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 | Accelerated filer | þ | |
Non-accelerated filer | o | Smaller reporting company | þ | |
Emerging growth 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. | ||
Item 16. | ||
• | 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 Wall Street Reform and Consumer Protection Act ("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; |
• | the Fair Credit Reporting Act, which governs the use of credit reports and the reporting of information to credit bureaus, and imposes restrictions on the marketing of credit products through prescreened solicitations based on credit report information; |
• | the Servicemembers Civil Relief Act and the Military Lending Act, which impose rate limitations and other requirements in connection with the credit obligations of active duty military personnel and certain of their dependents; |
• | federal and state laws relating to privacy and the safeguarding of personally identifiable consumer information and data breach notification; |
• | the Bank Secrecy Act, which relates to compliance with anti-money laundering, customer due diligence and record-keeping policies and procedures; and |
• | laws governing the permissibility of the interest rates and fees that are charged to borrowers. |
• | the inability to generate sufficient taxable income in future years to use such benefits before they expire as NOLs generated for taxable years ending on or before December 31, 2017 have a limited carryforward period; |
• | a change in control of our subsidiaries that would trigger limitations on the amount of taxable income in future years that may be offset by NOLs and other carryforwards that existed prior to the change in control; and |
• | examinations and audits by the IRS and other taxing authorities could reduce the amount of NOLs and other credit carryforwards that are available for future years. |
CONSOLIDATED STATEMENT OF OPERATIONS DATA (a), (b) | Year Ended December 31, | ||||||||||||||||||
(in thousands, except common unit and per common unit data) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||
Revenue | $ | 1,584,614 | $ | 1,372,027 | $ | 1,163,549 | $ | 965,059 | $ | 847,263 | |||||||||
Net (loss) income from continuing operations | $ | (31,490 | ) | $ | 6,012 | $ | 2,571 | $ | 70,311 | $ | (17,572 | ) | |||||||
Income from discontinued operations | — | — | — | 86,257 | 10,304 | ||||||||||||||
Net (loss) income | (31,490 | ) | 6,012 | 2,571 | 156,568 | (7,268 | ) | ||||||||||||
Net (income) loss attributable to noncontrolling interests in consolidated entities | (1,114 | ) | (6,028 | ) | 4,059 | (19,833 | ) | (287 | ) | ||||||||||
Net (loss) income attributable to common unitholders | $ | (32,604 | ) | $ | (16 | ) | $ | 6,630 | $ | 136,735 | $ | (7,555 | ) | ||||||
Net (loss) income per common unit - basic: | |||||||||||||||||||
Net (loss) income from continuing operations | $ | (1.25 | ) | $ | — | $ | 0.25 | $ | 2.97 | $ | (0.48 | ) | |||||||
Net income from discontinued operations | — | — | — | 2.03 | 0.21 | ||||||||||||||
Net (loss) income attributable to common unitholders | $ | (1.25 | ) | $ | — | $ | 0.25 | $ | 5.00 | $ | (0.27 | ) | |||||||
Basic weighted-average common units outstanding | 25,984,185 | 26,053,098 | 26,353,714 | 27,317,974 | 28,710,220 | ||||||||||||||
Net (loss) income per common unit - diluted: | |||||||||||||||||||
Net (loss) income from continuing operations | $ | (1.25 | ) | $ | — | $ | 0.25 | $ | 2.96 | $ | (0.48 | ) | |||||||
Net income from discontinued operations | — | — | — | 2.02 | 0.21 | ||||||||||||||
Net (loss) income attributable to common unitholders | $ | (1.25 | ) | $ | — | $ | 0.25 | $ | 4.98 | $ | (0.27 | ) | |||||||
Diluted weighted-average common units outstanding | 25,984,185 | 26,053,098 | 26,486,209 | 27,442,308 | 28,710,220 |
(a) | Statement of operations data includes the consolidation of the results of acquired entities, or their operating assets, from their respective acquisition dates: primarily, JPS Industries, Inc. on July 2, 2015, CoSine Communications, Inc. and API Group plc ("API") on January 20, 2015 and April 17, 2015, respectively, SL Industries, Inc. on June 1, 2016, Electromagnetic Enterprise division of Hamilton Sundstrand |
(b) | Effective January 1, 2018 upon adoption of Accounting Standards Update No. ("ASU") 2016-01, unrealized gains or losses on equity securities are no longer recorded in Accumulated other comprehensive income (loss) on the consolidated balance sheet, but are instead recorded in Realized and unrealized losses (gains) on securities, net in the consolidated statement of operations. Realized and unrealized losses (gains) on securities, net totaled $62,586 for 2018, as compared to $(790) for 2017. |
BALANCE SHEET DATA | December 31, | ||||||||||||||||||
(in thousands, except per common unit data) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||
Cash and cash equivalents | $ | 334,884 | $ | 418,755 | $ | 450,128 | $ | 185,852 | $ | 188,983 | |||||||||
Marketable securities | 1,439 | 58,313 | 53,650 | 80,842 | 138,457 | ||||||||||||||
Long-term investments | 258,044 | 236,144 | 120,066 | 167,214 | 311,951 | ||||||||||||||
Total assets | 2,356,059 | 2,164,040 | 1,967,115 | 1,684,773 | 1,490,497 | ||||||||||||||
Long-term debt (a) | 478,096 | 412,584 | 330,126 | 235,913 | 295,707 | ||||||||||||||
SPLP Partners' capital | 515,651 | 546,103 | 548,741 | 558,034 | 494,859 | ||||||||||||||
SPLP Partners' capital per common unit | 20.39 | 20.73 | 20.98 | 20.95 | 17.95 | ||||||||||||||
Dividends declared per common unit | — | — | 0.15 | — | — |
(a) | Excludes the current portion of long-term debt, which totaled $799, $459, $62,928, $2,176 and $19,592 at December 31, 2018, 2017, 2016, 2015 and 2014, respectively. |
• | On February 16, 2018, the Company completed the Dunmore acquisition for a purchase price of $69,604, which includes assumed debt and is subject to an earn-out based on future earnings during the period from January 1, 2018 through December 31, 2019. Dunmore manufactures and distributes coated, laminated and metallized films for engineered applications in the imaging, aerospace, insulation and solar photo-voltaic markets and also provides products for custom and special applications. |
• | During 2018, the Company entered into purchase agreements with minority stockholders of its subsidiary, WebFinancial Holding Corporation ("WFHC"), pursuant to which the Company purchased shares of common and preferred stock of WFHC in exchange for aggregate consideration totaling approximately $20,680, comprised of cash of $13,708, 185,407 SPLP common units and 186,271 SPLP preferred units. WFHC is the parent of WebBank, API and Dunmore. As a result of these transactions, the Company now owns 100% of WFHC. |
• | On June 1, 2018, the Company completed the acquisition of PST for approximately $4,620. PST manufactures precision-engineered threaded components and custom ball screw assemblies, providing linear motion and power transmission solutions across a range of industries. |
• | On December 31, 2018, the Company increased its ownership in iGo, Inc. ("iGo") from 45.8% to 80.2% by contributing its Kasco business to iGo in exchange for newly issued shares of iGo common stock. |
• | WebBank entered into a definitive agreement in December 2018 to purchase National Partners PFco, LLC, a national insurance premium finance company. The transaction is expected to close in early 2019, subject to regulatory approval. |
• | The Company made investments totaling $76,261 in Babcock & Wilcox Enterprises, Inc. ("BW") shares during 2018, increasing its ownership in BW to approximately 17.8%. |
• | In both 2018 and early 2019, the Company entered into amendments to its senior secured revolving credit facility to increase availability, allowing for continued growth through strategic acquisitions and other investments. |
• | Throughout 2018, the Company continued its focus to optimize infrastructure costs, consolidating operations in both its Electrical Products and Packaging businesses. Continued focus on cost reduction and organic growth through new product development will be critical given recent sales declines in the Packaging business discussed further below. |
• | We made investments in capital projects totaling $47,085, including expenditures associated with the aforementioned plant consolidations, as well as upgrades in our information technology infrastructure as we continue to automate our operations. |
• | In November 2018, the Board of Directors approved the repurchase of up to an additional 1,000,000 of the Company's common units. During 2018, the Company purchased 1,274,161 common units for an aggregate price of approximately $21,202. |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Revenue | $ | 1,584,614 | $ | 1,372,027 | |||
Cost of goods sold | 1,109,978 | 958,490 | |||||
Selling, general and administrative expenses | 352,794 | 337,719 | |||||
Asset impairment charges | 8,108 | 2,028 | |||||
Interest expense | 39,234 | 22,804 | |||||
Realized and unrealized losses (gains) on securities, net | 62,586 | (790 | ) | ||||
All other expenses, net | 21,336 | 11,353 | |||||
Total costs and expenses | 1,594,036 | 1,331,604 | |||||
(Loss) income before income taxes and equity method investments | (9,422 | ) | 40,423 | ||||
Income tax provision | 12,559 | 51,299 | |||||
Loss (income) of associated companies, net of taxes | 9,509 | (16,888 | ) | ||||
Net (loss) income | (31,490 | ) | 6,012 | ||||
Net income attributable to noncontrolling interests in consolidated entities | (1,114 | ) | (6,028 | ) | |||
Net loss attributable to common unitholders | $ | (32,604 | ) | $ | (16 | ) |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Revenue: | |||||||
Diversified industrial | $ | 1,286,665 | $ | 1,156,187 | |||
Energy | 175,950 | 135,461 | |||||
Financial services | 121,999 | 80,379 | |||||
Total | $ | 1,584,614 | $ | 1,372,027 | |||
Income (loss) before income taxes: | |||||||
Diversified industrial | $ | 42,661 | $ | 50,104 | |||
Energy | (6,342 | ) | (21,514 | ) | |||
Financial services | 54,544 | 41,328 | |||||
Corporate and other | (109,794 | ) | (12,607 | ) | |||
(Loss) income before income taxes | (18,931 | ) | 57,311 | ||||
Income tax provision | 12,559 | 51,299 | |||||
Net (loss) income | $ | (31,490 | ) | $ | 6,012 | ||
Segment depreciation and amortization: | |||||||
Diversified industrial | $ | 59,582 | $ | 50,741 | |||
Energy | 20,214 | 20,735 | |||||
Financial services | 397 | 294 | |||||
Corporate and other | 130 | 166 | |||||
Total depreciation and amortization | $ | 80,323 | $ | 71,936 | |||
(Loss) income of associated companies, net of taxes: | |||||||
Energy | $ | (1,685 | ) | $ | 593 | ||
Corporate and other | (7,824 | ) | 16,295 | ||||
Total | $ | (9,509 | ) | $ | 16,888 |
Year Ended December 31, | |||||||||||||||||
2018 | 2017 | ||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||
Outstanding | Earned/ | Yield/ | Outstanding | Earned/ | Yield/ | ||||||||||||
Balance | Paid | Rate | Balance | Paid | Rate | ||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans receivable | $ | 396,538 | $ | 59,234 | 14.9 | % | $ | 225,740 | $ | 28,396 | 12.6 | % | |||||
Held-to-maturity securities | 40,286 | 1,323 | 3.3 | % | 19,677 | 614 | 3.1 | % | |||||||||
Available-for-sale investments | 2,624 | 64 | 2.4 | % | 812 | 17 | 2.1 | % | |||||||||
Federal funds sold | 3,047 | 49 | 1.6 | % | 1,879 | 15 | 0.8 | % | |||||||||
Interest bearing deposits | 234,198 | 4,026 | 1.7 | % | 218,700 | 2,231 | 1.0 | % | |||||||||
Total interest-earning assets | 676,693 | 64,696 | 9.6 | % | 466,808 | 31,273 | 6.7 | % | |||||||||
Non interest-earning assets | 17,965 | 15,361 | |||||||||||||||
Total assets | $ | 694,658 | $ | 482,169 | |||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Savings accounts | $ | 99,809 | 1,062 | 1.1 | % | $ | 84,244 | 406 | 0.5 | % | |||||||
Time deposits | 460,201 | 9,226 | 2.0 | % | 290,734 | 4,279 | 1.5 | % | |||||||||
Total interest-bearing liabilities | 560,010 | 10,288 | 1.8 | % | 374,978 | 4,685 | 1.3 | % | |||||||||
Other non interest-bearing liabilities | 12,737 | 9,930 | |||||||||||||||
Total liabilities | 572,747 | 384,908 | |||||||||||||||
Shareholder's equity | 121,911 | 97,261 | |||||||||||||||
Total liabilities and shareholder's equity | $ | 694,658 | $ | 482,169 | |||||||||||||
Net interest income | $ | 54,408 | $ | 26,588 | |||||||||||||
Spread on average interest-bearing funds | 7.7 | % | 5.4 | % | |||||||||||||
Net interest margin | 8.0 | % | 5.7 | % | |||||||||||||
Return on assets | 6.4 | % | 5.7 | % | |||||||||||||
Return on equity | 36.5 | % | 28.3 | % | |||||||||||||
Equity to assets | 17.5 | % | 20.2 | % |
Year Ended December 31, | |||||||||||||||||||
2018 vs 2017 | 2017 vs 2016 | ||||||||||||||||||
Increase/(Decrease) | Increase/(Decrease) | ||||||||||||||||||
Due to Volume | Due to Rate | Total | Due to Volume | Due to Rate | Total | ||||||||||||||
Earning assets: | |||||||||||||||||||
Loans receivable | $ | 24,713 | $ | 6,125 | $ | 30,838 | $ | 1,591 | $ | (399 | ) | $ | 1,192 | ||||||
Held-to-maturity securities | 675 | 34 | 709 | 344 | (53 | ) | 291 | ||||||||||||
Available-for-sale investments | 44 | 3 | 47 | 5 | (1 | ) | 4 | ||||||||||||
Federal funds sold | 13 | 21 | 34 | 4 | 9 | 13 | |||||||||||||
Interest bearing deposits | 168 | 1,627 | 1,795 | 670 | 842 | 1,512 | |||||||||||||
Total earning assets | 25,613 | 7,810 | 33,423 | 2,614 | 398 | 3,012 | |||||||||||||
Savings accounts | 87 | 569 | 656 | 36 | 247 | 283 | |||||||||||||
Time deposits | 3,052 | 1,895 | 4,947 | 1,164 | 643 | 1,807 | |||||||||||||
Total funds | 3,139 | 2,464 | 5,603 | 1,200 | 890 | 2,090 | |||||||||||||
Net variance | $ | 22,474 | $ | 5,346 | $ | 27,820 | $ | 1,414 | $ | (492 | ) | $ | 922 |
As of December 31, | |||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Commercial - owner occupied | $ | 252 | 0.1 | % | $ | 272 | 0.1 | % | $ | 604 | 0.4 | % | $ | 1,542 | 0.7 | % | $ | 1,650 | 1.4 | % | |||||||||
Commercial - other | 380 | 0.1 | % | 296 | 0.1 | % | 266 | 0.2 | % | 281 | 0.1 | % | 264 | 0.2 | % | ||||||||||||||
Total real estate loans | 632 | 0.2 | % | 568 | 0.2 | % | 870 | 0.6 | % | 1,823 | 0.8 | % | 1,914 | 1.6 | % | ||||||||||||||
Commercial and industrial | 146,758 | 28.0 | % | 84,726 | 30.8 | % | 50,564 | 32.6 | % | 66,253 | 29.1 | % | 75,706 | 63.9 | % | ||||||||||||||
Consumer loans | 188,391 | 35.9 | % | 53,238 | 19.3 | % | 22,805 | 14.7 | % | — | — | % | — | — | % | ||||||||||||||
Loans held for sale | 188,143 | 35.9 | % | 136,773 | 49.7 | % | 80,692 | 52.1 | % | 159,592 | 70.1 | % | 40,886 | 34.5 | % | ||||||||||||||
Total loans | 523,924 | 100.0 | % | 275,305 | 100.0 | % | 154,931 | 100.0 | % | 227,668 | 100.0 | % | 118,506 | 100.0 | % | ||||||||||||||
Less: | |||||||||||||||||||||||||||||
Deferred fees and discounts | — | — | — | (15 | ) | (20 | ) | ||||||||||||||||||||||
Allowance for loan losses | (17,659 | ) | (5,237 | ) | (1,483 | ) | (630 | ) | (557 | ) | |||||||||||||||||||
Total loans receivable, net | $ | 506,265 | $ | 270,068 | $ | 153,448 | $ | 227,023 | $ | 117,929 |
Due During Years Ending December 31, | Real Estate | Commercial & Industrial | Consumer | Loans Held for Sale | |||||||||||
2019 | $ | — | $ | 81,507 | $ | 89,899 | $ | 188,143 | |||||||
2020-2023 | 632 | 41,309 | 98,492 | — | |||||||||||
2024 and following | — | 23,942 | — | — | |||||||||||
Total | $ | 632 | $ | 146,758 | $ | 188,391 | $ | 188,143 |
As of December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Non-accruing loans: | |||||||||||||||||||
Commercial real estate - owner occupied | $ | — | $ | — | $ | — | $ | 341 | $ | 374 | |||||||||
Commercial and industrial | — | — | — | 2 | 16 | ||||||||||||||
Total | — | — | — | 343 | 390 | ||||||||||||||
Accruing loans delinquent: | |||||||||||||||||||
90 days or more | 3,326 | 2,658 | 3 | — | 52 | ||||||||||||||
Total | 3,326 | 2,658 | 3 | — | 52 | ||||||||||||||
Foreclosed assets: | |||||||||||||||||||
Commercial real estate - owner occupied | — | — | — | 11 | 111 | ||||||||||||||
Total | — | — | — | 11 | 111 | ||||||||||||||
Total non-performing assets | $ | 3,326 | $ | 2,658 | $ | 3 | $ | 354 | $ | 553 | |||||||||
Total as a percentage of total assets | 0.4 | % | 0.4 | % | — | % | 0.1 | % | 0.2 | % |
As of December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Balance at beginning of period | $ | 5,237 | $ | 1,483 | $ | 630 | $ | 557 | $ | 424 | |||||||||
Charge offs: | |||||||||||||||||||
Commercial and industrial | (2,772 | ) | (933 | ) | — | — | (3 | ) | |||||||||||
Other | (4,549 | ) | (1,214 | ) | — | — | — | ||||||||||||
Total charge offs | (7,321 | ) | (2,147 | ) | — | — | (3 | ) | |||||||||||
Recoveries: | |||||||||||||||||||
Commercial real estate - owner occupied | 20 | 17 | 14 | 25 | 65 | ||||||||||||||
Commercial real estate - other | — | — | 35 | 44 | 40 | ||||||||||||||
Commercial and industrial | 272 | 142 | 30 | 54 | 81 | ||||||||||||||
Other | 393 | 103 | — | — | — | ||||||||||||||
Total recoveries | 685 | 262 | 79 | 123 | 186 | ||||||||||||||
Net (charge offs) recoveries | (6,636 | ) | (1,885 | ) | 79 | 123 | 183 | ||||||||||||
Additions charged to operations | 19,058 | 5,639 | 774 | (50 | ) | (50 | ) | ||||||||||||
Balance at end of period | $ | 17,659 | $ | 5,237 | $ | 1,483 | $ | 630 | $ | 557 | |||||||||
Ratio of net charge offs during the period to average loans outstanding during the period | 1.7 | % | 0.8 | % | — | % | (0.1 | )% | (0.2 | )% |
As of December 31, | |||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||
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 | $ | 19 | — | % | $ | 6 | 0.1 | % | $ | 22 | 0.4 | % | $ | 39 | 0.7 | % | $ | 64 | 1.4 | % | |||||||||
Commercial real estate - other | 7 | 0.1 | % | 7 | 0.1 | % | 7 | 0.2 | % | 9 | 0.1 | % | 12 | 0.2 | % | ||||||||||||||
Commercial and industrial | 6,165 | 28.0 | % | 2,800 | 30.8 | % | 880 | 32.6 | % | 582 | 29.1 | % | 481 | 63.9 | % | ||||||||||||||
Other consumer loans | 11,468 | 36.0 | % | 2,424 | 19.3 | % | 574 | 14.7 | % | — | — | — | — | % | |||||||||||||||
Loans held for sale | — | 35.9 | % | — | 49.7 | % | — | 52.1 | % | — | 70.1 | % | — | 34.5 | % | ||||||||||||||
Total loans | $ | 17,659 | 100.0 | % | $ | 5,237 | 100.0 | % | $ | 1,483 | 100.0 | % | $ | 630 | 100.0 | % | $ | 557 | 100.0 | % |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Net cash provided by (used in) operating activities | $ | 52,751 | $ | (15,770 | ) | ||
Net cash used in investing activities | (366,429 | ) | (169,628 | ) | |||
Net cash provided by financing activities | 226,621 | 155,889 | |||||
Net change for the period | $ | (87,057 | ) | $ | (29,509 | ) |
Payments Due By Period | |||||||||||||||||||
Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | Thereafter | Total | |||||||||||||||
Debt obligations (a) | $ | 3,893 | $ | 4,529 | $ | 473,567 | $ | — | $ | 481,989 | |||||||||
Estimated interest expense (a), (b) | 23,985 | 47,446 | 21,653 | — | 93,084 | ||||||||||||||
Deposits (c) | 431,959 | 279,352 | — | — | 711,311 | ||||||||||||||
Operating lease obligations | 14,280 | 20,106 | 10,037 | 17,867 | 62,290 | ||||||||||||||
Capital lease obligations | 1,419 | 2,466 | 2,280 | 681 | 6,846 | ||||||||||||||
Minimum pension contributions (d) | 34,287 | 70,474 | 66,826 | 23,700 | 195,287 | ||||||||||||||
Preferred unit liability (e) | — | 40,000 | — | — | 40,000 | ||||||||||||||
Total | $ | 509,823 | $ | 464,373 | $ | 574,363 | $ | 42,248 | $ | 1,590,807 |
(a) | Assumes repayment of the $472,495 balance outstanding on the Credit Agreement as of December 31, 2018 on its November 14, 2022 contractual maturity date. The outstanding balance on SPLP's Credit Agreement will fluctuate before maturity, and the repayment dates and amounts may differ. The January 2019 amendment to the Company's Credit Agreement will add the following principal repayment requirements, which are not reflected in the table above: $7,500 in 2019 and $10,000 in each of 2020, 2021 and 2022. |
(b) | Estimated interest expense does not include non-cash amortization of debt issuance costs, which is included in interest expense in the Company's consolidated financial statements. The interest rates used to estimate future interest expense were based on interest rates at December 31, 2018. As the majority of the Company's long-term debt bears interest at variable rates, any future interest rate fluctuations will impact future cash payments. |
(c) | Excludes interest. The average interest rate on deposits at December 31, 2018 was 2.23% and interest rates ranged from 0.00% to 3.23%. |
(d) | Represents total expected required minimum pension plan contributions to the Company's significant pension plans for 2019, 2020, 2021, 2022, 2023 and for the five years thereafter. Actual future pension costs and required funding obligations will be affected by changes in the factors and assumptions described elsewhere in this Annual Report on Form 10-K, as well as other changes such as any plan termination or other acceleration events. The Company's other pension and post-retirement obligations are not significant individually or in the aggregate. |
(e) | Represents redemption of 1,600,000 6.0% Series A preferred units, no par value, on the third anniversary of the original issuance date of the SPLP preferred units (February 7, 2020) at a redemption price equal to the liquidation preference value of $25 per unit, in cash. In addition to the amount in the table above, the Partnership Agreement also specifies that if the SPLP preferred units are not redeemed earlier, then on the ninth anniversary of the original issuance date (February 7, 2026), the remaining SPLP preferred units will be redeemed. The redemption price will be $25 per unit in cash or in common units or a combination thereof, at the sole discretion of the Company's Board of Directors. Upon redemption, the holders of the SPLP preferred units will also receive any accumulated and unpaid distributions as of the redemption date. The SPLP preferred units entitle the holders to a cumulative quarterly cash or in-kind (or a combination thereof) distribution, if and when declared at the discretion of the Company's Board of Directors. |
2018 | 2017 | ||||||
Current | $ | 431,959 | $ | 305,207 | |||
Long-term | 279,352 | 205,793 | |||||
Total | $ | 711,311 | $ | 511,000 |
Maturity | |||||||||||||||||||
< 3 Months | 3 to 6 Months | 6 to 12 Months | > 12 Months | Total | |||||||||||||||
Certificate of deposits less than $100 | $ | 55,000 | $ | 83,009 | $ | 147,750 | $ | 279,352 | $ | 565,111 | |||||||||
Certificate of deposits of $100 or more | 6,288 | 4,656 | 13,874 | — | 24,818 | ||||||||||||||
Total certificates of deposits | $ | 61,288 | $ | 87,665 | $ | 161,624 | $ | 279,352 | $ | 589,929 |
Page | |
Consolidated Financial Statements: | |
December 31, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 334,884 | $ | 418,755 | |||
Restricted cash | 12,434 | 15,629 | |||||
Marketable securities | 1,439 | 58,313 | |||||
Trade and other receivables - net of allowance for doubtful accounts of $2,885 and $3,633, respectively | 209,543 | 188,487 | |||||
Receivables from related parties | 425 | 355 | |||||
Loans receivable, including loans held for sale of $188,143 and $136,773, respectively, net | 341,890 | 182,242 | |||||
Inventories, net | 158,850 | 142,635 | |||||
Prepaid expenses and other current assets | 32,826 | 19,597 | |||||
Assets held for sale | — | 2,549 | |||||
Total current assets | 1,092,291 | 1,028,562 | |||||
Long-term loans receivable, net | 164,375 | 87,826 | |||||
Goodwill | 183,945 | 170,115 | |||||
Other intangible assets, net | 183,541 | 199,317 | |||||
Deferred tax assets | 96,040 | 109,011 | |||||
Other non-current assets | 80,356 | 61,074 | |||||
Property, plant and equipment, net | 297,467 | 271,991 | |||||
Long-term investments | 258,044 | 236,144 | |||||
Total Assets | $ | 2,356,059 | $ | 2,164,040 | |||
LIABILITIES AND CAPITAL | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 106,261 | $ | 105,221 | |||
Accrued liabilities | 93,179 | 74,118 | |||||
Financial instruments | 12,434 | 15,629 | |||||
Deposits | 431,959 | 305,207 | |||||
Payables to related parties | 248 | 1,563 | |||||
Short-term debt | 3,094 | 1,624 | |||||
Current portion of long-term debt | 799 | 459 | |||||
Other current liabilities | 21,943 | 10,602 | |||||
Liabilities of discontinued operations | — | 450 | |||||
Total current liabilities | 669,917 | 514,873 | |||||
Long-term deposits | 279,352 | 205,793 | |||||
Long-term debt | 478,096 | 412,584 | |||||
Preferred unit liability | 180,340 | 176,512 | |||||
Accrued pension liabilities | 205,770 | 268,233 | |||||
Deferred tax liabilities | 2,225 | 3,007 | |||||
Other non-current liabilities | 20,987 | 16,002 | |||||
Total Liabilities | 1,836,687 | 1,597,004 | |||||
Commitments and Contingencies | |||||||
Capital: | |||||||
Partners' capital common units: 25,294,003 and 26,348,420 issued and outstanding (after deducting 12,142,528 and 10,868,367 units held in treasury, at cost of $192,060 and $170,858), respectively | 692,895 | 650,488 | |||||
Accumulated other comprehensive loss | (177,244 | ) | (104,385 | ) | |||
Total Partners' Capital | 515,651 | 546,103 | |||||
Noncontrolling interests in consolidated entities | 3,721 | 20,933 | |||||
Total Capital | 519,372 | 567,036 | |||||
Total Liabilities and Capital | $ | 2,356,059 | $ | 2,164,040 |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Revenue: | |||||||
Diversified industrial net sales | $ | 1,286,665 | $ | 1,156,187 | |||
Energy net revenue | 175,950 | 135,461 | |||||
Financial services revenue | 121,999 | 80,379 | |||||
Total revenue | 1,584,614 | 1,372,027 | |||||
Costs and expenses: | |||||||
Cost of goods sold | 1,109,978 | 958,490 | |||||
Selling, general and administrative expenses | 352,794 | 337,719 | |||||
Asset impairment charges | 8,108 | 2,028 | |||||
Finance interest expense | 10,288 | 4,685 | |||||
Provision for loan losses | 19,058 | 5,639 | |||||
Interest expense | 39,234 | 22,804 | |||||
Realized and unrealized losses (gains) on securities, net | 62,586 | (790 | ) | ||||
Other (income) expense, net | (8,010 | ) | 1,029 | ||||
Total costs and expenses | 1,594,036 | 1,331,604 | |||||
(Loss) income before income taxes and equity method investments | (9,422 | ) | 40,423 | ||||
Income tax provision | 12,559 | 51,299 | |||||
