 31, 2015, fiscal years 1999 onward remain open to examination by the U.S. taxing authorities. In 2014, tax examinations were completed for fiscal years 2009 through 2013 in Singapore, resulting in a refund to the Company of $1,700. The Company is not currently under tax examination in any foreign jurisdictions. Other Subsidiaries SPLP's other subsidiaries file federal tax returns as well as state, local and foreign tax returns in various jurisdictions. Federal tax returns for all other consolidated subsidiaries remain open and subject to examination by the Internal Revenue Service for all tax years after 2011. In addition, net operating losses generated in prior years are subject to examination and potential adjustment by the Internal Revenue Service upon their utilization in future years' tax returns. State income tax returns for most jurisdictions remain open generally for all tax years after 2011. |
REGULATORY MATTERS |
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Regulatory Matters [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REGULATORY MATTERS | REGULATORY MATTERS WebBank WebBank is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain actions by regulators that, if undertaken, could have a direct material effect on WebBank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, WebBank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. WebBank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. In July 2013, the FDIC approved the final rules implementing the Basel Committee on Banking Supervision's capital guidelines for U.S. banks ("Basel III"). Under the final rules, which began for WebBank on January 1, 2015 and are subject to a phase-in period through January 1, 2019, minimum requirements will increase for both the quantity and quality of capital held by WebBank. The rules include a new common equity Tier 1 capital to risk-weighted assets ratio ("CET1 Ratio") of 4.5% and a capital conservation buffer of 2.5% of risk-weighted assets, which when fully phased-in, effectively results in a minimum CET1 Ratio of 7.0%. Basel III raises the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0% to 6.0% (which, with the capital conservation buffer, effectively results in a minimum Tier 1 capital ratio of 8.5% when fully phased-in), effectively results in a minimum total capital to risk-weighted assets ratio of 10.5% (with the capital conservation buffer fully phased-in), and requires a minimum leverage ratio of 4.0%. Basel III also makes changes to risk weights for certain assets and off-balance-sheet exposures. WebBank expects that its capital ratios under Basel III will continue to exceed the well capitalized minimum capital requirements and such amounts are disclosed in the table below:
SPLP The Company historically has conducted its business, and continues to conduct its business and operations, in such a manner so as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the “Act”). Under the Act, the Company is required to meet certain quantitative tests related to the Company’s assets and/or income, and to refrain from trading for short-term speculative purposes. The Company has taken actions, including liquidating certain of our assets and acquiring additional interests in existing or new subsidiaries or controlled companies, to comply with these tests, or a relevant exception. Also, since the Company operates as a diversified holding company engaged in a variety of operating businesses, we do not believe we are primarily engaged in an investment company type business, nor do we propose to primarily engage in such a business. If we were deemed to be an investment company under the Act, we may need to further adjust our business strategy and assets, including divesting certain desirable assets immediately to fall outside of the definition or within an exemption, to register as an investment company or to cease operations. |
COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Operating Lease Commitments The Company has certain facilities under non-cancelable operating lease arrangements. Rent expense recognized in the consolidated statement of operations for the years ended December 31, 2015, 2014 and 2013 was $10,026 and $8,501, $7,631 respectively. Future minimum operating lease and rental commitments under non-cancelable operating leases for SPLP consolidated operations are as follows:
Environmental Matters As discussed in more detail below, HNH and BNS have been designated as potentially responsible parties ("PRPs") by federal and state agencies with respect to certain sites with which they may have had direct or indirect involvement. These claims are in various stages of administrative or judicial proceedings and include demands for recovery of past governmental costs and for future investigations and remedial actions. In many cases, the dollar amounts of the claims have not been specified and, with respect to a number of the PRP claims, have been asserted against a number of other entities for the same cost recovery or other relief as was asserted against the HNH and BNS. The Company accrues costs associated with environmental matters, on an undiscounted basis, when they become probable and reasonably estimable. As of December 31, 2015, and 2014, on a consolidated basis, the Company has accrued $3,922 and $3,822, respectively, which represents its current estimate of the probable cleanup liabilities, including remediation and legal costs. Expenses relating to these costs, and any recoveries, are included in Selling, general and administrative expenses. In addition, the Company has insurance coverage available for several of these matters and believes that excess insurance coverage may be available as well. Estimates of the Company's liability for remediation of a particular site and the method and ultimate cost of remediation require a number of assumptions that are inherently difficult to make, and the ultimate outcome may be materially different from current estimates. HNH Environmental Matters Certain H&H Group subsidiaries have existing and contingent liabilities relating to environmental matters, including capital expenditures, costs of remediation and potential fines and penalties relating to possible violations of national and state environmental laws. Those subsidiaries have remediation expenses on an ongoing basis, although such costs are continually being readjusted based upon the emergence of new techniques and alternative methods. HNH had approximately $2,500 accrued related to estimated environmental remediation costs as of December 31, 2015. HNH also has insurance coverage available for several of these matters and believes that excess insurance coverage may be available as well. During the years ended December 31, 2015 and 2014, HNH recorded insurance reimbursements of $2,900 and $3,100, respectively, for previously incurred remediation costs. In addition, certain H&H Group subsidiaries have been identified as PRPs under the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA") or similar state statutes at sites and are parties to administrative consent orders in connection with certain properties. Those subsidiaries may be subject to joint and several liabilities imposed by CERCLA on PRPs. Due to the technical and regulatory complexity of remedial activities and the difficulties attendant in identifying PRPs and allocating or determining liability among them, the subsidiaries are unable to reasonably estimate the ultimate cost of compliance with such laws. Based upon information currently available, however, the H&H Group subsidiaries do not expect that their respective environmental costs, including the incurrence of additional fines and penalties, if any, will have a material adverse effect on them or that the resolution of these environmental matters will have a material adverse effect on the financial position, results of operations or cash flows of such subsidiaries or HNH, but there can be no such assurances. HNH anticipates that the H&H Group subsidiaries will pay any such amounts out of their respective working capital, although there is no assurance that they will have sufficient funds to pay them. In the event that the H&H Group subsidiaries are unable to fund their liabilities, claims could be made against their respective parent companies, including H&H Group and/or HNH, for payment of such liabilities. Among the sites where certain H&H Group subsidiaries may have more substantial environmental liabilities are the following: H&H has been working with the Connecticut Department of Energy and Environmental Protection ("CTDEEP") with respect to its obligations under a 1989 consent order that applies to a property in Connecticut that H&H sold in 2003 ("Sold Parcel") and an adjacent parcel ("Adjacent Parcel") that together with the Sold Parcel comprises the site of a former H&H manufacturing facility. Remediation of all soil conditions on the Sold Parcel was completed on April 6, 2007. On September 11, 2008, the CTDEEP advised H&H that it had approved H&H's December 28, 2007 Soil Remediation Action Report, as amended, thereby concluding the active remediation of the Sold Parcel. The remaining remediation, monitoring and regulatory administrative costs for the Sold Parcel are expected to approximate $100. With respect to the Adjacent Parcel, an ecological risk assessment has been completed and the results, along with proposed clean up goals will be submitted to the CTDEEP for their review and approval. The total remediation costs for the Adjacent Parcel cannot be reasonably estimated at this time. Accordingly, there can be no assurance that the resolution of this matter will not be material to the financial position, results of operations or cash flows of H&H or HNH. In 1986, Handy & Harman Electronic Materials Corporation ("HHEM"), a subsidiary of H&H, entered into an administrative consent order ("ACO") with the New Jersey Department of Environmental Protection ("NJDEP") with regard to certain property that it purchased in 1984 in New Jersey. The ACO involves investigation and remediation activities to be performed with regard to soil and groundwater contamination. Thereafter, in 1998, HHEM and H&H settled a case brought by the local municipality in regard to this site and also settled with certain of its insurance carriers. HHEM is actively remediating the property and continuing to investigate effective methods for achieving compliance with the ACO. A remedial investigation report was filed with the NJDEP in December 2007. By letter dated December 12, 2008, the NJDEP issued its approval with respect to additional investigation and remediation activities discussed in the December 2007 remedial investigation report. HHEM anticipates entering into discussions with the NJDEP to address that agency's potential natural resource damage claims, the ultimate scope and cost of which cannot be estimated at this time. Pursuant to a settlement agreement with the former owner/operator of the site, the responsibility for site investigation and remediation costs, as well as any other costs, as defined in the settlement agreement, related to or arising from environmental contamination on the property (collectively, "Costs") are contractually allocated 75% to the former owner/operator (with separate guaranties by the two joint venture partners of the former owner/operator for 37.5% each) and 25% jointly to HHEM and H&H after the first $1,000. The $1,000 was paid solely by the former owner/operator. As of December 31, 2015, over and above the $1,000, total investigation and remediation costs of approximately $4,900 and $1,600 have been expended by the former owner/operator and HHEM, respectively, in accordance with the settlement agreement. Additionally, HHEM is currently being reimbursed indirectly through insurance coverage for a portion of the Costs for which HHEM is responsible. HHEM believes that there is additional excess insurance coverage, which it intends to pursue as necessary. HHEM anticipates that there will be additional remediation expenses to be incurred once a final remediation plan is agreed upon. There is no assurance that the former owner/operator or guarantors will continue to timely reimburse HHEM for expenditures and/or will be financially capable of fulfilling their obligations under the settlement agreement and the guaranties. The final Costs cannot be reasonably estimated at this time, and accordingly, there can be no assurance that the resolution of this matter will not be material to the financial position, results of operations or cash flows of HHEM or HNH. HHEM is continuing to comply with a 1987 consent order from the Massachusetts Department of Environmental Protection ("MADEP") to investigate and remediate the soil and groundwater conditions at a commercial/industrial property in Massachusetts. On June 30, 2010, HHEM filed a Response Action Outcome report to close the site since HHEM's licensed site professional concluded that groundwater monitoring demonstrated that the groundwater conditions have stabilized or continue to improve at the site. On June 20, 2013, HHEM received the MADEP's Notice of Audit Findings and Notice of Noncompliance ("Notice"). HHEM and its consultant held meetings with the MADEP to resolve differences identified in the Notice. As a result of those meetings and subsequent discussions, HHEM initiated additional sampling, testing, and well installations. The additional work was completed in the third quarter of 2015, and we expect to submit a follow-up response report to the MADEP in the first quarter of 2016. The cost of the follow up response report and subsequent decommissioning is estimated at $100. Additional costs could result from the final review of the remediation plan by the MADEP, which cannot be reasonably estimated at this time. BNS Sub Environmental Matters On June 4, 2013 BNS LLC, a wholly-owned subsidiary of the BNS Liquidating Trust, was identified by the U.S. Environmental Protection Agency (“EPA”) as a PRP as an allegedly disposing of wastes at the Operable Unit Two of the Peterson/Puritan, Inc. Superfund Site which includes the J.M. Mills Landfill in Cumberland, Rhode Island. BNS LLC has joined a group of other alleged PRPs, which have incurred and will continue to incur costs associated with the investigation. The liability accrual is part of the BNS Liquidating Trust. On August 12, 2008, a then-subsidiary of BNS (“BNS Sub”) was identified as a PRP by the EPA as an alleged drum reconditioning customer of New England Container Corp. (“NECC”). BNS Sub is presently investigating the matter and has joined a group of other alleged NECC drum reconditioning customers. The NECC drum reconditioning PRP group has incurred and will continue to incur costs in the investigation and each PRP has been assessed a fee for its pro-rata share of the costs of performing the assessment. The liability accrual is part of the BNS Liquidating Trust. Based upon information currently available, BNS Liquidating Trust and and BNS Sub do not expect that their respective environmental costs or that the resolution of these environmental matters will have a material adverse effect on the financial position, results of operations or cash flows of the Company, but there can be no such assurances to this effect. Litigation Matters HNH Litigation Matters In the ordinary course of business, HNH is subject to periodic lawsuits, investigations, claims and proceedings, including, but not limited to, contractual disputes, employment, environmental, health and safety matters, as well as claims associated with HNH's historical acquisitions and divestitures. There is insurance coverage available for many of the foregoing actions. Although HNH cannot predict with certainty the ultimate resolution of lawsuits, investigations, claims and proceedings asserted against it, they do not believe any currently pending legal proceeding to which they are a party will have a material adverse effect on their business, prospects, financial condition, cash flows, results of operations or liquidity. BNS Litigation Matters BNS Sub has been named as a defendant in 1,348 and 1,326 alleged asbestos-related toxic-tort claims as of December 31, 2015 and 2014, respectively. The claims were filed over a period beginning 1994 through December 31, 2015. In many cases these claims involved more than 100 defendants. Of the claims filed, 1,191 and 1,108 were dismissed, settled or granted summary judgment and closed as of December 31, 2015 and 2014, respectively. Of the claims settled, the average settlement was less than $3. There remained 157 and 218 pending asbestos claims as of December 31, 2015 and 2014, respectively. There can be no assurance that the number of future claims and the related costs of defense, settlements or judgments will be consistent with the experience to date of existing claims. BNS Sub has insurance policies covering asbestos-related claims for years beginning 1974 through 1988 with estimated aggregate coverage limits of $183,000, with $1,543 and $2,102 at December 31, 2015 and 2014, respectively, in estimated remaining self insurance retention (deductible). There is secondary evidence of coverage from 1970 to 1973 although there is no assurance that the insurers will recognize that the coverage was in place. Policies issued for BNS Sub beginning in 1989 contained exclusions related to asbestos. Under certain circumstances, some of the settled claims may be reopened. Also, there may be a significant delay in receipt of notification by BNS Sub of the entry of a dismissal or settlement of a claim or the filing of a new claim. BNS Sub believes it has significant defenses to any liability for toxic-tort claims on the merits. None of these toxic-tort claims has gone to trial and, therefore, there can be no assurance that these defenses will prevail. In addition, there can be no assurance that the number of future claims and the related costs of defense, settlements or judgments will be consistent with the experience to date of existing claims, and that BNS Sub will not need to increase significantly its estimated liability for the costs to settle these claims to an amount that could have a material effect on the consolidated financial statements. BNS Sub annually receives retroactive billings or credits from its insurance carriers for any increase or decrease in claims accruals as claims are filed, settled or dismissed, or as estimates of the ultimate settlement and defense costs for the then-existing claims are revised. As of December 31, 2015 and 2014, BNS Sub has accrued $1,422 relating to the open and active claims against BNS Sub. This accrual represents the Company’s best estimate of the likely costs to defend against or settle these claims by BNS Sub beyond the amounts accrued by the insurance carriers and previously funded, through the retroactive billings by BNS Sub. However, there can be no assurance that BNS Sub will not need to take additional charges in connection with the defense, settlement or judgment of these existing claims or that the costs of future claims and the related costs of defense, settlements or judgments will be consistent with the experience to date relating to existing claims. These claims are now being managed by the BNS Liquidating Trust. |
SUPPLEMENTAL CASH FLOW INFORMATION |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION A summary of supplemental cash flow information for each of the three years ending December 31, 2015 is presented in the following table.
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QUARTERLY FINANCIAL DATA (unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QUARTERLY FINANCIAL DATA (unaudited) | QUARTERLY FINANICIAL DATA (unaudited)
(a) The Company recorded impairment charges of approximately $5,598, $22,740, $9,202 and $30,552 in the first, second, third and fourth quarters of 2015, respectively. Theses charges were primarily related to other-than-temporary impairments on certain available-for-sale securities (see Note 5 - "Investments"). (b) In the fourth quarter of 2015, the Company recorded tax benefits in continuing operations of approximately $111,881 associated with the reversal of deferred tax valuation allowances at its WFHC LLC (formerly CoSine) subsidiary (see Note 19 - "Income Taxes"). (c) In the fourth quarter of 2015 and 2014, the Company recorded goodwill impairments of $19,571 and $41,450, respectively, related to the goodwill associated with its Energy segment (see Note 11 - "Goodwill and Other Intangible Assets, Net"). |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Accounting Policies [Abstract] | |||||||||||||
Use of Estimates in Preparation of Consolidated Financial Statements | Use of Estimates in Preparation of Consolidated Financial Statements The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues, expenses, unrealized gains and losses during the reporting period. The more significant estimates include: (1) the valuation allowances of accounts receivable and inventory; (2) the valuation of goodwill, indefinite-lived intangible assets, long-lived assets and associated companies; (3) deferred tax assets; (4) environmental liabilities; (5) fair value of derivatives; (6) post-employment benefit liabilities; (7) estimates and assumptions used in the determination of fair value of certain securities, such as whether declines in value of securities are other than temporary; and (8) estimates of loan losses. Actual results may differ from the estimates used in preparing the consolidated financial statements; and, due to substantial holdings in and/or restrictions on certain investments, the value that may be realized could differ from the estimated fair value. |
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Cash and Cash Equivalents | The Company considers all highly liquid debt instruments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents exclude amounts where availability is restricted by loan agreements or other contractual provisions. Cash equivalents are stated at cost, which approximates market value. There is a significant concentration of cash that, during the periods presented, exceeded the federal deposit insurance limits and exposed the Company to credit risk. SPLP does not anticipate any losses due to this concentration of cash at December 31, 2015. Cash and Cash Equivalents Cash and cash equivalents include cash and deposits in depository institutions, financial institutions and banks. |
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Restricted Cash | Restricted Cash Restricted cash at December 31, 2015 and 2014 primarily represents cash collateral for certain short sales of corporate securities (see Note 7 - "Financial Instruments" for additional information). |
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Investments | Marketable Securities and Long-Term Investments Marketable securities are classified as available-for-sale and consist of short-term deposits, corporate debt and equity instruments, and mutual funds. The Company classifies its Marketable securities as current assets based on the nature of the securities and their availability for use in current operations. Long-term investments consist of available-for-sale securities and equity method investments. Held-to-maturity securities are classified in Other non-current assets. SPLP determines the appropriate classifications of its investments at the acquisition date and re-evaluates the classifications at each balance sheet date.