Loss (income) of associated companies, net of taxes | 9,509 | (16,888 | ) | ||||
Net (loss) income | (31,490 | ) | 6,012 | ||||
Net income attributable to noncontrolling interests in consolidated entities | (1,114 | ) | (6,028 | ) | |||
Net loss attributable to common unitholders | $ | (32,604 | ) | $ | (16 | ) | |
Net loss per common unit - basic and diluted | |||||||
Net loss attributable to common unitholders | $ | (1.25 | ) | $ | — | ||
Weighted-average number of common units outstanding - basic and diluted | 25,984,185 | 26,053,098 |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Net (loss) income | $ | (31,490 | ) | $ | 6,012 | ||
Other comprehensive (loss) income, net of tax: | |||||||
Gross unrealized (losses) gains on available-for-sale securities (a) | (274 | ) | 27,689 | ||||
Reclassification of unrealized losses on available-for-sale securities (a), (b) | — | 908 | |||||
Gross unrealized (losses) gains on derivative financial instruments | (2 | ) | 624 | ||||
Currency translation adjustments | (4,733 | ) | 5,444 | ||||
Changes in pension liabilities and other post-retirement benefit obligations | 24,247 | (6,452 | ) | ||||
Other comprehensive income | 19,238 | 28,213 | |||||
Comprehensive (loss) income | (12,252 | ) | 34,225 | ||||
Comprehensive income attributable to noncontrolling interests | (1,100 | ) | (8,300 | ) | |||
Comprehensive (loss) income attributable to common unitholders | $ | (13,352 | ) | $ | 25,925 | ||
Tax (benefit) provision on gross unrealized (losses) gains on securities and derivative financial instruments | $ | (109 | ) | $ | 33,624 | ||
Tax provision on reclassification of unrealized losses on available-for-sale securities | $ | — | $ | 329 | |||
Tax provision (benefit) on currency translation adjustments | $ | 184 | $ | (249 | ) | ||
Tax provision (benefit) on changes in pension liabilities and other post-retirement benefit obligations | $ | 8,274 | $ | (2,346 | ) |
(a) | Effective January 1, 2018 upon adoption of Accounting Standards Update No. 2016-01, unrealized gains or losses on equity securities are no longer recorded in Other comprehensive (loss) income, but are instead recorded in Realized and unrealized losses (gains) on securities, net in the consolidated statement of operations. |
(b) | For the year ended December 31, 2017, pre-tax net unrealized holding gains of $790 and losses of $2,028 were reclassified to Realized and unrealized losses (gains) on securities, net and Asset impairment charges, respectively. |
Steel Partners Holdings L.P. Common Unitholders | |||||||||||||||||||||||||||||
Common | Treasury Units | Partners' | Accumulated Other Comprehensive | Total Partners' | Noncontrolling Interests in Consolidated | Total | |||||||||||||||||||||||
Units | Units | Dollars | Capital | (Loss) Income | Capital | Entities | Capital | ||||||||||||||||||||||
Balance at December 31, 2016 | 36,711,663 | (10,558,687 | ) | $ | (164,900 | ) | $ | 615,720 | $ | (66,979 | ) | $ | 548,741 | $ | 155,517 | $ | 704,258 | ||||||||||||
Net (loss) income | — | — | — | (16 | ) | — | (16 | ) | 6,028 | 6,012 | |||||||||||||||||||
Unrealized gains on available-for-sale securities | — | — | — | — | 27,786 | 27,786 | 811 | 28,597 | |||||||||||||||||||||
Unrealized gains on derivative financial instruments | — | — | — | — | 569 | 569 | 55 | 624 | |||||||||||||||||||||
Currency translation adjustments | — | — | — | — | 4,512 | 4,512 | 932 | 5,444 | |||||||||||||||||||||
Changes in pension liabilities and post-retirement benefit obligations | — | — | — | — | (6,926 | ) | (6,926 | ) | 474 | (6,452 | ) | ||||||||||||||||||
Equity compensation - incentive units and vesting of restricted units | 505,124 | — | — | 9,635 | — | 9,635 | — | 9,635 | |||||||||||||||||||||
Equity compensation - subsidiaries | — | — | — | 580 | — | 580 | 317 | 897 | |||||||||||||||||||||
Purchases of SPLP common units | — | (309,680 | ) | (5,958 | ) | (5,958 | ) | — | (5,958 | ) | — | (5,958 | ) | ||||||||||||||||
Purchases of subsidiary shares from noncontrolling interests | — | — | — | 30,736 | (63,347 | ) | (32,611 | ) | (144,476 | ) | (177,087 | ) | |||||||||||||||||
Other, net | — | — | — | (209 | ) | — | (209 | ) | 1,275 | 1,066 | |||||||||||||||||||
Balance at December 31, 2017 | 37,216,787 | (10,868,367 | ) | (170,858 | ) | 650,488 | (104,385 | ) | 546,103 | 20,933 | 567,036 | ||||||||||||||||||
Net (loss) income | — | — | — | (32,604 | ) | — | (32,604 | ) | 1,114 | (31,490 | ) | ||||||||||||||||||
Unrealized losses on available-for-sale debt securities | — | — | — | — | (274 | ) | (274 | ) | — | (274 | ) | ||||||||||||||||||
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities (a) | — | — | — | 91,078 | (91,078 | ) | — | — | — | ||||||||||||||||||||
Cumulative effect of adopting ASC 606 relating to revenue recognition (b) | — | — | — | 1,034 | — | 1,034 | — | 1,034 | |||||||||||||||||||||
Unrealized (losses) gains on derivative financial instruments | — | — | — | — | (28 | ) | (28 | ) | 26 | (2 | ) | ||||||||||||||||||
Currency translation adjustments | — | — | — | — | (4,693 | ) | (4,693 | ) | (40 | ) | (4,733 | ) | |||||||||||||||||
Changes in pension liabilities and post-retirement benefit obligations | — | — | — | — | 24,247 | 24,247 | — | 24,247 | |||||||||||||||||||||
Equity compensation - vesting of restricted units | 34,337 | — | — | 529 | — | 529 | — | 529 | |||||||||||||||||||||
Purchases of SPLP common units | — | (1,274,161 | ) | (21,202 | ) | (21,202 | ) | — | (21,202 | ) | — | (21,202 | ) | ||||||||||||||||
Purchases of subsidiary shares from noncontrolling interests | 185,407 | — | — | 3,788 | (1,033 | ) | 2,755 | (20,646 | ) | (17,891 | ) | ||||||||||||||||||
Exchange of subsidiary shares to obtain a controlling interest in former equity-method investee | — | — | — | — | — | — | 2,334 | 2,334 | |||||||||||||||||||||
Other, net | — | — | — | (216 | ) | — | (216 | ) | — | (216 | ) | ||||||||||||||||||
Balance at December 31, 2018 | 37,436,531 | (12,142,528 | ) | $ | (192,060 | ) | $ | 692,895 | $ | (177,244 | ) | $ | 515,651 | $ | 3,721 | $ | 519,372 |
(a) | Effective January 1, 2018 upon adoption of Accounting Standards Update No. 2016-01, a cumulative effect reclassification adjustment was made to remove the net unrealized gains and losses on equity securities from Accumulated other comprehensive loss and reclassify them to Partners' capital. |
(b) | Effective January 1, 2018, the Company adopted Accounting Standards Codification 606 for all contracts with customers using the modified retrospective transition method. The Company recognized a net increase of $1,034 to Partners' capital due to the cumulative impact of adopting Accounting Standards Codification 606. |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Cash flows from operating activities: | |||||||
Net (loss) income | $ | (31,490 | ) | $ | 6,012 | ||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||
Provision for loan losses | 19,058 | 5,639 | |||||
Loss (income) of associated companies, net of taxes | 9,509 | (16,888 | ) | ||||
Realized and unrealized losses (gains) on securities, net | 62,586 | (790 | ) | ||||
Derivative gains on economic interests in loans | (14,757 | ) | (8,902 | ) | |||
Deferred income taxes | (1,900 | ) | 86,928 | ||||
Income tax provision (benefit) from changes in deferred tax valuation allowance | 6,317 | (48,598 | ) | ||||
Depreciation and amortization | 80,323 | 71,936 | |||||
Equity-based compensation | 644 | 11,477 | |||||
Loss on extinguishment of debt | — | 673 | |||||
Asset impairment charges | 8,108 | 2,028 | |||||
Other | 3,196 | 7,291 | |||||
Net change in operating assets and liabilities: | |||||||
Trade and other receivables | (19,625 | ) | (22,842 | ) | |||
Inventories | (7,415 | ) | (21,683 | ) | |||
Prepaid expenses and other assets | (7,851 | ) | 4,281 | ||||
Accounts payable, accrued and other liabilities | (2,582 | ) | (36,251 | ) | |||
Net increase in loans held for sale | (51,370 | ) | (56,081 | ) | |||
Net cash provided by (used in) operating activities | 52,751 | (15,770 | ) | ||||
Cash flows from investing activities: | |||||||
Purchases of investments | (149,505 | ) | (56,160 | ) | |||
Proceeds from sales of investments | 47,200 | 10,978 | |||||
Proceeds from maturities of marketable securities | 42,936 | 18,492 | |||||
Loan originations, net of collections | (203,885 | ) | (66,177 | ) | |||
Purchases of property, plant and equipment | (47,085 | ) | (54,737 | ) | |||
Proceeds from sales of assets | 5,909 | 14,991 | |||||
Acquisitions, net of cash acquired | (62,683 | ) | (2,008 | ) | |||
Investments in associated companies | — | (35,000 | ) | ||||
Other | 684 | (7 | ) | ||||
Net cash used in investing activities | (366,429 | ) | (169,628 | ) | |||
Cash flows from financing activities: | |||||||
Net revolver borrowings | 65,315 | 67,864 | |||||
Net repayments of term loans - domestic | (459 | ) | (47,993 | ) | |||
Net repayments of term loans - foreign | (145 | ) | (979 | ) | |||
Proceeds from equipment lease financing | 1,707 | 6,688 | |||||
Purchases of the Company's common units | (21,202 | ) | (5,188 | ) | |||
Purchase of subsidiary shares from noncontrolling interests | (18,068 | ) | (2,086 | ) | |||
Deferred finance charges | (1,280 | ) | (5,663 | ) | |||
Common unit dividend payment | — | (3,923 | ) | ||||
Net increase in deposits | 200,311 | 145,395 | |||||
Other | 442 | 1,774 | |||||
Net cash provided by financing activities | 226,621 | 155,889 | |||||
Net change for the period | (87,057 | ) | (29,509 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (9 | ) | 1,125 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 434,384 | 462,768 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 347,318 | $ | 434,384 |
• | Since the Company adopted Accounting Standards Update No. ("ASU") 2016-01 effective January 1, 2018, available-for-sale equity securities are now reported at fair value, with unrealized gains and losses recognized in Realized and unrealized losses (gains) on securities, net in the consolidated statement of operations. In 2017, prior to the adoption of ASU 2016-01, such unrealized gains and losses were recognized in Accumulated other comprehensive income (loss) ("AOCI") as a separate component of SPLP's Partners' capital. |
• | Available-for-sale debt securities are reported at fair value, with unrealized gains and losses recognized in AOCI as a separate component of SPLP's Partners' capital in both 2018 and 2017. |
• | 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 Company's consolidated statements of operations as part of Loss (income) of associated companies, net of tax. 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 loss and other comprehensive income or loss of the investee. |
• | Held-to-maturity securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts. |
Year Ended December 31, 2018 | |||
United States | $ | 1,368,778 | |
Foreign (a) | 215,836 | ||
Total revenue | $ | 1,584,614 |
(a) | Foreign revenues are primarily related to the Company's API Group plc ("API") business, which is domiciled in the United Kingdom. |
Total | Current | Non-current | |||||||||||||||||||||||||||
December 31, 2018 | % | December 31, 2017 | % | December 31, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | ||||||||||||||||||||||
Loans held for sale | $ | 188,143 | $ | 136,773 | $ | 188,143 | $ | 136,773 | $ | — | $ | — | |||||||||||||||||
Commercial real estate loans | $ | 632 | — | % | $ | 568 | 1 | % | — | 20 | 632 | $ | 548 | ||||||||||||||||
Commercial and industrial | 146,758 | 44 | % | 84,726 | 61 | % | 81,507 | 28,315 | 65,251 | 56,411 | |||||||||||||||||||
Consumer loans | 188,391 | 56 | % | 53,238 | 38 | % | 89,899 | 22,371 | 98,492 | 30,867 | |||||||||||||||||||
Total loans | 335,781 | 100 | % | 138,532 | 100 | % | 171,406 | 50,706 | 164,375 | 87,826 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Allowance for loan losses | (17,659 | ) | (5,237 | ) | (17,659 | ) | (5,237 | ) | — | — | |||||||||||||||||||
Total loans receivable, net | $ | 318,122 | $ | 133,295 | 153,747 | 45,469 | 164,375 | 87,826 | |||||||||||||||||||||
Loans receivable, including loans held for sale (a) | $ | 341,890 | $ | 182,242 | $ | 164,375 | $ | 87,826 |
(a) | The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of loans receivable, including loans held for sale, was $510,543 and $270,068 at December 31, 2018 and 2017, respectively. |
• | Asset quality trends |
• | Risk management and loan administration practices |
• | Portfolio management and controls |
• | Effect of changes in the nature and volume of the portfolio |
• | Changes in lending policies and underwriting policies |
• | Existence and effect of any portfolio concentrations |
• | National economic business conditions and other macroeconomic adjustments |
• | Regional and local economic and business conditions |
• | Data availability and applicability |
• | Industry monitoring |
• | Value of underlying collateral |
Commercial Real Estate Loans | Commercial & Industrial | Consumer Loans | Total | ||||||||||||
December 31, 2016 | $ | 29 | $ | 880 | $ | 574 | $ | 1,483 | |||||||
Charge-offs | — | (933 | ) | (1,214 | ) | (2,147 | ) | ||||||||
Recoveries | 17 | 142 | 103 | 262 | |||||||||||
Provision | (33 | ) | 2,711 | 2,961 | 5,639 | ||||||||||
December 31, 2017 | 13 | 2,800 | 2,424 | 5,237 | |||||||||||
Charge-offs | — | (2,772 | ) | (4,549 | ) | (7,321 | ) | ||||||||
Recoveries | 20 | 272 | 393 | 685 | |||||||||||
Provision | (7 | ) | 5,865 | 13,200 | 19,058 | ||||||||||
December 31, 2018 | $ | 26 | $ | 6,165 | $ | 11,468 | $ | 17,659 |
December 31, 2018 | Commercial Real Estate Loans | Commercial & Industrial | Consumer Loans | Total | |||||||||||
Allowance for loan losses: | |||||||||||||||
Individually evaluated for impairment | $ | 15 | $ | 109 | $ | — | $ | 124 | |||||||
Collectively evaluated for impairment | 11 | 6,056 | 11,468 | 17,535 | |||||||||||
Total | $ | 26 | $ | 6,165 | $ | 11,468 | $ | 17,659 | |||||||
Outstanding loan balances: | |||||||||||||||
Individually evaluated for impairment | $ | 15 | $ | 3,851 | $ | — | $ | 3,866 | |||||||
Collectively evaluated for impairment | 617 | 142,907 | 188,391 | 331,915 | |||||||||||
Total | $ | 632 | $ | 146,758 | $ | 188,391 | $ | 335,781 |
December 31, 2017 | Commercial Real Estate Loans | Commercial & Industrial | Consumer Loans | Total | |||||||||||
Allowance for loan losses: | |||||||||||||||
Individually evaluated for impairment | $ | 1 | $ | 38 | $ | — | $ | 39 | |||||||
Collectively evaluated for impairment | 12 | 2,762 | 2,424 | 5,198 | |||||||||||
Total | $ | 13 | $ | 2,800 | $ | 2,424 | $ | 5,237 | |||||||
Outstanding loan balances: | |||||||||||||||
Individually evaluated for impairment | $ | 16 | $ | 41 | $ | — | $ | 57 | |||||||
Collectively evaluated for impairment | 552 | 84,685 | 53,238 | 138,475 | |||||||||||
Total | $ | 568 | $ | 84,726 | $ | 53,238 | $ | 138,532 |
December 31, 2018 | 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 (a) | ||||||||||||||||||||
Commercial real estate loans | $ | 632 | $ | — | $ | — | $ | — | $ | 632 | $ | — | $ | — | |||||||||||||
Commercial and industrial | 140,616 | 3,755 | 2,387 | 6,142 | 146,758 | 2,387 | — | ||||||||||||||||||||
Consumer loans | 184,502 | 2,950 | 939 | 3,889 | 188,391 | 939 | — | ||||||||||||||||||||
Total loans | $ | 325,750 | $ | 6,705 | $ | 3,326 | $ | 10,031 | $ | 335,781 | $ | 3,326 | $ | — |
December 31, 2017 | 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 (a) | ||||||||||||||||||||
Commercial real estate loans | $ | 568 | $ | — | $ | — | $ | — | $ | 568 | $ | — | $ | — | |||||||||||||
Commercial and industrial | 81,101 | 1,074 | 2,551 | 3,625 | 84,726 | 2,551 | — | ||||||||||||||||||||
Consumer loans | 52,521 | 610 | 107 | 717 | 53,238 | 107 | — | ||||||||||||||||||||
Total loans | $ | 134,190 | $ | 1,684 | $ | 2,658 | $ | 4,342 | $ | 138,532 | $ | 2,658 | $ | — |
(a) | Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected. |
• | Pass: An asset in this category is a higher quality asset and does not fit any of the other categories described below. The likelihood of loss is considered remote. |
• | Special Mention: An asset in this category has a specific weakness or problem but does not currently present a significant risk of loss or default as to any material term of the loan or financing agreement. |
• | Substandard: An asset in this category has a developing or currently minor weakness or weaknesses that could result in loss or default if deficiencies are not corrected or adverse conditions arise. |
• | Doubtful: An asset in this category has an existing weakness or weaknesses that have developed into a serious risk of significant loss or default with regard to a material term of the financing agreement. |
December 31, 2018 | Non - Graded | Pass | Special Mention | Sub- standard | Doubtful | Total Loans | |||||||||||||||||
Commercial real estate loans | $ | — | $ | 617 | $ | — | $ | 15 | $ | — | $ | 632 | |||||||||||
Commercial and industrial | 79,851 | 62,317 | 739 | 3,851 | — | 146,758 | |||||||||||||||||
Consumer loans | 188,391 | — | — | — | — | 188,391 | |||||||||||||||||
Total loans | $ | 268,242 | $ | 62,934 | $ | 739 | $ | 3,866 | $ | — | $ | 335,781 |
December 31, 2017 | Non - Graded | Pass | Special Mention | Sub- standard | Doubtful | Total Loans | |||||||||||||||||
Commercial real estate loans | $ | — | $ | 552 | $ | — | $ | 16 | $ | — | $ | 568 | |||||||||||
Commercial and industrial | 25,082 | 56,286 | 3,317 | 41 | — | 84,726 | |||||||||||||||||
Consumer loans | 53,238 | — | — | — | — | 53,238 | |||||||||||||||||
Total loans | $ | 78,320 | $ | 56,838 | $ | 3,317 | $ | 57 | $ | — | $ | 138,532 |
Recorded Investment | |||||||||||||||||||||||
December 31, 2018 | Unpaid Principal Balance | With No Allowance | With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | |||||||||||||||||
Commercial real estate loans | $ | 15 | $ | — | $ | 15 | $ | 15 | $ | 15 | $ | 16 | |||||||||||
Commercial and industrial | 3,851 | — | 3,851 | 3,851 | 109 | 3,878 | |||||||||||||||||
Total loans | $ | 3,866 | $ | — | $ | 3,866 | $ | 3,866 | $ | 124 | $ | 3,894 |
Recorded Investment | |||||||||||||||||||||||
December 31, 2017 | Unpaid Principal Balance | With No Allowance | With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | |||||||||||||||||
Commercial real estate loans | $ | 16 | $ | — | $ | 16 | $ | 16 | $ | 1 | $ | 16 | |||||||||||
Commercial and industrial | 41 | 3 | 38 | 41 | 38 | 14 | |||||||||||||||||
Total loans | $ | 57 | $ | 3 | $ | 54 | $ | 57 | $ | 39 | $ | 30 |
December 31, 2018 | December 31, 2017 | ||||||
Finished products | $ | 55,723 | $ | 49,053 | |||
In-process | 25,392 | 25,037 | |||||
Raw materials | 58,569 | 53,015 | |||||
Fine and fabricated precious metal in various stages of completion | 20,790 | 16,757 | |||||
160,474 | 143,862 | ||||||
LIFO reserve | (1,624 | ) | (1,227 | ) | |||
Total | $ | 158,850 | $ | 142,635 |
December 31, 2018 | December 31, 2017 | ||||||
Supplemental inventory information: | |||||||
Precious metals stated at LIFO cost | $ | 9,538 | $ | 4,897 | |||
Precious metals stated under non-LIFO cost methods, primarily at fair value | 9,628 | 10,633 | |||||
Market value per ounce: | |||||||
Silver | 15.51 | 17.01 | |||||
Gold | 1,281.65 | 1,296.50 | |||||
Palladium | 1,263.00 | 1,056.00 |
Diversified Industrial | Energy | Corporate and Other | Total | ||||||||||||
Balance at December 31, 2017: | |||||||||||||||
Gross goodwill | $ | 193,530 | $ | 65,548 | $ | 81 | $ | 259,159 | |||||||
Accumulated impairments | (24,254 | ) | (64,790 | ) | — | (89,044 | ) | ||||||||
Net goodwill | 169,276 | 758 | 81 | 170,115 | |||||||||||
Acquisitions (a) | 13,006 | 1,595 | — | 14,601 | |||||||||||
Currency translation adjustments | (771 | ) | — | — | (771 | ) | |||||||||
Balance at December 31, 2018: | |||||||||||||||
Gross goodwill | 205,765 | 67,143 | 81 | 272,989 | |||||||||||
Accumulated impairments | (24,254 | ) | (64,790 | ) | — | (89,044 | ) | ||||||||
Net goodwill | $ | 181,511 | $ | 2,353 | $ | 81 | $ | 183,945 |
Diversified Industrial | Energy | Corporate and Other | Total | ||||||||||||
Balance at December 31, 2016: | |||||||||||||||
Gross goodwill | $ | 191,596 | $ | 64,790 | $ | 81 | $ | 256,467 | |||||||
Accumulated impairments | (24,254 | ) | (64,790 | ) | — | (89,044 | ) | ||||||||
Net goodwill | 167,342 | — | 81 | 167,423 | |||||||||||
Acquisitions (b) | — | 758 | — | 758 | |||||||||||
Currency translation adjustments | 1,504 | — | — | 1,504 | |||||||||||
Other adjustments | 430 | — | — | 430 | |||||||||||
Balance at December 31, 2017: | |||||||||||||||
Gross goodwill | 193,530 | 65,548 | 81 | 259,159 | |||||||||||
Accumulated impairments | (24,254 | ) | (64,790 | ) | — | (89,044 | ) | ||||||||
Net goodwill | $ | 169,276 | $ | 758 | $ | 81 | $ | 170,115 |
(a) | Goodwill related to the 2018 Dunmore acquisition and purchase price adjustments related to the 2017 Basin acquisition. See Note 4 - "Acquisitions" for additional information on the Company's 2018 and 2017 acquisitions. |
(b) | Goodwill related to the Basin acquisition. |
December 31, 2018 | December 31, 2017 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||
Customer relationships | $ | 220,709 | $ | 95,796 | $ | 124,913 | $ | 222,277 | $ | 80,952 | $ | 141,325 | |||||||||||
Trademarks, trade names and brand names | 54,950 | 17,923 | 37,027 | 52,356 | 14,996 | 37,360 | |||||||||||||||||
Developed technology, patents and patent applications | 31,743 | 14,435 | 17,308 | 28,239 | 11,756 | 16,483 | |||||||||||||||||
Other | 17,884 | 13,591 | 4,293 | 16,131 | 11,982 | 4,149 | |||||||||||||||||
Total | $ | 325,286 | $ | 141,745 | $ | 183,541 | $ | 319,003 | $ | 119,686 | $ | 199,317 |
Customer Relationships | Trademarks, Trade Names and Brand Names | Developed Technology, Patents and Patent Applications | Other | Total | |||||||||||||||
2019 | $ | 16,786 | $ | 2,337 | $ | 2,692 | $ | 992 | $ | 22,807 | |||||||||
2020 | 15,472 | 2,337 | 2,469 | 926 | 21,204 | ||||||||||||||
2021 | 13,699 | 2,337 | 2,184 | 868 | 19,088 | ||||||||||||||
2022 | 11,304 | 2,331 | 2,131 | 302 | 16,068 | ||||||||||||||
2023 | 10,108 | 2,301 | 2,131 | 97 | 14,637 | ||||||||||||||
Thereafter | 57,544 | 14,064 | 5,701 | 1,108 | 78,417 | ||||||||||||||
Total | $ | 124,913 | $ | 25,707 | $ | 17,308 | $ | 4,293 | $ | 172,221 |
December 31, 2018 | December 31, 2017 | ||||||
Land | $ | 18,547 | $ | 18,674 | |||
Buildings and improvements | 84,639 | 74,662 | |||||
Machinery, equipment and other | 416,130 | 352,276 | |||||
Construction in progress | 16,105 | 17,178 | |||||
535,421 | 462,790 | ||||||
Accumulated depreciation | (237,954 | ) | (190,799 | ) | |||
Property, plant and equipment, net | $ | 297,467 | $ | 271,991 |
December 31, 2018 | December 31, 2017 | ||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair value | ||||||||||||||||||||||||
Short-term deposits | $ | 21,064 | $ | — | $ | — | $ | 21,064 | $ | 35,834 | $ | — | $ | — | $ | 35,834 | |||||||||||||||
Mutual funds | — | — | — | — | 12,077 | 4,675 | — | 16,752 | |||||||||||||||||||||||
Corporate securities | 4,533 | — | (3,094 | ) | 1,439 | 32,311 | 11,893 | (2,643 | ) | 41,561 | |||||||||||||||||||||
Total marketable securities | 25,597 | — | (3,094 | ) | 22,503 | 80,222 | 16,568 | (2,643 | ) | 94,147 | |||||||||||||||||||||
Amounts classified as cash equivalents | (21,064 | ) | — | — | (21,064 | ) | (35,834 | ) | — | — | (35,834 | ) | |||||||||||||||||||
Amounts classified as marketable securities | $ | 4,533 | $ | — | $ | (3,094 | ) | $ | 1,439 | $ | 44,388 | $ | 16,568 | $ | (2,643 | ) | $ | 58,313 |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Gross realized gains | $ | 16,499 | $ | 637 | |||
Gross realized losses | (5,129 | ) | (545 | ) | |||
Realized gains, net | $ | 11,370 | $ | 92 |
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||
December 31, 2018: | |||||||||||||||||||||||
Corporate securities | $ | 396 | $ | (322 | ) | $ | 1,043 | $ | (2,772 | ) | $ | 1,439 | $ | (3,094 | ) | ||||||||
Total | $ | 396 | $ | (322 | ) | $ | 1,043 | $ | (2,772 | ) | $ | 1,439 | $ | (3,094 | ) |
December 31, 2017: | |||||||||||||||||||||||
Corporate securities | $ | 5,801 | $ | (2,558 | ) | $ | 398 | $ | (85 | ) | $ | 6,199 | $ | (2,643 | ) | ||||||||
Total | $ | 5,801 | $ | (2,558 | ) | $ | 398 | $ | (85 | ) | $ | 6,199 | $ | (2,643 | ) |
Ownership % | Long-Term Investments Balance | Loss (Income) Recorded in Statements of Operations | |||||||||||||||||||
December 31, | December 31, | Year Ended December 31, | |||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
Corporate securities (a), (e) | $ | 161,799 | $ | 131,307 | $ | 59,658 | $ | — | |||||||||||||
STCN convertible notes (b), (f) | 14,943 | 10,387 | (197 | ) | (614 | ) | |||||||||||||||
STCN preferred stock (c), (f) | 39,420 | 35,000 | (4,420 | ) | — | ||||||||||||||||
STCN warrants (f) | — | — | — | 19 | |||||||||||||||||
Equity method investments: (f) | |||||||||||||||||||||
Carried at fair value: | |||||||||||||||||||||
STCN common stock | 29.6 | % | 30.4 | % | 31,457 | 45,275 | 12,320 | (15,700 | ) | ||||||||||||
Aviat Networks, Inc. ("Aviat") | 12.4 | % | 12.7 | % | 8,881 | 10,168 | 1,287 | (899 | ) | ||||||||||||
Other | 43.8 | % | 43.8 | % | 1,223 | 1,223 | — | — | |||||||||||||
Long-term investments carried at fair value | 257,723 | 233,360 | |||||||||||||||||||
Other equity method investments (d) | 321 | 2,784 | 519 | 306 | |||||||||||||||||
Total | $ | 258,044 | $ | 236,144 |
(a) | Cost basis totaled $100,269 and $12,250 at December 31, 2018 and 2017, respectively, and gross unrealized gains totaled $61,530 and $119,057 at December 31, 2018 and 2017, respectively. |
(b) | Represents investment in STCN convertible notes. Cost basis totaled $13,262 and $8,903 at December 31, 2018 and 2017, respectively, and gross unrealized gains totaled $1,681 and $1,484 at December 31, 2018 and 2017, respectively. Changes in fair value are recorded in the Company's consolidated statements of operations as the Company elected the fair value option to account for this investment. |
(c) | Represents investment in STCN preferred stock. On December 15, 2017, the Company entered into an agreement pursuant to which STCN issued Series C convertible voting preferred stock for an aggregate purchase consideration of $35,000. Each share of preferred stock can be converted into shares of STCN's common stock at an initial conversion price equal to $1.96 per share, subject to appropriate adjustments for any stock dividend, stock split, stock combination, reclassification or similar transaction, among other things. Changes in fair value are recorded in the Company's consolidated statements of operations as the Company elected the fair value option to account for this investment. The convertible preferred shares, if converted as of December 31, 2018, when combined with the common shares owned by the Company, would result in the Company having a direct interest of approximately 45.6% of STCN's outstanding shares. |
(d) | Balance included the Company's investment in iGo as of December 31, 2017. The Company's ownership of iGo increased to 80.2% on December 31, 2018, as discussed in Note 15 - "Capital and Accumulated Other Comprehensive Loss," and iGo is now a consolidated subsidiary. |
(e) | Loss (income) from these investments is included in Realized and unrealized losses (gains) on securities, net in the consolidated statements of operations. |
(f) | Loss (income) from these investments is included in Loss (income) of associated companies, net of taxes in the consolidated statements of operations. |
• | STCN (formerly ModusLink Global Solutions, Inc.) provides supply chain and logistics services to companies in the consumer electronics, communications, computing, medical devices, software and retail industries. STCN also owns IWCO Direct Holdings, Inc. ("IWCO"), a provider of data-driven marketing solutions that offers a full range of services including strategy, creative and execution for omnichannel marketing campaigns, along with postal logistics programs for direct mail. |
• | Aviat designs, manufactures and sells a range of wireless networking solutions and services to mobile and fixed telephone service providers, private network operators, government agencies, transportation and utility companies, public safety agencies and broadcast system operators across the globe. |
2018 | 2017 | ||||||
Summary of balance sheet amounts: (a) | |||||||
Current assets | $ | 264,281 | $ | 257,846 | |||
Non-current assets | 562,769 | 23,452 | |||||
Total assets | $ | 827,050 | $ | 281,298 | |||
Current liabilities | $ | 290,612 | $ | 149,155 | |||
Non-current liabilities | 393,618 | 69,172 | |||||
Total liabilities | 684,230 | 218,327 | |||||
Contingently redeemable preferred stock | 35,192 | — | |||||
Equity | 107,628 | 62,971 | |||||
Total liabilities and equity | $ | 827,050 | $ | 281,298 | |||
2018 | 2017 | ||||||
Summary operating results: (a) | |||||||
Revenue | $ | 645,258 | $ | 436,620 | |||
Gross profit | 101,259 | 36,365 | |||||
Net income (loss) (b) | 36,715 | (25,827 | ) |
(a) | The increases in the 2018 amounts, as compared to the 2017 amounts, in the table above are principally due to STCN's acquisition of IWCO. |
(b) | Net income in the 2018 period was favorably impacted by an income tax benefit related to STCN's acquisition of IWCO. |
December 31, 2018 | December 31, 2017 | ||||||
Time deposits year of maturity: | |||||||
2018 | $ | — | $ | 191,528 | |||
2019 | 310,577 | 115,819 | |||||
2020 | 249,352 | 89,974 | |||||
2021 | 30,000 | — | |||||
Total time deposits | 589,929 | 397,321 | |||||
Savings deposits | 121,382 | 113,679 | |||||
Total deposits (a) | $ | 711,311 | $ | 511,000 | |||
Current | $ | 431,959 | $ | 305,207 | |||
Long-term | 279,352 | 205,793 | |||||
Total deposits | $ | 711,311 | $ | 511,000 |
(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 $710,323 and $511,473 at December 31, 2018 and 2017, respectively. |
December 31, 2018 | December 31, 2017 | ||||||
Short term debt: | |||||||
Foreign | $ | 3,094 | $ | 1,624 | |||
Short-term debt | 3,094 | 1,624 | |||||
Long-term debt: | |||||||
SPLP revolving facility | 472,495 | 406,981 | |||||
Other debt - foreign | 796 | — | |||||
Other debt - domestic | 5,604 | 6,062 | |||||
Subtotal | 478,895 | 413,043 | |||||
Less portion due within one year | 799 | 459 | |||||
Long-term debt | 478,096 | 412,584 | |||||
Total debt | $ | 481,989 | $ | 414,667 |
Total | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | ||||||||||||||||||||||
Long-term debt | $ | 478,895 | $ | 799 | $ | 4,214 | $ | 315 | $ | 473,567 | $ | — | $ | — |
Year Ended December 31, | ||||||||
2018 | 2017 | |||||||
Balance, beginning of period | $ | 15,629 | $ | 12,640 | ||||
Settlement of short sales of corporate securities | (3,100 | ) | (94 | ) | ||||
Short sales of corporate securities | 26 | 165 | ||||||
Net investment (gains) losses | (121 | ) | 2,918 | |||||
Balance, end of period | $ | 12,434 | $ | 15,629 |
Commodity | Amount | Notional Value | ||||
Silver | 264,822 ounces | $ | 3,993 | |||
Gold | 2,733 ounces | $ | 3,467 | |||
Palladium | 775 ounces | $ | 951 | |||
Copper | 150,000 pounds | $ | 388 | |||
Tin | 20 metric tons | $ | 392 |
December 31, | ||||||||||
Derivative | Balance Sheet Location | 2018 | 2017 | |||||||
Commodity contracts (a), (b) | Accrued liabilities | $ | (14 | ) | $ | (49 | ) | |||
Commodity contracts (c) | Accrued liabilities | (145 | ) | (78 | ) | |||||
Foreign exchange forward contracts (a), (d) | (Accrued liabilities)/Prepaid expenses and other current assets | (95 | ) | 166 | ||||||
Foreign exchange forward contracts (a), (b) | Accrued liabilities | (81 | ) | (188 | ) | |||||
Economic interests in loans (c) | Other non-current assets | 17,156 | 13,126 | |||||||
Call options | Other current liabilities | — | (258 | ) | ||||||
Put options | Prepaid expenses and other current assets | — | 3 | |||||||
Total derivatives | $ | 16,821 | $ | 12,722 |
Year Ended December 31, | ||||||||||
2018 | 2017 | |||||||||
Derivative | Statements of Operations Location | Gain (Loss) | Gain (Loss) | |||||||
Commodity contracts (a), (b) | Cost of goods sold | $ | 223 | $ | (435 | ) | ||||
Commodity contracts (c) | Cost of goods sold | (461 | ) | (61 | ) | |||||
Commodity contracts (c) | Other income (expense), net | 840 | (145 | ) | ||||||
Foreign exchange forward contracts (a), (d) | Revenue/Cost of goods sold | 241 | (1,357 | ) | ||||||
Foreign exchange forward contracts (a), (b) | Other income (expense), net | (55 | ) | (339 | ) | |||||
Economic interests in loans (c) | Revenue | 14,559 | 8,902 | |||||||
Call options | Other income (expense), net | — | (28 | ) | ||||||
Put options | Other income (expense), net | — | (780 | ) | ||||||
Total derivatives | $ | 15,347 | $ | 5,757 |
(a) | Designated as hedging instruments. |
(b) | Fair value hedge. |
(c) | Economic hedge. |
(d) | Cash flow hedge. |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Interest cost | $ | 20,999 | $ | 21,910 | |||
Expected return on plan assets | (27,703 | ) | (25,969 | ) | |||
Amortization of actuarial loss | 9,888 | 9,228 | |||||
Total | $ | 3,184 | $ | 5,169 |
2018 | 2017 | ||||
Discount rates: | |||||
WHX Pension Plan | 3.45 | % | 3.84 | % | |
WHX Pension Plan II | 3.33 | % | 3.64 | % | |
JPS Pension Plan | 3.40 | % | 3.81 | % | |
API Pension Plan | 2.50 | % | 2.65 | % | |
HNH expected return on assets | 6.50 | % | 6.50 | % | |
API expected return on assets | 3.80 | % | 3.87 | % |
HNH Plans | API Plan | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Change in benefit obligation: | |||||||||||||||
Benefit obligation at January 1 | $ | 601,194 | $ | 597,405 | $ | 152,006 | $ | 136,564 | |||||||
Prior service cost | — | — | 2,634 | — | |||||||||||
Interest cost | 17,276 | 18,183 | 3,723 | 3,730 | |||||||||||
Actuarial (gain) loss | (75,503 | ) | 27,324 | (9,527 | ) | 4,204 | |||||||||
Benefits paid | (44,155 | ) | (41,718 | ) | (5,528 | ) | (5,338 | ) | |||||||
Impact of foreign exchange rate | — | — | (7,696 | ) | 12,846 | ||||||||||
Benefit obligation at December 31 | $ | 498,812 | $ | 601,194 | $ | 135,612 | $ | 152,006 | |||||||
Change in plan assets: | |||||||||||||||
Fair value of plan assets at January 1 | $ | 349,819 | $ | 331,872 | $ | 140,634 | $ | 118,327 | |||||||
Actual returns on plan assets | (29,091 | ) | 24,239 | (2,984 | ) | 15,261 | |||||||||
Benefits paid | (44,155 | ) | (41,718 | ) | (5,528 | ) | (5,338 | ) | |||||||
Company contributions | 31,916 | 35,426 | 936 | 901 | |||||||||||
Impact of foreign exchange rate | — | — | (7,225 | ) | 11,483 | ||||||||||
Fair value of plan assets at December 31 | 308,489 | 349,819 | 125,833 | 140,634 | |||||||||||
Funded status | $ | (190,323 | ) | $ | (251,375 | ) | $ | (9,779 | ) | $ | (11,372 | ) | |||
Accumulated benefit obligation ("ABO") for qualified defined benefit pension plans: | |||||||||||||||
ABO at January 1 | $ | 601,194 | $ | 597,405 | $ | 152,006 | $ | 136,564 | |||||||
ABO at December 31 | $ | 498,812 | $ | 601,194 | $ | 135,612 | $ | 152,006 | |||||||
Amounts recognized on the consolidated balance sheets: | |||||||||||||||
Current liability | $ | — | $ | — | $ | — | $ | — | |||||||
Non-current liability | (190,323 | ) | (251,375 | ) | (9,779 | ) | (11,372 | ) | |||||||
Total | $ | (190,323 | ) | $ | (251,375 | ) | $ | (9,779 | ) | $ | (11,372 | ) |
2018 | 2017 | ||||
Discount rates: | |||||
WHX Pension Plan | 4.10 | % | 3.45 | % | |
WHX Pension Plan II | 4.00 | % | 3.33 | % | |
JPS Pension Plan | 4.09 | % | 3.40 | % | |
API Pension Plan | 2.90 | % | 2.50 | % |
HNH Plans | API Plan | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Prior service cost | $ | — | $ | — | $ | 2,475 | $ | — | |||||||
Net actuarial loss | 220,778 | 254,599 | 5,551 | 7,083 | |||||||||||
Accumulated other comprehensive loss | $ | 220,778 | $ | 254,599 | $ | 8,026 | $ | 7,083 |
HNH Plans | API Plan | ||||||||||||||
Pension Benefits | Pension Benefits | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Current year actuarial gain (loss) | $ | 23,933 | $ | (24,333 | ) | $ | 1,300 | $ | 6,339 | ||||||
Amortization of actuarial loss | 9,888 | 9,228 | — | — | |||||||||||
Current year prior service cost | — | — | (2,634 | ) | — | ||||||||||
Amortization of prior service credit | — | — | 24 | — | |||||||||||
Impact of foreign exchange rate | — | — | 367 | — | |||||||||||
Total recognized in comprehensive income (loss) | $ | 33,821 | $ | (15,105 | ) | $ | (943 | ) | $ | 6,339 |
HNH Plans | API Plan | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Projected benefit obligation | $ | 498,812 | $ | 601,194 | $ | 135,612 | $ | 152,006 | |||||||
Accumulated benefit obligation | $ | 498,812 | $ | 601,194 | $ | 135,612 | $ | 152,006 | |||||||
Fair value of plan assets | $ | 308,489 | $ | 349,819 | $ | 125,833 | $ | 140,634 |
Fair Value Measurements as of December 31, 2018: | |||||||||||||||
Assets at Fair Value as of December 31, 2018 | |||||||||||||||
Asset Class | Level 1 | Level 2 | Level 3 | Total |
Equity securities: | |||||||||||||||
U.S. mid-cap | $ | 24,736 | $ | — | $ | — | $ | 24,736 | |||||||
U.S. large-cap | 75,859 | — | — | 75,859 | |||||||||||
U.S. small-cap | 1,099 | — | — | 1,099 | |||||||||||
International large-cap | 918 | — | — | 918 | |||||||||||
Fixed income securities | 2,111 | — | — | 2,111 | |||||||||||
Mortgage backed securities | — | 15,934 | — | 15,934 | |||||||||||
U.S. Government debt securities | — | 10,161 | — | 10,161 | |||||||||||
Corporate bonds and loans | — | 34,117 | — | 34,117 | |||||||||||
Convertible promissory notes | — | — | 4,202 | 4,202 | |||||||||||
Stock warrants | — | — | 193 | 193 | |||||||||||
Private company common stock | — | — | 1,050 | 1,050 | |||||||||||
Subtotal | $ | 104,723 | $ | 60,212 | $ | 5,445 | 170,380 | ||||||||
Pension assets measured at net asset value (1) | |||||||||||||||
Hedge funds: (2) | |||||||||||||||
Equity long/short | 50,777 | ||||||||||||||
Event driven | 27,028 | ||||||||||||||
Value driven | 18,995 | ||||||||||||||
Private equity - asset based lending - maritime (3) | 9,498 | ||||||||||||||
Private equity - value oriented partnership investment fund (4) | 4,102 | ||||||||||||||
Funds of funds - long-term capital growth (5) | 14,945 | ||||||||||||||
Offshore feeder fund - Pan-Asia equity long/short (6) | 4,243 | ||||||||||||||
Insurance separate account (7) | 12,328 | ||||||||||||||
Total pension assets measured at net asset value | 141,916 | ||||||||||||||
Cash and cash equivalents | 4,738 | ||||||||||||||
Net payables | (8,545 | ) | |||||||||||||
Total pension assets | $ | 308,489 | |||||||||||||
Fair Value Measurements as of December 31, 2017: | |||||||||||||||
Assets at Fair Value as of December 31, 2017 | |||||||||||||||
Asset Class | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Equity securities: | |||||||||||||||
U.S. mid-cap | $ | 28,715 | $ | — | $ | — | $ | 28,715 | |||||||
U.S. large-cap | 66,076 | — | — | 66,076 | |||||||||||
U.S. small-cap | 3,214 | — | — | 3,214 | |||||||||||
International large-cap | 1,188 | — | — | 1,188 | |||||||||||
Fixed income securities | 2,217 | — | — | 2,217 | |||||||||||
Mortgage backed securities | — | 10,682 | — | 10,682 | |||||||||||
U.S. Government debt securities | — | 14,001 | — | 14,001 | |||||||||||
Corporate bonds and loans | — | 35,033 | — | 35,033 | |||||||||||
Convertible promissory notes | — | — | 4,202 | 4,202 | |||||||||||
Stock warrants | — | — | 193 | 193 | |||||||||||
Private company common stock | — | — | 1,050 | 1,050 | |||||||||||
Subtotal | $ | 101,410 | $ | 59,716 | $ | 5,445 | 166,571 | ||||||||
Pension assets measured at net asset value (1) | |||||||||||||||
Hedge funds: (2) | |||||||||||||||
Equity long/short | 45,147 | ||||||||||||||
Event driven | 49,757 | ||||||||||||||
Value driven | 19,960 | ||||||||||||||
Private equity - asset based lending - maritime (3) | 8,466 | ||||||||||||||
Funds of funds - long-term capital growth (5) | 12,517 | ||||||||||||||
Common trust funds: (2) | |||||||||||||||
Other | 3 | ||||||||||||||
Insurance separate account (7) | 15,009 | ||||||||||||||
Total pension assets measured at net asset value | 150,859 | ||||||||||||||
Cash and cash equivalents | 28,397 | ||||||||||||||
Net receivables | 3,992 | ||||||||||||||
Total pension assets | $ | 349,819 |
(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 and fixed income securities. |
(3) | The limited partnership is a direct lending private debt fund, which serves as an alternative source of liquidity for the shipping industry. |
(4) | The limited partnership's strategy is to build a concentrated portfolio of 8-10 companies with $100 to $1,000 of equity allocated per investment. Investments will be control positions of minority stakes with significant protections and influence. The strategy will focus on the North American and Asian financial, industrial, energy, consumer and business service sectors. |
(5) | The limited partnership operates as a fund of funds. The underlying assets in this fund are generally expected to be illiquid. The limited partnership's investment strategy is to seek above-average rates of return and long-term capital growth by investing in a broad range of investments, including, but not limited to, global distressed corporate securities, activist equities, value equities, post-reorganizational equities, municipal bonds, high yield bonds, leveraged loans, unsecured debt, collateralized debt obligations, mortgage-backed securities, commercial mortgage-backed securities, direct lending and sovereign debt. |
(6) | The offshore feeder fund's Pan-Asia strategy employs a value-oriented and concentrated approach with a long-term horizon and seeks to build a portfolio of independent long and short positions with access to small/mid-cap opportunities. |
(7) | 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 pension 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 accumulated plan benefits as of June 30, 1984, TFLIC has the right to cause annuities to be purchased for the individuals covered by these contract agreements. No annuities have been purchased for the individuals covered by these contract arrangements. |
Fair Value Measurements as of December 31, 2018: | |||||||||||||||
Assets at Fair Value as of December 31, 2018 | |||||||||||||||
Asset Class | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Equities | $ | 38,814 | $ | — | $ | — | $ | 38,814 | |||||||
Bonds | — | 13,605 | — | 13,605 | |||||||||||
Property | — | 13,457 | — | 13,457 | |||||||||||
Liability-driven instrument (1) | — | 38,639 | — | 38,639 | |||||||||||
Private markets | — | — | 13,824 | 13,824 | |||||||||||
Cash and cash equivalents | 7,494 | — | — | 7,494 | |||||||||||
Total pension assets | $ | 46,308 | $ | 65,701 | $ | 13,824 | $ | 125,833 |
Fair Value Measurements as of December 31, 2017: | |||||||||||||||
Assets at Fair Value as of December 31, 2017 | |||||||||||||||
Asset Class | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Equities | $ | 67,634 | $ | — | $ | — | $ | 67,634 | |||||||
Bonds | — | 14,568 | — | 14,568 | |||||||||||
Property | — | 13,159 | — | 13,159 | |||||||||||
Liability-driven instrument (1) | — | 30,980 | — | 30,980 | |||||||||||
Private markets | — | — | 13,845 | 13,845 | |||||||||||
Cash and cash equivalents | 448 | — | — | 448 | |||||||||||
Total pension assets | $ | 68,082 | $ | 58,707 | $ | 13,845 | $ | 140,634 |
(1) | Represents investments in pooled funds. This is a method of investing whereby a portfolio of assets is built with the objective of moving in-line with liabilities. The assets are typically derivative instruments based on government bonds or instruments called swaps which are exposed to the same liability sensitivities (interest rates and inflation) as the pension liabilities. |
Year Ended December 31, 2017 | Convertible Promissory Notes | Stock Warrants | Private Company Common Stock | Total | |||||||||||
Beginning balance as of January 1, 2017 | $ | 3,500 | $ | 875 | $ | — | $ | 4,375 | |||||||
Transfers into Level 3 | — | — | — | — | |||||||||||
Transfers out of Level 3 | — | — | — | — | |||||||||||
Gains or losses included in changes in net assets | 702 | — | 175 | 877 | |||||||||||
Purchases, issuances, sales and settlements | |||||||||||||||
Purchases | — | — | 875 | 875 | |||||||||||
Issuances | — | 193 | — | 193 | |||||||||||
Sales | — | — | — | — | |||||||||||
Settlements | — | (875 | ) | — | (875 | ) | |||||||||
Ending balance as of December 31, 2017 | $ | 4,202 | $ | 193 | $ | 1,050 | $ | 5,445 |
Class Name | Description | Fair Value December 31, 2018 | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | |||||||||
Hedge funds | Global long short feeder fund | $ | 9,499 | $ | — | Monthly (1) | 90 days | |||||||
Hedge funds | US long small cap value hedge fund | $ | 9,775 | $ | — | Quarterly (2) | 90 days | |||||||
Hedge funds | International equity long/short hedge fund | $ | 11,680 | $ | — | Quarterly (3) | 90 days (3) | |||||||
Hedge funds | Multi-strategy hedge fund | $ | 3,630 | $ | 1,750 | (4) | (4) | |||||||
Hedge funds | Value driven hedge fund | $ | 18,995 | $ | — | (5) | 6 months | |||||||
Fund of funds | Long-term capital growth | $ | 14,945 | $ | 22,222 | (6) | 95 days | |||||||
Hedge funds | Equity long/short hedge funds | $ | 10,507 | $ | — | (7) | 60 days | |||||||
Hedge funds | Event driven hedge funds | $ | 27,028 | $ | — | Monthly | 90 days | |||||||
Insurance separate account | Insurance separate account | $ | 12,328 | $ | — | (8) | (8) | |||||||
Private equity | Asset-based lending-maritime | $ | 9,498 | $ | 51 | (9) | (9) | |||||||
Private equity | Value oriented partnership investment fund | $ | 4,102 | $ | 8,500 | (10) | (10) | |||||||
Offshore feeder fund | Pan-Asia equity long/short | $ | 4,243 | $ | — | (11) | 60 days | |||||||
Hedge funds | Equity long/short hedge funds | $ | 3,689 | $ | — | Quarterly (12) | 90 days | |||||||
Hedge funds | Equity long/short hedge funds | $ | 1,997 | $ | — | Quarterly (13) | 60 days | |||||||
Private equity | Revenue-based lending | $ | — | $ | 7,750 | (14) | (14) |
(1) | 3 year lock up and 5% redemption fee if under 3 years. Notice for redemption is 90 days prior to expiry of lock up period. Annual limited redemption of 20% per shareholder in any twelve month period, subject to 30 days' notice. |
(2) | Maximum withdrawal is 25%. Can withdraw 100% over 4 consecutive calendar quarters in 25% increments. |
(3) | Redemptions are subject to (i) a rolling thirty-six month holding period and (ii) a one-quarter investor level gate. There is a holdback of 10% upon complete distribution until completion of the audit of the fund for that year, without interest. |
(4) | Limited partnership formed in 2017. Commitment of $5,000, no right to withdraw. The fund has a four years duration with the option for two additional 1 year extensions. |
(5) | 5 year staggered lockup period. One-third of the investment on each of December 31, 2020, 2021 and 2022. |
(6) | Each capital commitment is subject to a commitment period of 3 years during which capital may be drawn-down, subject to two 1-year extensions. During the commitment period, no withdrawals are permitted. Once permitted, withdrawals of available liquidity in underlying investment vehicles are permitted quarterly. The fund-of-funds will not invest in any fund or investment vehicle that has an initial lock-up period of more than 5 years. Upon complete redemption, a holdback of up to 10% is withheld and paid after the fund's financial statement audit. |
(7) | Redeemable annually subject to 3 years rolling, staggered lock up period. Upon complete redemption, a holdback of up to 10% is withheld and paid after the fund's financial statement audit. |
(8) | 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 days' notice. When funds are exhausted either by benefit payments, purchase of annuity contracts or transfer, the related contract terminates. |
(9) | Entered into an agreement effective December 15, 2016 with a commitment of $10,000. The agreement contains a commitment period of 3 years, subject to an extension of up to one additional year. Voluntary withdrawals are not permitted. Complete distributions will be made after 8 years, subject to an extension of an additional 2 years. |
(10) | Entered into an agreement effective September 8, 2016 for a commitment of $12,500 to a limited partnership private equity fund. $4,000 of capital has been called as of December 31, 2018. Voluntary withdrawals will not be permitted. Complete distributions will be made after 10 years, subject to an extension of an additional 1 year. The agreement provided for loans to the fund, and as of December 31, 2018, a $3,505 loan receivable was outstanding from the fund. Per the loan agreement, a loan exists until the partnership issues a drawdown notice. Upon issuance of a drawdown notice, a capital contribution to the partnership will be deemed to be made and deemed to have repaid the loan to the extent of the capital contribution. |
(11) | 3 year lock up. Optional annual limited redemption of 10% per shareholder, subject to 60 days' notice. 25% Master Fund level gate. Upon complete redemption, a holdback of up to 10% is withheld and paid after the fund's financial statement audit. |
(12) | Maximum withdraw is 25% of the net asset value of the relevant class per quarter. |
(13) | Entered into an agreement effective May 21, 2018 for a commitment of $2,000. 1 year lockup period for each capital contribution. Upon complete redemption, a holdback of 10% is withheld and paid after the fund's financial statement audit. |
(14) | Entered into agreements effective October 31, 2018 which contain a $8,000 commitment with a commitment period between 3 and 4 years. Voluntary withdrawals are not permitted. Complete distributions will be made after 8 to 9 years, subject to two extensions in 1 year increments. On December 18, 2018, capital was called in the amount of $250 and is recorded as cash as of December 31, 2018. |
Class Name | Description | Fair Value December 31, 2017 | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | |||||||||
Hedge funds | Global long short feeder fund | $ | 11,416 | $ | — | Monthly (1) | 90 days | |||||||
Hedge funds | US long small cap value hedge fund | $ | 10,003 | $ | — | Quarterly (2) | 90 days | |||||||
Hedge funds | International equity long/short hedge fund | $ | 11,504 | $ | — | Quarterly (3) | 90 days (3) | |||||||
Hedge funds | Multi-strategy hedge fund | $ | 1,756 | $ | 3,250 | (4) | (4) | |||||||
Hedge funds | Value driven hedge fund | $ | 19,960 | $ | — | (5) | 6 months | |||||||
Fund of funds | Long-term capital growth | $ | 12,517 | $ | 23,958 | (6) | 95 days | |||||||
Hedge funds | Equity long/short hedge funds | $ | 10,468 | $ | — | (7) | 60 days | |||||||
Hedge funds | Event driven hedge funds | $ | 49,757 | $ | — | Monthly | 90 days | |||||||
Common trust funds | Collective equity investment funds | $ | 3 | $ | — | Daily | 0-2 days | |||||||
Insurance separate account | Insurance separate account | $ | 15,009 | $ | — | (8) | (8) | |||||||
Private equity | Asset-based lending-maritime | $ | 8,466 | $ | 1,444 | (9) | (9) | |||||||
Private equity | Value oriented partnership investment fund | $ | — | $ | 12,500 | (10) | (10) | |||||||
Private equity | Opportunistic long/short private investment fund | $ | — | $ | 3,000 | (11) | (11) | |||||||
Offshore feeder fund | Pan-Asia equity long/short | $ | — | $ | 3,000 | (12) | (12) |
(1) | 3 year lock up and 5% redemption fee if under 3 years. Notice for redemption is 90 days prior to expiry of lock up period. Annual limited redemption of 10% per shareholder in any twelve month period, subject to 30 days' notice. |
(2) | Maximum withdrawal is 25%. Can withdraw 100% over 4 consecutive calendar quarters in 25% increments. |
(3) | Redemptions are subject to (i) a rolling thirty-six month holding period and (ii) a one-quarter investor level gate. There is a holdback of 10% upon complete distribution until completion of the audit of the fund for that year, without interest. |
(4) | Limited partnership formed in 2017. Commitment of $5,000, no right to withdraw. The fund has a four years duration with the option for two additional 1 year extensions. |
(5) | 5 year staggered lockup period. One-third of the investment on each of December 31, 2020, 2021 and 2022. |
(6) | Each capital commitment is subject to a commitment period of 3 years during which capital may be drawn-down, subject to two 1-year extensions. During the commitment period, no withdrawals are permitted. Once permitted, withdrawals of available liquidity in underlying investment vehicles are permitted quarterly. The fund-of-funds will not invest in any fund or investment vehicle that has an initial lock-up period of more than 5 years. Upon complete redemption, a holdback of up to 10% is withheld and paid after the fund's financial statement audit. |