Dividend and interest income is recognized when earned. Realized gains and losses on available-for-sale securities are included in earnings and are derived using the specific-identification method. Commission expense is recorded as a reduction of sales proceeds on investment sales. Commission expense on purchases is included in the cost of investments in the consolidated balance sheets. |
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Other Than Temporary Impairment | Other Than Temporary Impairment If the Company believes a decline in the market value of any available-for-sale, equity method or held-to-maturity security below cost is other than temporary, a loss is charged to earnings, which establishes a new cost basis for the security. Impairment losses are included in Asset impairment charges in the consolidated statements of operations. SPLP's determination of whether a security is other than temporarily impaired incorporates both quantitative and qualitative information. The Company considers a number of factors including, but not limited to, the length of time and the extent to which the fair value has been less than cost, the length of time expected for recovery, the financial condition of the issuer, the reason for the decline in fair value, changes in fair value subsequent to the balance sheet date, the ability and intent to hold investments to maturity, and other factors specific to the individual investment. Specifically, for held-to-maturity securities, the Company considers whether it plans to sell the security or it is more-likely-than-not that it will be required to sell the security before recovery of its amortized cost. The credit component of an other-than-temporary impairment loss is recognized in earnings and the non-credit component is recognized in Accumulated other comprehensive (loss) income in situations where the Company does not intend to sell the security and it is more likely-than-not that the Company will not be required to sell the security prior to recovery. If there is an other-than-temporary impairment in the fair value of any individual security classified as held-to-maturity, the Company writes down the security to fair value with a corresponding credit loss portion charged to earnings, and the non-credit portion being charged to Accumulated other comprehensive (loss) income. SPLP's assessment involves a high degree of judgment and accordingly, actual results may differ materially from those estimates and judgments. |
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Trade and Accounts Receivable and allowance for Doubtful Accounts | Trade Accounts Receivable and Allowance for Doubtful Accounts The Company recognizes bad debt expense through an allowance account using estimates based primarily on management's evaluation of the financial condition of the customer, historical experience, credit quality, whether any amounts are currently past due, the length of time accounts may be past due, previous loss history and management’s determination of a customer’s current ability to pay its obligations. Trade accounts receivable balances are charged off against the allowance when it is determined that the receivables will not be recovered, and payments subsequently received on such receivables are credited to recovery of accounts written off. The Company believes that the credit risk with respect to trade accounts receivable is limited due to this credit evaluation process. |
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Loans Receivable | Loans Receivable, Including Loans Held for Sale WebBank’s loan activities include several lending arrangements with companies where it originates private label credit card and other loans for consumers and small businesses. These loans are classified as Loans receivable and are typically sold after origination. As part of these arrangements WebBank earns origination fees that are recorded in interest income. Fees earned from these lending arrangements are recorded as fee income. WebBank also purchases participations in commercial and industrial loans through loan syndications. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the estimated life of the loan. Loans held for sale are carried at the lower of cost or estimated market value in the aggregate. A valuation allowance is recorded when cost exceeds fair value based on our determination at the time of reclassification and periodically thereafter. Gains and losses are recorded in noninterest income based on the difference between sales proceeds and carrying value and impairments from reductions in carrying value. Loans are reported as past due when either principal or interest is due and unpaid for a period of 30 days or more. The accrual of interest on loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loan Impairment and Allowance for Loan Losses A loan is considered impaired when, based on current information and events, it is probable that WebBank will be unable to collect all amounts due according to the contractual terms of the loan agreement, including schedules interest payments. When a loan has been identified as being impaired, the amount of impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, when appropriate, the loan’s observable fair value or the fair value of the collateral (less any selling costs) if the loan is collateral-dependent. If the measurement of the impaired loan is less than the recorded investment in the loan (including accrued interest, net of deferred loan fees or costs and unamortized premium or discount), an impairment is recognized by creating or adjusting an existing allocation of the allowance for loan losses, or by charging down the loan to its value determined in accordance with generally accepted accounting principles. The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when the uncollectability of a loan or receivable balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis and is based upon a periodic review of the collectability of the amounts due in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are classified as doubtful, substandard, or loss. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience and is adjusted for qualitative factors to cover uncertainties that could affect the estimate of probable losses. The allowance for loan losses is increased by charges to income and decreased by charge-offs (net of recoveries). The periodic evaluation of the adequacy of the allowance is based on WebBank’s past loss experience, known and inherent risks in the portfolio, adverse situations that may affect the debtor’s ability to repay, the estimated value of any underlying collateral and current economic conditions. |
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Inventories | Inventories Inventories are generally stated at the lower of cost (determined by the first-in, first-out method or average cost method) or market. Cost is determined by the last-in, first-out (“LIFO”) method for certain precious metal inventory held in the United States, and remaining precious metal inventory is primarily carried at fair value. For precious metal inventory, no segregation among raw materials, work in process and finished products is practicable. For other inventory, the cost of work in progress and finished goods comprises the cost of raw materials, direct labor and overhead cats attributable to the production of inventory. Non-precious metal inventories are evaluated for estimated excess and obsolescence based upon assumptions about future demand and market conditions and are adjusted accordingly. If actual market conditions are less favorable than those projected, future write-downs may be required. |
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Goodwill and Other Intangibles, net | Goodwill and Other Intangible Assets, Net Goodwill, which is not amortized, represents the difference between the purchase price and the fair value of identifiable net assets acquired in a business combination. We review goodwill for impairment indicators throughout the year and test for impairment annually in the fourth quarter. Under ASC 350, an entity can choose between two testing approaches: a. Step 0 or Qualitative approach - An entity may assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. In evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, an entity shall assess relevant events and circumstances. Examples of such events and circumstances would include pertinent macroeconomic conditions, industry and market considerations, overall financial performance and other factors. An entity has an unconditional option to bypass this qualitative assessment for any reporting unit in any period and proceed directly to performing the first step of the goodwill impairment test. An entity may resume performing the qualitative assessment in any subsequent period. b. Step 1 or Quantitative approach - The fair value of a reporting unit is calculated and compared with its carrying amount. There are several methods that may be used to estimate a reporting unit’s fair value, including market quotations, asset and liability fair values and other valuation techniques, including, but not limited to, discounted projected future net earnings or net cash flows and multiples of earnings. If the fair value of a reporting unit exceeds its carrying amount, there is no indication of impairment and further testing is not required. If the carrying amount of a reporting unit exceeds its fair value, then a second step of testing is required (“Step 2”). The second step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. For 2015, the Company utilized a qualitative approach for three of its reporting units to assess its goodwill as of its most recent assessment date and used the quantitative approach to test the goodwill of one of its reporting units, Energy. As a result of the assessment of the Energy reporting unit, we recorded a goodwill impairment in our Energy segment in the fourth quarter of 2015 (see Note 11 - "Goodwill and Intangible Assets" for additional information). Other intangible assets with indefinite lives are not amortized, while other intangible assets with finite lives are amortized over their estimated useful lives. Intangible assets with finite lives are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable (see "Long-Lived Asset Testing" below). In 2015 and 2014, the adverse effect on the Energy business of declining oil prices resulted in the need for the Company to assess the recoverability of certain of its finite-lived intangible assets and property and equipment in its Energy segment. The undiscounted cash flows expected to be generated by such assets exceeded SPLP's basis their carrying value, and therefore the Company has not recognized any impairment charges on its long-lived assets in its Energy segment. A change in the business climate in the Company's Energy segment in future periods, including an inability to effectively integrate new businesses in which significant investments have been made or a general downturn in the Company’s Energy segment could lead to a required assessment of the recoverability of the long-lived assets in its Energy segment, which may subsequently result in an impairment charge. Intangible assets with indefinite lives, which are only within the Diversified Industrial segment, are tested for impairment at least annually, or when events or changes in circumstances indicate that it is more likely than not that the asset is impaired. ASC 360 affords the same two testing approaches for indefinite lived intangibles as for goodwill. For 2015, the Company utilized a qualitative approach to assess its intangible assets with indefinite lives as of its most recent assessment date, and the results indicated no impairments in 2015. |
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Derivatives and Risks | Derivatives The Company uses various hedging and swap instruments to reduce the impact of changes in precious metal prices, interest costs on variable interest debt and the effect of foreign currency fluctuations. In accordance with ASC 815, Derivatives and Hedging, these instruments are recorded as either fair value hedges, economic hedges, cash flow hedges or derivatives with no hedging designation. Precious Metals H&H's precious metal and commodity inventories are subject to market price fluctuations. H&H enters into commodity futures and forward contracts to mitigate the impact of price fluctuations on its precious and certain non-precious metal inventories that are not subject to fixed price contracts. Fair Value Hedges. The fair values of these derivatives are recognized as derivative assets and liabilities on the consolidated balance sheet. The net change in fair value of the derivative assets and liabilities and the change in the fair value of the underlying hedged inventory are recognized in the consolidated income statement, and such amounts principally offset each other due to the effectiveness of the hedges. The fair value hedges are associated primarily with HNH's precious metal inventory carried at fair value. Economic Hedges. As these derivatives are not designated as accounting hedges under ASC 815, they are accounted for as derivatives with no hedge designation. The derivatives are marked to market and both realized and unrealized gains and losses are recorded in current period earnings in the consolidated income statement. The economic hedges are associated primarily with the Company's precious metal inventory valued using the LIFO method. Interest Rate Swaps HNH has entered into interest rate swap agreements in order to economically hedge a portion of its debt, which is subject to variable interest rates. As these derivatives are not designated as accounting hedges under U.S. GAAP, they are accounted for as derivatives with no hedge designation. HNH records the gains and losses both from the mark-to-market adjustments and net settlements in interest expense in the consolidated income statement as the hedges are intended to offset interest rate movements. Foreign Currency Forward Contracts WFH LLC (formally known as CoSine), through its subsidiary API, enters into foreign currency forward contracts to hedge its receivables and payables denominated in other currencies. In addition, API enters into foreign currency forward contracts to hedge the value of its future sales denominated in Euros and the value of its future purchases denominated in USD. These hedges have settlement dates ranging through June 2016. The forward contracts that are used to hedge the risk of foreign exchange movement on its receivables and payables and are accounted for as fair value hedges under ASC 815. The fair values of these derivatives are recognized as derivative assets and liabilities in the Company's Consolidated Balance Sheets. The net change in fair value of the derivative assets and liabilities are recognized in the consolidated statement of operations. The forward contracts that are used to hedge the value of API's future sales and purchases are accounted for as cash flow hedges in accordance with ASC 815. These hedges are fully effective and accordingly, the changes in fair value are recorded in AOCI and, at maturity, any gain or loss on the forward contract is reclassified from AOCI into the Consolidated Statement of Operations. |
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Property, Plant and Equipment | Property, Plant and Equipment, Net Property, plant and equipment is recorded at cost. Depreciation of property, plant and equipment is recorded principally on the straight line method over the estimated useful lives of the assets, which range is as follows: machinery & equipment 3 to 15 years and buildings and improvements 10 to 30 years. Leasehold improvements are amortized over the shorter of the terms of the related leases or the estimated useful lives of the improvements. Interest cost is capitalized for qualifying assets during the assets' acquisition period. Maintenance and repairs are charged to expense and renewals and betterments are capitalized. Gain or loss on dispositions is recorded in other income. Long-Lived Asset Testing The Company estimates the depreciable lives of property, plant and equipment, and reviews long-lived assets for impairment whenever events, or changes in circumstances, indicate the carrying amount of such assets may not be recoverable. If the carrying values of the long-lived assets exceed the sum of the undiscounted cash flows, an impairment charge is recognized in the amount by which the carrying values exceeds their fair values. The Company performs such assessments at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities, which is generally at the plant level, operating company level or the reporting unit level, dependent on the level of interdependencies in the Company's operations. Impairment losses are recorded on long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. The impairment loss is measured by comparing the fair value of the asset to its carrying amount. The Company considers various factors in determining whether an impairment test is necessary, including among other things: a significant or prolonged deterioration in operating results and projected cash flows; significant changes in the extent or manner in which assets are used; technological advances with respect to assets which would potentially render them obsolete; the Company's strategy and capital planning; and the economic climate in the markets it serves. When estimating future cash flows and if necessary, fair value, the Company makes judgments as to the expected utilization of assets and estimated future cash flows related to those assets. The Company considers historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and other information available at the time the estimates are made. The Company believes these estimates are reasonable; however, changes in circumstances or conditions could have a significant impact on its estimates, which might result in material impairment charges in the future. |
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Business Combinations | Business Combinations When the Company acquires a business, it allocates the purchase price to the assets acquired, liabilities assumed and any noncontrolling interests based on their fair values at the acquisition date. Significant judgment may be used to determine these fair values including the use of appraisals, discounted cash flow models, market value for similar purchases, or other methods applicable to the circumstances. The assumptions and judgments made by the Company when recording business combinations will have an impact on reported results of operations in the future. |
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Revenue Recognition | Revenue Recognition Diversified Industrial and Energy Segments Revenue in our Diversified Industrial and Energy segments is recognized when the title and risk of loss has passed to the customer, the service has been provided to the customer, the price is fixed or determinable and collection is reasonably assured. This condition is normally met when product has been shipped or the service performed. An allowance is provided for estimated returns and discounts based on experience. Revenue is reported net of any sales tax collected. Cash received from customers prior to shipment of goods, or otherwise not yet earned, is recorded as deferred revenue. Rental revenues are derived from the rental of production facilities and certain equipment to the food industry where customers prepay for the rental period - usually 3 to 6 month periods. For prepaid rental contracts, sales revenue is recognized on a straight-line basis over the term of the contract. Service revenues are generated primarily by Steel Excel's energy and sports businesses and HNH's repair and maintenance work performed on equipment used at mass merchants, supermarkets and restaurants. HNH records all shipping and handling fees billed to customers as revenue, and related costs are charged principally to cost of goods sold, when incurred. Our HNH subsidiary has also entered into rebate agreements with certain customers. These programs are typically structured to incentivize the customers to increase their annual purchases from HNH. The rebates are usually calculated as a percentage of the purchase amount, and such percentages may increase as the customer’s level of purchases rise. Rebates are recorded as a reduction of net sales in the consolidated income statement and are accounted for on an accrual basis. As of December 31, 2015 and 2014, accrued rebates payable totaled $7,600 and $6,100, respectively, and are included in accrued liabilities on the consolidated balance sheet. Financial Services Segment WebBank generates revenue through a combination of interest income and non-interest income. Interest income is derived from interest and origination fees earned on loans and investments. Interest income is accrued on the unpaid principal balance, including amortization of premiums and accretion of discounts. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the estimated life of the loan. Non-interest income is primarily derived from fee income on contractual lending arrangements, premiums on the sale of loans, and loan servicing fees. |
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Concentration of Revenue | Concentration of Revenue No single customer accounted for 5% or more of the Company's consolidated revenues in 2015, 2014 or 2013 |
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Fair Value Measurements | Fair Value Measurements The Company measures certain assets and liabilities at fair value (see Note 6 - "Fair Value Measurements"). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values of assets and liabilities are determined based on a three-level measurement input hierarchy. Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date. Level 2 inputs are other than quoted market prices that are observable, either directly or indirectly, for an asset or liability. Level 2 inputs can include quoted prices in active markets for similar assets or liabilities, quoted prices in a market that is not active for identical assets or liabilities, or other inputs that can be corroborated by observable market data. Level 3 inputs are unobservable for the asset or liability when there is little, if any, market activity for the asset or liability. Level 3 inputs are based on the best information available, and may include data developed by the Company. |
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Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock options and restricted stock units granted to employees and non-employee directors as compensation expense, which is recognized in exchange for the services received. The compensation expense is based on the fair value of the equity instruments on the grant-date and is recognized as an expense over the service period of the recipients. |
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Income Taxes | Income Taxes SPLP and certain of its subsidiaries, as limited partnerships, are generally not responsible for federal and state income taxes and their profits and losses are passed directly to their partners for inclusion in their respective income tax returns. SPLP's subsidiaries that are corporate entities are subject to federal and state income taxes and file corporate income tax returns. SPLP's subsidiaries that are subject to income taxes use the liability method of accounting for such taxes. Under the liability method, deferred tax assets and deferred tax liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and deferred tax liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and deferred tax liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Such subsidiaries evaluate the recoverability of deferred tax assets and establish a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. When tax returns are filed, it is highly certain that most positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is provided for and reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets, along with any associated interest and penalties that would be payable to the taxing authorities upon examination. SPLP's policy is to record estimated interest and penalties related to the underpayment of income taxes as income tax expense in the statements of operations. |
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Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of SPLP's foreign subsidiaries are translated at current exchange rates and related revenues and expenses are translated at average rates of exchange in effect during the year. Resulting cumulative translation adjustments are recorded as a separate component of Accumulated other comprehensive income (loss). Gains and losses arising from transactions denominated in a currency other than the functional currency of the reporting entity are included in earnings. |
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Advertising Costs | Advertising Costs Advertising costs consist of sales promotion literature, samples, cost of trade shows and general advertising costs, and are included in selling, general and administrative expenses on the consolidated statements of operations. |
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Legal Contingencies | Legal Contingencies The Company provides for legal contingencies when the liability is probable and the amount of the associated loss is reasonably estimable. The Company regularly monitors the progress of legal contingencies and revises the amounts recorded in the period in which a change in estimate occurs. |
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Environmental Liabilities | Environmental Liabilities The Company accrues for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remedial feasibility study. Such accruals are adjusted as further information develops or circumstances change. Costs of future expenditures for environmental remediation obligations are not discounted to their present value. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. |
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Recently Issued Accounting Standards | Recently Adopted Accounting Standards 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 were 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. ASU 2015-03 is required to 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 chose to early adopt ASU No. 2015-03 as of December 31, 2015, since it believes that the adoption provides simplicity and consistency to the presentation of debt issuance costs. The Company retrospectively adjusted its December 31, 2014 balance sheet classification of $632 of debt issuance costs, the effect of which was a decrease in the Other current assets line item from $45,666 to $45,034, a decrease in the Current portion of long-term debt line of from $19,592 to $19,535 and a decrease in the Long-term debt line from $296,282 to $295,707. In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The Company's subsidiaries early adopted ASU No. 2015-07 retrospectively as of December 31, 2015, since it believes that the adoption of this ASU provides more consistency in the classification of investments within the fair value hierarchy. ASU No. 2015-07 applies to certain of the Company's subsidiary pension plan assets disclosed in Note 15 - "Pension and Other Post-Retirement Benefits." Pension plan assets totaling $164,500, which were previously categorized as Level 2 measurements are no longer categorized in the fair value hierarchy based on the adoption of ASU No. 2015-07, but are reflected in the tables in Note 15 - "Pension and Other Post-Retirement Benefits" in order to reconcile the total pension plan assets. In November 2015, the FASB issued ASU No 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, requires that deferred income tax assets and liabilities be classified as non-current on a classified statement of financial position. This ASU retains the requirement that the deferred income taxes of each tax jurisdiction be presented separately. The Company adopted ASU No. 2015-17 retrospectively as of December 31, 2015, since it believes that the adoption provides simplicity and consistency to the presentation of deferred income taxes. As a result of adopting ASU 2015-17, the Company reclassified $30,262 of Deferred tax assets - current and $271 of Deferred tax liabilities - current as follows: $28,486 was reclassified to Deferred tax assets - long term and $1,505 was reclassified to Deferred tax liabilities - long term. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and the guidance defines a five step process to achieve this core principle. In August 2015, the FASB issued ASU No. 2015-14, which deferred the effective date of ASU 2014-09 by one year. The ASU, as amended, is effective for the Company's 2018 fiscal year and may be applied either (i) retrospectively to each prior reporting period presented with an election for certain specified practical expedients, or (ii) retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application, with additional disclosure requirements. The Company is evaluating the potential impact of this new guidance, but does not currently anticipate that the application of ASU No. 2014-09 will have a significant effect on its financial condition, results of operations or its cash flows. We have not yet determined the method by which we will adopt the standard. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendments do not apply to inventory that is measured using the LIFO cost method. The Company is currently evaluating the potential impact of this new guidance, which is effective for the Company's 2017 fiscal year. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments, which eliminates the requirement to restate prior-period financial statements for measurement-period adjustments following a business combination. The new guidance requires that the cumulative impact of a measurement-period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The prior-period impact of the adjustment should either be presented separately on the face of the income statement or disclosed in the notes. This new guidance is effective for the Company's 2016 fiscal year. The amendments in this ASU will be applied prospectively to adjustments to provisional amounts that occur after the effective date of this ASU. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10), which eliminates the requirement to classify equity securities with readily determinable market values as either available-for-sale securities and trading securities, and requires that equity investments, other than those accounted for under the traditional equity method of accounting, be measured at their fair value with changes in fair value recognized in net income. Equity investments that do not have readily determinable market values may be measured at cost, subject to an assessment for impairment. ASU No. 2016-01 also requires enhanced disclosures about such equity investments. ASU No. 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption prohibited. Upon adoption, a reporting entity should apply the provisions of ASU No. 2016-01 by means of a cumulative effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company is evaluating the potential impact on its consolidated financial statements of adopting ASU No. 2016-01. In February 2016, the FASB issued ASU No. 2016-2, Leases (Topic 842). The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability, measured on a discounted basis, on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for capital and operating leases existing at the date of adoption, with certain practical expedients available. The Company is currently evaluating the potential impact of this new guidance, which is effective for the Company's 2019 fiscal year. |
NATURE OF THE BUSINESS AND BASIS OF PRESENTATION (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Subsidiaries | The consolidated financial statements include the accounts of the Company and its majority or wholly-owned subsidiaries, which include the following:
(a) DGT’s financial statements are recorded on a two-month lag, and as a result the balance sheet and statement of operations as of and for the twelve months ended December 31, 2015 includes DGT’s activity as of and for its twelve months ended October 31, 2015. (b) WFHC owns 100% of WebBank ("WebBank") and 100% of WebFinancial Holding LLC ("WFH LLC") (formerly known as CoSine Communications, Inc. ("CoSine")), which operates through its subsidiary API Group plc ("API"). |
ACQUISITIONS (Tables) |
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Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary estimates of the fair values of the assets acquired and liabilities assumed as of the API Acquisition Date:
The following table summarizes the preliminary estimates of the fair values of the assets acquired and liabilities assumed as of the CoSine Acquisition Date as well as the fair value of the noncontrolling interest in CoSine:
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Schedule of Business Acquisitions, Consideration Paid | The table below details the consideration paid to acquire the controlling interest in API:
The table below details the consideration paid to acquire the controlling interest in CoSine:
(a) Based on comparable company trading multiples and discounted cash flow analysis. (b) Represents the Offer price of 60 pence at the U.S. dollar to GBP exchange rate on the CoSine Acquisition Date. (c) Determined by analysis of other publicly traded companies. |
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Business Acquisition, Pro Forma Information | The following unaudited pro forma results of operations assumes that the JPS, CoSine, API, Wolverine and Black Hawk acquisitions were made at the beginning of the year prior to acquisition. This unaudited pro forma information does not purport to be indicative of the results that would have been obtained if the acquisitions had actually occurred at the beginning of the year prior to acquisition, nor of the results that may be reported in the future. The 2015 supplemental pro forma earnings reflect adjustments to exclude $8,572 of acquisition-related costs incurred in 2015 and $4,375 of nonrecurring expense related to the fair value adjustment to acquisition-date inventories. As required, the 2014 supplemental pro forma earnings were adjusted to include such charges. The 2013 supplemental pro forma earnings reflect adjustments to exclude $600 of acquisition-related costs incurred in 2013 and $500 of nonrecurring expense related to the fair value adjustment to acquisition-date inventories.
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Handy & Harman Ltd. | JPS Industries, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the assets acquired and liabilities assumed at the acquisition date on a preliminary basis:
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DISCONTINUED OPERATIONS (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | Assets and Liabilities of discontinued operations at December 31, 2015 include a building owned by DGT, which is held for sale, and a sports business owned by Steel Excel. Amounts at December 31, 2014 include assets and liabilities relating to HNH's discontinued operations, primarily Arlon LLC ("Arlon"), a building owned by DGT, which was held for sale, and a sports business owned by Steel Excel.
Summary results for our discontinued operations included in the Company's Consolidated Statements of Operations are detailed in the table below.
(a) Includes gain on sale of Arlon. (b) Includes the operations of Arlon. (c) Includes the operations of Arlon, Continental Industries, Inc. ("Continental"), Canfield Metal Coating Corporation ("CMCC") and Indiana Tube Mexico ("ITM") through their respective sale dates as well as the operations of a sports business owned by Steel Excel. |
INVESTMENTS (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | The Company's portfolio of marketable securities at December 31, 2015 and 2014 was as follows:
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Unrealized Gain (Loss) on Investments | Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of Other income, net in the consolidated statements of operations, were as follows:
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Schedule of Unrealized Loss on Investments | The fair value of the Company’s marketable securities with unrealized losses at December 31, 2015, all of which had unrealized losses for periods of twelve months or less, were as follows:
The fair value of marketable securities with unrealized losses at December 31, 2014, all of which had unrealized losses for periods of twelve months or less, were as follows:
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Available-for-sale Securities | The amortized cost and estimated fair value of available-for-sale debt securities and marketable securities with no contractual maturities as of December 31, 2015, by contractual maturity, were as follows:
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Schedule of Available-for-sale Securities and Equity Method Investments | The following table summarizes the Company's long-term investments as of December 31, 2015 and 2014. For those investments at fair value, the carrying amount of the investment equals its respective fair value.
(1) Level 1 investment. Equity securities totaling $66,042 and $112,721 were classified as Level 1 investments as of December 31, 2015 and 2014, respectively. (2) Level 3 investment (see Note 6 - "Fair Value Measurements" for additional information). (3) Steel Partners China Access I L.P. Trust H was liquidated during the first quarter of 2015. (4) Steel Partners Japan Strategic Fund, L.P. Trust G was liquidated during the second quarter of 2015. (5) Represents Steel Excel's investments in a sports business and iGo, Inc. ("iGo") of 40.0% and 45.7%, respectively and a 50% investment in API Optix s.r.o ("API Optix"), a joint venture investment held by CoSine's API subsidiary. |
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Schedule of Activity of Available-for-sale Securities and Equity Method Investments | The following table presents activity for the available-for-sale securities presented in the table above for the years ended December 31, 2015, 2014 and 2013:
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Schedule of Unrealized Gains and Losses on Investments | The cost basis and gross unrealized gains and losses related to our available-for-sale securities which are classified as long-term investments is as follows:
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Schedule of Additional Disclosures of Associated Companies | The below summary income statement amounts include results for associated companies for the periods in which they were accounted for as an associated company, or the nearest practicable corresponding period. This summary data may be derived from unaudited financial statements and may contain a lag.
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Schedule of Equity Method Investments | The following tables provide combined summarized data with respect to the other investments - related party accounted for under the equity method, at fair value:
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FAIR VALUE MEASUREMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | Financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements as of December 31, 2015 and 2014 are summarized by type of inputs applicable to the fair value measurements as follows:
(a) For additional detail of the marketable securities and long-term investments see Note 5 - "Investments." |
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Schedule of Gains Losses By Income Statement Location | Following is a summary of changes in financial assets measured using Level 3 inputs:
(a) Unrealized losses are recorded in (Loss) Income of associated companies, net of taxes in the Company's Consolidated Statements of Operations. (b) Unrealized gains and losses are recorded in Income (Loss) from other investments-related party in the Company's Consolidated Statements of Operations. (c) Unrealized gains and losses are recorded in Income (Loss) from investments held at fair value in the Company's Consolidated Statements of Operations. (d) Realized gains and losses on sale is recorded in Other income, net in the Company's Consolidated Statements of Operations. (e) Unrealized gains and losses on marketable securities are recorded in AOCI. |
FINANCIAL INSTRUMENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative and Other Financial Instrument [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Financial Instrument Balance | Activity is summarized below for financial instrument liabilities and related restricted cash:
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Schedule of Outstanding Forward or Future Contracts with Settlement Dates | As of December 31, 2015, HNH had the following outstanding forward contracts with settlement dates ranging through to January 2016. There were no futures contracts outstanding at December 31, 2015.
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value and carrying amount of derivative instruments in the Consolidated Balance Sheets is provided in the table below:
(a) Designated as hedging instruments as of December 31, 2015. (b) Fair value hedge (c) Economic hedge (d) Cash flow hedge |
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Effect of derivative instruments on the Consolidated Statements of Operations:
(a) Designated as hedging instruments as of December 31, 2015. (b) Fair value hedge (c) Economic hedge (d) Cash flow hedge |
TRADE, OTHER AND LOANS RECEIVABLE (Tables) |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and Other Receivables | Trade and Other Receivables, Net
Loans Receivable, Including Loans Held for Sale Major classification of WebBank’s loans receivable, including loans held for sale at December 31, 2015 and 2014 are as follows:
(a) The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of loans receivable, including loans held for sale, net was $226,541 and $117,346 at December 31, 2015 and 2014, respectively. |
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Allowance for Loan and Lease Losses | Changes in the allowance for loan losses are summarized as follows:
The ALLL and outstanding loan balances according to the Company’s impairment method are summarized as follows:
(1) $4 is guaranteed by the USDA or SBA. |
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Past Due Loans (Accruing and Nonaccruing) | Nonaccrual loans are summarized as follows:
Past due loans (accruing and nonaccruing) are summarized as follows:
(1) Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected.
(1) Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected. (2) $4 is guaranteed by the USDA or SBA. |
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Outstanding Loans (Accruing and Nonaccruing) | Outstanding loan balances (accruing and nonaccruing) categorized by these credit quality indicators are summarized as follows:
(1) $4 is guaranteed by the USDA or SBA. |
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Impaired Loans | Information on impaired loans is summarized as follows:
(1) $4 is guaranteed by the USDA or SBA. |
INVENTORIES, NET (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current | A summary of Inventories, net is as follows:
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Inventory Supplemental Disclosure |
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PROPERTY, PLANT AND EQUIPMENT, NET (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | A summary of property, plant and equipment, net is as follows:
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GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the change in the carrying value of goodwill | A reconciliation of the change in the carrying value of goodwill is as follows:
(a) Goodwill from acquisitions relates to HNH's acquisitions of ITW and JPS, as well as the acquisitions of CoSine and API. These balances are subject to adjustment during the finalization of the purchase price allocation for these acquisitions. For additional information, see Note 3 - "Acquisitions".
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Summary of Intangible Assets | A summary of other intangible assets is as follows:
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Schedule of Expected Amortization Expense | The estimated amortization expense for each of the five succeeding years and thereafter is as follows:
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BANK DEPOSITS (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit Liabilities | A summary of WebBank deposits is as follows:
(a) All time deposits accounts are under $250. The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of Deposits was $250,862 and $165,381 at December 31, 2015 and 2014, respectively. |
DEBT AND CAPITAL LEASE OBLIGATIONS (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt and Capital Lease Obligations | Debt and capital lease obligations consists of the following:
(a) Net of unamortized debt issuance costs of $280 and $632 at December 31, 2015 and 2014, respectively. (b) Net of unamortized debt issuance costs of $57 at 2014, respectively. |
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Schedule of Maturities of Long-term Debt | Long-term debt obligations as of December 31, 2015 matures in each of the next five years as follows:
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PENSION AND OTHER POST-RETIREMENT BENEFITS (Tables) |
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The following table presents the components of pension expense and other post-retirement benefit (income) expense for the HNH and API UK benefit plans:
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Schedule of Assumptions Used | Actuarial assumptions used to develop the components of pension expense and other post-retirement benefit (income) expense were as follows:
The weighted average assumptions used in the valuations at December 31 were as follows:
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Schedule of Net Funded Status | Summarized below is a reconciliation of the funded status for HNH’s and API's qualified defined benefit pension plans and other post-retirement benefit plan:
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Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Additional information for the plans with accumulated benefit obligations in excess of plan assets:
Other changes in plan assets and benefit obligations recognized in “Comprehensive (loss) income" are as follows:
Pretax amounts included in “Accumulated other comprehensive income” at December 31, 2015 and 2014 were as follows:
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Schedule of Allocation of Plan Assets | pension plans assets at December 31, 2015 and 2014, by asset category, are as follows:
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Schedule of Level 3 Defined Benefit Plan Assets Roll Forward | There were no assets for which fair value was determined using significant unobservable inputs (Level 3) during 2015. Changes in Level 3 assets were as follows during 2014:
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Schedule of Category, Fair Value, Redemption Frequency and Redemption Notice Period of Assets | The following table presents the category, fair value, redemption frequency, and redemption notice period for those assets whose fair value is estimated using the net asset value per share (or its equivalents), as well as plan assets which have redemption notice periods, as of December 31, 2015 and 2014:
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Schedule of Expected Benefit Payments | Estimated future benefit payments for the benefit plans over the next ten years are as follows:
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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Changes, net of tax, in Accumulated other comprehensive (loss) income are as follows:
(a) Net of tax benefit of approximately $20,343. (b) Net of tax provision of approximately $11,207. (c) Does not include amounts attributable to noncontrolling interests for unrealized gain on available-for sale securities and derivative financial instruments of $5,756, cumulative translation adjustment loss of $984 and a loss from the change in net pension and other benefit obligations of $7,573. |
NET INCOME (LOSS) PER COMMON UNIT (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following data was used in computing net income (loss) per common unit shown in the consolidated statements of operations:
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SEGMENT INFORMATION (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Segment information is presented below:
The following table presents geographic revenue and long-lived asset information as of and for the year ended December 31, 2015 and 2014. In addition to property, plant and equipment, the amounts in 2015 and 2014 include $7,300 and $8,400, respectively, of inactive properties from previous operating businesses, and other non-operating assets that are carried at the lower of cost or fair value less cost to sell and are included in other non-current assets in the consolidated balance sheets. Neither net sales nor long-lived assets from any single foreign country was material to the consolidated financial statements of the Company.
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Composition Of Segments | The following table presents the composition of our segments. Our segments are managed separately and offer different products and services. No single customer accounted for 10% or more of the Company's consolidated revenues during the years ended December 31, 2015, 2014 and 2013.
(2) WFH LLC was formerly known as CoSine Communications, Inc. ("CoSine") and consists of the operations of API Group plc ("API").
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INCOME TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | Details of the provision for income taxes are follows:
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Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of income tax (benefit) expense computed at the federal statutory rate to the provision for income taxes:
(a) Represents taxes at statutory rate on loss for which no tax benefit is recognizable by SPLP and certain of its subsidiaries which are taxed as pass-through entities. Such loss is allocable directly to SPLP’s common unitholders and taxed when realized. (b) Amounts in 2015 and 2014 include the tax effect of the non-deductible portion of the goodwill impairments recorded in the fourth quarters of 2015 and 2014 (see Note 11 - "Goodwill and Other Intangible Assets, Net"). |
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Schedule of Deferred Tax Assets and Liabilities | The amounts shown on the following table represent the tax effect of temporary differences between the consolidated tax return basis of assets and liabilities and the corresponding basis for financial reporting, as well as tax credit and operating loss carryforwards.
(a) The ability for certain subsidiaries to utilize its net operating loss and other credit carryforwards would be subject to limitation upon changes in control. (b) Certain subsidiaries of Company establish valuation allowances when they determine, based on their assessment, that it is more likely than not that certain deferred tax assets will not be fully realized. This assessment is based on, but not limited to, historical operating results, uncertainty in projections of taxable income, and other uncertainties that may be specific to a particular business. |
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Schedule of Unrecognized Tax Benefits Roll Forward | The change in the amount of unrecognized tax benefits (related solely to HNH and Steel Excel) for 2015 and 2014 was as follows:
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REGULATORY MATTERS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Regulatory Matters [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | WebBank expects that its capital ratios under Basel III will continue to exceed the well capitalized minimum capital requirements and such amounts are disclosed in the table below:
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COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum operating lease and rental commitments under non-cancelable operating leases for SPLP consolidated operations are as follows:
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SUPPLEMENTAL CASH FLOW INFORMATION (Tables) |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | A summary of supplemental cash flow information for each of the three years ending December 31, 2015 is presented in the following table.
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QUARTERLY FINANCIAL DATA (unaudited) (Tables) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information |
(a) The Company recorded impairment charges of approximately $5,598, $22,740, $9,202 and $30,552 in the first, second, third and fourth quarters of 2015, respectively. Theses charges were primarily related to other-than-temporary impairments on certain available-for-sale securities (see Note 5 - "Investments"). (b) In the fourth quarter of 2015, the Company recorded tax benefits in continuing operations of approximately $111,881 associated with the reversal of deferred tax valuation allowances at its WFHC LLC (formerly CoSine) subsidiary (see Note 19 - "Income Taxes"). (c) In the fourth quarter of 2015 and 2014, the Company recorded goodwill impairments of $19,571 and $41,450, respectively, related to the goodwill associated with its Energy segment (see Note 11 - "Goodwill and Other Intangible Assets, Net"). |
NATURE OF THE BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
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Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Income tax (benefit) provision | $ (78,719) | $ 24,288 | $ 6,477 | |
BNS Holding, Inc. (BNS) and BNS Liquidating Trust (BNS Liquidating Trust) | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
% Owned at December 31, 2015 | 84.90% | 84.90% | ||
DGT Holdings Corp. (DGT) (a) | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
% Owned at December 31, 2015 | 100.00% | 82.70% | ||
Handy & Harman Ltd. (HNH) | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
% Owned at December 31, 2015 | 70.10% | 66.20% | ||
SPH Services, Inc. (SPH Services) | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
% Owned at December 31, 2015 | 100.00% | 100.00% | ||
Steel Excel | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
% Owned at December 31, 2015 | 58.30% | 57.90% | ||
WebFinancial Holding Corporation | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Income tax (benefit) provision | $ (111,881) | |||
% Owned at December 31, 2015 | 90.70% | 100.00% | ||
CoSine | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
% Owned at December 31, 2015 | 100.00% | |||
WebBank | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
% Owned at December 31, 2015 | 100.00% | |||
Scenario, Adjustment | Steel Excel | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Income tax (benefit) provision | $ 3,500 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
reporting_unit
customer
|
Dec. 31, 2014
USD ($)
customer
|
Dec. 31, 2013
USD ($)
customer
|
|
Cash and Cash Equivalents [Abstract] | |||
Federal funds sold | $ 1,490 | $ 368 | |
Goodwill and Intangible Asset Impairment [Abstract] | |||
Number of reporting units | reporting_unit | 3 | ||
Accrued Rebate | $ 7,600 | 6,100 | |
Advertising Costs [Abstract] | |||
Advertising expense | 3,830 | 3,400 | $ 2,777 |
Current portion of long-term debt | 2,176 | 19,535 | |
Deferred tax liabilities - non-current | 4,759 | 3,796 | |
Adjustments for New Accounting Principle, Early Adoption | |||
Advertising Costs [Abstract] | |||
Other assets, current | 45,034 | ||
Current portion of long-term debt | 19,535 | ||
Long-term debt | 295,707 | ||
Transfers out of Level 2 | 164,500 | ||
Noncurrent deferred tax assets | 28,486 | ||
Deferred tax liabilities - non-current | 1,505 | ||
Scenario, Previously Reported | Adjustments for New Accounting Principle, Early Adoption | |||
Advertising Costs [Abstract] | |||
Debt issuance cost | 632 | ||
Other assets, current | 45,666 | ||
Current portion of long-term debt | 19,592 | ||
Long-term debt | $ 296,282 | ||
Current deferred tax assets | 30,262 | ||
Current deferred tax liabilities | $ 271 | ||
Minimum | |||
Goodwill and Intangible Asset Impairment [Abstract] | |||
Recognition period (in months) | 3 months | ||
Maximum | |||
Goodwill and Intangible Asset Impairment [Abstract] | |||
Recognition period (in months) | 6 months | ||
Machinery and equipment | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Useful lives (in years) | 3 years | ||
Machinery and equipment | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Useful lives (in years) | 15 years | ||
Buildings and improvements | Minimum | |||
Property, Plant and Equipment [Abstract] | |||
Useful lives (in years) | 10 years | ||
Buildings and improvements | Maximum | |||
Property, Plant and Equipment [Abstract] | |||
Useful lives (in years) | 30 years | ||
Accounts receivable | Customer concentration risk | |||
Concentration of Revenue and Trade Accounts Receivable [Abstract] | |||
Number of customers | customer | 10 | ||
Concentration risk (as a percent) | 24.00% | ||
Revenues | Customer concentration risk | |||
Concentration of Revenue and Trade Accounts Receivable [Abstract] | |||
Number of customers | customer | 10 | 10 | 10 |
Concentration risk (as a percent) | 24.00% | 28.00% | 20.00% |
ACQUISITIONS - 2015 Allocation of Consideration Paid (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jul. 02, 2015 |
Apr. 17, 2015 |
Jan. 20, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|---|---|---|
Assets: | ||||||
Goodwill | $ 101,853 | $ 45,951 | $ 87,362 | |||
CoSine Communications, Inc. (CoSine) | ||||||
Assets: | ||||||
Cash | $ 17,614 | |||||
Prepaid expenses and other current assets | 7 | |||||
Investments | 54,228 | |||||
Goodwill | 8,295 | |||||
Total assets acquired | 80,144 | |||||
Liabilities: | ||||||
Accounts payable | 280 | |||||
Accrued liabilities | 783 | |||||
Total liabilities assumed | 1,063 | |||||
Fair value of noncontrolling interest | 12,842 | |||||
Net assets acquired | $ 66,239 | |||||
API(1) | ||||||
Assets: | ||||||
Cash | $ 5,424 | |||||
Trade and other receivables | 24,160 | |||||
Inventories | 22,900 | |||||
Prepaid expenses and other current assets | 4,838 | |||||
Property, plant & equipment | 41,884 | |||||
Goodwill | 14,117 | |||||
Other intangible assets | 23,664 | |||||
Other non-current assets | 4,814 | |||||
Total assets acquired | 141,801 | |||||
Liabilities: | ||||||
Accounts payable | 24,556 | |||||
Accrued liabilities | 7,028 | |||||
Debt | 2,104 | |||||
Accrued pension liability | 11,791 | |||||
Long-term debt/other liabilities | 22,784 | |||||
Deferred tax liabilities - non-current | 2,811 | |||||
Total liabilities assumed | 71,074 | |||||
Net assets acquired | $ 70,727 | |||||
Handy & Harman Ltd. (HNH) | JPS Industries, Inc. | ||||||
Assets: | ||||||
Cash | $ 22 | |||||
Trade and other receivables | 21,201 | |||||
Inventories | 27,126 | |||||
Prepaid expenses and other current assets | 4,961 | |||||
Property, plant & equipment | 45,384 | |||||
Goodwill | $ 32,336 | 32,336 | ||||
Other intangible assets | 9,120 | |||||
Deferred tax assets - non-current | 19,286 | |||||
Other non-current assets | 3,280 | |||||
Total assets acquired | 162,716 | |||||
Liabilities: | ||||||
Accounts payable | 10,674 | |||||
Accrued liabilities | 5,533 | |||||
Debt | 1,500 | |||||
Accrued pension liability | 30,367 | |||||
Long-term debt/other liabilities | 149 | |||||
Total liabilities assumed | 48,223 | |||||
Net assets acquired | $ 114,493 |
ACQUISITIONS - 2015 Consideration Paid (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Apr. 17, 2015
USD ($)
|
Jan. 20, 2015
USD ($)
shares
|
Dec. 31, 2015
USD ($)
|
Feb. 04, 2015
£ / shares
|
Jan. 20, 2015
£ / shares
|
Jan. 20, 2015
$ / shares
|
|
API(1) | ||||||
Business Acquisition [Line Items] | ||||||
Fair Value of Consideration Paid | $ 47,866 | $ 22,861 | $ 70,727 | |||
CoSine Communications, Inc. (CoSine) | ||||||
Business Acquisition [Line Items] | ||||||
Fair Value of Consideration Paid | 66,239 | |||||
API Technologies Corp. (API Tech) | CoSine Communications, Inc. (CoSine) | ||||||
Business Acquisition [Line Items] | ||||||
Fair Value of Consideration Paid | $ 22,823 | |||||
Payment to acquire business, shares | shares | 24,807,203 | |||||
Price per share (in dollars per share) | $ / shares | $ 0.92 | |||||
CoSine Communications, Inc. (CoSine) | CoSine Communications, Inc. (CoSine) | ||||||
Business Acquisition [Line Items] | ||||||
Fair Value of Consideration Paid | $ 12,011 | |||||
Previously held common equity of CoSine (shares) | shares | 4,779,721 | |||||
Price per share (in dollars per share) | $ / shares | 2.51 | |||||
Nathan's Famous, Inc. | CoSine Communications, Inc. (CoSine) | ||||||
Business Acquisition [Line Items] | ||||||
Fair Value of Consideration Paid | $ 31,405 | |||||
Payment to acquire business, shares | shares | 445,456 | |||||
Price per share (in dollars per share) | $ / shares | $ 70.50 | |||||
SPH Holdings | CoSine Communications, Inc. (CoSine) | ||||||
Business Acquisition [Line Items] | ||||||
Price per share (in dollars per share) | £ / shares | £ 0.60 | £ 0.60 |
ACQUISITIONS - 2015 and Pro Forma Narratives (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2015
USD ($)
shares
|
Jul. 02, 2015
USD ($)
$ / shares
|
Apr. 17, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Jan. 20, 2015
USD ($)
shares
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2013
USD ($)
|
Feb. 04, 2015
£ / shares
|
Jan. 20, 2015
£ / shares
|
Jan. 20, 2015
USD ($)
$ / shares
|
Jan. 19, 2015 |
Dec. 31, 2014
USD ($)
|
|
Business Acquisition [Line Items] | |||||||||||||
Goodwill | $ 101,853 | $ 87,362 | $ 45,951 | ||||||||||
Acquisition related costs | 600 | ||||||||||||
Fair value adjustment | $ 500 | ||||||||||||
WFH LLC (formerly CoSine) | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Ownership | 90.70% | 48.30% | |||||||||||
SPH Holdings | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Fair value of equity | $ 12,011 | ||||||||||||
Fair value (in dollars per share) | $ / shares | $ 2.51 | ||||||||||||
SPH Holdings | WFH LLC (formerly CoSine) | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Ownership | 48.00% | ||||||||||||
JPS Industries, Inc. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Revenues since acquisition date | $ 59,500 | ||||||||||||
Loss since acquisition | 2,200 | ||||||||||||
JPS Industries, Inc. | Handy & Harman Ltd. (HNH) | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Price per share (in dollars per share) | $ / shares | $ 11.00 | ||||||||||||
Fair value of consideration paid | $ 114,493 | ||||||||||||
Acquisition price, portion paid in cash | 70,255 | ||||||||||||
Equity interest issued (in shares) | shares | 1,429,407 | ||||||||||||
Value of shares issued | $ 48,700 | ||||||||||||
Voting interest acquired (as a percent) | 100.00% | ||||||||||||
Goodwill | 32,336 | $ 32,336 | |||||||||||
Other intangible assets | 9,120 | ||||||||||||
Property, plant & equipment | 45,384 | ||||||||||||
JPS Industries, Inc. | Handy & Harman Ltd. (HNH) | Minimum | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Useful life | 10 years | ||||||||||||
JPS Industries, Inc. | Handy & Harman Ltd. (HNH) | Maximum | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Useful life | 15 years | ||||||||||||
JPS Industries, Inc. | Handy & Harman Ltd. (HNH) | Trade names | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangibles acquired | $ 4,300 | ||||||||||||
JPS Industries, Inc. | Handy & Harman Ltd. (HNH) | Customer relationships | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangibles acquired | 3,100 | ||||||||||||
JPS Industries, Inc. | Handy & Harman Ltd. (HNH) | Technology-Based Intangible Assets | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangibles acquired | 1,700 | ||||||||||||
JPS Industries, Inc. | SPH Group Holdings LLC | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquisition price, portion paid in cash | 4,510 | ||||||||||||
Fair value of equity | $ 44,238 | ||||||||||||
CoSine | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Fair value of consideration paid | $ 66,239 | ||||||||||||
Goodwill | $ 8,295 | ||||||||||||
CoSine | SPH Holdings | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Price per share (in dollars per share) | £ / shares | £ 0.60 | £ 0.60 | |||||||||||
Voting interest acquired (as a percent) | 80.00% | ||||||||||||
Net investment gains | $ 6,900 | ||||||||||||
CoSine | SPH Holdings | Common stock | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of shares acquired | shares | 16,500,000 | ||||||||||||
CoSine | SPH Holdings | Preferred Stock | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of shares acquired | shares | 12,761 | ||||||||||||
Dividend rate (as a percent) | 7.50% | ||||||||||||
CoSine | SPH Holdings | API(1) | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of shares contributed | shares | 24,807,203 | ||||||||||||
CoSine | SPH Holdings | Nathan's Famous, Inc. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of shares contributed | shares | 445,456 | ||||||||||||
CoSine | SPH Holdings | BidCo | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Ownership | 98.00% | ||||||||||||
API(1) | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Fair value of consideration paid | $ 47,866 | $ 22,861 | 70,727 | ||||||||||
Goodwill | 14,117 | ||||||||||||
Other intangible assets | 23,664 | ||||||||||||
Property, plant & equipment | 41,884 | ||||||||||||
Acquisition related costs | 8,572 | ||||||||||||
Fair value adjustment | 4,375 | ||||||||||||
API(1) | Trade names | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Other intangible assets | $ 5,200 | ||||||||||||
Useful life (in years) | 10 years | ||||||||||||
API(1) | Customer relationships | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Other intangible assets | $ 18,430 | ||||||||||||
Useful life (in years) | 7 years | ||||||||||||
ITW | OMG | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Fair value of consideration paid | $ 27,400 | ||||||||||||
Goodwill | 21,268 | 21,268 | |||||||||||
Working capital adjustment | 400 | ||||||||||||
Net working capital | 1,700 | 1,700 | |||||||||||
Property, plant & equipment | 100 | 100 | |||||||||||
Other intangibles | $ 4,400 | $ 4,400 | |||||||||||
CoSine Communications, Inc. and API Group plc | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Revenues since acquisition date | 113,540 | ||||||||||||
Loss since acquisition | $ 1,783 |
ACQUISITIONS (2013 HNH) (Details) - Handy & Harman Ltd. (HNH) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 07, 2013 |
Apr. 16, 2013 |
Dec. 31, 2013 |
|
Wolverine | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 59,700 | ||
Working capital adjustment | $ 300 | ||
Revenues since acquisition date | $ 43,300 | ||
Pretax income from continuing operations since acquisition date | 1,600 | ||
Intercompany revenue since acquisition date | 3,500 | ||
PAM | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 9,200 | ||
Revenues since acquisition date | 1,500 | ||
Pretax income from continuing operations since acquisition date | $ 200 | ||
Voting interest acquired (as a percent) | 100.00% |
ACQUISITIONS (2013 Steel Excel) (Details) - Steel Excel $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 16, 2013
USD ($)
|
Dec. 31, 2013
USD ($)
acquisition
|
|
Black Hawk | ||
Business Acquisition [Line Items] | ||
Purchase price | $ 59,600 | |
Acquisition price, portion paid in cash | 34,600 | |
Purchase price, liabilities incurred | $ 25,000 | |
Revenues since acquisition date | $ 2,500 | |
Pretax income from continuing operations since acquisition date | 800 | |
Steel Excel - Sports Acquisitions | ||
Business Acquisition [Line Items] | ||
Purchase price | $ 3,250 | |
Number of acquisitions | acquisition | 2 | |
Interest in variable interest entity (as a percent) | 30.00% | |
Steel Excel - Sports Acquisitions | Variable Interest Entity, Primary Beneficiary | ||
Business Acquisition [Line Items] | ||
Number of acquisitions | acquisition | 1 |