(7) | Redeemable annually subject to 3 years rolling, staggered lock up period. Upon complete redemption, a holdback of up to 10% is withheld and paid after the fund's financial statement audit. |
(8) | 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 days' notice. When funds are exhausted either by benefit payments, purchase of annuity contracts or transfer, the related contract terminates. |
(9) | Entered into an agreement effective December 15, 2016 with a commitment of $10,000. The agreement contains a commitment period of 3 years, subject to an extension of up to one additional year. Voluntary withdrawals are not permitted. Complete distributions will be made after 8 years, subject to an extension of an additional 2 years. |
(10) | Entered into an agreement effective September 8, 2016 for a commitment of $12,500 to a limited partnership private equity fund. Capital had not been called as of December 31, 2017. Voluntary withdrawals will not be permitted. Complete distributions will be made after 10 years, subject to an extension of an additional one year. The agreement provided for loans to the fund, and as of December 31, 2017, a $3,000 loan receivable was outstanding from the fund. Per the loan agreement, a loan exists until the partnership issues a drawdown notice. Upon issuance of a drawdown notice, a capital contribution to the partnership will be deemed to be made and deemed to have repaid the loan to the extent of the capital contribution. |
(11) | During 2017, the WHX and JPS plans committed $5,000 to a fund which had a capital call for $2,000 due January 1, 2018, funded on December 29, 2017 and recorded as cash as of December 31, 2017. This fund's objective is generating returns on its long and short positions in companies undergoing change. |
(12) | During 2017, the WHX and JPS plans committed $5,000 to a fund which had a capital call for $2,000 due January 1, 2018, funded on December 29, 2017 and recorded as cash as of December 31, 2017. The fund's investment focus is on companies with substantial exposure in the Asian-Pacific region. |
Years | HNH Plans | API Plan | |||||
2019 | $ | 42,260 | $ | 5,362 | |||
2020 | 41,305 | 5,591 | |||||
2021 | 40,264 | 5,844 | |||||
2022 | 39,215 | 6,110 | |||||
2023 | 38,151 | 6,402 | |||||
2024-2028 | 171,699 | 36,117 |
Unrealized gain (loss) on available-for-sale securities | Unrealized loss on derivative financial instruments | Cumulative translation adjustments | Change in net pension and other benefit obligations | Total | |||||||||||||||
Balance at December 31, 2016 | $ | 62,527 | $ | (688 | ) | $ | (19,548 | ) | $ | (109,270 | ) | $ | (66,979 | ) | |||||
Other comprehensive income (loss), net of tax - before reclassifications (a) | 26,878 | 569 | 4,512 | (6,926 | ) | 25,033 | |||||||||||||
Reclassification adjustments, net of tax (b) | 908 | — | — | — | 908 | ||||||||||||||
Net other comprehensive income (loss) attributable to common unitholders (c) | 27,786 | 569 | 4,512 | (6,926 | ) | 25,941 | |||||||||||||
Acquisition of AOCI from noncontrolling interests | 765 | — | (3,223 | ) | (60,889 | ) | (63,347 | ) | |||||||||||
Balance at December 31, 2017 | 91,078 | (119 | ) | (18,259 | ) | (177,085 | ) | (104,385 | ) | ||||||||||
Net other comprehensive (loss) income attributable to common unitholders (a), (c) | (274 | ) | (28 | ) | (4,693 | ) | 24,247 | 19,252 | |||||||||||
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities (d) | (91,078 | ) | — | — | — | (91,078 | ) | ||||||||||||
Acquisition of AOCI from noncontrolling interests | — | (130 | ) | (524 | ) | (379 | ) | (1,033 | ) | ||||||||||
Balance at December 31, 2018 | $ | (274 | ) | $ | (277 | ) | $ | (23,476 | ) | $ | (153,217 | ) | $ | (177,244 | ) |
(a) | Net of a tax provision of approximately $8,349 and $31,029 and for the years ended December 31, 2018 and 2017, respectively. |
(b) | Net of a tax provision of approximately $329. |
(c) | For 2017, does not include the net unrealized gain on available-for sale securities of $811, the gain on derivative financial instruments of $55, cumulative translation adjustment gains of $932 and gains from the change in net pension and other post-retirement benefit obligations of $474, which are attributable to noncontrolling interests. For 2018, does not include the net unrealized gain on derivative financial instruments of $26 and cumulative translation adjustment of $(40), which are attributable to noncontrolling interests. |
(d) | Effective January 1, 2018 upon adoption of ASU 2016-01, a cumulative effect reclassification adjustment was made to remove the net unrealized gains and losses on equity securities from Accumulated other comprehensive loss and reclassify them to Partners' capital. |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Income (loss) before income taxes and equity method investments | |||||||
Domestic | $ | 169 | $ | 34,971 | |||
Foreign | (9,591 | ) | 5,452 | ||||
Total | $ | (9,422 | ) | $ | 40,423 | ||
Income taxes: | |||||||
Current: | |||||||
Federal | $ | (1,160 | ) | $ | 4,263 | ||
State | 7,518 | 4,872 | |||||
Foreign | 3,054 | 2,953 | |||||
Total income taxes, current | 9,412 | 12,088 | |||||
Deferred: | |||||||
Federal | 8,723 | 44,592 | |||||
State | (3,521 | ) | (4,093 | ) | |||
Foreign | (2,055 | ) | (1,288 | ) | |||
Total income taxes, deferred | 3,147 | 39,211 | |||||
Income tax provision | $ | 12,559 | $ | 51,299 |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
(Loss) income before income taxes and equity method investments | $ | (9,422 | ) | $ | 40,423 | ||
Federal income tax (benefit) provision at statutory rate | $ | (1,978 | ) | $ | 14,147 | ||
Loss passed through to common unitholders (a) | 5,794 | 10,385 | |||||
3,816 | 24,532 | ||||||
State income taxes, net of federal effect | 1,705 | 5,344 | |||||
Change in valuation allowance | 6,317 | (48,598 | ) | ||||
Foreign tax rate differences | (59 | ) | (1,202 | ) | |||
Uncertain tax positions | 150 | 124 | |||||
Deferred tax rate change due to newly-enacted U.S. tax law | — | 69,992 | |||||
Permanent differences and other | 630 | 1,107 | |||||
Income tax provision | $ | 12,559 | $ | 51,299 |
(a) | Represents taxes at statutory rate on losses for which no tax benefit is recognizable by SPLP and certain of its subsidiaries which are taxed as pass-through entities. Such losses are allocable directly to SPLP's unitholders and taxed when realized. |
December 31, | |||||||
2018 | 2017 | ||||||
Deferred Tax Assets: | |||||||
Operating loss carryforwards (a) | $ | 136,940 | $ | 118,594 | |||
Postretirement and postemployment employee benefits | 50,306 | 70,151 | |||||
Tax credit carryforwards | 12,837 | 13,412 | |||||
Accrued costs | 4,970 | 4,151 | |||||
Investment impairments and unrealized losses | 6,282 | 7,325 | |||||
Inventories | 3,536 | 2,468 | |||||
Environmental costs | 3,299 | 2,297 | |||||
Capital loss | 8,459 | 7,968 | |||||
Allowance for doubtful accounts and loan losses | 4,460 | 1,361 | |||||
Other | 1,427 | 3,748 | |||||
Gross deferred tax assets | 232,516 | 231,475 | |||||
Deferred Tax Liabilities: | |||||||
Intangible assets | (27,758 | ) | (33,376 | ) | |||
Fixed assets | (24,542 | ) | (26,346 | ) | |||
Unrealized gain on investment | (4,388 | ) | (22,403 | ) | |||
Other | (2,715 | ) | (2,208 | ) | |||
Gross deferred tax liabilities | (59,403 | ) | (84,333 | ) | |||
Valuation allowance (b) | (79,298 | ) | (41,138 | ) | |||
Net deferred tax assets | $ | 93,815 | $ | 106,004 | |||
Classified on the Company's consolidated balance sheets as follows: | |||||||
Deferred tax assets | $ | 96,040 | $ | 109,011 | |||
Deferred tax liabilities | 2,225 | 3,007 | |||||
$ | 93,815 | $ | 106,004 |
(a) | The ability for certain subsidiaries to utilize net operating losses and other credit carryforwards may be subject to limitation upon changes in control. |
(b) | Certain subsidiaries of the 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. |
Balance at December 31, 2016 | $ | 29,394 | |
Additions for tax positions related to current year | 32,684 | ||
Reductions due to lapsed statutes of limitations | (1,350 | ) | |
Balance at December 31, 2017 | $ | 60,728 | |
Additions for tax positions related to current year | 977 | ||
Additions for tax positions related to prior years | 1,413 | ||
Payments | (543 | ) | |
Reductions due to lapsed statutes of limitations and expiration of credits | (10,850 | ) | |
Balance at December 31, 2018 | $ | 51,725 |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Net (loss) income | $ | (31,490 | ) | $ | 6,012 | ||
Net loss attributable to noncontrolling interests in consolidated entities | (1,114 | ) | (6,028 | ) | |||
Net loss attributable to common unitholders | $ | (32,604 | ) | $ | (16 | ) | |
Net loss per common unit - basic and diluted | |||||||
Net loss attributable to common unitholders | $ | (1.25 | ) | $ | — | ||
Denominator for net loss per common unit - basic and diluted | 25,984,185 | 26,053,098 |
December 31, 2018 | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Marketable securities (a) | $ | 836 | $ | 603 | $ | — | $ | 1,439 | |||||||
Long-term investments (a) | 200,179 | 14,943 | 42,601 | 257,723 | |||||||||||
Investments in certain funds | — | — | 422 | 422 | |||||||||||
Precious metal and commodity inventories recorded at fair value | 9,884 | — | — | 9,884 | |||||||||||
Economic interests in loans | — | — | 17,156 | 17,156 | |||||||||||
Foreign currency forward exchange contracts | — | 275 | — | 275 | |||||||||||
Warrants | — | — | 1,738 | 1,738 | |||||||||||
Total | $ | 210,899 | $ | 15,821 | $ | 61,917 | $ | 288,637 | |||||||
Liabilities: | |||||||||||||||
Financial instrument obligations | $ | 12,434 | $ | — | $ | — | $ | 12,434 | |||||||
Commodity contracts on precious metal and commodity inventories | — | 159 | — | 159 | |||||||||||
Other precious metal liabilities | 8,589 | — | — | 8,589 | |||||||||||
Foreign currency forward exchange contracts | — | 450 | — | 450 | |||||||||||
Total | $ | 21,023 | $ | 609 | $ | — | $ | 21,632 |
December 31, 2017 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Marketable securities (a) | $ | 44,371 | $ | 1,988 | $ | 11,954 | $ | 58,313 | ||||||||
Long-term investments (a) | 186,750 | 10,387 | 36,223 | 233,360 | ||||||||||||
Investments in certain funds | — | — | 407 | 407 | ||||||||||||
Precious metal and commodity inventories recorded at fair value | 10,993 | — | — | 10,993 | ||||||||||||
Economic interests in loans | — | — | 13,126 | 13,126 | ||||||||||||
Foreign currency forward exchange contracts | — | 166 | — | 166 | ||||||||||||
Warrants | — | — | 206 | 206 | ||||||||||||
Long put options | 3 | — | — | — | 3 | |||||||||||
Total | $ | 242,117 | $ | 12,541 | $ | 61,916 | $ | 316,574 | ||||||||
Liabilities: | ||||||||||||||||
Financial instrument obligations | $ | 15,629 | $ | — | $ | — | $ | 15,629 | ||||||||
Commodity contracts on precious metal and commodity inventories | — | 127 | — | 127 | ||||||||||||
Other precious metal liabilities | 8,115 | — | — | 8,115 | ||||||||||||
Foreign currency forward exchange contracts | — | 188 | — | 188 | ||||||||||||
Short call options | 258 | — | — | 258 | ||||||||||||
Total | $ | 24,002 | $ | 315 | $ | — | $ | 24,317 |
(a) | For additional detail of the marketable securities and long-term investments see Note 10 - "Investments." |
Long-Term Investments | |||||||||||||||
Investments in Associated Companies (a) | STCN Warrants (a) | Marketable Securities and Other (b) | Total | ||||||||||||
Assets | |||||||||||||||
Balance at December 31, 2016 | $ | 1,223 | $ | 19 | $ | 30,789 | $ | 32,031 | |||||||
Purchases | 35,000 | — | — | 35,000 | |||||||||||
Sales and cash collections | — | — | (19,404 | ) | (19,404 | ) | |||||||||
Realized gains on sale | — | — | 309 | — | |||||||||||
Unrealized gains | — | — | 13,999 | 13,999 | |||||||||||
Unrealized losses | — | (19 | ) | — | (19 | ) | |||||||||
Balance at December 31, 2017 | $ | 36,223 | $ | — | $ | 25,693 | $ | 61,916 | |||||||
Purchases | — | — | 2,482 | 2,482 | |||||||||||
Sales and cash collections | — | — | (23,154 | ) | (23,154 | ) | |||||||||
Realized gains on sale | — | — | 18,704 | 18,704 | |||||||||||
Unrealized gains | 4,420 | — | 145 | 4,565 | |||||||||||
Unrealized losses | — | — | (2,346 | ) | (2,346 | ) | |||||||||
Balance at December 31, 2018 | $ | 40,643 | $ | — | $ | 21,524 | $ | 62,167 |
(a) | Unrealized gains and losses are recorded in Loss (income) of associated companies, net of taxes in the Company's consolidated statements of operations. |
(b) | Realized gains and losses on sale are recorded in Realized and unrealized losses (gains) on securities, net or Revenue in the Company's consolidated statements of operations, as are unrealized gains and losses incurred in 2018. In 2017, prior to the adoption of ASU 2016-01, unrealized gains and losses were recorded in AOCI. |
Payments due by period | Amount | |||
2019 | $ | 14,280 | ||
2020 | 11,131 | |||
2021 | 8,975 | |||
2022 | 6,174 | |||
2023 | 3,863 | |||
Thereafter | 17,867 | |||
Total | $ | 62,290 |
Year Ended December 31, | |||||||
Revenue: | 2018 | 2017 | |||||
Diversified industrial | $ | 1,286,665 | $ | 1,156,187 | |||
Energy | 175,950 | 135,461 | |||||
Financial services | 121,999 | 80,379 | |||||
Total | $ | 1,584,614 | $ | 1,372,027 | |||
Income (loss) before income taxes: | |||||||
Diversified industrial | $ | 42,661 | $ | 50,104 | |||
Energy | (6,342 | ) | (21,514 | ) | |||
Financial services | 54,544 | 41,328 | |||||
Corporate and other | (109,794 | ) | (12,607 | ) | |||
(Loss) income before income taxes | (18,931 | ) | 57,311 | ||||
Income tax provision | 12,559 | 51,299 | |||||
Net (loss) income | $ | (31,490 | ) | $ | 6,012 | ||
(Loss) income of associated companies, net of taxes: | |||||||
Energy | $ | (1,685 | ) | $ | 593 | ||
Corporate and other | (7,824 | ) | 16,295 | ||||
Total | $ | (9,509 | ) | $ | 16,888 |
Year ended December 31, 2018 | |||||||||||
Interest Expense (a) | Capital Expenditures | Depreciation and Amortization | |||||||||
Diversified industrial | $ | 13,395 | $ | 39,589 | $ | 59,582 | |||||
Energy | 388 | 7,399 | 20,214 | ||||||||
Financial services | 10,288 | 85 | 397 | ||||||||
Corporate and other | 25,451 | 12 | 130 | ||||||||
Total | $ | 49,522 | $ | 47,085 | $ | 80,323 | |||||
Year ended December 31, 2017 | |||||||||||
Interest Expense (a) | Capital Expenditures | Depreciation and Amortization | |||||||||
Diversified industrial | $ | 13,471 | $ | 40,374 | $ | 50,741 | |||||
Energy | 1,421 | 13,468 | 20,735 | ||||||||
Financial services | 4,685 | 834 | 294 | ||||||||
Corporate and other | 7,912 | 61 | 166 | ||||||||
Total | $ | 27,489 | $ | 54,737 | $ | 71,936 |
(a) | Interest expense includes Finance interest expense of $10,288 and $4,685 for the years ended December 31, 2018 and 2017, respectively. |
December 31, | ||||||||
2018 | 2017 | |||||||
Identifiable Assets Employed: | ||||||||
Diversified industrial | $ | 1,018,700 | $ | 1,070,874 | ||||
Energy | 352,179 | 416,460 | ||||||
Financial services | 924,763 | 612,378 | ||||||
Corporate and other | 60,417 | 61,779 | ||||||
Segment total | 2,356,059 | 2,161,491 | ||||||
Discontinued operations | — | 2,549 | ||||||
Total | $ | 2,356,059 | $ | 2,164,040 |
2018 | 2017 | |||||||||||||||
Revenue | Long-lived Assets | Revenue | Long-lived Assets | |||||||||||||
Geographic information: | ||||||||||||||||
United States | $ | 1,368,778 | $ | 260,512 | $ | 1,149,792 | $ | 239,834 | ||||||||
Foreign | 215,836 | 42,949 | 222,235 | 38,457 | ||||||||||||
Total | $ | 1,584,614 | $ | 303,461 | $ | 1,372,027 | $ | 278,291 |
Amount of Capital Required | |||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | Minimum Capital Adequacy With Capital Buffer | To Be Well Capitalized Under Prompt Corrective Provisions | ||||||||||||||||||||||||
As of December 31, 2018 | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Total Capital | |||||||||||||||||||||||||||
(to risk-weighted assets) | $ | 151,799 | 22.60 | % | $ | 53,807 | 8.00 | % | $ | 66,418 | 9.88 | % | $ | 67,258 | 10.00 | % | |||||||||||
Tier 1 Capital | |||||||||||||||||||||||||||
(to risk-weighted assets) | $ | 143,275 | 21.30 | % | $ | 40,355 | 6.00 | % | $ | 52,966 | 7.88 | % | $ | 53,807 | 8.00 | % | |||||||||||
Common Equity Tier 1 Capital | |||||||||||||||||||||||||||
(to risk-weighted assets) | $ | 143,275 | 21.30 | % | $ | 30,266 | 4.50 | % | $ | 42,877 | 6.38 | % | $ | 43,718 | 6.50 | % | |||||||||||
Tier 1 Capital | |||||||||||||||||||||||||||
(to average assets) | $ | 143,275 | 18.30 | % | $ | 31,250 | 4.00 | % | n/a | n/a | $ | 39,063 | 5.00 | % | |||||||||||||
As of December 31, 2017 | |||||||||||||||||||||||||||
Total Capital | |||||||||||||||||||||||||||
(to risk-weighted assets) | $ | 111,102 | 28.90 | % | $ | 30,710 | 8.00 | % | $ | 35,509 | 9.25 | % | $ | 38,388 | 10.00 | % | |||||||||||
Tier 1 Capital | |||||||||||||||||||||||||||
(to risk-weighted assets) | $ | 106,296 | 27.70 | % | $ | 23,033 | 6.00 | % | $ | 27,831 | 7.25 | % | $ | 30,710 | 8.00 | % | |||||||||||
Common Equity Tier 1 Capital | |||||||||||||||||||||||||||
(to risk-weighted assets) | $ | 106,296 | 27.70 | % | $ | 17,275 | 4.50 | % | $ | 22,073 | 5.75 | % | $ | 24,952 | 6.50 | % | |||||||||||
Tier 1 Capital | |||||||||||||||||||||||||||
(to average assets) | $ | 106,296 | 19.00 | % | $ | 22,398 | 4.00 | % | n/a | n/a | $ | 27,998 | 5.00 | % |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Cash and cash equivalents | $ | 334,884 | $ | 418,755 | |||
Restricted cash | 12,434 | 15,629 | |||||
Total cash, cash equivalents and restricted cash | $ | 347,318 | $ | 434,384 |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Cash paid during the period for: | |||||||
Interest | $ | 40,773 | $ | 22,029 | |||
Taxes | 9,463 | 19,774 | |||||
Non-cash investing and financing activities: | |||||||
Acquisition of iGo shares in exchange for Kasco equity | 6,156 | — | |||||
Exchange of debt securities for equity securities | — | 3,317 | |||||
Contingent purchase price (future earn-out) associated with the Dunmore acquisition | 3,800 | — | |||||
Issuance of SPLP common units to purchase subsidiary shares from noncontrolling interests | 3,159 | — | |||||
Issuance of SPLP Preferred Units to purchase subsidiary shares from noncontrolling interests | 3,812 | 198,817 |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Investment income | $ | (5,615 | ) | $ | (1,191 | ) | |
Realized (gains) losses on financial instrument obligations | (121 | ) | 2,918 | ||||
Realized and unrealized (gains) losses on derivatives | (840 | ) | 145 | ||||
Other, net | (1,434 | ) | (843 | ) | |||
Total | $ | (8,010 | ) | $ | 1,029 |
Net (Loss) Income Attributable to Common Unitholders | ||||||||||||||||||||
Quarter | Revenue | Net (Loss) Income | Net (Loss) Income Attributable to Common Unitholders | Per Common Unit Basic | Per Common Unit Diluted | |||||||||||||||
2018 | ||||||||||||||||||||
First | $ | 366,245 | $ | (8,851 | ) | $ | (9,078 | ) | $ | (0.35 | ) | $ | (0.35 | ) | ||||||
Second | 434,437 | 13,555 | 13,042 | 0.50 | 0.42 | |||||||||||||||
Third | 405,319 | (6,191 | ) | (6,095 | ) | (0.23 | ) | (0.23 | ) | |||||||||||
Fourth (a), (b) | 378,613 | (30,003 | ) | (30,473 | ) | (1.19 | ) | (1.19 | ) | |||||||||||
$ | 1,584,614 | $ | (31,490 | ) | $ | (32,604 | ) | |||||||||||||
2017 | ||||||||||||||||||||
First | $ | 323,319 | $ | (3,098 | ) | $ | (4,082 | ) | $ | (0.16 | ) | $ | (0.16 | ) | ||||||
Second | 358,391 | 15,718 | 11,253 | 0.43 | 0.41 | |||||||||||||||
Third | 355,040 | 10,905 | 7,013 | 0.27 | 0.27 | |||||||||||||||
Fourth (c) | 335,277 | (17,513 | ) | (14,200 | ) | (0.55 | ) | (0.55 | ) | |||||||||||
$ | 1,372,027 | $ | 6,012 | $ | (16 | ) |
(a) | Effective January 1, 2018 upon adoption of ASU 2016-01, unrealized gains or losses on equity securities are no longer recorded in AOCI on the consolidated balance sheet, but are instead recognized in Realized and unrealized losses (gains) on securities, net in the consolidated statement of operations. Realized and unrealized losses (gains) on securities, net totaled $62,586 for the full year of 2018 and $14,557 for the fourth quarter of 2018, as compared with $(790) for the full year of 2017 and $45 for the fourth quarter of 2017. |
(b) | The Company recorded asset impairment charges of approximately $8,108 in the fourth quarter of 2018, primarily related to intangible assets in the Diversified Industrial segment (See Note 5 - "Divestitures and Asset Impairment Charges"). |
(c) | The Company recorded asset impairment charges of approximately $2,028 in the fourth quarter of 2017, primarily related to an other-than-temporary impairment on a certain available-for-sale security (see Note 5 - "Divestitures and Asset Impairment Charges"). In addition, the Act was enacted in the fourth quarter of 2017, and in connection therewith, the Company recorded income tax expense of $56,552 from the remeasurement of deferred tax balances. During 2017, the Company recorded an income tax benefit of $44,681 associated with the reversal of its deferred tax valuation allowances at certain subsidiaries, which primarily impacted the fourth quarter (see Note 16 - "Income Taxes"). |
(a) | Financial Statements - The following financial statements of Steel Partners Holdings L.P., and subsidiaries, are included in Part II, Item 8 of this report: |
Consolidated Balance Sheets as of December 31, 2018 and 2017 |
Consolidated Statements of Operations for the years ended December 31, 2018 and 2017 |
Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2018 and 2017 |
Consolidated Statements of Changes in Capital for the years ended December 31, 2018 and 2017 |
Consolidated Statements of Cash Flows for the years ended December 31, 2018 and 2017 |
Notes to Consolidated Financial Statements |
(b) | Exhibits - The following documents are filed as exhibits hereto: |
Exhibit No. | Description |
24* | Power of Attorney (included in the signature page) |
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. | |
February 28, 2019 | ||
By: | Steel Partners Holdings GP Inc. | |
Its General Partner | ||
By: | /s/ Warren G. Lichtenstein | |
Warren G. Lichtenstein | ||
Executive Chairman |
By: | /s/ Warren G. Lichtenstein | February 28, 2019 | |
Warren G. Lichtenstein, Executive Chairman | Date | ||
(Principal Executive Officer) | |||
By: | /s/ Douglas B. Woodworth | February 28, 2019 | |
Douglas B. Woodworth, Chief Financial Officer | Date | ||
(Principal Accounting Officer) | |||
By: | /s/ Jack L. Howard | February 28, 2019 | |
Jack L. Howard, Director | Date | ||
By: | /s/ James Benenson III | February 28, 2019 | |
James Benenson III, Director | Date | ||
By: | /s/ Eric P. Karros | February 28, 2019 | |
Eric P. Karros, Director | Date | ||
By: | /s/ John P. McNiff | February 28, 2019 | |
John P. McNiff, Director | Date | ||
By: | /s/ Joseph L. Mullen | February 28, 2019 | |
Joseph L. Mullen, Director | Date | ||
By: | /s/ General Richard I. Neal | February 28, 2019 | |
General Richard I. Neal, Director | Date | ||
By: | /s/ Lon Rosen | February 28, 2019 | |
Lon Rosen, Director | Date |
1. | I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2018 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: | ||||
February 28, 2019 | /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, 2018 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: | ||||
February 28, 2019 | /s/ Douglas B. Woodworth | |||
Douglas B. Woodworth 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: | ||||
February 28, 2019 | /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: | |||||
February 28, 2019 | /s/ Douglas B. Woodworth | ||||
Douglas B. Woodworth Chief Financial Officer of Steel Partners Holdings GP Inc. |
Document and Entity Information - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Feb. 27, 2019 |
Jun. 30, 2018 |
|
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, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 24,788,667 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 207.1 |
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,885 | $ 3,633 |
Loans receivable, held for sale | $ 188,143 | $ 136,773 |
Common units issued (in shares) | 25,294,003 | 26,348,420 |
Common units outstanding (in shares) | 25,294,003 | 26,348,420 |
Common units held in treasury (in shares) | 12,142,528 | 10,868,367 |
Common units held in treasury, at cost | $ 192,060 | $ 170,858 |
Consolidated Statement of Comprehensive (Loss) Income (Parentheticals) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2017
USD ($)
| ||||||
Reclassification of unrealized losses (gains) on available-for-sale securities | $ 908 | [1],[2] | ||||
Other expense (income), net | ||||||
Reclassification of unrealized losses (gains) on available-for-sale securities | (790) | |||||
Asset impairment charges | ||||||
Reclassification of unrealized losses (gains) on available-for-sale securities | $ 2,028 | |||||
|
Consolidated Statements of Changes in Capital - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balance at beginning of year | $ 567,036 | $ 704,258 | |||||
Balance at beginning of year (in shares) | 26,348,420 | ||||||
Net (loss) income | $ (31,490) | 6,012 | |||||
Unrealized (loss) gain on available-for-sale securities | (274) | 28,597 | |||||
Unrealized (losses) gains on derivative financial instruments | (2) | 624 | |||||
Currency translation adjustments | (4,733) | 5,444 | |||||
Changes in pension liabilities and post-retirement benefit obligations | 24,247 | (6,452) | |||||
Equity compensation - incentive units and vesting of restricted units | 529 | 9,635 | |||||
Equity compensation - subsidiaries | 897 | ||||||
Purchases of SPLP common units | (21,202) | (5,958) | |||||
Purchases of subsidiary shares from noncontrolling interests | (17,891) | (177,087) | |||||
Other, net | (216) | 1,066 | |||||
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities (a) | [1] | 0 | |||||
Cumulative Effect on Retained Earnings, Net of Tax | [2] | 1,034 | |||||
Exchange of subsidiary shares to obtain a controlling interest in former equity-method investee | 2,334 | ||||||
Balance at end of year | $ 519,372 | $ 567,036 | |||||
Balance at end of year (in shares) | 25,294,003 | 26,348,420 | |||||
Parent | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balance at beginning of year | $ 546,103 | $ 548,741 | |||||
Net (loss) income | (32,604) | (16) | |||||