ACQUISITIONS - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Business Acquisition [Line Items] | |||
Revenue | $ 1,136,260 | $ 1,194,658 | $ 806,517 |
Net income from continuing operations attributable to common unitholders | $ 63,455 | $ (15,009) | $ 26,190 |
Net income (loss) per common unit - basic (in dollars per share) | $ 2.69 | $ (0.37) | $ 0.88 |
Net income (loss) per common unit - diluted (in dollars per share) | $ 2.68 | $ (0.37) | $ 0.85 |
DISCONTINUED OPERATIONS (Assets and Liabilities) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Assets of discontinued operations: | |||
Trade and other receivables | $ 0 | $ 16,044 | |
Inventories | 0 | 8,294 | |
Other current assets | 0 | 811 | |
Goodwill | 0 | 6,582 | |
Other intangibles, net | 0 | 14,230 | |
Property, plant and equipment, net | 2,549 | 30,457 | |
Other assets | 0 | 0 | |
Total assets | 2,549 | 76,418 | |
Liabilities of discontinued operations: | |||
Trade payables and accrued liabilities | 450 | 6,702 | |
Other current liabilities | 0 | 3,986 | |
Accrued pension liability | 0 | 1,794 | |
Other liabilities | 0 | 719 | |
Total liabilities | 450 | 13,201 | |
Results of Discontinued Operations | |||
Sales | 5,952 | 103,392 | $ 105,194 |
Income (Loss) from discontinued operations, net of taxes | 565 | 10,262 | (227) |
Net income (loss) from operations after taxes and noncontrolling interests | (1,111) | 6,112 | 703 |
Gain on sale of discontinued operations after taxes and noncontrolling interests | $ 56,659 | $ 23 | $ 3,610 |
DISCONTINUED OPERATIONS (HNH’s Discontinued Operations) (Details) - HNH Revolving Facilities - USD ($) $ in Thousands |
1 Months Ended | |||
---|---|---|---|---|
Jul. 31, 2013 |
Dec. 18, 2014 |
Jun. 30, 2013 |
Jan. 31, 2013 |
|
Arlon LLC | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sales price | $ 155,500 | |||
Continental Industries | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sales price | $ 37,400 | |||
Canfield Metal Coating Corporation | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sales price | $ 9,500 | |||
Indiana Tube Mexico | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sales price | $ 3,700 | |||
Discontinued operations | Indiana Tube Denmark | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Foreign currency translation gain | $ 2,600 |
INVESTMENTS (Short-Term Investments) (Details) - Steel Excel - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Available for sale securities | |||
Cost | $ 109,561 | ||
Fair value | 110,960 | ||
Estimated Fair Value | |||
Marketable securities sold during period | 43,300 | $ 116,300 | $ 75,800 |
Impairment | 59,800 | ||
Available for sale securities | |||
Available for sale securities | |||
Cost | 109,561 | 195,958 | |
Gross Unrealized Gains | 2,530 | 12,675 | |
Gross Unrealized Losses | (1,131) | (27,495) | |
Fair value | 110,960 | 181,138 | |
Cost | |||
Mature after one year through three years | 7,414 | ||
Mature after three years | 18,333 | ||
Total debt securities | 25,747 | ||
Securities with no contractual maturities | 83,814 | ||
Estimated Fair Value | |||
Mature after one year through three years | 7,512 | ||
Mature after three years | 17,751 | ||
Total debt securities | 25,263 | ||
Securities with no contractual maturities | 85,697 | ||
Amounts classified as cash equivalents | |||
Available for sale securities | |||
Cost | 30,118 | 42,681 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Fair value | 30,118 | 42,681 | |
Amounts classified as marketable securities | |||
Available for sale securities | |||
Cost | 79,443 | 153,277 | |
Gross Unrealized Gains | 2,530 | 12,675 | |
Gross Unrealized Losses | (1,131) | (27,495) | |
Fair value | 80,842 | 138,457 | |
Short-term deposits | Available for sale securities | |||
Available for sale securities | |||
Cost | 30,118 | 42,681 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Fair value | 30,118 | 42,681 | |
Mutual funds | Available for sale securities | |||
Available for sale securities | |||
Cost | 11,835 | 17,030 | |
Gross Unrealized Gains | 2,182 | 4,262 | |
Gross Unrealized Losses | 0 | (322) | |
Fair value | 14,017 | 20,970 | |
Corporate securities | Available for sale securities | |||
Available for sale securities | |||
Cost | 41,861 | 103,761 | |
Gross Unrealized Gains | 250 | 7,821 | |
Gross Unrealized Losses | (549) | (23,732) | |
Fair value | 41,562 | 87,850 | |
Corporate obligations | Available for sale securities | |||
Available for sale securities | |||
Cost | 25,747 | 32,486 | |
Gross Unrealized Gains | 98 | 592 | |
Gross Unrealized Losses | (582) | (3,441) | |
Fair value | $ 25,263 | $ 29,637 |
INVESTMENTS (Gross Unrealized Gains and Losses) (Details) - Steel Excel - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Schedule of Available-for-sale Securities [Line Items] | |||
Gross realized gains | $ 12,053 | $ 8,065 | $ 6,984 |
Gross realized losses | (6,806) | (4,300) | (4,376) |
Net investment gain | $ 5,247 | $ 3,765 | $ 2,608 |
INVESTMENTS (Unrealized Losses, Timing) (Details) - Steel Excel - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 15,482 | $ 58,272 |
Less than 12 Months, Gross Unrealized Losses | (1,131) | (27,495) |
Corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 2,283 | 39,869 |
Less than 12 Months, Gross Unrealized Losses | (549) | (23,732) |
Corporate obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 13,199 | 13,530 |
Less than 12 Months, Gross Unrealized Losses | $ (582) | (3,441) |
Mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 4,873 | |
Less than 12 Months, Gross Unrealized Losses | $ (322) |
INVESTMENTS (Long-Term Investments) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Fair Value Changes Recorded in Other Comprehensive (Loss) Income: | |||
Fair Value Changes Recorded in Consolidated Statement of Operations: | $ 66,042 | $ 131,094 | |
Income (Loss) Recorded in Statement of Operations | 4,449 | (12,437) | $ (1,837) |
Investments in Associated Companies: | |||
Investment Balance | 100,629 | 169,035 | |
Income (Loss) Recorded in Statement of Operations | (34,931) | (3,379) | 27,786 |
Other Investments at Fair Value - Related Party: | |||
Investment Balance | 0 | 9,623 | |
Income (Loss) Recorded in Statement of Operations | 361 | 891 | (271) |
(C) OTHER INVESTMENTS | |||
Long-term investments | 167,214 | 311,951 | |
Recurring | Level 1 | |||
Fair Value Changes Recorded in Other Comprehensive (Loss) Income: | |||
Fair Value Changes Recorded in Other Comprehensive (Loss) Income: | 66,042 | 112,721 | |
SPII Liquidating Trust - Series B (Barbican) | |||
Other Investments at Fair Value - Related Party: | |||
Investment Balance | 0 | 0 | |
Income (Loss) Recorded in Statement of Operations | 0 | 0 | (16) |
SPII Liquidating Trust - Series D (Fox & Hound) | |||
Other Investments at Fair Value - Related Party: | |||
Investment Balance | 0 | 0 | |
Income (Loss) Recorded in Statement of Operations | 0 | (3) | (35) |
SPII Liquidating Trust - Series G (SPCA) | |||
Other Investments at Fair Value - Related Party: | |||
Investment Balance | 0 | 6,811 | |
Income (Loss) Recorded in Statement of Operations | 447 | 1,040 | (245) |
SPII Liquidating Trust - Series H (SPJSF) | |||
Other Investments at Fair Value - Related Party: | |||
Investment Balance | 0 | 2,812 | |
Income (Loss) Recorded in Statement of Operations | (86) | (146) | 60 |
SPII Liquidating Trust - Series I | |||
Other Investments at Fair Value - Related Party: | |||
Investment Balance | 0 | 0 | |
Income (Loss) Recorded in Statement of Operations | $ 0 | $ 0 | (35) |
WFH LLC (formerly CoSine) | |||
Investments in Associated Companies: | |||
Ownership | 90.70% | 48.30% | |
Investment Balance | $ 0 | $ 5,521 | |
Income (Loss) Recorded in Statement of Operations | $ (602) | (405) | (418) |
Other | |||
Investments in Associated Companies: | |||
Ownership | 40.00% | ||
Investment Balance | $ 4,166 | 5,705 | |
Income (Loss) Recorded in Statement of Operations | $ (2,844) | $ (2,634) | (863) |
ModusLink Global Solutions, Inc. (MLNK) | |||
Investments in Associated Companies: | |||
Ownership | 31.50% | 27.70% | |
Investment Balance | $ 40,862 | $ 54,086 | |
Income (Loss) Recorded in Statement of Operations | (16,743) | (22,940) | 23,154 |
(C) OTHER INVESTMENTS | |||
Investment Balance | 543 | 2,199 | |
Income (Loss) Recorded in Statement of Operations | $ (1,656) | $ (3,632) | 2,648 |
SL Industries, Inc. (SLI) | |||
Investments in Associated Companies: | |||
Ownership | 25.10% | 24.00% | |
Investment Balance | $ 31,716 | $ 38,799 | |
Income (Loss) Recorded in Statement of Operations | $ (7,083) | $ 11,838 | 9,053 |
JPS Industries, Inc. (JPS) | |||
Investments in Associated Companies: | |||
Ownership | 100.00% | 38.70% | |
Investment Balance | $ 0 | $ 38,406 | |
Income (Loss) Recorded in Statement of Operations | $ 5,831 | $ 14,277 | 9,204 |
Fox & Hound | |||
Investments in Associated Companies: | |||
Ownership | 0.00% | 0.00% | |
Investment Balance | $ 0 | $ 0 | |
Income (Loss) Recorded in Statement of Operations | $ 0 | $ 0 | (11,521) |
API Technologies Corp. (API Tech) | |||
Investments in Associated Companies: | |||
Ownership | 20.60% | 20.60% | |
Investment Balance | $ 15,779 | $ 24,355 | |
Income (Loss) Recorded in Statement of Operations | $ (8,576) | $ (3,436) | 0 |
API Technologies Corp. (API Tech) | Energy | |||
Investments in Associated Companies: | |||
Ownership | 20.60% | ||
Aviat Networks, Inc. (Aviat) | |||
Investments in Associated Companies: | |||
Ownership | 12.90% | 0.00% | |
Investment Balance | $ 6,175 | $ 0 | |
Income (Loss) Recorded in Statement of Operations | $ (4,682) | $ 0 | 0 |
Aviat Networks, Inc. (Aviat) | Energy | |||
Investments in Associated Companies: | |||
Ownership | 12.90% | ||
Other | |||
Investments in Associated Companies: | |||
Ownership | 43.80% | 43.80% | |
Investment Balance | $ 1,931 | $ 2,163 | |
Income (Loss) Recorded in Statement of Operations | $ (232) | (79) | (823) |
iGo, Inc. | Energy | |||
Investments in Associated Companies: | |||
Ownership | 45.70% | ||
API Optix s.r.o | |||
Investments in Associated Companies: | |||
Ownership | 50.00% | ||
Net investment gains (losses) | API(1) | |||
Fair Value Changes Recorded in Other Comprehensive (Loss) Income: | |||
Fair Value Changes Recorded in Consolidated Statement of Operations: | $ 0 | 18,373 | |
Income (Loss) Recorded in Statement of Operations | 4,449 | (12,437) | $ (1,837) |
Available-for-sale securities | |||
Fair Value Changes Recorded in Other Comprehensive (Loss) Income: | |||
Fair Value Changes Recorded in Other Comprehensive (Loss) Income: | 66,042 | 112,721 | |
Available-for-sale securities | Aerospace/Defense | |||
Fair Value Changes Recorded in Other Comprehensive (Loss) Income: | |||
Fair Value Changes Recorded in Other Comprehensive (Loss) Income: | 65,474 | 76,512 | |
Available-for-sale securities | Restaurants | |||
Fair Value Changes Recorded in Other Comprehensive (Loss) Income: | |||
Fair Value Changes Recorded in Other Comprehensive (Loss) Income: | 0 | 35,637 | |
Available-for-sale securities | Other | |||
Fair Value Changes Recorded in Other Comprehensive (Loss) Income: | |||
Fair Value Changes Recorded in Other Comprehensive (Loss) Income: | $ 568 | $ 572 |
INVESTMENTS (Activity in Available-for-sale Securities) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Reclassified out of Accumulated other comprehensive (loss) income: | |||
Unrealized gains | $ 29,663 | $ 261 | $ 14,217 |
Unrealized losses | (50) | 0 | (2,632) |
Total | 29,613 | 261 | 11,585 |
Available-for-sale securities | |||
Fair Value Changes Recorded in Accumulated Other Comprehensive (Loss) Income: | |||
Proceeds from sales | 33,582 | 2,394 | 3,964 |
Gross gains from sales | 27,275 | 98 | 1,245 |
Gross losses from sales | (56) | (16) | 0 |
Net investment gain | 27,219 | 82 | 1,245 |
Change in net unrealized holding gains included in Accumulated other comprehensive (loss) income | $ (11,090) | $ 14,273 | $ 53,955 |
INVESTMENTS (Available-for-Sale Fair Value Changes) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2013 |
Dec. 31, 2014 |
|
Schedule of Available-for-sale Securities [Line Items] | |||||||
Other than temporary impairment losses | $ 30,552 | $ 9,202 | $ 22,740 | $ 5,598 | $ 1,010 | ||
Available-for-sale securities | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Cost | 12,250 | $ 12,250 | $ 18,224 | ||||
Gross Unrealized Gains | 53,799 | 53,799 | 94,500 | ||||
Gross Unrealized Losses | (7) | (7) | (3) | ||||
Fair value | 66,042 | 66,042 | 112,721 | ||||
Available-for-sale securities | Aerospace/Defense | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Cost | 11,675 | 11,675 | 11,675 | ||||
Gross Unrealized Gains | 53,799 | 53,799 | 64,837 | ||||
Gross Unrealized Losses | 0 | 0 | 0 | ||||
Fair value | 65,474 | 65,474 | 76,512 | ||||
Available-for-sale securities | Restaurants | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Cost | 0 | 0 | 5,974 | ||||
Gross Unrealized Gains | 0 | 0 | 29,663 | ||||
Gross Unrealized Losses | 0 | 0 | 0 | ||||
Fair value | 0 | 0 | 35,637 | ||||
Available-for-sale securities | Other | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Cost | 575 | 575 | 575 | ||||
Gross Unrealized Gains | 0 | 0 | 0 | ||||
Gross Unrealized Losses | (7) | (7) | (3) | ||||
Fair value | $ 568 | $ 568 | $ 572 | ||||
Nathan's Famous, Inc. | CoSine | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Number of shares sold | 445,456 | ||||||
Proceeds | $ 33,202 | ||||||
Dividend | 5,500 | ||||||
Recognized loss | $ 5,500 |
INVESTMENTS (Equity Method Investments) (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Feb. 29, 2016
USD ($)
$ / shares
|
Jan. 31, 2015
USD ($)
director
shares
|
May. 31, 2014
USD ($)
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Mar. 31, 2013
$ / shares
shares
|
|
iGo, Inc. | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Fair value | $ 3,900 | $ 3,400 | ||||||
API Optix s.r.o | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership | 50.00% | |||||||
ModusLink | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of warrants purchased (in shares) | shares | 2,000,000 | |||||||
Exercise price of warrants (in dollars per unit) | $ / shares | $ 5.00 | |||||||
API Technologies Corp. (API Tech) | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership | 20.60% | 20.60% | ||||||
Recognized loss | $ 600 | |||||||
Aviat Networks, Inc. (Aviat) | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership | 12.90% | 0.00% | ||||||
Japanese Real Estate Partnership | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Impairments | $ 1,510 | |||||||
Steel Excel | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Impairment | $ 2,500 | |||||||
Steel Excel | API Technologies Corp. (API Tech) | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership | 20.60% | |||||||
Steel Excel | API Technologies Corp. (API Tech) | Subsequent Event | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Proceeds from sale, dollars per share | $ / shares | $ 2.00 | |||||||
Net proceeds from sale, if sold | $ 22,900 | |||||||
Steel Excel | Aviat Networks, Inc. (Aviat) | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership | 12.90% | |||||||
Recognized loss | $ 2,800 | |||||||
Number of directors | director | 2 | |||||||
Number of directors on board | director | 8 | |||||||
Number of shares held | shares | 8,042,892 | |||||||
WFH LLC (formerly CoSine) | API Optix s.r.o | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership | 50.00% |
INVESTMENTS (Additional Disclosures Related to Associated Company Financial Statements) (Details) - Equity method investments - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Summary of balance sheet amounts: | |||
Current assets | $ 540,446 | $ 556,571 | |
Noncurrent assets | 91,840 | 160,202 | |
Total assets | 632,286 | 716,773 | |
Current liabilities | 329,201 | 257,559 | |
Noncurrent liabilities | 98,730 | 113,217 | |
Total liabilities | 427,931 | 370,776 | |
Parent equity | 204,355 | 345,997 | |
Total liabilities and equity | 632,286 | 716,773 | |
Summary income statement amounts: | |||
Revenue | 780,040 | 1,102,133 | $ 922,579 |
Gross profit | 119,148 | 175,793 | 152,364 |
Loss from continuing operations | (20,471) | (170) | (4,262) |
Net income (loss) after noncontrolling interests | $ (16,371) | $ 7,952 | $ (5,663) |
INVESTMENTS (Other Investments - Related Party) (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2015 |
Feb. 28, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Related party | |||||
Summary of balance sheet amounts: | |||||
Total assets | $ 937 | $ 21,996 | |||
Total liabilities | (937) | 0 | |||
Net Asset Value | 0 | 21,996 | |||
Summary income statement amounts: | |||||
Net increase (decrease) in net assets from operations | $ 826 | 2,038 | $ (1,077) | ||
SPII Liquidating Trust - Series D (Fox & Hound) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Cash distributions received | 504 | ||||
SPII Liquidating Trust - Series H (SPJSF) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Cash distributions received | $ 2,730 | $ 992 | |||
SPII Liquidating Trust - Series G | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Cash distributions received | $ 6,913 |
INVESTMENTS (Other Investments) (Details) - USD ($) |
1 Months Ended | |||
---|---|---|---|---|
Aug. 31, 2015 |
Mar. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Promissory note | $ 68,076,000 | $ 77,620,000 | ||
Preferred Stock | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Other investments | 100,000 | 100,000 | ||
ModusLink Warrants (c) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of warrants received (in shares) | 2,000,000 | |||
Warrants exercise price (in dollars per share) | $ 5.00 | |||
ModusLink Warrants (c) | Warrant | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Terms of warrants (in years) | 5 years | |||
Volatility (as a percent) | 51.70% | |||
Term (in years) | 2 years 2 months 12 days | |||
Risk free interest rate (as a percent) | 1.76% | |||
Expected dividend | $ 0 | |||
Partnership | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment in limited partnership | 25,000,000 | |||
Fair value of investment | 28,600,000 | |||
Steel Excel | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Promissory note | 3,000,000 | 3,000,000 | ||
Steel Excel | Partnership | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cost-method Investments, Realized Gain (Loss) | $ 9,300,000 | |||
Fair value of investment | $ 34,300,000 | |||
Steel Excel | Venture Capital Funds | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Fair value | $ 500,000 | $ 500,000 |
INVESTMENTS (Held-to-Maturity) (Details) - WebBank $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Schedule of Held-to-maturity Securities [Line Items] | |
Held-to-maturity securities | $ 6,558 |
Maturing in five to ten years | 5,716 |
Maturing after ten years | 842 |
Fair value | $ 6,551 |
FAIR VALUE MEASUREMENTS (Hierarchy Table) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Assets: | ||
Total | $ 255,365 | $ 453,720 |
Liabilities: | ||
Total | 21,699 | 21,449 |
Marketable securities (a) | ||
Assets: | ||
Marketable securities (a) | 80,842 | 138,457 |
Long-term investments (a) | ||
Assets: | ||
Long-term investments (a) | 163,048 | 300,725 |
Other investments | ||
Assets: | ||
Other investments | 555 | 525 |
Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Precious metal and commodity inventories recorded at fair value | 10,380 | 13,249 |
Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Commodity contracts on precious metal and commodity inventories | 215 | 764 |
Financial instruments | ||
Liabilities: | ||
Derivative instruments, liabilities | 21,639 | 21,311 |
Interest rate swap agreement | ||
Liabilities: | ||
Derivative instruments, liabilities | 30 | 138 |
Foreign currency forward exchange contracts | ||
Assets: | ||
Commodity contracts on precious metal and commodity inventories | 325 | |
Liabilities: | ||
Derivative instruments, liabilities | 30 | |
Recurring | Level 1 | ||
Assets: | ||
Total | 218,228 | 394,521 |
Liabilities: | ||
Total | 21,639 | 21,311 |
Recurring | Level 1 | Marketable securities (a) | ||
Assets: | ||
Marketable securities (a) | 47,274 | 93,768 |
Recurring | Level 1 | Long-term investments (a) | ||
Assets: | ||
Long-term investments (a) | 160,574 | 286,740 |
Recurring | Level 1 | Other investments | ||
Assets: | ||
Other investments | 0 | 0 |
Recurring | Level 1 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Precious metal and commodity inventories recorded at fair value | 10,380 | 13,249 |
Recurring | Level 1 | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Commodity contracts on precious metal and commodity inventories | 0 | 764 |
Recurring | Level 1 | Financial instruments | ||
Liabilities: | ||
Derivative instruments, liabilities | 21,639 | 21,311 |
Recurring | Level 1 | Interest rate swap agreement | ||
Liabilities: | ||
Derivative instruments, liabilities | 0 | 0 |
Recurring | Level 1 | Foreign currency forward exchange contracts | ||
Assets: | ||
Commodity contracts on precious metal and commodity inventories | 0 | |
Liabilities: | ||
Derivative instruments, liabilities | 0 | |
Recurring | Level 2 | ||
Assets: | ||
Total | 6,683 | 10,793 |
Liabilities: | ||
Total | 60 | 138 |
Recurring | Level 2 | Marketable securities (a) | ||
Assets: | ||
Marketable securities (a) | 6,143 | 10,793 |
Recurring | Level 2 | Long-term investments (a) | ||
Assets: | ||
Long-term investments (a) | 0 | 0 |
Recurring | Level 2 | Other investments | ||
Assets: | ||
Other investments | 0 | 0 |
Recurring | Level 2 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Precious metal and commodity inventories recorded at fair value | 0 | 0 |
Recurring | Level 2 | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Commodity contracts on precious metal and commodity inventories | 215 | 0 |
Recurring | Level 2 | Financial instruments | ||
Liabilities: | ||
Derivative instruments, liabilities | 0 | 0 |
Recurring | Level 2 | Interest rate swap agreement | ||
Liabilities: | ||
Derivative instruments, liabilities | 30 | 138 |
Recurring | Level 2 | Foreign currency forward exchange contracts | ||
Assets: | ||
Commodity contracts on precious metal and commodity inventories | 325 | |
Liabilities: | ||
Derivative instruments, liabilities | 30 | |
Recurring | Level 3 | ||
Assets: | ||
Total | 30,454 | 48,406 |
Liabilities: | ||
Total | 0 | 0 |
Recurring | Level 3 | Marketable securities (a) | ||
Assets: | ||
Marketable securities (a) | 27,425 | 33,896 |
Recurring | Level 3 | Long-term investments (a) | ||
Assets: | ||
Long-term investments (a) | 2,474 | 13,985 |
Recurring | Level 3 | Other investments | ||
Assets: | ||
Other investments | 555 | 525 |
Recurring | Level 3 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Precious metal and commodity inventories recorded at fair value | 0 | 0 |
Recurring | Level 3 | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Commodity contracts on precious metal and commodity inventories | 0 | |
Recurring | Level 3 | Financial instruments | ||
Liabilities: | ||
Derivative instruments, liabilities | 0 | 0 |
Recurring | Level 3 | Interest rate swap agreement | ||
Liabilities: | ||
Derivative instruments, liabilities | 0 | $ 0 |
Recurring | Level 3 | Foreign currency forward exchange contracts | ||
Assets: | ||
Commodity contracts on precious metal and commodity inventories | 0 | |
Liabilities: | ||
Derivative instruments, liabilities | $ 0 |
FAIR VALUE MEASUREMENTS (Unobservable Inputs Reconciliation - Assets) (Details) - Recurring - Level 3 - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Assets | |||
Balance at beginning of period | $ 48,406 | $ 42,512 | $ 24,588 |
Additions-Fair Value Elections in 2013 | 3,065 | ||
Purchases | 5,183 | 13,294 | 49,567 |
Sales | (12,938) | (6,497) | (23,798) |
Realized loss on sale | (8) | (129) | 1,556 |
Unrealized gains | 484 | 4,558 | 3,638 |
Unrealized losses | (10,689) | (5,332) | (16,104) |
Balance at end of period | 30,454 | 48,406 | 42,512 |
Investments in Associated Companies (a) | |||
Assets | |||
Balance at beginning of period | 2,163 | 2,243 | 10,521 |
Additions-Fair Value Elections in 2013 | 3,065 | ||
Purchases | 0 | 0 | 1,000 |
Sales | 0 | 0 | 0 |
Realized loss on sale | 0 | 0 | 0 |
Unrealized gains | 0 | 0 | 0 |
Unrealized losses | (232) | (80) | (12,343) |
Balance at end of period | 1,931 | 2,163 | 2,243 |
Other Investments - Related Party (b) | |||
Assets | |||
Balance at beginning of period | 9,623 | 10,228 | 11,263 |
Additions-Fair Value Elections in 2013 | 0 | ||
Purchases | 0 | 0 | 0 |
Sales | (9,985) | (1,496) | (764) |
Realized loss on sale | 0 | 0 | 0 |
Unrealized gains | 484 | 2,411 | 60 |
Unrealized losses | (122) | (1,520) | (331) |
Balance at end of period | 0 | 9,623 | 10,228 |
ModusLink Warrants (c) | |||
Assets | |||
Balance at beginning of period | 2,199 | 5,832 | 0 |
Additions-Fair Value Elections in 2013 | 0 | ||
Purchases | 0 | 0 | 3,184 |
Sales | 0 | 0 | 0 |
Realized loss on sale | 0 | 0 | 0 |
Unrealized gains | 0 | 99 | 3,578 |
Unrealized losses | (1,656) | (3,732) | (930) |
Balance at end of period | 543 | 2,199 | 5,832 |
Marketable Securities and Other (d), (e) | |||
Assets | |||
Balance at beginning of period | 34,421 | 24,209 | 2,804 |
Additions-Fair Value Elections in 2013 | 0 | ||
Purchases | 5,183 | 13,294 | 45,383 |
Sales | (2,953) | (5,001) | (23,034) |
Realized loss on sale | (8) | (129) | 1,556 |
Unrealized gains | 0 | 2,048 | 0 |
Unrealized losses | (8,679) | 0 | (2,500) |
Balance at end of period | $ 27,980 | $ 34,421 | $ 24,209 |
FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loan recorded investment | $ 1,599 | $ 458 | |
WebBank | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loan recorded investment | $ 423 | $ 423 | |
Deferred Features of Subordinated Note | Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Decrease in fair value | $ 184 |
FINANCIAL INSTRUMENTS (Activity for Financial Instrument Liabilities and Related Restricted Cash) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Foreign Currency Financial Liabilities and Related Restricted Cash [Roll Forward] | |||
Settlements of financial instruments | $ 0 | $ (24,429) | $ 0 |
Not designated as hedging instrument | Foreign instruments and restricted cash | |||
Foreign Currency Financial Liabilities and Related Restricted Cash [Roll Forward] | |||
Balance, beginning of period | 21,311 | 25,090 | |
Settlements of financial instruments | 0 | (24,429) | |
Short sales of corporate securities | 490 | 19,467 | |
Net investment losses | 477 | 1,006 | |
Receipt of dividends, net of interest expense | 0 | 177 | |
Balance of financial instrument liabilities and related restricted cash, end of period | 21,639 | 21,311 | $ 25,090 |
Not designated as hedging instrument | Foreign instruments and restricted cash | Equity contracts | |||
Foreign Currency Financial Liabilities and Related Restricted Cash [Roll Forward] | |||
Settlements of financial instruments | $ (639) | $ 0 |
FINANCIAL INSTRUMENTS (Foreign Currency Exchange Rate Risk) (Details) - Designated as Hedging Instrument $ in Thousands |
Dec. 31, 2015
USD ($)
lb
oz
T
|
---|---|
Silver (ounces) | |
Derivative [Line Items] | |
Amount | oz | 635,000 |
Notional Amount | $ 8,900 |
Gold (ounces) | |
Derivative [Line Items] | |
Amount | oz | 500 |
Notional Amount | $ 500 |
Copper (pounds) | |
Derivative [Line Items] | |
Amount | lb | 350,000 |
Notional Amount | $ 800 |
Tin (tons) | |
Derivative [Line Items] | |
Amount | T | 35 |
Notional Amount | $ 500 |
FINANCIAL INSTRUMENTS (Narrative) (Details) € in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
oz
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2015
EUR (€)
oz
|
|
Undisbursed loan commitment | Selling, general and administrative expenses | ||||
Derivative [Line Items] | ||||
Credit loss exposure expense (benefit) | $ 147 | $ 277 | $ 175 | |
WebBank | ||||
Derivative [Line Items] | ||||
Undisbursed loan commitment | 80,667 | 82,788 | ||
WebBank | Undisbursed loan commitment | Other current liabilities | ||||
Derivative [Line Items] | ||||
Accrual for credit exposure | 188 | 188 | ||
Foreign currency forward exchange contracts | ||||
Derivative [Line Items] | ||||
Derivative instruments, liabilities | 30 | |||
Foreign currency forward exchange contracts | CoSine | ||||
Derivative [Line Items] | ||||
Outstanding forward or future contracts, commodity, notional amount | € | € 2,150 | |||
Foreign Exchange Future | Cash Flow Hedging | CoSine | ||||
Derivative [Line Items] | ||||
Outstanding forward or future contracts, commodity, notional amount | 600 | € 6,425 | ||
Not designated as hedging instrument | Foreign Exchange Contracts and Short Sale of Securities | ||||
Derivative [Line Items] | ||||
Derivative instruments, liabilities | $ 21,639 | $ 21,311 | ||
Designated as hedging instrument | Silver and Copper (ounces) | ||||
Derivative [Line Items] | ||||
Amount | oz | 575,000 | 575,000 |
FINANCIAL INSTRUMENTS (Balance Sheet and Income Statement Location) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Commodity contracts (c) | |||
Derivatives, Fair Value [Line Items] | |||
Derivative instruments, assets | $ 215 | $ 764 | |
Interest rate swap agreements | |||
Derivatives, Fair Value [Line Items] | |||
Derivative instruments, liabilities | (30) | (138) | |
Interest rate swap agreements | Other current liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative instruments, liabilities | (30) | (138) | |
Foreign currency forward exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Derivative instruments, assets | 325 | ||
Derivative instruments, liabilities | (30) | ||
Designated as hedging instrument | Commodity contracts (c) | Cost of goods sold | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, gain (loss) recognized in income | 1,467 | 2,655 | $ 2,620 |
Designated as hedging instrument | Commodity contracts (c) | Prepaid and other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative instruments, assets | 197 | 667 | |
Designated as hedging instrument | Commodity contracts (c) | Prepaid and other current assets/Accrued liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative instruments, assets | 18 | 97 | |
Designated as hedging instrument | Foreign currency forward exchange contracts | Revenue/Cost of goods sold | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, gain (loss) recognized in income | 2,063 | 0 | 0 |
Designated as hedging instrument | Foreign currency forward exchange contracts | Other income, net | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, gain (loss) recognized in income | 21 | 0 | 0 |
Designated as hedging instrument | Foreign currency forward exchange contracts | Accrued Liabilities/trade and other receivables | |||
Derivatives, Fair Value [Line Items] | |||
Derivative instruments, assets | 325 | 0 | |
Derivative instruments, liabilities | (30) | 0 | |
Not designated as hedging instrument | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, gain (loss) recognized in income | 4,308 | 3,937 | 3,395 |
Not designated as hedging instrument | Commodity contracts (c) | Cost of goods sold | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, gain (loss) recognized in income | 246 | 131 | (92) |
Not designated as hedging instrument | Commodity contracts (c) | Realized and unrealized (loss) gain on derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, gain (loss) recognized in income | 588 | 1,307 | 1,988 |
Not designated as hedging instrument | Interest rate swap agreements | Interest expense | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, gain (loss) recognized in income | (77) | (156) | (328) |
Not designated as hedging instrument | Derivative features of subordinated notes | Realized and unrealized (loss) gain on derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, gain (loss) recognized in income | $ 0 | $ 0 | $ (793) |
TRADE, OTHER AND LOANS RECEIVABLE (Trade and Other Receivables) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Receivables [Abstract] | ||
Trade accounts receivable (net of allowance for doubtful accounts of $1,945 in 2015 and $2,149 in 2014) | $ 112,369 | $ 85,553 |
Other receivables | 1,846 | 1,887 |
Total | 114,215 | 87,440 |
Allowance for doubtful accounts | $ 1,945 | $ 2,149 |
TRADE, OTHER AND LOANS RECEIVABLE (Loans Receivable) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Loans held for sale | ||||
Total | $ 159,592 | $ 40,886 | ||
Current | 159,592 | 40,886 | ||
Non-current | 0 | 0 | ||
Loans receivable | ||||
Total | 68,076 | 77,620 | ||
Total loans | ||||
Total | 68,076 | 77,620 | ||
Current | 6,040 | 1,238 | ||
Non-current | 62,036 | 76,382 | ||
Deferred fees and discounts | ||||
Total | (15) | (20) | ||
Current | (15) | (20) | ||
Non-current | 0 | 0 | ||
Allowance for loan losses | ||||
Total | (630) | (557) | $ (424) | $ (285) |
Current | (630) | (557) | ||
Non-current | 0 | 0 | ||
Total loans receivable, net | ||||
Total | 67,431 | 77,043 | ||
Current | 5,395 | 661 | ||
Non-current | $ 62,036 | $ 76,382 | ||
Percentage of Total Loans Outstanding | ||||
Current | 100.00% | 100.00% | ||
Loans receivable, including held for sale, current | $ 164,987 | $ 41,547 | ||
Loans receivable, including held for sale, noncurrent | 62,036 | 76,382 | ||
Fair value of loans receivable | 226,541 | 117,346 | ||
Pledged as collateral | 63,393 | 71,448 | ||
Commercial - owner occupied | ||||
Loans receivable | ||||
Total | 1,542 | 1,650 | ||
Current | 97 | 96 | ||
Non-current | 1,445 | 1,554 | ||
Allowance for loan losses | ||||
Total | $ (40) | $ (64) | (77) | (187) |
Percentage of Total Loans Outstanding | ||||
Total | 2.00% | 2.00% | ||
Commercial – other | ||||
Loans receivable | ||||
Total | $ 281 | $ 264 | ||
Current | 0 | 0 | ||
Non-current | 281 | 264 | ||
Allowance for loan losses | ||||
Total | $ (8) | $ (12) | (28) | (34) |
Percentage of Total Loans Outstanding | ||||
Total | 0.00% | 0.00% | ||
Total real estate loans | ||||
Loans receivable | ||||
Total | $ 1,823 | $ 1,914 | ||
Current | 97 | 96 | ||
Non-current | $ 1,726 | $ 1,818 | ||
Percentage of Total Loans Outstanding | ||||
Total | 2.00% | 2.00% | ||
Commercial and industrial | ||||
Loans receivable | ||||
Total | $ 66,253 | $ 75,706 | ||
Current | 5,943 | 1,142 | ||
Non-current | 60,310 | 74,564 | ||
Allowance for loan losses | ||||
Total | $ (582) | $ (481) | $ (319) | $ (64) |
Percentage of Total Loans Outstanding | ||||
Total | 98.00% | 98.00% | ||
Unamortized premiums | $ 18 | $ 57 | ||
Unamortized discount | $ 311 | $ 358 |
TRADE, OTHER AND LOANS RECEIVABLE (Allowance for Loan and Lease Losses) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | $ 557 | $ 424 | $ 285 |
Charge-offs | 0 | (3) | (64) |
Recoveries | 123 | 186 | 283 |
Provision | (50) | (50) | (80) |
Ending balance | 630 | 557 | 424 |
Commercial - owner occupied | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 64 | 77 | 187 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 25 | 66 | 22 |
Provision | (49) | (79) | (132) |
Ending balance | 40 | 64 | 77 |
Commercial – other | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 12 | 28 | 34 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 44 | 40 | 44 |
Provision | (48) | (56) | (50) |
Ending balance | 8 | 12 | 28 |
Commercial and industrial | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | 481 | 319 | 64 |
Charge-offs | 0 | (3) | (64) |
Recoveries | 54 | 80 | 217 |
Provision | 47 | 85 | 102 |
Ending balance | $ 582 | $ 481 | $ 319 |
TRADE, OTHER AND LOANS RECEIVABLE (Allowance for Loan and Lease Losses and Outstanding Loans) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Receivable [Line Items] | ||||
Allowance for loan losses, individually evaluated for impairment | $ 78 | $ 52 | ||
Allowance for loan losses, collectively evaluated for impairment | 552 | 505 | ||
Total | 630 | 557 | $ 424 | $ 285 |
Outstanding loan balances, individually evaluated for impairment | 1,599 | 458 | ||
Outstanding loan balances, collectively evaluated for impairment | 66,477 | 77,162 | ||
Total loans | 68,076 | 77,620 | ||
Guaranteed by USDA or SBA | 4 | |||
Commercial - owner occupied | ||||
Receivable [Line Items] | ||||
Allowance for loan losses, individually evaluated for impairment | 1 | 0 | ||
Allowance for loan losses, collectively evaluated for impairment | 39 | 64 | ||
Total | 40 | 64 | 77 | 187 |
Outstanding loan balances, individually evaluated for impairment | 358 | 374 | ||
Outstanding loan balances, collectively evaluated for impairment | 1,184 | 1,276 | ||
Total loans | 1,542 | 1,650 | ||
Commercial – other | ||||
Receivable [Line Items] | ||||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses, collectively evaluated for impairment | 8 | 12 | ||
Total | 8 | 12 | 28 | 34 |
Outstanding loan balances, individually evaluated for impairment | 0 | 0 | ||
Outstanding loan balances, collectively evaluated for impairment | 281 | 264 | ||
Total loans | 281 | 264 | ||
Commercial and industrial | ||||
Receivable [Line Items] | ||||
Allowance for loan losses, individually evaluated for impairment | 77 | 52 | ||
Allowance for loan losses, collectively evaluated for impairment | 505 | 429 | ||
Total | 582 | 481 | $ 319 | $ 64 |
Outstanding loan balances, individually evaluated for impairment | 1,241 | 84 | ||
Outstanding loan balances, collectively evaluated for impairment | 65,012 | 75,622 | ||
Total loans | $ 66,253 | $ 75,706 |
TRADE, OTHER AND LOANS RECEIVABLE (Nonaccrual Loans) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Receivable [Line Items] | ||
Total loans | $ 343 | $ 390 |
Period after which loans are placed on nonaccrual status (in days) | 180 days | |
Period after which loans are reported as past due (in days) | 90 days | |
Recorded investment in accruing loans equal to greater than 90 days past due | $ 0 | 52 |
Commercial - owner occupied | ||
Receivable [Line Items] | ||
Total loans | 341 | 374 |
Recorded investment in accruing loans equal to greater than 90 days past due | 0 | 0 |
Total real estate loans | ||
Receivable [Line Items] | ||
Total loans | 341 | 374 |
Recorded investment in accruing loans equal to greater than 90 days past due | 0 | 0 |
Commercial and industrial | ||
Receivable [Line Items] | ||
Total loans | 2 | 16 |
Recorded investment in accruing loans equal to greater than 90 days past due | $ 0 | $ 52 |
TRADE, OTHER AND LOANS RECEIVABLE (Past Due Loans) (Accruing and Nonaccruing) (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Receivable [Line Items] | ||
Current | $ 67,246,000 | $ 77,127,000 |
30-89 days past due | 487,000 | 52,000 |
Total past due | 830,000 | 493,000 |
Total | 68,076,000 | 77,620,000 |
Recorded investment in accruing loans greater than 90 days past due | 0 | 52,000 |
Nonaccrual loans that are current | 0 | 0 |
Guaranteed by the USDA or SBA - Total Past Due | 4,000 | |
Financing receivable unpaid principal balance threshold for evaluation | 100,000 | |
90 days past due | ||
Receivable [Line Items] | ||
Total past due | 343,000 | 441,000 |
Commercial - owner occupied | ||
Receivable [Line Items] | ||
Current | 714,000 | 1,228,000 |
30-89 days past due | 487,000 | 49,000 |
Total past due | 828,000 | 422,000 |
Total | 1,542,000 | 1,650,000 |
Recorded investment in accruing loans greater than 90 days past due | 0 | 0 |
Nonaccrual loans that are current | 0 | 0 |
Commercial - owner occupied | 90 days past due | ||
Receivable [Line Items] | ||
Total past due | 341,000 | 373,000 |
Commercial – other | ||
Receivable [Line Items] | ||
Current | 281,000 | 264,000 |
30-89 days past due | 0 | 0 |
Total past due | 0 | 0 |
Total | 281,000 | 264,000 |
Recorded investment in accruing loans greater than 90 days past due | 0 | 0 |
Nonaccrual loans that are current | 0 | 0 |
Commercial – other | 90 days past due | ||
Receivable [Line Items] | ||
Total past due | 0 | 0 |
Total real estate loans | ||
Receivable [Line Items] | ||
Current | 995,000 | 1,492,000 |
30-89 days past due | 487,000 | 49,000 |
Total past due | 828,000 | 422,000 |
Total | 1,823,000 | 1,914,000 |
Recorded investment in accruing loans greater than 90 days past due | 0 | 0 |
Nonaccrual loans that are current | 0 | 0 |
Total real estate loans | 90 days past due | ||
Receivable [Line Items] | ||
Total past due | 341,000 | 373,000 |
Commercial and industrial | ||
Receivable [Line Items] | ||
Current | 66,251,000 | 75,635,000 |
30-89 days past due | 0 | 3,000 |
Total past due | 2,000 | 71,000 |
Total | 66,253,000 | 75,706,000 |
Recorded investment in accruing loans greater than 90 days past due | 0 | 52,000 |
Nonaccrual loans that are current | 0 | 0 |
Commercial and industrial | 90 days past due | ||
Receivable [Line Items] | ||
Total past due | $ 2,000 | $ 68,000 |
TRADE, OTHER AND LOANS RECEIVABLE (Outstanding Loans) (Accruing and Nonaccruing) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Receivable [Line Items] | ||
Total Loans | $ 68,076 | $ 77,620 |
Guaranteed by the USDA or SBA | 4 | |
Commercial - owner occupied | ||
Receivable [Line Items] | ||
Total Loans | 1,542 | 1,650 |
Commercial – other | ||
Receivable [Line Items] | ||
Total Loans | 281 | 264 |
Total real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 1,823 | 1,914 |
Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 66,253 | 75,706 |
Pass | ||
Receivable [Line Items] | ||
Total Loans | 62,775 | 75,961 |
Pass | Commercial - owner occupied | ||
Receivable [Line Items] | ||
Total Loans | 1,184 | 1,258 |
Pass | Commercial – other | ||
Receivable [Line Items] | ||
Total Loans | 281 | 264 |
Pass | Total real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 1,465 | 1,522 |
Pass | Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 61,310 | 74,439 |
Special Mention | ||
Receivable [Line Items] | ||
Total Loans | 3,702 | 1,202 |
Special Mention | Commercial - owner occupied | ||
Receivable [Line Items] | ||
Total Loans | 0 | 19 |
Special Mention | Commercial – other | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Special Mention | Total real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 0 | 19 |
Special Mention | Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 3,702 | 1,183 |
Sub- standard | ||
Receivable [Line Items] | ||
Total Loans | 1,599 | 457 |
Sub- standard | Commercial - owner occupied | ||
Receivable [Line Items] | ||
Total Loans | 358 | 373 |
Sub- standard | Commercial – other | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Sub- standard | Total real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 358 | 373 |
Sub- standard | Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 1,241 | 84 |
Doubtful | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Doubtful | Commercial - owner occupied | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Doubtful | Commercial – other | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Doubtful | Total real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Doubtful | Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | $ 0 | $ 0 |
TRADE, OTHER AND LOANS RECEIVABLE (Impaired Loans) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Receivable [Line Items] | |||
Interest | $ 86 | $ 60 | $ 121 |
Unpaid principle balance | 1,692 | 623 | |
Recorded investment with no allowance | 353 | 402 | |
Recorded investment with allowance | 1,246 | 56 | |
Total recorded investment | 1,599 | 458 | |
Related Allowance | 78 | 52 | |
Average recorded investment | 939 | 881 | |
Guaranteed by the USDA or SBA | 4 | ||
Commercial - owner occupied | |||
Receivable [Line Items] | |||
Unpaid principle balance | 372 | 430 | |
Recorded investment with no allowance | 341 | 374 | |
Recorded investment with allowance | 17 | 0 | |
Total recorded investment | 358 | 374 | |
Related Allowance | 1 | 0 | |
Average recorded investment | 370 | 750 | |
Total real estate loans | |||
Receivable [Line Items] | |||
Unpaid principle balance | 372 | 430 | |
Recorded investment with no allowance | 341 | 374 | |
Recorded investment with allowance | 17 | 0 | |
Total recorded investment | 358 | 374 | |
Related Allowance | 1 | 0 | |
Average recorded investment | 370 | 750 | |
Commercial and industrial | |||
Receivable [Line Items] | |||
Unpaid principle balance | 1,320 | 193 | |
Recorded investment with no allowance | 12 | 28 | |
Recorded investment with allowance | 1,229 | 56 | |
Total recorded investment | 1,241 | 84 | |
Related Allowance | 77 | 52 | |
Average recorded investment | $ 569 | $ 131 |
INVENTORIES, NET (Summary of Inventories) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished products | $ 39,405 | $ 24,424 |
In – process | 20,814 | 10,310 |
Raw materials | 28,893 | 12,346 |
Fine and fabricated precious metal in various stages of completion | 13,155 | 17,094 |
Inventory, before LIFO reserve | 102,267 | 64,174 |
LIFO reserve | 0 | (90) |
Total | $ 102,267 | $ 64,084 |
INVENTORIES, NET (Narrative) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
oz
|
Dec. 31, 2014
oz
|
---|---|---|
Inventory [Line Items] | ||
Customer metal, ounces of silver | 160,363 | 191,217 |
Customer metal, ounces of gold | 535 | 518 |
Customer metal, ounces of palladium | 1,391 | 1,392 |
HNH Revolving Facilities | JPS Industries, Inc. | ||
Inventory [Line Items] | ||
Inventories | $ | $ 22,843 | |
HNH Revolving Facilities | API | ||
Inventory [Line Items] | ||
Inventories | $ | $ 19,432 |
INVENTORIES, NET (Supplemental Inventory Information) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
$ / oz
|
Dec. 31, 2014
USD ($)
$ / oz
|
---|---|---|
Inventory Disclosure [Abstract] | ||
Precious metals stated at LIFO cost | $ | $ 3,536 | $ 4,839 |
Precious metals stated under non-LIFO cost methods, primarily at fair value | $ | $ 9,619 | $ 12,165 |
Market value per ounce, Silver (in dollars per ounce) | 13.86 | 15.75 |
Market value per ounce, Gold (in dollars per ounce) | 1,062.25 | 1,199.25 |
Market value per ounce, Palladium (in dollars per ounce) | 547.00 | 798.00 |
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 369,632 | $ 262,359 | |
Accumulated depreciation and amortization | (114,230) | (78,045) | |
Net property, plant and equipment | 255,402 | 184,314 | |
Depreciation | 32,302 | 24,745 | $ 20,036 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 20,434 | 9,523 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 62,061 | 53,742 | |
Machinery, equipment and other | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 276,599 | 194,356 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 10,538 | $ 4,738 |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Goodwill Roll Forward) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Goodwill [Roll Forward] | |||||
Gross Goodwill | $ 91,170 | $ 91,131 | |||
Accumulated impairments | (45,219) | (3,769) | |||
Net Goodwill | 45,951 | 87,362 | |||
Acquisitions (a) | 76,016 | 0 | |||
Impairment | (19,571) | (41,450) | $ 0 | ||
Impairment | (41,450) | ||||
Currency translation adjustment | 0 | (37) | |||
Other adjustments | (543) | 76 | |||
Gross Goodwill | $ 166,643 | $ 91,170 | 166,643 | 91,170 | 91,131 |
Accumulated impairments | (64,790) | (45,219) | (64,790) | (45,219) | (3,769) |
Net Goodwill | 101,853 | 45,951 | 101,853 | 45,951 | 87,362 |
Diversified | |||||
Goodwill [Roll Forward] | |||||
Gross Goodwill | 26,299 | 26,260 | |||
Accumulated impairments | 0 | 0 | |||
Net Goodwill | 26,299 | 26,260 | |||
Acquisitions (a) | 76,016 | 0 | |||
Impairment | 0 | ||||
Impairment | 0 | ||||
Currency translation adjustment | 0 | (37) | |||
Other adjustments | (543) | 76 | |||
Gross Goodwill | 101,772 | 26,299 | 101,772 | 26,299 | 26,260 |
Accumulated impairments | 0 | 0 | 0 | 0 | 0 |
Net Goodwill | 101,772 | 26,299 | 101,772 | 26,299 | 26,260 |
Energy | |||||
Goodwill [Roll Forward] | |||||
Gross Goodwill | 64,790 | 64,790 | |||
Accumulated impairments | (45,219) | (3,769) | |||
Net Goodwill | 19,571 | 61,021 | |||
Acquisitions (a) | 0 | 0 | |||
Impairment | (19,571) | (41,450) | (19,571) | ||
Impairment | (41,450) | ||||
Currency translation adjustment | 0 | 0 | |||
Other adjustments | 0 | 0 | |||
Gross Goodwill | 64,790 | 64,790 | 64,790 | 64,790 | 64,790 |
Accumulated impairments | (64,790) | (45,219) | (64,790) | (45,219) | (3,769) |
Net Goodwill | 0 | 19,571 | 0 | 19,571 | 61,021 |
Corporate | |||||
Goodwill [Roll Forward] | |||||
Gross Goodwill | 81 | 81 | |||
Accumulated impairments | 0 | 0 | |||
Net Goodwill | 81 | 81 | |||
Acquisitions (a) | 0 | 0 | |||
Impairment | 0 | ||||
Impairment | 0 | ||||
Currency translation adjustment | 0 | 0 | |||
Other adjustments | 0 | 0 | |||
Gross Goodwill | 81 | 81 | 81 | 81 | 81 |
Accumulated impairments | 0 | 0 | 0 | 0 | 0 |
Net Goodwill | $ 81 | $ 81 | $ 81 | $ 81 | $ 81 |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Summary of Intangible Assets) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 198,461 | $ 161,954 | |
Accumulated Amortization | 59,498 | 43,404 | |