Unrealized (loss) gain on available-for-sale securities | (274) | 27,786 | |||||
Unrealized (losses) gains on derivative financial instruments | (28) | 569 | |||||
Currency translation adjustments | (4,693) | 4,512 | |||||
Changes in pension liabilities and post-retirement benefit obligations | 24,247 | (6,926) | |||||
Equity compensation - incentive units and vesting of restricted units | 529 | 9,635 | |||||
Equity compensation - subsidiaries | 580 | ||||||
Purchases of SPLP common units | (21,202) | (5,958) | |||||
Purchases of subsidiary shares from noncontrolling interests | 2,755 | (32,611) | |||||
Other, net | (216) | (209) | |||||
Cumulative Effect on Retained Earnings, Net of Tax | [2] | 1,034 | |||||
Balance at end of year | $ 515,651 | $ 546,103 | |||||
Common Units | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balance at beginning of year (in shares) | 37,216,787 | 36,711,663 | |||||
Equity compensation - incentive units and vesting of restricted units (in shares) | 34,337 | 505,124 | |||||
Purchases of subsidiary shares from noncontrolling interests (in shares) | 185,407 | ||||||
Balance at end of year (in shares) | 37,436,531 | 37,216,787 | |||||
Treasury Units | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balance at beginning of year | $ (170,858) | $ (164,900) | |||||
Balance at beginning of year (in shares) | (10,868,367) | (10,558,687) | |||||
Purchases of SPLP common units | $ (21,202) | $ (5,958) | |||||
Purchases of SPLP common units (in shares) | (1,274,161) | (309,680) | |||||
Balance at end of year | $ (192,060) | $ (170,858) | |||||
Balance at end of year (in shares) | (12,142,528) | (10,868,367) | |||||
Partners' Capital | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balance at beginning of year | $ 650,488 | $ 615,720 | |||||
Net (loss) income | (32,604) | (16) | |||||
Equity compensation - incentive units and vesting of restricted units | 529 | 9,635 | |||||
Equity compensation - subsidiaries | 580 | ||||||
Purchases of SPLP common units | (21,202) | (5,958) | |||||
Purchases of subsidiary shares from noncontrolling interests | 3,788 | 30,736 | |||||
Other, net | (216) | (209) | |||||
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities (a) | [1] | 91,078 | |||||
Cumulative Effect on Retained Earnings, Net of Tax | [2] | 1,034 | |||||
Balance at end of year | 692,895 | 650,488 | |||||
Accumulated Other Comprehensive Income (Loss) | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balance at beginning of year | (104,385) | (66,979) | |||||
Unrealized (loss) gain on available-for-sale securities | (274) | 27,786 | |||||
Unrealized (losses) gains on derivative financial instruments | (28) | 569 | |||||
Currency translation adjustments | (4,693) | 4,512 | |||||
Changes in pension liabilities and post-retirement benefit obligations | 24,247 | (6,926) | |||||
Purchases of subsidiary shares from noncontrolling interests | (1,033) | (63,347) | |||||
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities (a) | [1] | (91,078) | |||||
Balance at end of year | (177,244) | (104,385) | |||||
Noncontrolling Interests in Consolidated Entities | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Balance at beginning of year | 20,933 | 155,517 | |||||
Net (loss) income | 1,114 | 6,028 | |||||
Unrealized (loss) gain on available-for-sale securities | 811 | ||||||
Unrealized (losses) gains on derivative financial instruments | 26 | 55 | |||||
Currency translation adjustments | (40) | 932 | |||||
Changes in pension liabilities and post-retirement benefit obligations | 474 | ||||||
Equity compensation - subsidiaries | 317 | ||||||
Purchases of subsidiary shares from noncontrolling interests | (20,646) | (144,476) | |||||
Other, net | 0 | 1,275 | |||||
Exchange of subsidiary shares to obtain a controlling interest in former equity-method investee | 2,334 | ||||||
Balance at end of year | $ 3,721 | $ 20,933 | |||||
|
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Cash flows from operating activities: | ||
Net (loss) income | $ (31,490) | $ 6,012 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||
Provision for loan losses | 19,058 | 5,639 |
Loss (income) of associated companies, net of taxes | 9,509 | (16,888) |
Realized and unrealized losses (gains) on securities, net | 62,586 | (790) |
Derivative gains on economic interests in loans | (14,757) | (8,902) |
Deferred income taxes | (1,900) | 86,928 |
Income tax provision (benefit) from changes in deferred tax valuation allowance | 6,317 | (48,598) |
Depreciation and amortization | 80,323 | 71,936 |
Equity-based compensation | 644 | 11,477 |
Loss on extinguishment of debt | 0 | 673 |
Asset impairment charges | 8,108 | 2,028 |
Other | 3,196 | 7,291 |
Net change in operating assets and liabilities: | ||
Trade and other receivables | (19,625) | (22,842) |
Inventories | (7,415) | (21,683) |
Prepaid expenses and other assets | (7,851) | 4,281 |
Accounts payable, accrued and other liabilities | (2,582) | (36,251) |
Net increase in loans held for sale | (51,370) | (56,081) |
Net cash provided by (used in) operating activities | 52,751 | (15,770) |
Cash flows from investing activities: | ||
Purchases of investments | (149,505) | (56,160) |
Proceeds from sales of investments | 47,200 | 10,978 |
Proceeds from maturities of marketable securities | 42,936 | 18,492 |
Loan originations, net of collections | (203,885) | (66,177) |
Purchases of property, plant and equipment | (47,085) | (54,737) |
Proceeds from sales of assets | 5,909 | 14,991 |
Acquisitions, net of cash acquired | (62,683) | (2,008) |
Investments in associated companies | 0 | (35,000) |
Other | 684 | (7) |
Net cash used in investing activities | (366,429) | (169,628) |
Cash flows from financing activities: | ||
Net revolver borrowings | 65,315 | 67,864 |
Net repayments of term loans - domestic | (459) | (47,993) |
Net repayments of term loans - foreign | (145) | (979) |
Proceeds from equipment lease financing | 1,707 | 6,688 |
Purchases of the Company's common units | (21,202) | (5,188) |
Purchase of subsidiary shares from noncontrolling interests | (18,068) | (2,086) |
Deferred finance charges | (1,280) | (5,663) |
Common unit dividend payment | 0 | (3,923) |
Net increase in deposits | 200,311 | 145,395 |
Other | 442 | 1,774 |
Net cash provided by (used in) financing activities | 226,621 | 155,889 |
Net change for the period | (87,057) | (29,509) |
Effect of exchange rate changes on cash and cash equivalents | (9) | 1,125 |
Cash, cash equivalents and restricted cash at beginning of period | 434,384 | 462,768 |
Cash, cash equivalents and restricted cash at end of period | $ 347,318 | $ 434,384 |
NATURE OF THE BUSINESS AND BASIS OF PRESENTATION |
12 Months Ended |
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Dec. 31, 2018 | |
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 "Company") is a diversified global holding company that engages in multiple businesses through consolidated subsidiaries and other interests. It owns and operates businesses and has significant interests in companies in various industries, including diversified industrial products, energy, defense, supply chain management and logistics, banking and youth sports. SPLP operates through the following segments: Diversified Industrial, Energy, Financial Services, and Corporate and Other, which are managed separately and offer different products and services. For additional details related to the Company's reportable segments see Note 21 - "Segment Information." Steel Partners Holdings GP Inc. ("SPH GP"), a Delaware corporation, is the general partner of SPLP and is wholly-owned by SPLP. The Company is managed by SP General Services LLC ("Manager"), pursuant to the terms of an amended and restated management agreement ("Management Agreement") discussed in further detail in Note 20 - "Related Party Transactions." Basis of Presentation The consolidated financial statements include the accounts of the Company and its majority or wholly-owned subsidiaries. All material inter-company accounts and transactions have been eliminated in consolidation. Certain amounts in the Company's 2017 consolidated statements of operations and cash flows have been reclassified to conform to the comparable 2018 presentation. During the first quarter of 2018, the Company corrected an out-of-period misstatement related to the increase in the fair value of the Company's investment in Steel Connect, Inc. ("STCN") preferred stock for the period from December 15, 2017 to December 31, 2017. Had this correction been recorded at December 31, 2017, the Company's investment in STCN preferred stock would have increased to $46,208 at December 31, 2017, with a corresponding $11,208 increase in Income of associated companies, net of tax and Net income to $28,096 and $17,220, respectively. For the year ended December 31, 2018, the Company's Loss of associated companies, net of taxes and Net loss would have increased to losses of $20,717 and $42,698, respectively. In addition, the Company made a correction as of December 31, 2016, decreasing Accumulated other comprehensive loss by $1,782 and decreasing Partners' capital by the same amount, to properly reflect certain hedging activities associated with a 2015 business combination. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended | ||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||
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 and expenses, and related disclosure of contingent assets and liabilities during the reporting period. The more significant estimates include: (1) the valuation allowances for trade and other receivables, loans receivable and inventories; (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; 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, 2018 and 2017 also includes $242,088 and $286,454, respectively, of WebBank cash at the Federal Reserve Bank and in its Federal Funds account at its correspondent banks. 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 include qualifying money market funds and 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, 2018. Restricted Cash Restricted cash at December 31, 2018 and 2017 primarily represents cash collateral for certain short sales of corporate securities (see Note 13 - "Financial Instruments" for additional information). Marketable Securities and Long-Term Investments Marketable securities 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 equity securities and certain associated company 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 marketable securities and long-term investments 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 on the Company's consolidated balance sheets. Other Than Temporary Impairment If the Company believes a decline in the market value of any available-for-sale debt security, 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 Company's 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 AOCI 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 AOCI. SPLP's assessment involves a high degree of judgment and accordingly, actual results may differ materially from those estimates and judgments. Trade Receivables 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 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 receivables is limited due to this credit evaluation process. As of December 31, 2018, the top 10 of the Company's largest customer balances accounted for 20% 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 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 fees that are recorded in non-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 ("ALLL"), 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. Through a loan program, merchants can borrow a certain percentage of their annual payment volume and are charged a fixed fee for the loan, which targets an annual percentage rate based on the overall credit assessment of the merchant. Loans are repaid through a fixed percentage of the merchant's future payment volume. The fee is fixed at the time the loan is extended. The fixed fee is amortized to interest income based on the amount repaid over the repayment period. We estimate the repayment period based on the merchant's payment processing history. There is no stated interest rate. There is a general requirement that at least 10% of the original amount of the loan plus the fixed fee must be repaid every 90 days. We calculate the repayment rate of the merchant's future payment volume so that repayment of the loan or advance and fixed fee is expected to generally occur within 9 to 12 months from the date of the loan or advance. 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 generally discontinued at the time the loan is 90 to 180 days delinquent, depending on the type of loan, 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 scheduled 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 ALLL, or by charging down the loan to its value determined in accordance with U.S. GAAP. The ALLL 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 ALLL 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 ALLL 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 U.S., 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 process and finished products comprises the cost of raw materials, direct labor and overhead costs 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. Goodwill is reviewed for impairment indicators throughout the year and tested for impairment annually in the fourth quarter. 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 should 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 the income approach, market approach and/or cost approach. 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 2018, the Company utilized a qualitative approach for all of its reporting units, except for the Packaging business within its Diversified Industrial segment. Based on its qualitative assessment, the Company does not believe that it is more likely than not that the fair value of any of its reporting units tested under this approach is less than its carrying value. The Company performed a quantitative assessment of goodwill associated with its Packaging business due to a decline in market conditions and lower demand for certain of the Packaging business' product lines. The assessment was based on a combination of income and market approaches to estimate the fair value of the reporting unit, which indicated that the fair value of this reporting unit exceeded its carrying value. Significant assumptions used in the discounted cash flow analysis included expected future earnings and cash flows, which are based on management's current expectations, as well as the related risk-adjusted discount rate used to estimate fair value. There were no goodwill impairment charges recorded as a result of these assessments. For 2017, the Company utilized a qualitative approach for all of its reporting units to assess goodwill, and there were no goodwill impairment charges recorded as a result of the assessment. 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). 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. Companies can use the same two testing approaches for indefinite-lived intangibles as for goodwill. For 2018 and 2017, the Company utilized a qualitative approach to assess its intangible assets with indefinite lives, and the results indicated no impairment in either of these years. Derivatives The Company uses various hedging instruments to reduce the impact of changes in precious metal prices and the effect of foreign currency fluctuations. In accordance with Accounting Standards Codification ("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 The Company's precious metal and commodity inventories are subject to market price fluctuations. The Company 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. The Company's hedging strategy is designed to protect it against normal volatility; therefore, abnormal price changes in these commodities or markets could negatively impact the Company's earnings. Fair Value Hedges. The fair values of these derivatives are recognized as derivative assets and liabilities on the Company's consolidated balance sheets. 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 Company's consolidated statements of operations, and such amounts principally offset each other due to the effectiveness of the hedges. The fair value hedges are associated primarily with the Company'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 Company's consolidated statements of operations. The economic hedges are associated primarily with the Company's precious metal inventory valued using the LIFO method. Foreign Currency Forward Contracts The Company enters into foreign currency forward contracts to hedge certain of its receivables and payables denominated in other currencies. In addition, the Company enters into foreign currency forward contracts to hedge the value of certain of its future sales and the value of its future purchases denominated in other currencies. The forward contracts that are used to hedge the risk of foreign exchange movement on its receivables and payables are accounted for as fair value hedges under ASC 815. The fair values of these derivatives are recognized as derivative assets and liabilities on the Company's consolidated balance sheets. The net change in fair value of the derivative assets and liabilities are recognized in the Company's consolidated statements of operations. The forward contracts that are used to hedge the value of the Company'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 Company's consolidated statements of operations. WebBank - Derivative Financial Instruments WebBank's derivative financial instruments represent on-going economic interests in loans made after they are sold. These derivatives are carried at fair value on a gross basis in Other non-current assets on the Company's consolidated balance sheet. Gains and losses resulting from changes in fair value of these derivative instruments are accounted for in the Company's consolidated statements of operations in Financial services revenue. Fair value represents the estimated amounts that WebBank would receive at the reporting date based on a discounted cash flow model for the same or similar instruments. WebBank does not enter into derivative contracts for speculative or trading purposes. 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 as follows: machinery & equipment 3 to 15 years and buildings & 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) expense, net. 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. 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 In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and has since issued amendments thereto (collectively referred to herein as "ASC 606"). In January 1, 2018, we adopted ASC 606 using the modified retrospective method applied to those contracts which were not completed as of the adoption date. Results for reporting periods beginning after December 31, 2017 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for those periods. Our revenue recognition accounting policies applied prior to adoption of ASC 606 are outlined in the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2017. The disclosures included herein reflect our accounting policies under ASC 606. Diversified Industrial revenues related to product sales are recognized when control of the promised goods is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods. This condition is usually met at a point-in-time when the product has been shipped to the customer, or in certain circumstances when the product has been delivered to the customer, depending on the terms of the contract. However, revenues for certain custom manufactured goods are recognized over time as the customer order is fulfilled (for example, contracts for sale of custom manufactured goods that do not have an alternative use and for which the Company has an enforceable right to payment). Certain customers may receive sales incentives, such as right of return, rebates, volume discounts and early payment discounts, which are accounted for as variable consideration. The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenues. Revenue is reported net of any sales or usage-based tax collected. Cash received from customers prior to shipment of goods, or otherwise not yet earned, is recorded as deferred revenue. Service revenues are generated primarily by the Energy segment's energy and sports businesses and by the repair and maintenance work performed on equipment used at mass merchants, supermarkets and restaurants in the Diversified Industrial segment. Service revenues are primarily recognized in the amount to which the entity has a right to invoice. The Company records all shipping and handling fees billed to customers as revenue. If revenue is recognized for the related good before the shipping and handling activities occur, the related costs of those shipping and handling activities are accrued. The Company has also entered into rebate agreements with certain customers. These programs are typically structured to incentivize the customers to increase their annual purchases from the Company. 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 Company's consolidated statements of operations. As of December 31, 2018 and 2017, accrued rebates payable totaled $12,345 and $8,300, respectively, and are included in Accrued liabilities on the Company's consolidated balance sheets. Financial Services Segment WebBank generates revenue through a combination of interest income and non-interest income. Interest income is derived from interest and 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 premiums on the sale of loans, loan servicing fees, origination fees earned on loans and fee income on contractual lending arrangements. Concentration of Revenue No single customer accounted for 5% or more of the Company's consolidated revenues in 2018 or 2017. In 2018 and 2017, the 10 largest customers accounted for approximately 19% and 18%, respectively, of the Company's consolidated revenues. Fair Value Measurements The Company measures certain assets and liabilities at fair value (see Note 18 - "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. Equity-Based Compensation The Company accounts for 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 Company's 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 on the Company's 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 its consolidated statements of operations. The Company does not release income tax effects from AOCI until the underlying asset or liability to which the income tax relates has been derecognized from the balance sheet or otherwise terminated. 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 other comprehensive income or loss. Gains and losses arising from transactions denominated in a currency other than the functional currency of the reporting entity are included in earnings. 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. New or Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASC 606 relating to revenue recognition. 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. ASC 606 also requires additional disclosure about the nature, amount, timing and uncertainty of revenues and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The Company adopted ASC 606 as of January 1, 2018 using the modified retrospective transition method. For additional information, see Note 3 - "Revenues." In January 2016, the FASB issued ASU 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 or 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 or loss. In the past, changes in fair value were reported in the Company's consolidated statement of comprehensive (loss) income and in AOCI. Equity investments that do not have readily determinable market values may be measured at cost under ASU 2016-01, subject to an assessment for impairment. We adopted ASU 2016-01 effective January 1, 2018. Upon adoption, we recorded a cumulative effect reclassification adjustment from AOCI to Partners' capital of $91,078, which represented the accumulated net unrealized gain on equity securities that was held in AOCI as of December 31, 2017. See also Note 15 - "Capital and Accumulated Other Comprehensive Loss." Furthermore, to have a comparable presentation in our prior-period financial statements after adoption of ASU 2016-01 in 2018, we reclassified realized gains of $790 for the year ended December 31, 2017 from Other (income) expense, net to Realized and unrealized losses (gains) on securities, net in both the consolidated statement of operations and consolidated statement of cash flows for 2017. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which is effective for public companies for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. 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 statement of operations. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, which clarified various aspects of the guidance under ASU 2016-02. Originally, entities were required to adopt ASU 2016-02 using a modified retrospective approach, which required prior periods to be presented under this new standard with certain practical expedients available. However, in July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which now allows entities the option of recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption (January 1, 2019) while continuing to present all prior periods under previous lease accounting guidance. ASU 2016-02 and its various amendments and clarifications are collectively referred to herein as "ASC 842." The Company will adopt ASC 842 in the first quarter of 2019 using the alternative modified transition method. Under this method, the cumulative-effect adjustment to the opening balance of retained earnings is recognized on the date of adoption with prior periods not restated. The Company will also elect to use the package of practical expedients permitted under the transition guidance, such as, carryforward of our historical lease classification, no reassessment on whether an expired or existing contract contains an embedded lease, no reassessment of initial direct costs for any leases that exist prior to adoption of the new standard and to consolidate lease and non-lease components. We are also electing to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of operations on a straight-line basis over the lease term. The Company has completed its implementation plan for the new lease standard, which includes an information system, and business process and control changes, to accumulate the appropriate data in order to calculate and record the recognition of ROU assets, lease liabilities and the related expense recognition. We estimate that based on our portfolio of leases as of December 31, 2018, approximately $51,000 of ROU lease assets and $53,000 of lease liabilities will be recognized on our consolidated balance sheet upon adoption, primarily relating to building rentals. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments, including trade receivables, from an incurred loss model to an expected loss model and adds certain new required disclosures. Under the expected loss model, entities will recognize estimated credit losses to be incurred over the entire contractual term of the instrument rather than delaying recognition of credit losses until it is probable the loss has been incurred. The new standard is effective for the Company's 2020 fiscal year with early adoption permitted for all entities in fiscal years beginning after December 15, 2018. The Company is currently evaluating the potential impact of this new guidance; however, it expects that it could have a significant impact on the Company's ALLL. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This new standard provides guidance to help decrease diversity in practice in how certain cash receipts and cash payments are classified in the statement of cash flows. The amendments in ASU 2016-15 provide guidance on eight specific cash flow issues. We adopted ASU 2016-15 effective January 1, 2018. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This new standard provides guidance on the classification of restricted cash in the statement of cash flows. We adopted ASU 2016-18 effective January 1, 2018. As a result of the adoption of ASU 2016-18, in the consolidated statement of cash flows for the year ended December 31, 2017, we reclassified $15,629 of restricted cash. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This new standard provides guidance to help determine more clearly what is a business acquisition, as opposed to an asset acquisition. The amendments provide a screen to help determine when a set of components is a business by reducing the number of transactions in an acquisition that need to be evaluated. The new standard states that to classify the acquisition of assets as a business, there must be an input and a substantive process that jointly contribute to the ability to create outputs, with outputs being defined as the key elements of the business. If all of the fair value of the assets acquired are concentrated in a single asset group, this would not qualify as a business. The Company adopted ASU 2017-01 effective January 1, 2018. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This new standard simplifies subsequent measurements of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, entities will perform their interim or annual goodwill impairment testing by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge based on the amount that the carrying amount exceeds the reporting unit's fair value. The loss recognized should not exceed the total goodwill allocated to the reporting unit. The amendments in ASU 2017-04 are effective for the Company's 2020 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This new standard requires the components of net benefit cost to be disaggregated within the statement of operations, with service cost being included in the same line item as other compensation costs, and any other components being presented outside of operating income. The Company adopted ASU 2017-07 effective January 1, 2018. Since the Company's significant pension plans have been frozen, there is no substantial service cost associated with such plans and therefore, the adoption of ASU 2017-07 did not have a material impact on the Company's consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. This new standard provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The standard states that entities should account for the effects of a modification unless the fair value of the modified award is the same as the fair value of the original award, the vesting conditions do not change, and the classification as an equity instrument or a liability instrument is the same. We adopted ASU 2017-09 effective January 1, 2018. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This new standard was created to refine and expand hedge accounting for both financial and commodity risk in order to simplify the current application of hedge accounting guidance in current U.S. GAAP. This new standard creates more transparency around how hedging results are presented, both in the notes and on the face of the financial statements. The amendments in ASU 2017-12 are effective for the Company's 2019 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The new standard provides financial statement preparers with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the federal Tax Cuts and Jobs Act ("Act") is recorded. The amendments in ASU 2018-02 are effective for the Company's 2019 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In March 2018, the FASB issued ASU 2018-05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. ASU 2018-05 applies to income tax effects from the enactment of the Act in December 2017. ASU 2018-05 allows a Company to report as provisional those amounts where the Company does not have the necessary information available, prepared or analyzed in reasonable detail to complete the accounting under Accounting Standards Codification Topic 740. ASU 2018-05 further allows a measurement period, not to exceed one year from the enactment date of Act, during which an entity may need to reflect adjustments to its provisional amounts. ASU 2018-05 requires that any adjustments to provisional amounts during the measurement period be included in income from continuing operations as an adjustment to tax expense or benefit, and also requires certain disclosures. The provisions of ASU 2018-05 were effective as of the enactment date of the Act, December 22, 2017. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This new standard was created to simplify the accounting for share-based payments to nonemployees. This standard provides guidance on how to account for share-based payment transactions with nonemployees in which a grantor acquires goods or services to be used or consumed in the grantor's own operations by issuing share-based payment awards. The amendments in ASU 2018-07 are effective for the Company's 2019 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements on fair value measurements. The amendments in ASU 2018-13 are effective for the Company's 2020 fiscal year, except that the standard permits an entity to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 and delay adoption of the additional disclosures until the effective date. Because ASU 2018-13 affects disclosure only, management does not expect that the full adoption of this standard will have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 modifies the disclosure requirements for employers that sponsor defined benefit pension and other post-retirement plans. The amendments in ASU 2018-14 are effective for the Company's 2021 fiscal year. Because ASU 2018-14 affects disclosure only, management does not expect that the adoption of this standard will have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The amendments in ASU 2018-15 are effective for the Company's 2020 fiscal year. The Company is currently evaluating the potential impact of this new guidance. |
REVENUES |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||
Revenues | REVENUES Adoption of ASC 606, "Revenue from Contracts with Customers" On January 1, 2018, the Company adopted ASC 606 for all contracts with customers using the modified retrospective transition method. The Company recognized a net increase of $1,034 to Partners' capital due to the cumulative impact of adopting ASC 606. The impact to Partners' capital was primarily related to the timing of when revenue is recognized. While revenue from most contracts will continue to be recognized at a point-in-time, revenue from other contracts (for example, contracts for sale of custom manufactured goods that do not have an alternative use and for which the Company has an enforceable right to payment) will be recognized over time. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. For the year ended December 31, 2018, ASC 606 did not have a material impact on the Company's consolidated financial statements, including total revenue. Revenue Recognition Accounting Policies Revenues are recognized when control of the promised goods or services are transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company records all shipping and handling fees billed to customers as revenue. The Company has elected to account for shipping and handling activities that are performed after the customer obtains control of a good as activities to fulfill the promise to transfer the good. If revenue is recognized for the related good before the shipping and handling activities occur, the related costs of those shipping and handling activities are accrued. Sales and usage-based taxes are excluded from revenues. The Company does not have any material service-type warranty arrangements. The expected costs associated with the Company's assurance warranties continue to be recognized as expense when the products are sold. The Company does not have any material significant financing arrangements as payment is received shortly after the goods are sold or services are performed. Standalone Selling Price Generally, the Company's sales contracts with customers contain only one performance obligation. In certain circumstances, contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines the standalone selling price based on the prices charged to similar customers or by using the expected cost plus margin approach. The Company's performance obligations are generally part of contracts with customers that have a duration of less than one year, and therefore, the Company has not provided disclosures with respect to remaining performance obligations. Practical Expedients and Exemptions Given the typical duration of the Company's contracts with customers, as noted directly above, is less than one year, in accordance with the standard, the Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within Selling, general and administrative expenses. For certain of the services that the Company's Diversified Industrial and Energy segments provide, the Company has determined that it has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the Company's performance completed to date, and therefore, the Company recognizes revenue in the amount to which the entity has a right to invoice. Disaggregation of Revenues Revenues are disaggregated at the Company's segment level since the segment categories depict how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. For additional details related to the Company's reportable segments see Note 21 - "Segment Information." The following table presents the Company's revenues disaggregated by geography for the year ended December 31, 2018. The Company's revenues are primarily derived domestically. Foreign revenues are based on the country in which the legal subsidiary generating the revenue is domiciled. Revenue from any single foreign country was not material to the Company's consolidated financial statements.
Diversified Industrial Revenues The Diversified Industrial segment is comprised of manufacturers of engineered niche industrial products. The majority of revenues recognized are for the sale of manufactured goods in the United States. Other revenue recognized is for repair and maintenance services. Customer contracts are generally short-term in nature and are based on individual customer purchase orders. The terms and conditions of the customer purchase orders are dictated by either the Company's standard terms and conditions or by a master service agreement. Diversified Industrial revenues related to product sales are recognized when control of the promised goods is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods. This condition is usually met at a point-in-time when the product has been shipped to the customer, or in certain circumstances when the product has been delivered to the customer, depending on the terms of the contract. However, revenues for certain custom manufactured goods are recognized over time as the customer order is fulfilled (for example, contracts for sale of custom manufactured goods that do not have an alternative use and for which the Company has an enforceable right to payment). Generally, a cost incurred input method is used to determine the timing of revenue recognition for over time arrangements. Service revenues are primarily recognized in the amount to which the entity has a right to invoice. Certain customers may receive sales incentives, such as right of return, rebates, volume discounts and early payment discounts, which are accounted for as variable consideration. The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenues, and these estimates are typically constrained. The Company adjusts its estimate of revenue at the earlier of when the expected value or most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. Energy Revenues The Energy segment provides drilling and production services to the oil & gas industry in the United States. The services provided include well completion and recompletion, well maintenance and workover, snubbing, flow testing, down hole pumping, plug and abatement, well logging and perforating wireline services. Service revenues are recognized in the amount to which the entity has a right to invoice. Consideration for Energy contracts is generally fixed. A portion of Energy revenues are service revenues related to Energy's youth sports business. These service revenues are recognized when services are provided to the customer, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those services. Consideration for the Energy's sports business contracts is generally fixed. Financial Services Revenues WebBank generates revenues through a combination of interest income and non-interest income. Interest income is derived from interest and 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 premiums on the sale of loans, loan servicing fees, origination fees earned on loans and fee income on contractual lending arrangements. WebBank's revenue streams are primarily accounted for outside of the scope of ASC 606. Contract Balances The timing of revenue recognition, billings and cash collections results in billed trade receivables, unbilled receivables (contract assets), return assets and deferred revenue (contract liabilities) on the consolidated balance sheet. Contract Assets Unbilled receivables arise when the timing of billings to customers differs from the timing of revenue recognition, such as when the Company recognizes revenue over time before a customer can be billed. Contract assets are classified as Prepaid expenses and other current assets on the consolidated balance sheet. The balances of contract assets as of December 31, 2018 and January 1, 2018 were $8,969 and $3,480, respectively. As of December 31, 2018, and January 1, 2018, the Company's return assets account was not material. Contract Liabilities The Company records deferred revenues when cash payments are received or due in advance of the Company's performance, including amounts which are refundable, which are recorded as contract liabilities. Contract liabilities are classified as Other current liabilities on the consolidated balance sheet based on the timing of when the Company expects to recognize revenue. The balances of contract liabilities as of December 31, 2018 and January 1, 2018 were $5,900 and $3,920, respectively. For the year ended December 31, 2018, the Company recognized revenue of $3,865 that was included in the contract liability balance at the date of adoption. |
ACQUISITIONS |
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Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS 2018 Acquisitions On June 1, 2018, the Company completed the acquisition of PST Group, Inc. ("PST") located in Muskego, Wisconsin for approximately $4,620. PST manufactures precision-engineered threaded components and custom ball screw assemblies, providing linear motion and power transmission solutions across a range of industries. PST is included in the Company's Diversified Industrial segment. On February 16, 2018, the Company completed the acquisition of certain assets and liabilities of Dunmore Corporation in the U.S. and the share purchase of Dunmore Europe GmbH in Germany (collectively, "Dunmore") for a purchase price of $69,604, which includes assumed debt and is subject to an earn-out based on future earnings during the period from January 1, 2018 through December 31, 2019, as provided in the purchase agreement. In no case will the purchase price, including the potential earn-out, exceed $80,000. Dunmore manufactures and distributes coated, laminated and metallized films for engineered applications in the imaging, aerospace, insulation and solar photo-voltaic markets and also provides products for custom and special applications. Dunmore reports into the Company's Packaging business in its Diversified Industrial segment. In connection with the Dunmore acquisition, the Company recorded inventories, property, plant and equipment, other intangible assets and goodwill on a preliminary basis, totaling approximately $7,700, $30,600, $19,900 and $13,006, respectively, as well as other assets and liabilities. Other intangible assets consist of customer relationships of $12,600, trade names of $3,300, developed technology of $3,300 and customer order backlog of $700. The expected useful lives are 15 years for customer relationships, indefinite for trade names and 10 years for developed technology. The customer order backlog was amortized based on the expected period over which the orders were fulfilled of four months. The goodwill from the Dunmore acquisition consists largely of the synergies expected from combining the operations of Dunmore and the Company's existing Packaging business. The goodwill assigned to Dunmore Corporation of $5,176 is expected to be deductible for income tax purposes, while the goodwill assigned to Dunmore Europe GmbH of $7,830 is not tax deductible. The preliminary purchase price allocation is subject to finalization of valuations of certain acquired assets and liabilities. On December 31, 2018, the Company increased its ownership in a former equity investee, iGo, Inc. ("iGo") from 45.8% to 80.2%. For further discussion, see Note 15 - "Capital and Accumulated Other Comprehensive Loss." 2017 Acquisition On May 19, 2017, the Company acquired an 80% interest in Basin Well Logging Wireline Services, Inc. ("Basin") located in Farmington, New Mexico for approximately $5,100. Basin provides wireline services to major oil & gas exploration and production companies in the U.S. and specializes in cased-hole wireline logging and perforating services for exploration and production companies with wells in New Mexico, Texas, Utah, Arizona and Colorado. In connection with the Basin acquisition, which was not material to SPLP's operations, goodwill totaling approximately $2,353 was recorded. |
DIVESTITURES AND ASSET IMPAIRMENT CHARGES |
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Discontinued Operations and Disposal Groups [Abstract] | |
DIVESTITURES AND ASSET IMPAIRMENT CHARGES | DIVESTITURES AND ASSET IMPAIRMENT CHARGES Divestitures During 2017, API sold two facilities for approximately $12,500 and recorded gains on sale totaling approximately $650, which are recorded in Other (income) expense, net in the Company's consolidated statements of operations. During 2017, the Company also sold its Micro-Tube Fabricators, Inc. business, which produced precision fabricated tubular components primarily for the medical industry and was included in the Company's Diversified Industrial segment, for approximately $2,500 and recorded a loss on sale of $400, which is also included in Other (income) expense, net. The sales price was paid $2,000 in cash at closing and a $500 subordinated promissory note, which has been fully collected. In addition, the Company was eligible to receive up to $1,000 of additional contingent consideration if certain sales volume milestones were met between the sale date and December 31, 2019. In 2017, the Company earned $755 of additional contingent consideration. The remaining $245 of contingent consideration was earned in 2018. Asset Impairment Charges During 2018, the Company recorded non-cash impairment charges totaling approximately $7,600, calculated using the income approach, primarily associated with the loss of acquired customer relationships in the Company's Packaging business in its Diversified Industrial segment. During 2017, the Company recorded a non-cash impairment charge of $2,028 in its Energy segment related to an other-than-temporary impairment of a certain investment. |
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE | LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE Major classification of WebBank's loans receivable, including loans held for sale, at December 31, 2018 and 2017 are as follows:
Loans with a carrying value of approximately $56,851 and $57,436 were pledged as collateral for potential borrowings at December 31, 2018 and 2017, respectively. WebBank serviced $3,044 and $3,125 in loans for others at December 31, 2018 and 2017, respectively. WebBank sold loans totaling $21,116,184 in 2018 and $16,471,432 in 2017 that were classified as loans held for sale. The sold loans were derecognized from the consolidated balance sheets. Loans classified as loans held for sale primarily consist of credit cards and other consumer and small business loans. The loans are mainly sold to WebBank's partners. Amounts added to loans held for sale during these same periods were $21,167,553 and $16,528,082, respectively. Allowance for Loan Losses The ALLL represents an estimate of probable and estimable losses inherent in the loan portfolio as of the balance sheet date. Losses are charged to the ALLL when incurred. Generally, commercial loans are charged off or charged down at the point at which they are determined to be uncollectible in whole or in part. Consumer term loans are charged off at 120 days past due and open-end consumer and small and medium business loans are charged off at 180 days past due unless the loan is well secured and in the process of collection. The amount of the ALLL is established by analyzing the portfolio at least quarterly and a provision for or reduction of loan losses is recorded so that the ALLL is at an appropriate level at the balance sheet date. The methodologies used to estimate the ALLL depend upon the impairment status and portfolio segment of the loan. Loan groupings are created for each loan class and are then graded against historical and industry loss rates. After applying historic loss experience, the quantitatively derived level of ALLL is reviewed for each segment using qualitative criteria. Various risk factors are tracked that influence our judgment regarding the level of the ALLL across the portfolio segments. Primary qualitative factors that may be reflected in the quantitative models include:
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 ALLL are summarized as follows:
The ALLL and outstanding loan balances according to the Company's impairment method are summarized as follows:
Nonaccrual and Past Due Loans Commercial and industrial loans past due 90 days or more and still accruing interest were $2,387 and $2,551 at December 31, 2018 and 2017, respectively. Consumer loans past due 90 days or more and still accruing interest were $939 and $107 at December 31, 2018 and 2017, respectively. The Company did not have any nonaccrual loans at December 31, 2018 or 2017. Past due loans (accruing and nonaccruing) are summarized as follows:
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. For consumer loans and some commercial and industrial loans, the primary credit quality indicator is payment status. Reviews and grading of loans with unpaid principal balances of $100 or more is performed once per year. Grades follow definitions of Pass, Special Mention, Substandard and Doubtful, which are consistent with published definitions of regulatory risk classifications. The definitions of Pass, Special Mention, Substandard and Doubtful are summarized as follows:
Outstanding loan balances (accruing and nonaccruing) categorized by these credit quality indicators are summarized as follows:
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 $122 and $4 on impaired loans for the years ended December 31, 2018 and 2017, 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:
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INVENTORIES, NET |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES, NET | INVENTORIES, NET A summary of Inventories, net is as follows:
Fine and Fabricated Precious Metal Inventory In order to produce certain of its products, the Company purchases, maintains and utilizes precious metal inventory. The Company records certain precious metal 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. During the third quarter of 2017, the Company began obtaining certain precious metals under a $29,500 fee consignment agreement with the Bank of Nova Scotia ("ScotiaBank"). As of December 31, 2018 and 2017, the Company had approximately $6,700 and $8,100 of silver under consignment with ScotiaBank, respectively, which are recorded at fair value in Inventories, net with a corresponding liability for the same amount included in Accounts payable on the Company's consolidated balance sheets. Fees charged under the consignment agreement are recorded in Interest expense in the Company's consolidated statements of operations.