Net | 138,963 | 118,550 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | |||
Trademarks with indefinite lives | 8,020 | 8,020 | |
Amortization expense | 16,258 | 13,693 | $ 10,954 |
Product and customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 134,814 | 113,952 | |
Accumulated Amortization | 41,153 | 29,726 | |
Net | 93,661 | 84,226 | |
Trademarks | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 38,157 | 28,803 | |
Accumulated Amortization | 8,361 | 5,856 | |
Net | 29,796 | 22,947 | |
Patents and technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 17,010 | 16,773 | |
Accumulated Amortization | 7,379 | 6,023 | |
Net | 9,631 | 10,750 | |
Other | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 8,480 | 2,426 | |
Accumulated Amortization | 2,605 | 1,799 | |
Net | $ 5,875 | $ 627 |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Estimated Amortization Expense) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Net | $ 138,963 | $ 118,550 |
Product and Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
2016 | 12,062 | |
2017 | 11,632 | |
2018 | 11,221 | |
2019 | 8,957 | |
2020 | 8,944 | |
Thereafter | 40,845 | |
Net | 93,661 | 84,226 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net | 29,796 | 22,947 |
Patents and Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
2016 | 1,319 | |
2017 | 1,319 | |
2018 | 1,319 | |
2019 | 1,312 | |
2020 | 907 | |
Thereafter | 3,455 | |
Net | 9,631 | 10,750 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
2016 | 839 | |
2017 | 725 | |
2018 | 771 | |
2019 | 734 | |
2020 | 734 | |
Thereafter | 2,072 | |
Net | 5,875 | $ 627 |
Trademarks | Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
2016 | 2,808 | |
2017 | 2,252 | |
2018 | 1,697 | |
2019 | 1,539 | |
2020 | 1,539 | |
Thereafter | 11,941 | |
Net | $ 21,776 |
BANK DEPOSITS (Deposits Time and Money Market) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Time Deposits, Fiscal Year Maturity [Abstract] | ||
2015 | $ 0 | $ 27,001 |
2016 | 71,691 | 50,386 |
2017 | 46,182 | 26,671 |
2018 | 50,878 | 0 |
Total time deposits | 168,751 | 104,058 |
Money market deposits | 83,421 | 60,802 |
Total deposits | 252,172 | 164,860 |
Deposits [Abstract] | ||
Current | 155,112 | 87,804 |
Long-term | 97,060 | 77,056 |
Fair value of deposits | $ 250,862 | $ 165,381 |
RELATED PARTY TRANSACTIONS (Management Agreement) (Details) - SP General Services LLC - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Related Party Transaction [Line Items] | |||
Service fee percentage | 1.50% | ||
Management agreement renewal, term (in years) | 1 year | ||
Notice period prior to management agreement renewal, period (in days) | 60 days | ||
Management fee | |||
Related Party Transaction [Line Items] | |||
Services fees and reimbursable expenses | $ 8,150 | $ 8,775 | $ 8,178 |
Deferred fees payable to related party | 0 | 0 | |
Reimbursable Expenses | |||
Related Party Transaction [Line Items] | |||
Services fees and reimbursable expenses | 2,906 | 3,100 | $ 1,310 |
Deferred fees payable to related party | 695 | $ 1,504 | |
Related Party Debt | |||
Related Party Transaction [Line Items] | |||
Additional liability | $ 1,800 |
RELATED PARTY TRANSACTIONS (Corporate Services) (Details) - Management fee $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Handy & Harman Ltd. (HNH) | |
Related Party Transaction [Line Items] | |
Services fees and reimbursable expenses | $ 9,996 |
Steel Excel | |
Related Party Transaction [Line Items] | |
Services fees and reimbursable expenses | 8,150 |
SPLP | |
Related Party Transaction [Line Items] | |
Services fees and reimbursable expenses | 3,000 |
Webfinancial Holdings | |
Related Party Transaction [Line Items] | |
Services fees and reimbursable expenses | 4,200 |
DGT Holdings Corp. (DGT) (a) | |
Related Party Transaction [Line Items] | |
Services fees and reimbursable expenses | 476 |
WebBank | |
Related Party Transaction [Line Items] | |
Services fees and reimbursable expenses | 500 |
BNS Holding, Inc. (BNS) and BNS Liquidating Trust (BNS Liquidating Trust) | |
Related Party Transaction [Line Items] | |
Services fees and reimbursable expenses | 204 |
WFH LLC (formerly CoSine) | |
Related Party Transaction [Line Items] | |
Services fees and reimbursable expenses | 1,200 |
Related Parties | |
Related Party Transaction [Line Items] | |
Services fees and reimbursable expenses | $ 4,121 |
RELATED PARTY TRANSACTIONS (SPII Liquidating Trust and Mutual Securities) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Steel Partners, Ltd | |||
Related Party Transaction [Line Items] | |||
Gain on sale of investments | $ 764 | ||
Mutual Services | |||
Related Party Transaction [Line Items] | |||
Services fees and reimbursable expenses | $ 180 | $ 352 | $ 310 |
RELATED PARTY TRANSACTIONS (Other) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Related Party Transaction [Line Items] | |||
Collateral held for investment | $ 34,280 | ||
Deposits | $ 252,172 | 164,860 | |
Director | |||
Related Party Transaction [Line Items] | |||
Annual retainer | 150 | ||
Annual retainer, portion paid in cash | 75 | ||
Annual retainer, portion paid in restricted common units | 75 | ||
Board compensation fee, per meeting | 1 | ||
Services fees and reimbursable expenses | 950 | 931 | $ 855 |
Deferred fees payable to related party | 43 | 46 | |
Audit Committee, Chairman | |||
Related Party Transaction [Line Items] | |||
Related party services fees, annual | 60 | ||
Corporate Governance and Nominating Committee, Chairman | |||
Related Party Transaction [Line Items] | |||
Related party services fees, annual | 5 | ||
Compensation Committee, Chairman | |||
Related Party Transaction [Line Items] | |||
Related party services fees, annual | $ 5 | ||
Restricted units | Director | |||
Related Party Transaction [Line Items] | |||
Restricted common units, vesting period | 3 years | ||
WebBank | Related Parties | |||
Related Party Transaction [Line Items] | |||
Deposits | $ 3,135 | 14,875 | |
Interest | 57 | 104 | 159 |
Consolidation, Elimination, WebBank | Related Parties | |||
Related Party Transaction [Line Items] | |||
Deposits | 1,298 | 12,391 | |
Interest | $ 46 | $ 89 | $ 150 |
DEBT AND CAPITAL LEASE OBLIGATIONS (Long-term debt) (Details) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
Aug. 05, 2014 |
Aug. 04, 2014 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Short term debt: | $ 1,269,000 | $ 602,000 | ||
Less portion due within one year (b) | 2,176,000 | 19,535,000 | ||
Long-term debt | 235,913,000 | 295,707,000 | ||
Total debt | 239,358,000 | 315,844,000 | ||
Current portion of capital lease | 1,028,000 | 486,000 | ||
Long-term portion of capital lease | 1,899,000 | 288,000 | ||
Capital lease facility | 2,927,000 | 774,000 | ||
Foreign | ||||
Debt Instrument [Line Items] | ||||
Short term debt: | 742,000 | 602,000 | ||
CoSine | Loans payable | Term Loans | ||||
Debt Instrument [Line Items] | ||||
Long-term debt: | 2,664,000 | 0 | ||
CoSine | Loans payable | Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt: | 18,793,000 | 0 | ||
CoSine | Foreign | ||||
Debt Instrument [Line Items] | ||||
Short term debt: | 527,000 | 0 | ||
Steel Excel | Loans payable | Term Loans | ||||
Debt Instrument [Line Items] | ||||
Long-term debt: | 42,666,000 | 78,653,000 | ||
Unamortized debt issuance cost | 280,000 | 632,000 | ||
HNH Revolving Facilities | Loans payable | Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt: | 90,613,000 | 193,375,000 | $ 40,000,000 | $ 110,000,000 |
Parent | ||||
Debt Instrument [Line Items] | ||||
Long-term debt: | 238,089,000 | 315,242,000 | ||
Less portion due within one year (b) | 2,176,000 | 19,535,000 | ||
Long-term debt | 235,913,000 | 295,707,000 | ||
Unamortized debt issuance cost | 280,000 | 57,000 | ||
Parent | Loans payable | Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt: | 75,140,000 | 33,788,000 | ||
Parent | Other debt - domestic | ||||
Debt Instrument [Line Items] | ||||
Long-term debt: | 6,936,000 | 8,014,000 | ||
Parent | Foreign loan facilities | ||||
Debt Instrument [Line Items] | ||||
Long-term debt: | $ 1,277,000 | $ 1,412,000 |
DEBT AND CAPITAL LEASE OBLIGATIONS (Long-term debt maturities) (Details) - Parent - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt: | $ 238,089 | $ 315,242 |
Less: Unamortized debt issuance costs | (280) | $ (57) |
2016 | 2,176 | |
2017 | 97,099 | |
2018 | 42,991 | |
2019 | 91,339 | |
2020 | 3,997 | |
Thereafter | $ 767 |
DEBT AND CAPITAL LEASE OBLIGATIONS (SPLP Revolving Credit Facility) (Details) - USD ($) |
Sep. 28, 2015 |
Dec. 31, 2015 |
Mar. 31, 2015 |
Apr. 30, 2014 |
---|---|---|---|---|
PNC Bank, National Association | Line of credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 105,000,000 | |||
Collateral | $ 371,300,000 | |||
PNC Bank, National Association | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 10,000,000 | |||
Weighted average interest rate (as a percent) | 2.15% | |||
Letters of credit | $ 893,000 | |||
Base Rate | Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, basis spread on variable rate (as a percent) | 0.625% | |||
London Interbank Offered Rate (LIBOR) | Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, basis spread on variable rate (as a percent) | 1.625% | |||
Variable rate basis | LIBOR | |||
Line of credit | Line of credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit | $ 47,500,000 | |||
Line of credit | Line of credit | CoSine | ||||
Debt Instrument [Line Items] | ||||
Line of credit | $ 37,000,000 | |||
Minimum | PNC Bank, National Association | Line of credit | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, basis spread on variable rate (as a percent) | 1.50% | |||
Maximum | PNC Bank, National Association | Line of credit | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, basis spread on variable rate (as a percent) | 1.625% |
DEBT AND CAPITAL LEASE OBLIGATIONS (HNH Debt) (Details) - USD ($) |
1 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Aug. 05, 2014 |
Jun. 03, 2014 |
Jun. 30, 2013 |
Feb. 28, 2013 |
Dec. 31, 2015 |
Sep. 28, 2015 |
Jan. 22, 2015 |
Dec. 31, 2014 |
Aug. 29, 2014 |
Aug. 04, 2014 |
|
Revolving credit facility | Line of credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Remaining excess availability | $ 183,200,000 | |||||||||
Line of credit | PNC Bank, National Association | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 105,000,000 | |||||||||
HNH Revolving Facilities | Interest rate swap agreements | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate basis | one-month LIBOR | one-month | ||||||||
Outstanding forward or future contracts, commodity, notional amount | $ 5,000,000 | $ 56,400,000 | ||||||||
Fixed interest rate (as a percent) | 0.598% | 0.569% | ||||||||
Notional amount, 2013 | $ 100,000 | $ 1,100,000 | ||||||||
Notional amount, 2014 | 200,000 | 1,800,000 | ||||||||
Notional amount, 2015 | $ 200,000 | $ 2,200,000 | ||||||||
HNH Revolving Facilities | Revolving credit facility | Line of credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Weighted average interest rate (as a percent) | 2.47% | |||||||||
HNH Revolving Facilities | Line of credit | Letter of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letters of credit | $ 4,800,000 | |||||||||
HNH Revolving Facilities | Line of credit | PNC Bank, National Association | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets provided as guarantee | 465,000,000 | |||||||||
HNH Revolving Facilities | Senior Debt Obligations | Line of credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument face amount | $ 365,000,000 | |||||||||
HNH Revolving Facilities | Revolving credit facility | Loans payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 40,000,000 | $ 90,613,000 | $ 193,375,000 | $ 110,000,000 | ||||||
Distribution | $ 80,000,000 | |||||||||
HNH Revolving Facilities | Revolving credit facility | London Interbank Offered Rate (LIBOR) | Loans payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate basis | LIBOR | |||||||||
HNH Revolving Facilities | Revolving credit facility | Base Rate | Loans payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate basis | Base Rate | |||||||||
HNH Revolving Facilities | Sublimit for Issuance of Letters of Credit | Revolving credit facility | Line of credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | 20,000,000 | |||||||||
HNH Revolving Facilities | Sublimit for Issuance of Swing Loans | Revolving credit facility | Line of credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 20,000,000 | |||||||||
HNH Revolving Facilities | HNH Senior Term Loans | London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate basis | LIBOR | |||||||||
Long-term debt, basis spread on variable rate (as a percent) | 2.00% | |||||||||
HNH Revolving Facilities | HNH Senior Term Loans | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate basis | Base Rate | |||||||||
Long-term debt, basis spread on variable rate (as a percent) | 1.00% | |||||||||
HNH Revolving Facilities | Insurance claims | Line of credit | Letter of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letters of credit | $ 3,400,000 | |||||||||
HNH Revolving Facilities | Environmental Remediation Contingency | Line of credit | Letter of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letters of credit | $ 1,400,000 | |||||||||
HNH Group Acquisition LLC | JPS Industries, Inc. | Limit for Buying Shares | Revolving credit facility | Line of credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 71,000,000 | |||||||||
WHX CS Corp. | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 15,000,000 | |||||||||
WHX CS Corp. | London Interbank Offered Rate (LIBOR) | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate basis | LIBOR | |||||||||
Long-term debt, basis spread on variable rate (as a percent) | 1.25% |
DEBT AND CAPITAL LEASE OBLIGATIONS (Subordinated Notes) (Details) - Subordinated Debt - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2013 |
Mar. 26, 2013 |
|
HNH Revolving Facilities | ||
Debt Instrument [Line Items] | ||
Stated rate | 10.00% | |
Repurchase amount | $ 31,800 | |
Redemption of principal | 112.60% | |
Irrevocable deposit | $ 36,900 | |
HNH Revolving Facilities | Payable in Cash | ||
Debt Instrument [Line Items] | ||
Stated rate | 6.00% | |
HNH Revolving Facilities | Payable In-Kind | ||
Debt Instrument [Line Items] | ||
Stated rate | 4.00% | |
Steel Partners, Ltd | ||
Debt Instrument [Line Items] | ||
Irrevocable deposit | $ 25,000 | |
Loss on extinguishment of debt | $ 5,700 |
DEBT AND CAPITAL LEASE OBLIGATIONS (Other Debt) (Details) - Handy & Harman Ltd. (HNH) - Mortgage loans on real estate $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Oct. 05, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
mortgage
|
Dec. 31, 2014
USD ($)
|
|
Debt Instrument [Line Items] | |||
Number Of Financial Instruments | mortgage | 2 | ||
Extinguishment of debt | $ 700 | ||
Debt instrument face amount | 5,400 | ||
Annual principal payment | $ 400 | ||
Payment period | 5 years | ||
Final payment | $ 3,600 | ||
Second facility | |||
Debt Instrument [Line Items] | |||
Mortgage balance | $ 1,600 | $ 1,700 | |
Weighted average interest rate (as a percent) | 3.12% | ||
London Interbank Offered Rate (LIBOR) | First facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, basis spread on variable rate (as a percent) | 2.00% | ||
Weighted average interest rate (as a percent) | 2.28% | ||
London Interbank Offered Rate (LIBOR) | Second facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, basis spread on variable rate (as a percent) | 2.70% |
DEBT AND CAPITAL LEASE OBLIGATIONS (Steel Excel Term Loan) (Details) |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
payment
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Debt Instrument [Line Items] | ||||
Interest expense | $ 8,862,000 | $ 11,073,000 | $ 10,454,000 | |
Steel Excel | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Interest expense | $ 2,400,000 | 3,100,000 | $ 1,400,000 | |
Steel Excel | Energy Credit Agreement | Sun Well | ||||
Debt Instrument [Line Items] | ||||
Ownership percentage interest | 100.00% | 100.00% | ||
Steel Excel | Long-term debt | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term debt: | $ 105,000,000 | $ 105,000,000 | ||
Debt issuance costs | 1,400,000 | |||
Assets pledged as collateral | 138,218,000 | 138,218,000 | ||
Quarterly installments | 3,300,000 | 3,300,000 | ||
Prepayment | $ 23,100,000 | |||
Number of quarterly installments | payment | 7 | |||
Loss on extinguishment of debt | $ 100,000 | |||
Steel Excel | Term loan | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term debt: | 95,000,000 | 95,000,000 | ||
Steel Excel | Loans payable | HNH Senior Term Loans | ||||
Debt Instrument [Line Items] | ||||
Long-term debt: | $ 42,666,000 | $ 42,666,000 | $ 78,653,000 | |
Steel Excel | Through June 15, 2015 | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Leverage ratio | 2.75 | 2.75 | ||
Steel Excel | After June 30, 2017 | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Leverage ratio | 2.50 | 2.50 | ||
Steel Excel | Through December 31, 2016 | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Fixed charge coverage ratio | 1.15 | 1.15 | ||
Steel Excel | After June 31, 2016 | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Fixed charge coverage ratio | 1.25 | 1.25 | ||
Steel Excel | Base Rate | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Variable rate basis | Base Rate | |||
Steel Excel | London Interbank Offered Rate (LIBOR) | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Variable rate basis | LIBOR | |||
Steel Excel | Federal Funds Rate | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Variable rate basis | Federal Funds Rate | |||
Long-term debt, basis spread on variable rate (as a percent) | 0.50% | |||
Steel Excel | One-Month LIBOR | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Variable rate basis | one-month LIBOR | |||
Long-term debt, basis spread on variable rate (as a percent) | 1.00% | |||
Interest rate (as a percent) | 3.10% | 3.10% | ||
Steel Excel | Minimum | Base Rate | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, basis spread on variable rate (as a percent) | 1.50% | |||
Steel Excel | Minimum | London Interbank Offered Rate (LIBOR) | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, basis spread on variable rate (as a percent) | 2.50% | |||
Steel Excel | Maximum | Base Rate | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, basis spread on variable rate (as a percent) | 2.25% | |||
Steel Excel | Maximum | London Interbank Offered Rate (LIBOR) | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, basis spread on variable rate (as a percent) | 3.25% | |||
SPLP | Energy Credit Agreement | Sun Well | ||||
Debt Instrument [Line Items] | ||||
Ownership percentage interest | 35.00% | 35.00% | ||
Revolving credit facility | Steel Excel | Line of credit | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 10,000,000 | $ 10,000,000 | ||
Borrowing base (as a percent) | 85.00% | |||
Revolving credit facility | Steel Excel | Minimum | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Commitment fees | 0.375% | |||
Revolving credit facility | Steel Excel | Maximum | Energy Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Commitment fees | 0.50% |
DEBT AND CAPITAL LEASE OBLIGATIONS (CoSine) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
Dec. 31, 2015
GBP (£)
|
---|---|---|
CoSine Communications, Inc. and API Group plc | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.26% | 4.26% |
CoSine Communications, Inc. and API Group plc | HSBC Bank plc | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 19,980 | £ 13,500,000 |
Letters of credit | $ 16,280 | |
Interest rate | 2.60% | 2.60% |
CoSine Communications, Inc. and API Group plc | HSBC | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 4,635 | |
Letters of credit | $ 2,513 | |
Interest rate | 3.24% | 3.24% |
Collateral | $ 18,100 | |
CoSine Communications, Inc. and API Group plc | Wells Fargo Bank | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 2,664 | |
Handy & Harman Ltd. (HNH) | Mortgage loans on real estate | Second facility | ||
Debt Instrument [Line Items] | ||
Collateral | $ 56,388 |
PENSION AND OTHER POST-RETIREMENT BENEFITS (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
SPH sponsored savings plan | |||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |||
Employer matching contribution (as a percent) | 50.00% | ||
Maximum annual contribution per employee (as a percent) | 6.00% | ||
Maximum annual contribution per employee | $ 283 | $ 243 | $ 220 |
Handy & Harman Ltd. (HNH) | |||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |||
2016 | 16,500 | ||
2017 | 34,300 | ||
2018 | 42,000 | ||
2019 | 38,800 | ||
2020 | 35,300 | ||
Thereafter | $ 92,500 | ||
Handy & Harman Ltd. (HNH) | HNH sponsored savings plan | |||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |||
Employer matching contribution (as a percent) | 50.00% | ||
Maximum annual contribution per employee (as a percent) | 6.00% | ||
Maximum annual contribution per employee | $ 1,900 | 2,000 | 1,600 |
Handy & Harman Ltd. (HNH) | HNH sponsored savings plan | Minimum | |||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |||
Maximum annual contribution per employee (as a percent) | 1.00% | ||
Handy & Harman Ltd. (HNH) | HNH sponsored savings plan | Maximum | |||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |||
Maximum annual contribution per employee (as a percent) | 75.00% | ||
Other pension plans | Handy & Harman Ltd. (HNH) | RSP Plan | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Amount of the RSP assets | $ 13,300 | 17,700 | |
Other pension plans | Handy & Harman Ltd. (HNH) | WHX Pension Plan | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Amortization period (in years) | 20 years | ||
Pension benefits | Handy & Harman Ltd. (HNH) | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Amount of the RSP assets | $ 347,921 | $ 323,493 | $ 351,869 |
Pretax amount of actuarial losses | $ 8,500 |
PENSION AND OTHER POST-RETIREMENT BENEFITS (Components of Pension Expense and Other Postretirement Benefit Expense) (Details) - Handy & Harman Ltd. (HNH) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Pension Benefits | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Service cost | $ 54 | $ 0 | $ 0 |
Interest cost | 24,870 | 20,518 | 18,447 |
Expected return on plan assets | (29,253) | (24,157) | (23,900) |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of actuarial loss | 6,229 | 1,878 | 5,026 |
Total | 1,900 | (1,761) | (427) |
Other Post-Retirement Benefits | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 46 | 49 | 98 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | (103) | (103) | 0 |
Amortization of actuarial loss | 37 | 34 | 8 |
Total | $ (20) | $ (20) | $ 106 |
PENSION AND OTHER POST-RETIREMENT BENEFITS (Actuarial Assumptions Used to Develop Components of Defined Benefit Pension Expense and Other Postretirement Benefit Expense) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Handy & Harman Ltd. (HNH) | Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected return on assets | 7.00% | 7.00% | 7.50% |
Handy & Harman Ltd. (HNH) | Pension Benefits | WHX Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rates: | 3.70% | 4.40% | 3.50% |
Handy & Harman Ltd. (HNH) | Pension Benefits | JPS Industries | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rates: | 4.00% | ||
Handy & Harman Ltd. (HNH) | Other Post-Retirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rates: | 3.55% | 4.10% | 3.65% |
Health care cost trend rate - initial | 6.75% | 7.00% | 7.25% |
Health care cost trend rate - ultimate | 5.00% | 5.00% | 5.00% |
Year ultimate reached | 2022 | 2022 | 2022 |
API | Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rates: | 3.70% | ||
Expected return on assets | 4.61% |
PENSION AND OTHER POST-RETIREMENT BENEFITS (Funded Status of HNH's Qualified Defined Benefit Pension Plans and Postretirement Benefit Plans) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Handy & Harman Ltd. (HNH) | Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | $ 531,824 | $ 494,272 | |
JPS and API pension plan acquisitions | 117,688 | 0 | |
Service cost | 54 | 0 | |
Interest cost | 21,286 | 20,518 | |
Actuarial (gain) loss | (19,814) | 51,274 | |
Participant contributions | 0 | 0 | |
Plan change | 0 | 0 | |
Benefits paid | (37,644) | (34,276) | |
Transfer from Canfield Salaried SEPP | 0 | 36 | |
Benefit obligation at December 31 | 613,394 | 531,824 | $ 494,272 |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 323,493 | 351,869 | |
JPS and API pension plan acquisition | 87,321 | 0 | |
Actual returns on plan assets | (43,273) | (14,676) | |
Participant contributions | 0 | 0 | |
Benefits paid | (37,644) | (34,276) | |
Company contributions | 18,024 | 20,540 | |
Transfer from Canfield Salaried SEPP | 0 | 36 | |
Fair value of plan assets at December 31 | 347,921 | 323,493 | 351,869 |
Funded status | (265,473) | (208,331) | |
Accumulated benefit obligation | 613,394 | 531,824 | 494,272 |
Current liability | 0 | 0 | |
Non-current liability | (265,473) | (208,331) | |
Total | (265,473) | (208,331) | |
Handy & Harman Ltd. (HNH) | Other Post-Retirement Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | 1,356 | 1,084 | |
JPS and API pension plan acquisitions | 0 | 0 | |
Service cost | 0 | 0 | |
Interest cost | 46 | 49 | |
Actuarial (gain) loss | 159 | 293 | |
Participant contributions | 1 | 1 | |
Plan change | 0 | 0 | |
Benefits paid | (349) | (71) | |
Transfer from Canfield Salaried SEPP | 0 | 0 | |
Benefit obligation at December 31 | 1,213 | 1,356 | 1,084 |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 0 | 0 | |
JPS and API pension plan acquisition | 0 | 0 | |
Actual returns on plan assets | 0 | 0 | |
Participant contributions | 1 | 1 | |
Benefits paid | (349) | (71) | |
Company contributions | 348 | 70 | |
Transfer from Canfield Salaried SEPP | 0 | 0 | |
Fair value of plan assets at December 31 | 0 | 0 | 0 |
Funded status | (1,213) | (1,356) | |
Accumulated benefit obligation | 1,213 | 1,356 | $ 1,084 |
Current liability | (119) | (124) | |
Non-current liability | (1,094) | (1,232) | |
Total | (1,213) | (1,356) | |
API | Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | 0 | ||
JPS and API pension plan acquisitions | 142,164 | ||
Service cost | 0 | ||
Interest cost | 3,444 | ||
Actuarial (gain) loss | (3,175) | ||
Participant contributions | 0 | ||
Plan change | 0 | ||
Benefits paid | (3,394) | ||
Transfer from Canfield Salaried SEPP | 0 | ||
Benefit obligation at December 31 | 139,039 | 0 | |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 0 | ||
JPS and API pension plan acquisition | 131,973 | ||
Actual returns on plan assets | (34) | ||
Participant contributions | 0 | ||
Benefits paid | (3,394) | ||
Company contributions | 690 | ||
Transfer from Canfield Salaried SEPP | 0 | ||
Fair value of plan assets at December 31 | 129,235 | 0 | |
Funded status | (9,804) | ||
Accumulated benefit obligation | 139,039 | $ 0 | |
Current liability | 0 | ||
Non-current liability | (9,804) | ||
Total | $ (9,804) |
PENSION AND OTHER POST-RETIREMENT BENEFITS (Weighted Average Assumptions Used In Valuations) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Handy & Harman Ltd. (HNH) | Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rates: | 4.01% | 3.70% | |
Handy & Harman Ltd. (HNH) | Other Post-Retirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rates: | 3.89% | 3.55% | |
Health care cost trend rate - initial | 6.50% | 6.75% | |
Health care cost trend rate - ultimate | 5.00% | 5.00% | 5.00% |
Year ultimate reached | 2022 | 2022 | 2022 |
JPS Industries | Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rates: | 3.93% | ||
API | Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rates: | 3.80% |
PENSION AND OTHER POST-RETIREMENT BENEFITS (Pretax Amounts Included In Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Handy & Harman Ltd. (HNH) | Pension Benefits | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Prior service credit | $ 0 | $ 0 |
Net actuarial loss | 226,296 | 183,927 |
Accumulated other comprehensive loss (income) | 226,296 | 183,927 |
Handy & Harman Ltd. (HNH) | Other Post-Retirement Benefits | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Prior service credit | (1,299) | (1,402) |
Net actuarial loss | 820 | 698 |
Accumulated other comprehensive loss (income) | (479) | $ (704) |
API | Pension Benefits | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Prior service credit | 0 | |
Net actuarial loss | 903 | |
Accumulated other comprehensive loss (income) | $ 903 |
PENSION AND OTHER POST-RETIREMENT BENEFITS (Other Changes in Plan Assets and Benefit Obligations Recognized in Comprehensive Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Handy & Harman Ltd. (HNH) | Pension Benefits | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Current year actuarial (income) loss | $ (48,505) | $ 90,106 | $ (54,111) |
Amortization of actuarial loss | (6,229) | (1,878) | (5,026) |
Current year prior service credit | 0 | 0 | 0 |
Amortization of prior service cost (credit) | 0 | 0 | 0 |
Total recognized in comprehensive (income) loss | (54,734) | 88,228 | (59,137) |
Handy & Harman Ltd. (HNH) | Other Post-Retirement Benefits | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Current year actuarial (income) loss | 159 | 293 | (1,403) |
Amortization of actuarial loss | (37) | (34) | (8) |
Current year prior service credit | 0 | 0 | (1,506) |
Amortization of prior service cost (credit) | 103 | 103 | 0 |
Total recognized in comprehensive (income) loss | 225 | $ 362 | $ (2,917) |
API | Pension Benefits | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Current year actuarial (income) loss | 903 | ||
Amortization of actuarial loss | 0 | ||
Current year prior service credit | 0 | ||
Amortization of prior service cost (credit) | 0 | ||
Total recognized in comprehensive (income) loss | $ 903 |
PENSION AND OTHER POST-RETIREMENT BENEFITS (Additional Information for Plans with Accumulated Benefit Obligations in Excess of Plan Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Handy & Harman Ltd. (HNH) | Pension Benefits | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Projected benefit obligation | $ 613,394 | $ 531,824 | $ 494,272 |
Accumulated benefit obligation | 613,394 | 531,824 | 494,272 |
Fair value of plan assets | 347,921 | 323,493 | 351,869 |
Handy & Harman Ltd. (HNH) | Other Post-Retirement Benefits | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Projected benefit obligation | 1,213 | 1,356 | 1,084 |
Accumulated benefit obligation | 1,213 | 1,356 | 1,084 |
Fair value of plan assets | 0 | 0 | $ 0 |
API | Pension Benefits | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Projected benefit obligation | 139,039 | 0 | |
Accumulated benefit obligation | 139,039 | 0 | |
Fair value of plan assets | $ 129,235 | $ 0 |
PENSION AND OTHER POST-RETIREMENT BENEFITS (WHX Plan's Assets) (Details) - Handy & Harman Ltd. (HNH) - Pension Benefits - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | $ 347,921 | $ 323,493 | $ 351,869 |
Credit contract | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 3,100 | ||
Pension assets subject to leveling | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 3,100 | 83,935 | |
Equity long/short | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 2,706 | 72,497 | |
Event driven | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 45,660 | 50,131 | |
Funds of funds - international large cap growth (3) | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 4,531 | ||
Large cap equity | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 35,081 | 9,548 | |
Mid-cap equity | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 9,040 | 36,771 | |
Small-cap equity | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 5,158 | 20,833 | |
International large cap value | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 4,664 | 10,058 | |
Intermediate bond fund | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 6,492 | ||
Other | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 662 | ||
Insurance separate account (4) | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 15,013 | ||
Total pension assets measured at net asset value | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 129,007 | 164,459 | |
Emerging markets growth | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 375 | ||
Equity contracts | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 2,570 | ||
Corporate bonds and loans | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 50,895 | ||
Shorts | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | (47,115) | ||
Fund of funds - Equity long/short | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 34,705 | ||
Global opportunities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 7,126 | ||
Cash & cash equivalents | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 166,503 | 75,099 | |
Net receivables | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 49,311 | ||
Level 1 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 1 | Pension assets subject to leveling | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 28,290 | ||
Level 1 | Large cap equity | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 9,548 | ||
Level 1 | Mid-cap equity | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 36,771 | ||
Level 1 | Small-cap equity | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 18,207 | ||
Level 1 | International large cap value | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 10,058 | ||
Level 1 | Emerging markets growth | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 375 | ||
Level 1 | Equity contracts | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 240 | ||
Level 1 | Corporate bonds and loans | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 1 | Shorts | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | (46,909) | ||
Level 2 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 3,100 | ||
Level 2 | Pension assets subject to leveling | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 55,645 | ||
Level 2 | Large cap equity | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 2 | Mid-cap equity | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 2 | Small-cap equity | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 2,626 | ||
Level 2 | International large cap value | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 2 | Emerging markets growth | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 2 | Equity contracts | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 2,330 | ||
Level 2 | Corporate bonds and loans | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 50,895 | ||
Level 2 | Shorts | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | (206) | ||
Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | ||
Level 3 | Pension assets subject to leveling | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 3 | Large cap equity | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 3 | Mid-cap equity | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 3 | Small-cap equity | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 3 | International large cap value | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 3 | Emerging markets growth | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 3 | Equity contracts | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 3 | Corporate bonds and loans | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | $ 500 | |
Level 3 | Shorts | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 |
PENSION AND OTHER POST-RETIREMENT BENEFITS (API Pension Plan Assets) (Details) - API - Pension Benefits - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | $ 129,235 | $ 0 |
Level 1 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 63,023 | |
Level 2 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 66,212 | |
Level 3 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Equity contracts | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 62,549 | |
Equity contracts | Level 1 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 62,549 | |
Equity contracts | Level 2 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Equity contracts | Level 3 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Credit contract | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 29,661 | |
Credit contract | Level 1 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Credit contract | Level 2 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 29,661 | |
Index-linked government bonds | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 8,721 | |
Index-linked government bonds | Level 1 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Index-linked government bonds | Level 2 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 8,721 | |
Property | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 12,795 | |
Property | Level 1 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Property | Level 2 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 12,795 | |
Hedge fund | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 15,035 | |
Hedge fund | Level 1 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Hedge fund | Level 2 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 15,035 | |
Cash & cash equivalents | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 474 | |
Cash & cash equivalents | Level 1 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | 474 | |
Cash & cash equivalents | Level 2 | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets | $ 0 |
PENSION AND OTHER POST-RETIREMENT BENEFITS (Fair Value Measurements of WHX Pension Plan Assets) (Details) - Handy & Harman Ltd. (HNH) - Pension Benefits $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2014
USD ($)
| |
Change in plan assets: | |
Fair value of plan assets at January 1 | $ 351,869 |
Fair value of plan assets at December 31 | 323,493 |
Corporate Bonds and Loans | |
Change in plan assets: | |
Fair value of plan assets at December 31 | 50,895 |
Corporate Bonds and Loans | Level 3 | |
Change in plan assets: | |
Fair value of plan assets at January 1 | 500 |
Transfers into Level 3 | 0 |
Transfers out of Level 3 | 0 |
Gains or losses included in changes in net assets | 73 |
Purchases | 0 |
Issuances | 0 |
Sales | (573) |
Settlements | 0 |
Fair value of plan assets at December 31 | $ 0 |
PENSION AND OTHER POST-RETIREMENT BENEFITS (Category, Fair Value, Redemption Frequency and Redemption Notice Period of Assets) (Details) - Handy & Harman Ltd. (HNH) - Pension Benefits - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 347,921 | $ 323,493 | $ 351,869 |
Fund of funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 34,705 | ||
Fund of funds | International large cap growth | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 4,531 | ||
Fund of funds | Collective equity investment funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Redemption Notice Period | 2 days | ||
Fund of funds | Equity long/short hedge funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 5,479 | ||
Redemption Frequency | Quarterly | ||
Redemption Notice Period | 45 days | ||
Fund of funds | Fund of fund composites | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 36,352 | ||
Redemption Frequency | Quarterly | ||
Redemption Notice Period | 65 days | ||
Hedge funds | Event driven hedge funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 45,660 | $ 50,131 | |
Redemption Frequency | Monthly | ||
Redemption Notice Period | 90 days | ||
Hedge funds | Equity long/short hedge funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 2,706 | $ 12,770 | |
Redemption Frequency | Annually | ||
Redemption Notice Period | 90 days | ||
Hedge funds | Collective equity investment funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 61,097 | ||
Hedge funds | Equity long/short hedge funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 59,727 | ||
Redemption Frequency | Annually | ||
Redemption Notice Period | 45 days | ||
Separately managed fund | Insurance separate account | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 15,013 | ||
Separately managed fund | Separately managed fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 28,917 | ||
Redemption Frequency | Monthly | ||
Redemption Notice Period | 30 days | ||
Separately managed fund | Separately managed fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 66,851 | ||
Redemption Frequency | Quarterly | ||
Redemption Notice Period | 45 days |
PENSION AND OTHER POST-RETIREMENT BENEFITS (Estimated Future Benefit Payments) (Details) - USD ($) $ in Thousands |
12 Months Ended | 60 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2025 |
|
Handy & Harman Ltd. (HNH) | Pension Benefits | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
2016 | $ 44,406 | ||||||
2017 | 44,062 | ||||||
2018 | 43,590 | ||||||
2019 | 43,095 | ||||||
2020 | 42,513 | ||||||
2021-2025 | 200,531 | ||||||
Handy & Harman Ltd. (HNH) | Other Post-Retirement Benefits | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
2016 | 119 | ||||||
2017 | 107 | ||||||
2018 | 105 | ||||||
2019 | 106 | ||||||
2020 | 89 | ||||||
2021-2025 | 385 | ||||||
API | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Annual contribution | 1,036 | ||||||
API | Pension Benefits | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
2016 | 5,269 | ||||||
2017 | 5,535 | ||||||
2018 | 5,831 | ||||||
2019 | 6,098 | ||||||
2020 | 6,320 | ||||||
2021-2025 | $ 36,156 | ||||||
Scenario, Forecast | API | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Annual contribution | $ 1,036 | $ 1,036 | $ 1,036 | $ 1,036 | $ 1,036 | $ 1,036 |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Common Unit Distributions) (Details) |
3 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
shares
|
Dec. 28, 2015
shares
|
Oct. 28, 2015
$ / shares
shares
|
Mar. 25, 2014
USD ($)
$ / shares
shares
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
USD ($)
shares
|
Dec. 31, 2013
USD ($)
shares
|
Dec. 31, 2015
USD ($)
shares
|
Dec. 27, 2015 |
Dec. 24, 2013
USD ($)
|
Dec. 31, 2012
shares
|
|
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Common units outstanding (in shares) | shares | 26,632,689 | 26,632,689 | 27,566,200 | 26,632,689 | ||||||||
Cash funded | $ 17,031,000 | $ 78,488,000 | $ 50,144,000 | |||||||||
Purchases of treasury units | $ 1,917,000 | $ 51,465,000 | $ 106,000 | |||||||||
Class A common units | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Common units outstanding (in shares) | shares | 26,502,425 | 26,502,425 | 26,502,425 | |||||||||
Class B common units | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Common units outstanding (in shares) | shares | 130,264 | 130,264 | 130,264 | |||||||||
Authorized amount under Repurchase Program | $ 5,000,000 | |||||||||||
Common Units | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Tender offer to purchase | $ 49,000,000 | |||||||||||
Purchases of treasury stock (in shares) | shares | 2,969,696 | |||||||||||
Cash funded | $ 1,500,000 | |||||||||||
Borrowings | $ 47,500,000 | |||||||||||
Treasury Units | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Common units outstanding (in shares) | shares | 10,055,224 | 10,055,224 | 8,964,049 | 5,373,241 | 10,055,224 | 4,154,371 | ||||||
Purchases of treasury stock (in shares) | shares | 108,000 | 3,117,754 | 6,015 | 262,073 | ||||||||
Purchases of treasury units | $ 1,917,000 | $ 51,465,000 | $ 106,000 | |||||||||
Partners' Capital | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Purchases of treasury units | $ 1,917,000 | $ 51,465,000 | $ 106,000 | $ 4,488,000 | ||||||||
Minimum | Common Units | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Repurchase price (in dollars per share) | $ / shares | $ 16.50 | |||||||||||
Maximum | Common Units | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Repurchase price (in dollars per share) | $ / shares | $ 17.50 | |||||||||||
Related Party Debt | SP General Services LLC | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Final settlement | $ 1,800,000 | |||||||||||
WebFinancial Holding Corporation | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
% Owned at December 31, 2015 | 90.70% | 100.00% | ||||||||||
CoSine | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Reverse stock split threshold (shares) | shares | 80,000 | |||||||||||
Noncontrolling interest | 11.90% | 19.40% | ||||||||||
% Owned at December 31, 2015 | 100.00% | |||||||||||
DGT | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Stock split ratio | 0.00001 | |||||||||||
Threshold for stock split (shares) | shares | 100,000 | |||||||||||
Right to receive ($ per share) | $ / shares | $ 18.30 | |||||||||||
Right to receive cash | $ 8,500,000 | $ 8,500,000 | $ 8,500,000 | |||||||||
DGT Holdings Corp. (DGT) (a) | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
% Owned at December 31, 2015 | 100.00% | 82.70% | ||||||||||
CoSine | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
% Owned at December 31, 2015 | 80.60% | |||||||||||
WebFinancial Holding Corporation | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
% Owned at December 31, 2015 | 100.00% | 90.70% | ||||||||||
Webfinancial Holdings | WebFinancial Holding Corporation | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
% Owned at December 31, 2015 | 100.00% |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Common Units Issuance) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Partners' Capital [Line Items] | |||
Vesting of restricted units | $ 2,281 | $ 420 | $ 26,957 |
Vesting period | 3 years | ||
Director | Steel Partners II, L.P. | Restricted common units | |||
Partners' Capital [Line Items] | |||
Vesting of restricted units | $ 75 | ||
Director | Steel Partners II, L.P. | Common unit | |||
Partners' Capital [Line Items] | |||
Value of units granted | 531 | ||
Common units issuance expense | $ 427 | $ 490 | $ 344 |
Vesting period, current year | |||
Partners' Capital [Line Items] | |||
Vesting percentage | 33.33% | ||
Vesting period, year two | |||
Partners' Capital [Line Items] | |||
Vesting percentage | 33.33% | ||
Vesting period, year three | |||
Partners' Capital [Line Items] | |||
Vesting percentage | 33.33% |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Accumulated Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | $ 2,805 | ||
Other comprehensive (loss) income, net of tax - before reclassifications (a) | (45,439) | ||
Reclassification adjustments, net of tax (b) | (9,695) | ||
Net other comprehensive loss attributable to common unit holders (c) | (55,134) | ||
Other changes | (1,939) | ||
Balance at end of period | (54,268) | $ 2,805 | |
Unrealized gain on available-for sale securities tax | 20,343 | ||
Tax provision | 11,207 | ||
Amount attributable to noncontrolling interests | 17,032 | (29,748) | $ 46,442 |
Unrealized gain on available-for-sale securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | 83,137 | ||
Other comprehensive (loss) income, net of tax - before reclassifications (a) | (22,792) | ||
Reclassification adjustments, net of tax (b) | (9,695) | ||
Net other comprehensive loss attributable to common unit holders (c) | (32,487) | ||
Other changes | 0 | ||
Balance at end of period | 50,650 | 83,137 | |
Amount attributable to noncontrolling interests | 5,756 | ||
Unrealized loss on derivative financial instruments | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Other comprehensive (loss) income, net of tax - before reclassifications (a) | $ (1,415) | ||
Reclassification adjustments, net of tax (b) | |||
Net other comprehensive loss attributable to common unit holders (c) | $ (1,415) | ||
Other changes | 0 | ||
Balance at end of period | (1,415) | 0 | |
Cumulative translation adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | (4,691) | ||
Other comprehensive (loss) income, net of tax - before reclassifications (a) | (2,966) | ||
Reclassification adjustments, net of tax (b) | 0 | ||
Net other comprehensive loss attributable to common unit holders (c) | (2,966) | ||
Other changes | (1,939) | ||
Balance at end of period | (9,596) | (4,691) | |
Amount attributable to noncontrolling interests | (984) | ||
Change in net pension and other benefit obligations | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | (75,641) | ||
Other comprehensive (loss) income, net of tax - before reclassifications (a) | (18,266) | ||
Reclassification adjustments, net of tax (b) | 0 | ||
Net other comprehensive loss attributable to common unit holders (c) | (18,266) | ||
Other changes | 0 | ||
Balance at end of period | (93,907) | $ (75,641) | |