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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 by reportable segment is as follows:
A summary of Other intangible assets, net is as follows:
Other intangible assets, net as of December 31, 2018 includes approximately $19,900 in intangible assets, primarily customer relationships, associated with the Dunmore acquisition. These balances, and the related goodwill balance noted above, are subject to adjustment during the finalization of the purchase price allocation for the Dunmore acquisition. Trademarks with indefinite lives as of December 31, 2018 and 2017 were $11,320 and $8,020, respectively. Amortization expense related to intangible assets was $29,858 and $29,743 for the years ended December 31, 2018 and 2017, respectively. The estimated amortization expense for each of the five succeeding years and thereafter is as follows:
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PROPERTY, PLANT AND EQUIPMENT, NET |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $50,465 and $42,193 for the years ended December 31, 2018 and 2017, respectively. |
INVESTMENTS |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | INVESTMENTS Short-Term Investments Marketable Securities The Company's short-term investments primarily consist of its marketable securities portfolio. The classification of marketable securities as a current asset is based on the intended holding period and realizability of the investments. The Company's portfolio of marketable securities at December 31, 2018 and 2017 was as follows:
Proceeds from sales of marketable securities were approximately $47,200 and $16,596 in 2018 and 2017, 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, which are reported as a component of Realized and unrealized losses (gains) on securities, net in the Company's consolidated statements of operations, were as follows:
Effective January 1, 2018 upon adoption of ASU 2016-01, unrealized gains or losses due to changes in fair value of securities are being accounted for as a component of Realized and unrealized losses (gains) on securities, net in the Company's consolidated statement of operations. Prior to January 1, 2018, changes in fair value were recognized in Partners' capital as other comprehensive income or loss, except for other-than-temporary impairments, which were reflected as a reduction of cost and charged to the consolidated statements of operations. The fair value of marketable securities with unrealized losses at December 31, 2018 and 2017, and the duration of time that such losses had been unrealized, were as follows:
The corporate securities with gross unrealized losses primarily consist of investments in equity securities of publicly traded entities. In 2017, the Company evaluated such securities to determine if 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, as well as the length of time and extent to which fair value had been less than the cost basis, the financial condition and near-term prospects of the entities, 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 Company recognized asset impairment charges of $2,028 for the year ended December 31, 2017. Long-Term Investments The following table summarizes the Company's long-term investments as of December 31, 2018 and 2017:
The Company's long-term investments (corporate securities) include common shares of Babcock & Wilcox Enterprises, Inc. ("BW"). The Company made investments totaling $76,261 in BW shares during 2018, increasing its ownership in BW to approximately 17.8%. The Company had no proceeds from sales of securities classified in long-term investments for the years ended December 31, 2018 and 2017. Equity Method Investments The Company's investments in associated companies are accounted for under the equity method of accounting, primarily using the fair value option. Associated companies are included in the Diversified Industrial, Energy, and Corporate and Other segments. Certain associated companies have a fiscal year end that differs from December 31. Additional information for SPLP's significant investments in associated companies is as follows:
The following summary balance sheet and statement of operations amounts are for STCN as of July 31, 2018 and 2017, and for the years then ended, which are STCN's nearest corresponding full fiscal years to the Company's fiscal years ended December 31, 2018 and 2017, respectively:
Other Investments WebBank had $48,005 and $32,816 of held-to-maturity securities at December 31, 2018 and 2017, respectively. WebBank records these securities at amortized cost, and they are included in Other non-current assets on the Company's consolidated balance sheets. The dollar value of these securities with expected maturities between one and five years is $22,866, five years through ten years is $23,189 and after ten years is $1,950. 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 $47,886 and $32,842 at December 31, 2018 and 2017, respectively. |
DEPOSITS |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEPOSITS | DEPOSITS A summary of WebBank deposits is as follows:
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LONG-TERM DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | LONG-TERM DEBT Debt consists of the following:
Long-term debt as of December 31, 2018 matures in each of the next five years as follows:
On November 14, 2017, the Company entered into a credit agreement ("Credit Agreement") that consolidated a number of its existing credit facilities into one combined, revolving credit facility covering substantially all of the Company's subsidiaries, with the exception of WebBank. The Credit Agreement provided for a revolving credit facility in an aggregate principal amount not to exceed $600,000, including a $55,000 subfacility for swing line loans and a $50,000 subfacility for standby letters of credit. Borrowings under the Credit Agreement bear interest, at the borrower's option, at annual rates of either the Base Rate or the Euro-Rate, as defined, plus an applicable margin as set forth in the Credit Agreement (1.50% and 2.50%, respectively, for Base Rate and Euro-Rate borrowings at December 31, 2018), and the Credit Agreement provides for a commitment fee to be paid on unused borrowings. The weighted average interest rate on the Credit Agreement was 4.93% at December 31, 2018. At December 31, 2018, letters of credit totaling $11,153 had been issued under the Credit Agreement, including $3,709 of the letters of credit guaranteeing various insurance activities, and $7,444 for environmental and other matters. The Credit Agreement permits SPLP, the parent, to fund the dividends on its preferred units and its routine corporate expenses. The Company's total availability under the Credit Agreement, which is based upon earnings and certain covenants as described in the Credit Agreement, was approximately $42,900 as of December 31, 2018. On April 27, 2018, the Company entered into a first amendment to the Credit Agreement to allow the Company to (i) exercise certain subscription rights in BW common shares, (ii) increase the maximum aggregate principal amount to $700,000, (iii) increase the defined leverage ratios under the Credit Agreement by 0.25 "turns" for the fiscal quarters ending June 30, 2018, September 30, 2018 and December 31, 2018 and (v) make certain administrative changes. On December 31, 2018, the Company entered into a second amendment to the Credit Agreement to allow the Company to (i) enter into the iGo transaction discussed in Note 15 - "Capital and Accumulated Other Comprehensive Loss," (ii) join iGo to the Credit Agreement and grant the lenders a security interest in its assets, (iii) provide an $18,500 sublimit for iGo's and its subsidiaries' borrowings and (iv) make certain administrative changes. On January 31, 2019, the Company entered into a third amendment to the Credit Agreement to allow the Company to (i) convert $200,000 of the revolving credit commitments into a term loan with quarterly amortization equating to 5.0% per annum, (ii) amend certain defined leverage ratios under the Credit Agreement, increasing allowable leverage by 0.25 "turns" on a permanent basis through the maturity of the Credit Agreement, (iii) eliminate certain previously allowed investments, which would have reduced collateral available to the Company's lenders and (iv) make certain administrative changes. Accordingly, this third amendment to the Credit Agreement will add the following required principal repayments to the above long-term debt maturity table: $7,500 in 2019 and $10,000 in each of 2020, 2021 and 2022. The Credit Agreement will expire, with all amounts outstanding due and payable, on November 14, 2022. The Credit Agreement is guaranteed by substantially all existing and thereafter acquired assets of the borrowers and the guarantors, as defined in the agreement, and a pledge of all of the issued and outstanding shares of capital stock of each of the borrowers' and guarantors' subsidiaries, and is fully guaranteed by the guarantors. The Credit Agreement is subject to certain mandatory prepayment provisions and restrictive and financial covenants, which include a maximum ratio limit on Total Leverage and a minimum ratio limit on Interest Coverage, as defined. The Company was in compliance with all financial covenants at December 31, 2018. |
FINANCIAL INSTRUMENTS |
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Derivative and Other Financial Instrument [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS At December 31, 2018 and 2017, financial instrument liabilities and related restricted cash consisted of $12,434 and $15,629, respectively, related to short sales of corporate securities. Full year activity is summarized below for financial instrument liabilities and related restricted cash:
Short Sales of Corporate Securities From time to time, the Company enters into short sale transactions on certain corporate securities in which it receives proceeds from the sale of such securities and incurs obligations to deliver such securities at a later date. Upon initially entering into such short sale transactions, the Company 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 in the consolidated statements of operations, with a comparable adjustment made between unrestricted and restricted cash. Foreign Currency Forward Contracts The Company enters into foreign currency forward contracts to hedge certain of its receivables and payables denominated in other currencies. In addition, the Company enters into foreign currency forward contracts to hedge the value of certain of its future sales denominated in Euros and the value of certain of its future purchases denominated in USD. These hedges are associated with certain of the Company's operations located in the United Kingdom and have settlement dates ranging through December 2019. The forward contracts that are used to hedge the risk of foreign exchange movement on its receivables and payables are accounted for as fair value hedges. At December 31, 2018, there were contracts in place to buy Sterling and sell Euros in the amount of €9,800. The fair values of these derivatives are recognized as derivative assets and liabilities on the Company's consolidated balance sheets. The net change in fair value of the derivative assets and liabilities are recognized in the Company's consolidated statements of operations. The forward contracts that are used to hedge the value of the Company's future sales and purchases are accounted for as cash flow hedges. At December 31, 2018, there were contracts in place to hedge the value of future sales denominated in Euros in the amount of €10,300 and the value of future purchases denominated in USD in the amount of $450. 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 Company's consolidated statements of operations. WebBank - Economic Interests in Loans WebBank's derivative financial instruments represent on-going economic interests in loans made after they are sold. These derivatives are carried at fair value on a gross basis in Other non-current assets on the Company's consolidated balance sheets and are classified within Level 3 in the fair value hierarchy (see Note 18 - "Fair Value Measurements"). At December 31, 2018, outstanding derivatives mature within 5 years. Gains and losses resulting from changes in the fair value of derivative instruments are accounted for in the Company's consolidated statements of operations in Financial services revenue. Fair value represents the estimated amounts that WebBank would receive or pay to terminate the contracts at the reporting date based on a discounted cash flow model for the same or similar instruments. WebBank does not enter into derivative contracts for speculative or trading purposes. Precious Metal and Commodity Inventories As of December 31, 2018, the Company had the following outstanding forward contracts with settlement dates through January 2019. There were no futures contracts outstanding at December 31, 2018.
Of the total forward contracts outstanding, 18,895 ounces of silver and substantially all the copper contracts are designated and accounted for as fair value hedges and are associated primarily with the Company's precious metal inventory carried at fair value. The remaining outstanding forward contracts for silver, and all the contracts for gold, palladium and tin, are accounted for as economic hedges. The forward contracts were made with a counterparty rated Aa2 by Moody's. Accordingly, the Company has determined that there is minimal credit risk of default. The Company estimates the fair value of its derivative contracts through the use of market quotes or with the assistance of brokers when market information is not available. The Company maintains collateral on account with the third-party broker, which varies in amount depending on the value of open contracts. The fair value and carrying amount of derivative instruments on the Company's consolidated balance sheets and the effect of derivative instruments in the Company's consolidated statements of operations are shown in the following tables:
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 consolidated balance sheets. The contractual amounts of those instruments reflect the extent of involvement WebBank has in particular classes of financial instruments. At December 31, 2018 and 2017, WebBank's undisbursed loan commitments totaled $130,697 and $148,529, respectively. Commitments to extend credit are agreements to lend to a borrower who meets the lending criteria through one of WebBank's lending agreements, provided there is no violation of any condition established in the contract with the counterparty to the lending arrangement. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since certain of the commitments are expected to expire without the credit being extended, the total commitment amounts do not necessarily represent future cash requirements. WebBank evaluates each prospective borrower's credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by WebBank upon extension of credit, is based on management's credit evaluation of the borrower and WebBank's counterparty. WebBank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. WebBank uses the same credit policy in making commitments and conditional obligations as it does for on-balance sheet instruments. |
PENSION AND OTHER POST-RETIREMENT BENEFITS |
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Defined Benefit Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENSION AND OTHER POST-RETIREMENT BENEFITS | PENSION AND OTHER POST-RETIREMENT BENEFITS The Company maintains several qualified and non-qualified pension plans and other post-retirement benefit plans. The Company's significant pension plans are discussed below. The Company's other pension and post-retirement benefit plans are not significant individually or in the aggregate. Qualified Pension Plans - HNH The Company's subsidiary, Handy & Harman Ltd. ("HNH") and its subsidiary, Handy & Harman ("H&H"), sponsor 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 United Steel Workers of America-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, 2005 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. HNH's subsidiary, JPS Industries Holdings LLC ("JPS"), sponsors a defined benefit pension plan ("JPS Pension Plan"). Under the JPS Pension Plan, substantially all JPS employees who were employed prior to April 1, 2005 have benefits. The JPS Pension Plan was frozen effective December 31, 2005. Employees no longer earned additional benefits after that date. Benefits earned prior to December 31, 2005 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. 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 become 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 Company has included the amount of the RSP Plan accounts of $13,261 and $14,800 on a gross-basis as both assets and liabilities of the plan as of December 31, 2018 and 2017, respectively. On December 30, 2016, the WHX Pension Plan was split into two plans by spinning off certain plan participants with smaller benefit obligations (which in the aggregate were equal to approximately 3.0% of the assets of the WHX Pension Plan), and assets equal thereto, to a new separate plan, the WHX Pension Plan II. The benefits of participants under the WHX Pension Plan II are equal to their accrued benefits under the benefit formula that was applicable to each participant under the WHX Pension Plan at the time of the plan spin-off. The total benefit liabilities of the two plans after the spin-off were equal to the benefit liabilities of the WHX Pension Plan immediately before the spin-off, and under the applicable spin-off rules, the WHX Pension Plan II was considered fully funded as of the date of the spin-off. Net actuarial losses for the WHX Pension Plan are being amortized over the average future lifetime of the participants, which is expected to be approximately 17 years, and for the JPS Plan, 15 years. The Company believes that use of the future lifetime of the participants is appropriate because the plans are inactive. API Plan The Company's subsidiary, API, maintains a pension plan in the United Kingdom ("API Plan"). The API Plan is a defined benefit pension plan providing benefits based on final pensionable earnings, as defined in the API Plan, funded by the payment of contributions to a separately administered trust fund. Benefits under the API Plan were frozen, and the plan was closed to new participants in December 2008. Certain employees of API's former Rahway, New Jersey plant participated in a multiemployer pension plan. For the year ended December 31, 2017, API recorded a one-time charge of $4,300 related to pension obligations associated with the closure of the Rahway, New Jersey plant, which charge is not included in the table below. The following table presents the components of pension expense for the HNH and API pension plans:
Actuarial assumptions used to develop the components of pension 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:
The weighted average assumptions used in the valuations at December 31 were as follows:
Pretax amounts included in Accumulated other comprehensive loss at December 31, 2018 and 2017 were as follows:
The pretax amount of actuarial losses included in Accumulated other comprehensive loss at December 31, 2018 that is expected to be recognized in net periodic benefit cost in 2019 is $10,075. Other pretax changes in plan assets and benefit obligations recognized in comprehensive income (loss) are as follows:
The actuarial gain in 2018 occurred principally because the discount rates used to measure benefit obligations for the HNH plans at the end of the fiscal year increased from the prior fiscal year end. In addition, the mortality assumptions were updated to reflect the results of a mortality study conducted in 2018, which also created an actuarial gain. Conversely, the actuarial loss in 2017 occurred principally because the discount rates used to measure benefit obligation for the HNH plans decreased in that year. Benefit obligations were in excess of plan assets for each of the pension plans at both December 31, 2018 and 2017. Additional information for the plans with accumulated benefit obligations in excess of plan assets follows:
In determining the expected long-term rate of return on plan assets, the Company evaluated input from various investment professionals. In addition, the Company considered its historical compound returns, as well as the Company's forward-looking expectations. The Company determines its actuarial assumptions for its pension plans each year to calculate liability information as of December 31, and pension expense or income 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. The Company's investment policy is to maximize the total rate of return with a view to long-term funding objectives of the pension plans 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 HNH plans' 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. The Company may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with asset allocation guidelines established by the Company. 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 plans' assets at December 31, 2018 and 2017, by asset category, are as follows:
API's pension plan's assets at December 31, 2018 and 2017 by asset category, are as follows:
During 2018, there were no changes to the HNH plans' Level 3 assets, and during 2017, the changes were as follows:
The Company'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. In 2018, changes in the API Plan's Level 3 net assets consisted of transfers out of $281, a gain of $1,057 and foreign currency translation losses of $797. In 2017, changes in the API Plan's Level 3 net assets consisted of transfers in of $13,395 and a gain of $450. The following tables present the category, fair value, unfunded commitments, redemption frequency and redemption notice period of those assets for which fair value was 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, 2018 and 2017:
In addition to those on the table above, there is an additional unfunded commitment at December 31, 2018 of $1,500 for a convertible promissory note, of which $750 was funded in January 2019.
In addition to those on the table above, HNH had an additional unfunded commitment at December 31, 2017 totaling $10,000 for a separately managed investment account which had an all-cap value strategy. 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. API's funding policy is to contribute monthly an amount that satisfies the API Plan's provisions to meet the level of assets needed to pay benefits in accordance with the statutory funding objectives required in the United Kingdom. HNH expects to have required minimum annual contributions for 2019, 2020, 2021, 2022, 2023 and for the five years thereafter of $33,400, $34,700, $34,000, $36,700, $28,500 and $23,700, respectively. API expects to have required minimum annual contributions of $887 for 2019, 2020, 2021 and 2022, and $739 in 2023. Required future pension 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 events. Benefit Payments Estimated future benefit payments for the pension plans over the next ten years are as follows:
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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS | CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS As of December 31, 2018, the Company had 25,294,003 Class A units (regular common units) outstanding. Common Unit Repurchase Program In December 2016, the Board of Directors of SPH GP approved the repurchase of up to an aggregate of 2,000,000 of the Company's common units. In November 2018, the Board of Directors approved the repurchase of up to an additional 1,000,000 of the Company's common units (collectively, with the December 2016 approval, "Repurchase Program"). The Repurchase Program supersedes and cancels, to the extent any amounts remain available, all previously approved repurchase programs. Any purchases made under the Repurchase Program will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market, in compliance with applicable laws and regulations. In connection with the Repurchase Program, the Company may enter into a stock purchase plan. The Repurchase Program has no termination date. The Company has purchased 1,583,841 common units for an aggregate price of approximately $27,160 under the Repurchase Program. Incentive Award Plan On May 24, 2018, the Company's unitholders approved the adoption of the Company's 2018 Incentive Award Plan ("2018 Plan"). The 2018 Plan provides equity-based compensation through the grant of options to purchase the Company's limited partnership units, unit appreciation rights, restricted units, phantom units, substitute awards, performance awards, other unit-based awards, and includes, as appropriate, any tandem distribution equivalent rights granted with respect to an award (collectively, "LP Units"). The 2018 Plan allows for issuance of up to 500,000 LP Units. As of December 31, 2018, no awards had been granted under the 2018 Plan. Common Unit Dividend On January 13, 2017, the Company paid dividends of approximately $3,923 to common unitholders of record as of January 3, 2017, excluding a consolidated affiliate. This special one-time cash dividend of $0.15 per common unit was declared on December 22, 2016. Any future determination to declare dividends on its common units will remain at the discretion of the Company's Board of Directors and will be dependent upon a number of factors, including the Company's results of operations, cash flows, financial position and capital requirements, among others. Preferred Units The 6.0% Series A preferred units, no par value ("SPLP Preferred Units"), which were issued in connection with the Steel Excel Inc. ("Steel Excel"), HNH and WebFinancial Holding Corporation ("WFHC") transactions discussed below, entitle the holders to a cumulative quarterly cash or in-kind (or a combination thereof) distribution. The Company declared cash distributions of approximately $11,750 and $4,700 to preferred unitholders for the years ended December 31, 2018 and 2017, respectively. The SPLP Preferred Units have a term of nine years and are redeemable at any time at the Company's option at a $25 liquidation value per unit, plus any accrued and unpaid distributions (payable in cash or SPLP common units, or a combination of both, at the Company's discretion). If redeemed in common units, the number of common units to be issued will be equal to the liquidation value per unit divided by the volume weighted-average price of the common units for 60 days prior to the redemption. In addition, the holders can require the Company to repurchase up to 1,600,000 of the SPLP Preferred Units, in cash on a pro rata basis, on the third anniversary of the original issuance date of February 7, 2017, reduced by any preferred units called for redemption by the Company, in cash on a pro rata basis, prior to that time. The SPLP Preferred Units have no voting rights, except that holders of the preferred units have certain voting rights in limited circumstances relating to the election of directors following the failure to pay six quarterly distributions. The SPLP Preferred Units are recorded as a non-current liability, including accrued interest expense, on the Company's consolidated balance sheets as of December 31, 2018 and 2017 because they have an unconditional obligation to be redeemed for cash or by issuing a variable number of SPLP common units for a monetary value that is fixed and known at inception. Because the SPLP Preferred Units are classified as a liability, distributions thereon are recorded as a component of Interest expense in the Company's consolidated statements of operations. As of December 31, 2018 and 2017, there were 7,927,288 and 7,952,660 SPLP Preferred Units outstanding, respectively. Steel Excel Transaction On December 23, 2016, the Company entered into an Amended Agreement and Plan of Merger with a subsidiary of the Company and Steel Excel to make a tender offer to purchase any and all of the outstanding shares of common stock of Steel Excel not already owned by the Company or any of its affiliates. In exchange for each share of Steel Excel common stock, the Company offered 0.712 SPLP Preferred Units. The offer commenced on January 9, 2017 and expired on February 6, 2017. As a result of the completion of the offer, the Company issued approximately 2,500,000 SPLP Preferred Units with a fair value and liquidation value of $25.00 per SPLP Preferred Unit, or approximately $63,500, to Steel Excel shareholders and paid approximately $2,100 in cash for any remaining unvested restricted shares of Steel Excel. As a result of this transaction, the Company owns 100% of Steel Excel. HNH Transaction On June 26, 2017, the Company entered into an Agreement and Plan of Merger with a subsidiary of the Company and HNH to make a tender offer to purchase any and all of the outstanding shares of common stock of HNH not already owned by the Company or any of its affiliates. In exchange for each share of HNH common stock, the Company offered 1.484 SPLP Preferred Units. The offer expired on October 12, 2017, and as a result of the completion of the offer, the Company issued approximately 5,400,000 SPLP Preferred Units with a fair value of approximately $112,000 and liquidation value of approximately $135,000 to HNH shareholders. As a result of this transaction, the Company owns 100% of HNH. WFHC Transactions During 2018, the Company entered into purchase agreements with minority stockholders of its subsidiary, WFHC, pursuant to which the Company purchased shares of common and preferred stock of WFHC in exchange for aggregate consideration totaling approximately $20,680, comprised of cash of $13,708, 185,407 SPLP common units and 186,271 SPLP Preferred Units. As a result of these transactions, the Company now owns 100% of WFHC, as compared to 91.2% at December 31, 2017. For each of the Steel Excel, HNH and WFHC transactions described above, in accordance with the accounting standard on consolidation, changes in a parent's ownership interest where the parent retains a controlling financial interest in its subsidiary were accounted for as equity transactions. The carrying amount of the acquired noncontrolling interests were eliminated to reflect the change in SPLP's ownership interest in each subsidiary, and the difference between the fair value of the consideration paid and the amount by which the noncontrolling interest was adjusted was recognized in Partners' capital. iGo Transaction On December 31, 2018, the Company entered into a contribution agreement with iGo, an equity method investee of the Company, in which the Company contributed its interest in its subsidiary, Kasco LLC ("Kasco"), in exchange for consideration consisting of 5,000,000 newly issued common shares of iGo and the assumption by iGo/Kasco of $15,000 of debt outstanding under the Credit Agreement (see Note 12 - "Long-Term Debt"). As a result of this transaction, the Company now owns 80.2% of iGo's common stock, and iGo became a consolidated subsidiary. As of December 31, 2018, iGo's assets and liabilities have been included in the Company's consolidated balance sheet, with a related noncontrolling interest of 19.8% of iGo's common stock. Accumulated Other Comprehensive Loss Changes, net of tax, in Accumulated other comprehensive loss are as follows:
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 records a negative incentive unit expense in the quarter when such over accrual is determined. The expense is recorded in Selling, general and administrative expenses in the Company's consolidated statements of operations. The Company recorded $0 and $9,021 of incentive unit expense for the years ended December 31, 2018 and 2017, respectively. |
INCOME TAXES |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES Details of the Company's tax provision (benefit) are as follows:
The following is a reconciliation of the income tax provision computed at the federal statutory rate to the provision for income taxes:
The Act was enacted on December 22, 2017. The income tax effects of changes in tax laws are recognized in the period when enacted. The Act provides for numerous significant tax law changes and modifications with varying effective dates, which include reducing the U.S. federal corporate income tax rate from 35% to 21%, creating a territorial tax system (with a one-time mandatory repatriation tax on previously deferred foreign earnings) and allowing for immediate capital expensing of certain qualified property acquired and placed in service after September 27, 2017 and before January 1, 2023. In response to the enactment of the Act in late 2017, the U.S. Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 ("SAB 118") to address situations where the accounting is incomplete for certain income tax effects of the Act upon issuance of an entity's financial statements for the reporting period in which the Act was enacted. The measurement period allowed by SAB 118, in which the Company recorded an income tax benefit of $1,896 related to the one-time mandatory repatriation tax, closed during the fourth quarter of 2018. The prospects of supplemental legislation or regulatory processes to address uncertainties that arise because of the Act, or evolving technical interpretations of the tax law, may cause the Company's consolidated financial statements to be impacted in the future. The Company will continue to analyze the effects of the Act as subsequent guidance continues to emerge. The Act also includes a provision to tax global intangible low-taxed income ("GILTI") of foreign subsidiaries. The FASB Staff Q&A Topic No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election either to recognize deferred taxes for temporary differences that are expected to reverse as GILTI in future years or provide for the tax expense related to GILTI resulting from those items in the year the tax is incurred. We have elected to recognize the resulting tax on GILTI as a period expense in the period the tax is incurred. 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.