Amount attributable to noncontrolling interests | $ 7,573 |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Incentive Unit Expense and Common Unit Option Liability) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Stockholders' Equity Note [Abstract] | |||
Incentive units granted, percentage of outstanding common units (as a percent) | 100.00% | ||
Incentive unit expense | $ 0 | $ 0 | $ 26,600 |
Incentive unit expense (in shares) | 0 | 0 | 1,534,000 |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Subsidiary Purchases of Common Units) (Details) - Common unit - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Distribution Made to Limited Partner [Line Items] | |||
Common units repurchased during period (in shares) | 983,175 | 473,054 | 1,212,855 |
Common units repurchased during period, Cost | $ 17,323 | $ 7,921 | $ 15,690 |
NET INCOME (LOSS) PER COMMON UNIT (Net Income Per Common Unit) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | |||||||||||
Net income (loss) from continuing operations | $ 57,142 | $ (14,792) | $ 9,154 | $ 18,807 | $ (39,333) | $ 18,545 | $ 17,573 | $ (14,357) | $ 70,311 | $ (17,572) | $ 38,374 |
Net loss (income) from continuing operations attributable to noncontrolling interests in consolidated entities | 10,875 | 3,882 | (23,227) | ||||||||
Net income (loss) from continuing operations attributable to common unit holders | 81,186 | (13,690) | 15,147 | ||||||||
Net income from discontinued operations | 86,257 | 10,304 | 6,446 | ||||||||
Net income from discontinued operations attributable to noncontrolling interests in consolidated entities | (30,708) | (4,169) | (2,133) | ||||||||
Net income from discontinued operations attributable to common unit holders | 55,549 | 6,135 | 4,313 | ||||||||
Net income (loss) attributable to common unitholders | $ 136,735 | $ (7,555) | $ 19,460 | ||||||||
Net (loss) income per common unit - basic (in dollars per share) | |||||||||||
Net income (loss) from continuing operations | $ 2.19 | $ (0.38) | $ 0.39 | $ 0.81 | $ (0.72) | $ 0.46 | $ 0.27 | $ (0.46) | $ 2.97 | $ (0.48) | $ 0.51 |
Net income from discontinued operations | 2.03 | 0.21 | 0.14 | ||||||||
Net income (loss) attributable to common unitholders | 2.24 | (0.44) | 0.39 | 2.84 | (0.68) | 0.50 | 0.34 | (0.41) | 5.00 | (0.27) | 0.65 |
Net (loss) income per common unit - diluted (in dollars per share) | |||||||||||
Net income (loss) from continuing operations | 2.19 | (0.38) | 0.39 | 0.80 | (0.72) | 0.46 | 0.27 | (0.46) | 2.96 | (0.48) | 0.49 |
Net income from discontinued operations | 2.02 | 0.21 | 0.14 | ||||||||
Net income (loss) attributable to common unitholders | $ 2.24 | $ (0.44) | $ 0.38 | $ 2.80 | $ (0.68) | $ 0.50 | $ 0.34 | $ (0.41) | $ 4.98 | $ (0.27) | $ 0.63 |
Weighted average common units outstanding - basic (in shares) | |||||||||||
Weighted average common units outstanding - basic | 27,317,974 | 28,710,220 | 29,912,993 | ||||||||
Incentive units | 112,127 | 0 | 826,986 | ||||||||
Unvested restricted units | 12,207 | 0 | 58,134 | ||||||||
Denominator for net income per common unit - diluted (a) | 27,442,308 | 28,710,220 | 30,798,113 | ||||||||
Common Units | |||||||||||
Weighted average common units outstanding - basic (in shares) | |||||||||||
Anti-dilutive shares (shares) | 32,566 | ||||||||||
Restricted Stock Units | |||||||||||
Weighted average common units outstanding - basic (in shares) | |||||||||||
Anti-dilutive shares (shares) | 13,728 |
SEGMENT INFORMATION (Segment Information) (Details) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Handy & Harman Ltd. (HNH) | Diversified | ||||
Segment Reporting Information [Line Items] | ||||
% Owned at December 31, 2015 | 70.10% | |||
Steel Excel | Energy | ||||
Segment Reporting Information [Line Items] | ||||
% Owned at December 31, 2015 | 58.30% | |||
WebBank | Financial services | ||||
Segment Reporting Information [Line Items] | ||||
% Owned at December 31, 2015 | 90.70% | |||
SPH Services, Inc. (SPH Services) | Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
% Owned at December 31, 2015 | 100.00% | |||
CoSine | ||||
Segment Reporting Information [Line Items] | ||||
% Owned at December 31, 2015 | 80.60% | |||
CoSine | Diversified | ||||
Segment Reporting Information [Line Items] | ||||
% Owned at December 31, 2015 | 100.00% | 90.70% | 90.70% | |
Aviat Networks, Inc. (Aviat) | ||||
Segment Reporting Information [Line Items] | ||||
Ownership | 12.90% | 12.90% | 12.90% | 0.00% |
Aviat Networks, Inc. (Aviat) | Energy | ||||
Segment Reporting Information [Line Items] | ||||
Ownership | 12.90% | 12.90% | 12.90% | |
DGT Holdings Corp. (DGT) (a) | Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
% Owned at December 31, 2015 | 100.00% | |||
SL Industries, Inc. | ||||
Segment Reporting Information [Line Items] | ||||
Ownership | 25.10% | 25.10% | 25.10% | 24.00% |
SL Industries, Inc. | Diversified | ||||
Segment Reporting Information [Line Items] | ||||
Ownership | 25.10% | 25.10% | 25.10% | |
API Technologies Corp. (API Tech) | ||||
Segment Reporting Information [Line Items] | ||||
Ownership | 20.60% | 20.60% | 20.60% | 20.60% |
API Technologies Corp. (API Tech) | Energy | ||||
Segment Reporting Information [Line Items] | ||||
Ownership | 20.60% | 20.60% | 20.60% | |
BNS Holding, Inc. (BNS) and BNS Liquidating Trust (BNS Liquidating Trust) | Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
% Owned at December 31, 2015 | 84.90% | |||
iGo, Inc. | Energy | ||||
Segment Reporting Information [Line Items] | ||||
Ownership | 45.70% | 45.70% | 45.70% | |
ModusLink Global Solutions, Inc. (MLNK) | ||||
Segment Reporting Information [Line Items] | ||||
Ownership | 31.50% | 31.50% | 31.50% | 27.70% |
ModusLink Global Solutions, Inc. (MLNK) | Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Ownership | 31.50% | 31.50% | 31.50% |
SEGMENT INFORMATION (Segment Description) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Diversified | |||
Segment Reporting Information [Line Items] | |||
Revenue: | $ 10,200 | $ 8,900 | $ 8,900 |
Energy | |||
Segment Reporting Information [Line Items] | |||
Revenue: | 8,150 | 8,000 | 8,000 |
Financial services | |||
Segment Reporting Information [Line Items] | |||
Revenue: | $ 3,167 | $ 250 | $ 250 |
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Segment Reporting Information [Line Items] | |||||||||||
Revenue: | $ 255,412 | $ 276,390 | $ 251,654 | $ 214,581 | $ 199,147 | $ 234,523 | $ 228,003 | $ 187,857 | $ 998,037 | $ 849,530 | $ 721,114 |
Income (loss) from continuing operations before income taxes: | (8,408) | 6,716 | 44,851 | ||||||||
Income tax (benefit) provision | (78,719) | 24,288 | 6,477 | ||||||||
Net income (loss) from continuing operations | $ 57,142 | $ (14,792) | $ 9,154 | $ 18,807 | $ (39,333) | $ 18,545 | $ 17,573 | $ (14,357) | 70,311 | (17,572) | 38,374 |
Income (loss) from equity method investments: | (34,570) | (2,488) | 27,515 | ||||||||
Diversified | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue: | 763,009 | 600,468 | 571,164 | ||||||||
Income (loss) from continuing operations before income taxes: | 42,281 | 65,543 | 51,900 | ||||||||
Income (loss) from equity method investments: | (1,252) | 26,115 | 18,257 | ||||||||
Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue: | 132,620 | 210,148 | 120,029 | ||||||||
Income (loss) from continuing operations before income taxes: | (95,112) | (26,254) | 12,641 | ||||||||
Income (loss) from equity method investments: | (16,102) | (6,070) | (863) | ||||||||
Financial services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue: | 69,430 | 36,647 | 28,185 | ||||||||
Income (loss) from continuing operations before income taxes: | 46,314 | 24,251 | 17,668 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue: | 32,978 | 2,267 | 1,736 | ||||||||
Income (loss) from continuing operations before income taxes: | (1,891) | (56,824) | (37,358) | ||||||||
Income (loss) from equity method investments: | $ (17,216) | $ (22,533) | $ 10,121 |
SEGMENT INFORMATION (Additional Segment Information) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Segment Reporting Information [Line Items] | |||
Interest expense | $ 10,312 | $ 11,888 | $ 11,152 |
Capital expenditures | 23,252 | 28,769 | 20,885 |
Depreciation and amortization | 48,560 | 38,438 | 30,990 |
Diversified | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 5,238 | 7,544 | 8,593 |
Capital expenditures | 17,212 | 12,658 | 11,744 |
Depreciation and amortization | 27,340 | 17,659 | 16,197 |
Energy | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 2,455 | 3,177 | 1,725 |
Capital expenditures | 4,785 | 15,939 | 8,932 |
Depreciation and amortization | 20,629 | 19,992 | 13,492 |
Financial services | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 1,450 | 638 | 496 |
Capital expenditures | 1,153 | 40 | 57 |
Depreciation and amortization | 170 | 117 | 125 |
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 1,169 | 529 | 338 |
Capital expenditures | 102 | 132 | 152 |
Depreciation and amortization | $ 421 | $ 670 | $ 1,176 |
SEGMENT INFORMATION (Identifiable Assets Employed) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Assets | $ 1,684,773 | $ 1,490,497 |
Diversified | ||
Segment Reporting Information [Line Items] | ||
Assets | 805,620 | 518,035 |
Energy | ||
Segment Reporting Information [Line Items] | ||
Assets | 332,661 | 443,491 |
Financial services | ||
Segment Reporting Information [Line Items] | ||
Assets | 331,714 | 228,264 |
Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Assets | 212,229 | 224,289 |
Segment totals | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,682,224 | 1,414,079 |
Discontinued operations | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,549 | 76,418 |
Inactive properties | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 7,300 | $ 8,400 |
SEGMENT INFORMATION (Revenue and Long-Lived Assets) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | $ 255,412 | $ 276,390 | $ 251,654 | $ 214,581 | $ 199,147 | $ 234,523 | $ 228,003 | $ 187,857 | $ 998,037 | $ 849,530 | $ 721,114 |
Long-lived assets | 255,402 | 184,314 | 255,402 | 184,314 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 857,341 | 798,663 | 668,131 | ||||||||
Long-lived assets | 215,619 | 171,582 | 215,619 | 171,582 | |||||||
Foreign | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 140,696 | 50,867 | $ 52,983 | ||||||||
Long-lived assets | $ 39,783 | $ 12,732 | $ 39,783 | $ 12,732 |
INCOME TAXES (Provision for (Benefit From) Income Taxes) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income from continuing operations before income taxes and equity method income (loss): | |||
Domestic | $ 22,107 | $ 25,137 | $ 16,648 |
Foreign | 1,262 | 136 | (123) |
Income from continuing operations before income taxes and equity method income (loss) | 23,369 | 25,273 | 16,525 |
Current: | |||
Federal | 20,220 | 7,706 | 4,178 |
State | 5,841 | 1,912 | 3,940 |
Foreign | 995 | 1,360 | (6,709) |
Total income taxes, current | 27,056 | 10,978 | 1,409 |
Deferred: | |||
Federal | (105,928) | 13,208 | 1,834 |
State | 1,530 | 419 | 1,982 |
Foreign | (1,377) | (317) | 1,252 |
Total income taxes, deferred | (105,775) | 13,310 | 5,068 |
Income tax (benefit) provision | $ (78,719) | $ 24,288 | $ 6,477 |
INCOME TAXES (Reconciliation of Income Tax Expense Computed at the Federal Statutory Rate to the Provision for Income Taxes) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Income from continuing operations before income taxes and equity method income (loss) | $ 23,369 | $ 25,273 | $ 16,525 |
Federal income tax provision at statutory rate | 8,179 | 8,846 | 5,771 |
Loss passed through to common unitholders (a) | 7,177 | 5,842 | 12,268 |
Income tax provision (benefit) at federal statutory income tax rate, including income passed through to common unitholders | 15,356 | 14,688 | 18,039 |
State income taxes | 4,277 | 3,189 | 2,180 |
Change in valuation allowance | (91,052) | (7,730) | (7,320) |
Foreign tax rate differences | (235) | 605 | 171 |
Uncertain tax positions | (440) | (116) | (6,110) |
Permanent differences and other | (6,625) | 13,652 | (483) |
Income tax (benefit) provision | $ (78,719) | $ 24,288 | $ 6,477 |
INCOME TAXES (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Deferred Tax Assets: | ||
Operating loss carryforwards (a) | $ 211,045 | $ 90,958 |
Postretirement and postemployment employee benefits | 108,316 | 84,628 |
Tax credit carryforwards | 48,380 | 37,220 |
Accrued costs | 8,801 | 7,131 |
Investment impairments and unrealized losses | 19,266 | 5,265 |
Inventories | 299 | 2,168 |
Foreign tax credits | 1,827 | 201 |
Environmental costs | 1,013 | 913 |
Impairment of long-lived assets | 551 | 529 |
Other | 16,431 | 11,216 |
Gross deferred tax assets | 415,929 | 240,229 |
Deferred Tax Liabilities: | ||
Intangible assets | (36,528) | (39,321) |
Fixed assets | (39,362) | (37,010) |
Unremitted foreign earnings | (256) | (903) |
Other | (7,093) | (870) |
Gross deferred tax liabilities | (83,239) | (78,104) |
Valuation allowance (a) | (124,555) | (91,766) |
Net deferred tax assets | 208,135 | 70,359 |
Deferred tax assets - non-current | ||
Deferred Tax Liabilities: | ||
Net deferred tax assets | 212,894 | 74,155 |
Deferred tax liabilities - non-current | ||
Deferred Tax Liabilities: | ||
Net deferred tax assets | $ 4,759 | $ 3,796 |
INCOME TAXES (Net Operating Losses) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Oct. 31, 2015 |
|
Operating Loss Carryforwards [Line Items] | ||||
Change in valuation allowance | $ 111,881 | $ 7,730 | $ 7,320 | |
Tax effect of net operating loss carryforwards | 211,045 | 90,958 | ||
Tax credit carryforwards | 48,380 | 37,220 | ||
Tax liability relating to undistributed earnings of foreign subsidiaries | 256 | 903 | ||
Change in valuation allowance | (91,052) | (7,730) | $ (7,320) | |
Valuation allowance | 124,555 | 91,766 | ||
Domestic Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Limitations on use | 7,665 | |||
Handy & Harman Ltd. (HNH) | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 71,300 | |||
Tax effect of net operating loss carryforwards | 25,000 | |||
Tax credit carryforwards | $ 7,400 | |||
Undistributed earnings of foreign subsidiaries | 6,200 | |||
Tax liability relating to undistributed earnings of foreign subsidiaries | 2,500 | |||
Handy & Harman Ltd. (HNH) | JPS Industries | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 47,000 | |||
Handy & Harman Ltd. (HNH) | Internal Revenue Service (IRS) | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 71,300 | |||
Utilization of Federal net operating losses | 57,300 | |||
Reduction of net operating loss | 31,000 | |||
Tax effect of reduction of net operating loss carryforwards | 10,800 | |||
WFH LLC (formerly CoSine) | Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 7,533 | |||
WFH LLC (formerly CoSine) | Domestic Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 8,563 | |||
Steel Excel | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforward, stock based compensation | 10,500 | |||
Steel Excel | Internal Revenue Service (IRS) | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 139,100 | |||
Federal research and development credit carryforwards | 30,300 | |||
Steel Excel | State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 156,100 | |||
Federal research and development credit carryforwards | 17,700 | |||
WebFinancial Holding Corporation | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 329,600 | |||
Credit carryforward | 7,540 | |||
Change in valuation allowance | 111,881 | |||
Valuation allowance | 12,900 | |||
WebFinancial Holding Corporation | State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 77,500 | |||
DGT Holdings Corp. (DGT) (a) | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 31,961 | |||
DGT Holdings Corp. (DGT) (a) | State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 25,807 |
INCOME TAXES (Change in the Amount of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of period | $ 20,350 | $ 20,465 |
Additions for tax positions related to current year | 9,056 | 144 |
Additions due to interest accrued | 85 | 61 |
Payments | (57) | |
Reductions due to lapsed statute of limitations | (362) | (320) |
Balance at end of period | $ 29,072 | $ 20,350 |
INCOME TAXES (Uncertain Tax Positions) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | $ 29,072 | $ 20,350 | $ 20,465 |
Handy & Harman Ltd. (HNH) | |||
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | 1,786 | 1,274 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 100 | 100 | |
Change in unrecognized tax benefits that is reasonably possible | 300 | ||
Liability/refund adjustment from settlement with taxing authority | 57 | ||
Steel Excel | |||
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | 27,300 | 19,076 | |
Unrecognized tax benefits that would impact effective tax rate | 300 | ||
Decrease from reversal of reserves | $ 100 | ||
Steel Excel | Foreign Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Refund | $ 1,700 |
REGULATORY MATTERS (Requirements) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Total Capital (to risk-weighted assets) | ||
Actual | $ 65,353 | $ 42,861 |
For capital adequacy purposes | 23,076 | 13,720 |
To be well capitalized under prompt corrective provisions | 28,845 | 17,150 |
Tier 1 Capital (to risk-weighted assets) | ||
Actual | 64,535 | 42,116 |
For capital adequacy purposes | 17,307 | 6,860 |
To be well capitalized under prompt corrective provisions | 23,076 | 10,290 |
Tier 1 Common Equity, Actual | 64,535 | |
Tier 1 Common Equity for capital adequacy | 12,980 | |
Tier 1 Common Equity to be well capitalized | 18,749 | |
Tier 1 Capital (to average assets) | ||
Actual | 64,535 | 42,116 |
For capital adequacy purposes | 13,116 | 8,627 |
To be well capitalized under prompt corrective provisions | $ 16,395 | $ 10,784 |
Risk Based Ratios (as a percent) | ||
Total Capital (to risk-weighted assets) Actual | 22.66% | 24.99% |
Total Capital (to risk-weighted assets) For capital adequacy purposes | 8.00% | 8.00% |
Total Capital (to risk-weighted assets) To be well capitalized under prompt corrective provisions | 10.00% | 10.00% |
Tier 1 Capital (to risk-weighted assets) Actual | 22.37% | 24.56% |
Tier 1 Capital (to risk-weighted assets) For adequacy purposes | 6.00% | 4.00% |
Tier 1 Capital (to risk-weighted assets) To be well capitalized under prompt corrective provisions | 8.00% | 6.00% |
Leverage Ratios (as a percent) | ||
Tier 1 Common Equity Actual | 22.37% | |
Tier 1 Common Equity for capital adequacy | 4.50% | |
Tier 1 Common Equity to be well capitalized | 6.50% | |
Tier 1 Capital (to average assets) Actual | 19.68% | 19.53% |
Tier 1 Capital (to average assets) For capital adequacy purposes | 4.00% | 4.00% |
Tier 1 Capital (to average assets) To be well capitalized under prompt corrective provisions | 5.00% | 5.00% |
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) $ in Thousands |
12 Months Ended | 264 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
claim
|
Dec. 31, 2014
USD ($)
claim
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2015
USD ($)
claim
defendant
|
|
Loss Contingencies [Line Items] | ||||
Rent expense | $ 10,026 | $ 8,501 | $ 7,631 | |
Accrual for environmental matters | 3,922 | 3,822 | $ 3,922 | |
Sold Parcel | ||||
Loss Contingencies [Line Items] | ||||
Remaining remediation and monitoring costs | $ 100 | |||
Former owner/operator | Costs | ||||
Loss Contingencies [Line Items] | ||||
Responsibility for site investigation and remediation costs (as a percent) | 75.00% | 75.00% | ||
First joint venture partner of former owner/operator | Costs | ||||
Loss Contingencies [Line Items] | ||||
Responsibility for site investigation and remediation costs (as a percent) | 37.50% | 37.50% | ||
HHEM and HNH | Costs | ||||
Loss Contingencies [Line Items] | ||||
Responsibility for site investigation and remediation costs (as a percent) | 25.00% | 25.00% | ||
Accrual for environmental loss contingencies, payments | $ 1,000 | |||
Investigation and remediation costs | 4,900 | |||
HHEM | Costs | ||||
Loss Contingencies [Line Items] | ||||
Investigation and remediation costs | 1,600 | |||
Handy & Harman Ltd. (HNH) | ||||
Loss Contingencies [Line Items] | ||||
Accrual for environmental matters | 2,500 | $ 2,500 | ||
Insurance reimbursement receivable | 2,900 | $ 3,100 | 2,900 | |
HHEM | ||||
Loss Contingencies [Line Items] | ||||
Accrual for environmental matters | $ 100 | $ 100 | ||
BNS Subsidiary | ||||
Loss Contingencies [Line Items] | ||||
Total claims (in number of claims) | claim | 1,348 | 1,326 | 1,348 | |
Number of claims, dismissed, settled or granted summary judgment and closed (in claims) | claim | 1,191 | 1,108 | ||
Claims, litigation matters (in number of claims) | claim | 157 | 218 | 157 | |
BNS Subsidiary | Insurance claims | ||||
Loss Contingencies [Line Items] | ||||
Insurance, coverage limit | $ 183,000 | |||
Remaining coverage limit | 1,543 | $ 2,102 | $ 1,543 | |
Accrual relating to open and active claims | 1,422 | $ 1,422 | $ 1,422 | |
BNS Subsidiary | Minimum | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, number of defendants (in defendants) | defendant | 100 | |||
BNS Subsidiary | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Claims settled, average settlement value | $ 3 |
COMMITMENTS AND CONTINGENCIES (Minimum Future Operating Lease Commitments) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Less than 1 year | $ 8,075 |
1-3 years | 12,030 |
3-5 years | 8,881 |
More than 5 years | 9,355 |
Total | $ 38,341 |
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Supplemental Cash Flow Elements [Abstract] | |||
Interest | $ 9,213 | $ 11,471 | $ 12,103 |
Taxes | 24,221 | 12,194 | 16,720 |
Reclassification of investment in associated company to investment in consolidated subsidiaries | 66,239 | 0 | 0 |
Reclassification of investment in associated company to investment in consolidated subsidiaries | 48,748 | 0 | 0 |
Reclassification of investment in associated company to cost of an acquisition | 10,857 | 27,647 | 0 |
Partnership interest exchanged for marketable securities | 25,000 | 0 | 0 |
Sales of marketable securities not settled | 23,229 | 0 | 0 |
Securities received in exchange for financial instrument obligations | 76 | 20,007 | 0 |
Securities delivered in exchange for settlement of financial instrument obligations | 76 | 520 | 0 |
Net decrease (increase) in restricted cash from purchase of foreign currency financial instruments | 0 | 25,090 | (377) |
Net transfers between loans and other assets | 0 | 0 | 119 |
Repurchase of common stock by subsidiary not paid | (8,557) | 0 | 0 |
Subsidiary restricted stock awards surrendered to satisfy tax withholding obligations | 85 | 120 | 0 |
Note receivable exchanged for preferred stock | 75 | 0 | 0 |
Contribution of note payable by non-controlling interest | $ 0 | $ 268 | $ 0 |
QUARTERLY FINANCIAL DATA (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 255,412 | $ 276,390 | $ 251,654 | $ 214,581 | $ 199,147 | $ 234,523 | $ 228,003 | $ 187,857 | $ 998,037 | $ 849,530 | $ 721,114 |
Net Income (Loss) From Continuing Operations | $ 57,142 | $ (14,792) | $ 9,154 | $ 18,807 | $ (39,333) | $ 18,545 | $ 17,573 | $ (14,357) | $ 70,311 | $ (17,572) | $ 38,374 |
Per Common Unit Basic | $ 2.19 | $ (0.38) | $ 0.39 | $ 0.81 | $ (0.72) | $ 0.46 | $ 0.27 | $ (0.46) | $ 2.97 | $ (0.48) | $ 0.51 |
Per Common Unit Diluted | $ 2.19 | $ (0.38) | $ 0.39 | $ 0.80 | $ (0.72) | $ 0.46 | $ 0.27 | $ (0.46) | $ 2.96 | $ (0.48) | $ 0.49 |
Net Income (Loss) Attributable to Common Unit Holders | $ 59,868 | $ (12,143) | $ 10,579 | $ 78,431 | $ (18,671) | $ 14,027 | $ 9,795 | $ (12,706) | $ 136,735 | $ (7,555) | $ 19,460 |
Per Common Unit Basic | $ 2.24 | $ (0.44) | $ 0.39 | $ 2.84 | $ (0.68) | $ 0.50 | $ 0.34 | $ (0.41) | $ 5.00 | $ (0.27) | $ 0.65 |
Per Common Unit Diluted | $ 2.24 | $ (0.44) | $ 0.38 | $ 2.80 | $ (0.68) | $ 0.50 | $ 0.34 | $ (0.41) | $ 4.98 | $ (0.27) | $ 0.63 |
Other than temporary impairment losses | $ 30,552 | $ 9,202 | $ 22,740 | $ 5,598 | $ 1,010 | ||||||
Tax benefit | $ 78,719 | $ (24,288) | (6,477) | ||||||||
Goodwill impairment | 19,571 | 41,450 | 0 | ||||||||
WebFinancial Holding Corporation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Tax benefit | 111,881 | ||||||||||
Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 132,620 | $ 210,148 | $ 120,029 | ||||||||
Goodwill impairment | $ 19,571 | $ 41,450 | $ 19,571 |
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