At December 31, 2018, the Company's corporate subsidiaries had carryforwards of U.S. federal net operating losses ("NOLs") of approximately $397,046 that expire in 2020 through 2037. In addition, there are federal NOLs that can only be utilized by the corporate subsidiaries that generated the prior year losses, commonly called SRLY NOLs, totaling $199,240, which will expire in 2020 through 2037. The Company has a valuation allowance to reserve its deferred tax asset associated with the SRLY NOLs, and the addition of SRLY NOLs during 2018 from the consolidation of iGo is the principal reason for the increase in the valuation allowance during 2018. There is a capital loss carryforward in the amount of $34,815 that expires in 2021-2022. The deferred tax asset associated with this item has been fully reserved. The Company's corporate subsidiaries have NOLs in foreign jurisdictions totaling $18,054 for which a valuation allowance to reserve the associated deferred tax asset has been established. There are NOLs in various states in which the subsidiaries operate. The amount totaled $21,213 and expires in 2019 through 2037. A valuation allowance has been established against a significant portion of the deferred tax asset associated with the state NOLs. The Company's corporate subsidiaries have federal research and development credit carryforwards of $28,213 that expire in 2019 through 2029, and state research and development credit carryforwards of $20,683 for which a significant amount do not expire. The Company has a valuation allowance to reserve a significant portion of its deferred tax assets associated with the credit carryforwards. At December 31, 2017, a valuation allowance was released against substantially all of one of the Company's corporate subsidiary's federal deferred tax assets (except for certain federal NOLs of a subsidiary company subject to limitations and the realized capital losses) as the Company concluded such assets were fully realizable. This assessment was primarily based on the restructuring of several business units that enabled operational efficiencies resulting in a more likely than not assertion to realize the majority of the federal deferred tax assets. The Company will continue to monitor the likelihood that it will be able to recover the deferred tax assets in the future. This determination includes objectively verifiable positive evidence that outweighs potential negative evidence. Unrecognized Tax Benefits U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the consolidated 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 for 2018 and 2017 was as follows:
The Company's total gross unrecognized tax benefits were $51,725 and $60,728 at December 31, 2018 and 2017, respectively, of which $33,812, if recognized, would affect the provision for income taxes. In 2018, the Company settled certain state tax examinations resulting in a payment against the reserve of $543. In addition, the Company reversed $10,850 of reserves upon the expiration of the statutes of limitations with applicable taxing authorities and the expiration of time for utilizing certain credits for which a full reserve is maintained. The increase in unrecognized tax benefits in 2017 was primarily related to certain tax credits from prior years that may not be sustained on a more-likely-than-not basis. As of December 31, 2018, it is reasonably possible that unrecognized tax benefits may decrease by $1,103 in the next 12 months due to the expiration of statutes of limitations. The Company recognizes interest and penalties (if applicable) related to uncertain tax positions in its income tax provision in the consolidated statement of operations. For 2018 and 2017, the amount of such interest and penalties recognized was not significant. The Company is subject to U.S. federal income tax, as well as income taxes in various domestic states and foreign jurisdictions in which the Company operated or formerly operated in. The Company is generally no longer subject to federal, state or local income tax examinations by tax authorities for any year prior to 2015, except as noted below. However, NOLs generated in prior years are subject to examination and potential adjustment by the taxing authorities upon their utilization in subsequent years' tax returns. A corporate subsidiary of the Company is currently under examination by the Internal Revenue Service ("IRS") for the year 2015, which remains on-going. To date, the IRS has not notified the Company of any material adjustments resulting from the examination. With respect to the same corporate subsidiary, the IRS completed the examination for the year 2014, resulting in no adjustments to the original filing. The Company also settled an IRS examination of a corporate subsidiary's final pre-acquisition period filing, resulting in a small refund. During 2018, the Company settled various state and local examinations for the years 2012, 2013 and 2015 at a total cost of $543, for which the Company was fully reserved. In addition, certain corporate subsidiaries are either currently under examination or have been notified of pending examinations for the years 2014 through 2016 by the State of New York. The Company is not currently under tax examination in any foreign jurisdictions. |
NET (LOSS) INCOME PER COMMON UNIT |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET (LOSS) INCOME PER COMMON UNIT | NET (LOSS) INCOME PER COMMON UNIT The following data was used in computing net (loss) income per common unit shown in the Company's consolidated statements of operations:
For the year ended December 31, 2018, the diluted net loss per unit calculation was based on the basic weighted-average units only since the impact of 12,240,672 of SPLP Preferred Units and 24,100 of unvested restricted stock units, would have been anti-dilutive. For the year ended December 31, 2017, the diluted net loss per unit calculation was based on the basic weighted-average units only since the impact of 307,448 incentive units, 4,738,844 of SPLP Preferred Units and 39,634 of unvested restricted stock units, would have been anti-dilutive. |
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 Company's consolidated financial statements as of December 31, 2018 and 2017 are summarized by type of inputs applicable to the fair value measurements as follows:
There were no transfers of securities among the various measurement input levels during the years ended December 31, 2018 or 2017. The fair value of the Company's financial instruments, such as cash and cash equivalents, trade and other receivables and accounts payable, approximates carrying value due to the short-term maturities of these assets and liabilities. Carrying cost approximates fair value for long-term debt, which has variable interest rates. The precious metal and commodity inventories associated with the Company's fair value hedges (see Note 13 - "Financial Instruments") are reported at fair value. Fair values of these inventories are based on quoted market prices on commodity exchanges and are considered Level 1 measurements. The derivative instruments that the Company purchases in connection with its precious metal and commodity inventories, specifically commodity futures and forward contracts, are also valued at fair value. The futures contracts are Level 1 measurements since they are traded on a commodity exchange. The forward contracts are entered into with a counterparty and are considered Level 2 measurements. Following is a summary of changes in financial assets measured using Level 3 inputs:
Long-Term Investments - Valuation Techniques The Company estimates the value of its investment in STCN preferred stock using a Monte Carlo simulation. Key inputs in this valuation include the trading price and volatility of STCN's common stock, the risk-free rate of return, as well as the dividend rate, conversion price and redemption date of the preferred stock. The Company estimates the value of another of its investments in an associated company primarily using a discounted cash flow method adjusted for additional information related to debt covenants, solvency issues and other related matters. Marketable Securities and Other - Valuation Techniques The Company uses the net asset value included in quarterly statements it receives in arrears from a venture capital fund to determine the fair value of such fund and determines the fair value of certain corporate securities and corporate obligations by incorporating and reviewing prices provided by third-party pricing services based on the specific features of the underlying securities. The fair value of the derivatives held by WebBank (see Note 13 - "Financial Instruments") represent the estimated amounts that WebBank would receive or pay to terminate the contracts at the reporting date and is based on discounted cash flows analyses that consider credit, performance and prepayment. Unobservable inputs used in the discounted cash flow analyses are: a constant prepayment rate of 7.01% to 35.85%, a constant default rate of 1.01% to 27.56% and a discount rate of 1.34% to 27.71%. Assets Measured at Fair Value on a Nonrecurring Basis The Company's non-financial assets and liabilities measured at fair value on a non-recurring basis include goodwill and other intangible assets, any assets and liabilities acquired in a business combination, or its long-lived assets written down to fair value. To measure fair value for such assets and liabilities, the Company uses techniques including an income approach, a market approach and/or appraisals (Level 3 inputs). The income approach is based on a discounted cash flow analysis and calculates the fair value by estimating the after-tax cash flows attributable to an asset or liability and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. Assumptions used in the discounted cash flow analysis ("DCF") require the exercise of significant judgment, including judgment about appropriate discount rates and terminal values, growth rates and the amount and timing of expected future cash flows. The discount rates, which are intended to reflect the risks inherent in future cash flow projections, used in the DCF are based on estimates of the weighted-average cost of capital of a market participant. Such estimates are derived from analysis of peer companies and consider the industry weighted-average return on debt and equity from a market participant perspective. A market approach values a business by considering the prices at which shares of capital stock, or related underlying assets, of reasonably comparable companies are trading in the public market or the transaction price at which similar companies have been acquired. If comparable companies are not available, the market approach is not used. |
COMMITMENTS AND CONTINGENCIES |
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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 and related expenses recognized in the Company's consolidated statements of operations for the years ended December 31, 2018 and 2017 was $18,945 and $17,895, respectively. Future minimum operating lease and rental commitments under non-cancelable operating leases for SPLP consolidated operations are as follows:
Environmental and Litigation Matters As discussed in more detail below, certain of the Company's subsidiaries have been designated as potentially responsible parties ("PRPs") by federal and state agencies with respect to certain sites with which they may have had direct or indirect involvement and as defendants in certain litigation matters. Most such legal proceedings and environmental investigations involve unspecified amounts of potential damage claims or awards, are in an initial procedural phase, involve significant uncertainty as to the outcome or involve significant factual issues that need to be resolved, such that it is not possible for the Company to estimate a range of possible loss. For matters that have progressed sufficiently through the investigative process such that the Company is able to reasonably estimate a range of possible loss, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is or will be based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Company's maximum possible loss exposure. The circumstances of such legal proceedings and environmental investigations will change from time to time, and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the financial position, liquidity or results of operations of the Company. The environmental claims are in various stages of administrative or judicial proceedings and include demands for recovery of past governmental costs, and for future investigations and remedial actions. In many cases, the dollar amounts of the claims have not been specified and, with respect to a number of the PRP claims, have been asserted against a number of other entities for the same cost recovery or other relief as was asserted against certain of the Company's subsidiaries. The Company accrues costs associated with environmental and litigation matters on an undiscounted basis, when they become probable and reasonably estimable. As of December 31, 2018, on a consolidated basis, the Company has recorded liabilities of $14,960 in Accrued liabilities on the consolidated balance sheet, which represent the current estimate of environmental remediation liabilities as well as reserves related to the litigation matters discussed below. Expenses relating to these costs, and any recoveries, are included in Selling, general and administrative expenses in the Company's consolidated statements of operations. In addition, the Company has insurance coverage available for several of these matters 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. Environmental Matters Certain HNH subsidiaries have existing and contingent liabilities relating to environmental matters, including costs of remediation, capital expenditures, and potential fines and penalties relating to possible violations of national and state environmental laws. Those subsidiaries have remediation expenses on an ongoing basis, although such costs are continually being readjusted based upon the emergence of new techniques and alternative methods. HNH recorded liabilities of approximately $13,211 related to estimated environmental remediation costs as of December 31, 2018. HNH may have insurance coverage available for certain of these matters. Included among these liabilities, certain HNH subsidiaries have been identified as PRPs under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") or similar state statutes at sites and are parties to administrative consent orders in connection with certain properties. Those subsidiaries may be subject to joint and several liabilities imposed by CERCLA on PRPs. Due to the technical and regulatory complexity of remedial activities and the difficulties attendant in identifying PRPs and allocating or determining liability among them, the subsidiaries are unable to reasonably estimate the ultimate cost of compliance with such laws. Based upon information currently available, the HNH subsidiaries do not expect that their respective environmental costs, including the incurrence of additional fines and penalties, if any, will have a material adverse effect on them or that the resolution of these environmental matters will have a material adverse effect on the financial position, results of operations or cash flows of such subsidiaries or the Company, but there can be no such assurances. The Company anticipates that the subsidiaries will pay any such amounts out of their respective working capital, although there is no assurance that they will have sufficient funds to pay them. In the event that a HNH subsidiary is unable to fund its liabilities, claims could be made against its respective parent companies for payment of such liabilities. The sites where certain HNH subsidiaries have environmental liabilities include the following: HNH has been working with the Connecticut Department of Energy and Environmental Protection ("CTDEEP") with respect to its obligations under a 1989 consent order that applies to a property in Connecticut that HNH sold in 2003 ("Sold Parcel") and an adjacent parcel ("Adjacent Parcel") that together comprise the site of a former HNH manufacturing facility. 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 cleanup goals, were submitted in the second quarter of 2016 to the CTDEEP for their review and approval. An upland work plan to investigate the upland portion of the parcel was submitted in the third quarter of 2017 to the CTDEEP and was approved in March 2018. That investigation work started in the second quarter of 2018 and was completed in the fourth quarter of 2018. Additional investigatory work could be required dependent upon CTDEEP requirements. Investigation of the wetlands portion is also expected to start in the first half of 2019, pending regulatory approvals and setting goals for the entire parcel. The total remediation costs for the Adjacent Parcel cannot be reasonably estimated at this time. Based on the current stage of the investigation at this time, the Company estimates that it is reasonably possible that it may incur aggregate losses over a period of several years, above its accrued liability, in a range of $2,000 to $6,000. Due to the uncertainties, 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 the Company. In 1986, Handy & Harman Electronic Materials Corporation ("HHEM"), a subsidiary of HNH, entered into an administrative consent order ("ACO") with the New Jersey Department of Environmental Protection ("NJDEP") 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. HHEM is actively remediating the property and is continuing to investigate effective methods for achieving compliance with the ACO. HHEM anticipates entering into discussions with the NJDEP to address that agency's potential natural resource damage claims, the timing and 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 and 25% jointly to HHEM and HNH, all after having the first $1,000 paid by the former owner/operator. As of December 31, 2018, total investigation and remediation costs of approximately $7,500 and $2,400 have been expended by the former owner/operator and HHEM, respectively, in accordance with the settlement agreement. Additionally, HHEM had been reimbursed indirectly through insurance coverage for a portion of the Costs for which HHEM is responsible. While the primary insurance reimbursement ceased, HHEM believes that there is additional excess insurance coverage, which it is currently pursuing. There is no assurance that the former owner/operator or guarantors will continue to timely reimburse HHEM for expenditures and/or will be financially capable of fulfilling their obligations under the settlement agreement and the guaranties. There is no assurance that there will be any additional insurance reimbursement. A reserve of approximately $1,800 has been established for HHEM's expected 25% share of anticipated costs at this site, which is based upon the recent selection of a final remedy, on-going operations and maintenance, additional investigations and monitored natural attenuation testing over the next 30 years. There can be no assurance that the resolution of this matter will not be material to the financial position, results of operations or cash flows of HHEM, HNH or the Company. HNH's subsidiary, SL Industries, Inc. ("SLI"), may incur environmental costs in the future as a result of the past activities of its former subsidiary, SL Surface Technologies, Inc. ("SurfTech"), in Pennsauken, New Jersey ("Pennsauken Site"), in Camden, New Jersey and at its former subsidiary, SGL Printed Circuits in Wayne, New Jersey. At the Pennsauken Site, in 2013, SLI reached an agreement with both the U.S. Department of Justice and the U.S. Environmental Protection Agency ("EPA") related to its liability and entered into a Consent Decree which governs the agreement. SLI has completed the remediation as required by the Consent Decree and has paid EPA a fixed sum for its past oversight costs. Separate from the Consent Decree, in December 2012, the NJDEP made a settlement demand of $1,800 for past and future cleanup and removal costs and natural resource damages ("NRD"). To avoid the time and expense of litigating the matter, SLI offered to pay approximately $300 to fully resolve the claim presented by the State of New Jersey ("State"). SLI's settlement offer was rejected. On December 6, 2018, the State filed a complaint against SLI related to its operations at the Pennsauken Site. The State is seeking treble damages and attorneys' fees, NRD for loss of use of groundwater, as well as a request for relief that SLI pay all cleanup and removal costs that the State has incurred and will incur at the Pennsauken Site. While the State did not specifically identify its alleged damages in the complaint, the State has identified $3,661 in past costs through December 11, 2018. SLI intends to assert all legal and procedural defenses available to it. Although the final scope and cost of this claim cannot be verified at this time, we estimate that it is reasonably possible that we may incur an aggregate loss in a range of $300 to $3,661. Given the State's other generally-alleged damages, however, there can be no assurance that there will not be potential additional costs associated with the Pennsauken Site, which cannot be reasonably estimated at this time. Accordingly, there can be no assurance that the resolution of this matter will not be material to the financial position, results of operations or cash flows of SLI, HNH or the Company. SLI reported soil contamination and a groundwater contamination in 2003 from the SurfTech site located in Camden, New Jersey. Substantial investigation and remediation work has been completed under the direction of the Licensed Site Remediation Professional ("LSRP") for the site. Additional remediation initiated during the fourth quarter of 2018 is expected to continue into the first quarter of 2019 and post-remediation groundwater monitoring conducted thereafter. A full-scale groundwater bioremediation is expected to be implemented during the first quarter of 2019 following the remediation mentioned above. A reserve of $2,500 has been established for anticipated costs at this site, but there can be no assurance that there will not be potential additional costs associated with the site which cannot be reasonably estimated at this time. Accordingly, there can be no assurance that the resolution of this matter will not be material to the financial position, results of operations or cash flows of SLI, HNH or the Company. SLI is currently participating in environmental assessment and cleanup at a commercial facility located in Wayne, New Jersey. Contaminated soil and groundwater has undergone remediation with the NJDEP and LSRP oversight, but contaminants of concern in groundwater and surface water, which extend off-site, remain above applicable NJDEP remediation standards. A reserve of approximately $1,100 has been established for anticipated costs, but there can be no assurance that there will not be potential additional costs associated with the site, which cannot be reasonably estimated at this time. Accordingly, there can be no assurance that the resolution of this matter will not be material to the financial position, results of operations or cash flows of SLI, HNH or the Company. BNS LLC, a wholly-owned subsidiary of the BNS Holdings Liquidating Trust, has been named as a PRP at one previously disclosed site. Based upon information currently available, BNS Holdings Liquidating Trust does not expect that its environmental costs or that the resolution of this environmental matter will have a material adverse effect on the financial position, results of operations or cash flows of the Company, and although there can be no such assurances to this effect, the Company will provide further updates as to this site only if that assessment changes. Litigation Matters On December 8, 2017, a putative stockholder class action, captioned Sciabacucchi v. DeMarco, et al., was filed in the Court of Chancery of the State of Delaware by a purported former stockholder of HNH challenging the Company's acquisition, through a subsidiary, of all of the outstanding shares of common stock of HNH not already owned by the Company or any of its affiliates. On June 15, 2018, this action was consolidated with a second putative stockholder class action filed April 30, 2018, and captioned John Levin v. DeMarco, et al. The consolidated action names as defendants the former members of the HNH board of directors, the Company and SPH GP, and alleges, among other things, that the defendants breached their fiduciary duties to the former public stockholders of HNH in connection with the aforementioned acquisition. The complaint seeks, among other relief, unspecified monetary damages, attorneys' fees and costs. On July 5, 2018, the Court granted plaintiff's motion for class certification. The Company is vigorously defending itself against these claims; however, the outcome of this matter is uncertain. A subsidiary of BNS Holdings Liquidating Trust ("BNS Sub") has been named as a defendant in multiple alleged asbestos-related toxic-tort claims filed over a period beginning in 1994 through December 31, 2018. In many cases these claims involved more than 100 defendants. Of the claims settled, the average settlement was less than $3. There remained approximately 30 pending asbestos claims as of December 31, 2018. BNS Sub believes it has significant defenses to any liability for toxic-tort claims on the merits. None of these toxic-tort claims has gone to trial and, therefore, there can be no assurance that these defenses will prevail. BNS Sub has insurance policies covering asbestos-related claims for years beginning 1974 through 1988. BNS Sub annually receives retroactive billings or credits from its insurance carriers for any increase or decrease in claims accruals as claims are filed, settled or dismissed, or as estimates of the ultimate settlement costs for the then-existing claims are revised. As of both December 31, 2018 and 2017, BNS Sub has accrued $1,349 relating to the open and active claims against BNS Sub. This accrual includes the amount of unpaid retroactive billings submitted to the Company by the insurance carriers and also the Company's best estimate of the likely costs for BNS Sub to settle these claims outside the amounts funded by insurance. There can be no assurance that the number of future claims and the related costs of defense, settlements or judgments will be consistent with the experience to-date of existing claims and that BNS Sub will not need to significantly increase its estimated liability for the costs to settle these claims to an amount that could have a material effect on the consolidated financial statements. In the ordinary course of our business, we are subject to other periodic lawsuits, investigations, claims and proceedings, including, but not limited to, contractual disputes, employment, environmental, health and safety matters, as well as claims associated with our historical acquisitions and divestitures. There is insurance coverage available for many of the foregoing actions. Although we cannot predict with certainty the ultimate resolution of lawsuits, investigations, claims and proceedings asserted against us, we do not believe any currently pending legal proceeding to which we are a party will have a material adverse effect on our business, prospects, financial condition, cash flows, results of operations or liquidity. |
RELATED PARTY TRANSACTIONS |
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Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Management Agreement with SP General Services LLC SPLP is managed by the Manager, pursuant to the terms of the Management Agreement, which receives a fee at an annual rate of 1.5% of total Partners' capital ("Management Fee"), payable on the first day of each quarter and subject to quarterly adjustment. In addition, SPLP may issue to 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 15 - "Capital and Accumulated Other Comprehensive Loss" for additional information on the incentive units). The Management Agreement is automatically renewed each December 31 for successive one-year terms unless otherwise determined at least 60 days prior to each renewal date by a majority of the Company's independent directors. The Management Fee was $8,119 and $8,987 for the years ended December 31, 2018 and 2017, respectively. The Management Fee is included in Selling, general and administrative expenses in the Company's consolidated statements of operations. Unpaid amounts for management fees included in Payables to related parties on the Company's consolidated balance sheets were $1 and $487 at December 31, 2018 and 2017, respectively. SPLP will bear (or reimburse the Manager with respect to) all its reasonable costs and expenses of the managed entities, the Manager, SPH GP or their affiliates, including but not limited to: legal, tax, accounting, auditing, consulting, administrative, compliance, investor relations costs related to being a public entity rendered for SPLP or SPH GP, as well as expenses incurred by the Manager and SPH GP which are reasonably necessary for the performance by the Manager of its duties and functions under the Management Agreement and certain other expenses incurred by managers, officers, employees and agents of the Manager or its affiliates on behalf of SPLP. Reimbursable expenses incurred by the Manager in connection with its provision of services under the Management Agreement were approximately $4,846 and $4,708 during the years ended December 31, 2018 and 2017, respectively. Unpaid amounts for reimbursable expenses were approximately $254 and $881 at December 31, 2018 and 2017, respectively, and are included in Payables to related parties on the Company's consolidated balance sheets. Corporate Services The Company's subsidiary, Steel Services Ltd ("Steel Services"), through management services agreements with its subsidiaries and portfolio companies, provides services, which include assignment of C-Level management personnel, legal, tax, accounting, treasury, consulting, auditing, administrative, compliance, environmental health and safety, human resources, marketing, investor relations, operating group management and other similar services. In addition to its servicing agreements with SPLP and its consolidated subsidiaries, which are eliminated in consolidation, Steel Services has management services agreements with other companies considered to be related parties, including J. Howard Inc., Steel Partners, Ltd. and affiliates, STCN and Aerojet Rocketdyne Holdings, Inc. In total, Steel Services currently charges approximately $2,350 annually to these companies. All amounts billed under these service agreements are classified as a reduction of Selling, general and administrative expenses. Mutual Securities, Inc. Pursuant to the Management Agreement, the Manager is responsible for selecting executing brokers. Securities transactions for SPLP are allocated to brokers on the basis of reliability and best price and execution. The Manager has selected Mutual Securities, Inc. as an introducing broker and may direct a substantial portion of the managed entities' trades to such firm, among others. An officer of the Manager and SPH GP is affiliated with Mutual Securities, Inc. The commissions paid by SPLP to Mutual Securities, Inc. were not significant in any period. Other At December 31, 2018 and 2017, several related parties and consolidated subsidiaries had deposits totaling $1,667 and $2,438, respectively, at WebBank. Approximately $616 and $357 of these deposits, including interest which was not significant, have been eliminated in consolidation as of December 31, 2018 and 2017, respectively. |
SEGMENT INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION SPLP operates through the following segments: Diversified Industrial, Energy, Financial Services, and Corporate and Other, which are managed separately and offer different products and services. The Diversified Industrial segment is comprised of manufacturers of engineered niche industrial products, including joining materials, tubing, building materials, performance materials, electrical products, blades and route repair services, and packaging businesses. The Energy segment provides drilling and production services to the oil & gas industry and owns a youth sports business. The Financial Services segment consists primarily of the operations of WebBank, a Utah chartered industrial bank, which engages in a full range of banking activities. The Corporate and Other segment consists of several consolidated subsidiaries, including Steel Services, equity method and other investments, and cash and cash equivalents. Its income or loss includes certain unallocated general corporate expenses. Steel Services has management services agreements with our consolidated subsidiaries and other related companies as further discussed in Note 20 - "Related Party Transactions." Steel Services charged the Diversified Industrial, Energy and Financial Services segments approximately $13,269, $8,150 and $4,700 for the year ended December 31, 2018. For the year ended December 31, 2017, Steel Services charged the Diversified Industrial, Energy and Financial Services segments approximately $12,000, $8,150 and $4,700 for these services. These service fees are reflected as expenses in the segment income (loss) below, but are eliminated in consolidation. 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. Foreign revenue is based on the country in which the legal subsidiary generating the revenue is domiciled. Long-lived assets in 2018 and 2017 consist of property, plant and equipment, plus approximately $5,994 and $6,300, respectively, of land and buildings from previously 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 on the Company's consolidated balance sheets as of December 31, 2018 and 2017, respectively. Neither revenue nor long-lived assets from any single foreign country were material to the consolidated financial statements of the Company.
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REGULATORY MATTERS |
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Regulatory Matters [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REGULATORY MATTERS | REGULATORY MATTERS WebBank is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain actions by regulators that, if undertaken, could have a direct material effect on WebBank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, WebBank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. WebBank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. In July 2013, the Federal Deposit Insurance Corporation 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 have been fully implemented as of January 1, 2019, minimum requirements increased for both the quantity and quality of capital held by WebBank. The rules include a new common equity Tier 1 capital to risk-weighted assets ratio ("CET1 Ratio") of 4.5% and a capital conservation buffer of 2.5% of risk-weighted assets, which as fully phased-in, effectively results in a minimum CET1 Ratio of 7.0%. Basel III raised the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0% to 6.0% (which, with the capital conservation buffer, effectively results in a minimum Tier 1 capital ratio of 8.5% as fully phased-in), effectively results in a minimum total capital to risk-weighted assets ratio of 10.5% (with the capital conservation buffer fully phased-in), and requires a minimum leverage ratio of 4.0%. Basel III also made changes to risk weights for certain assets and off-balance-sheet exposures. WebBank expects that its capital ratios under Basel III will continue to exceed the well capitalized minimum capital requirements, and such amounts are disclosed in the table below:
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SUPPLEMENTAL CASH FLOW INFORMATION |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION The amount of Cash, cash equivalents and restricted cash as of December 31, 2018 and 2017 in the consolidated statements of cash flows is reconciled to the Company's consolidated balance sheets as follows:
A summary of supplemental cash flow information for the years ending December 31, 2018 and 2017 is presented in the following table:
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OTHER INCOME, NET |
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OTHER INCOME, NET | OTHER (INCOME) EXPENSE, NET Other (income) expense, net consists of the following:
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QUARTERLY FINANCIAL DATA (unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QUARTERLY FINANCIAL DATA (unaudited) | QUARTERLY FINANCIAL DATA (unaudited)
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SUBSEQUENT EVENTS |
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Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENT On February 28, 2019, the Company entered into a 7.50% convertible senior note due 2024 ("New Note") with STCN, whereby the Company will loan $14,940 to STCN. STCN will use the proceeds plus cash on hand to redeem at maturity its 5.25% convertible senior notes ("Steel Connect Notes"), which will mature on March 1, 2019. The Company holds $14,940 in aggregate principal amount of such Steel Connect Notes at December 31, 2018, which are further discussed in Note 10 - "Investments." The New Note is convertible into shares of STCN's common stock at an initial conversion rate of 421.2655 shares of common stock per $1,000 principal amount of the New Note (which is equivalent to an initial conversion price of approximately $2.37 per share), subject to adjustment upon the occurrence of certain events. |
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 and expenses, and related disclosure of contingent assets and liabilities during the reporting period. The more significant estimates include: (1) the valuation allowances for trade and other receivables, loans receivable and inventories; (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; 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 | Cash and Cash Equivalents Cash and cash equivalents include cash and deposits in depository institutions, financial institutions and banks. he Company considers all highly liquid debt instruments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include qualifying money market funds and 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. |
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Restricted Cash | Restricted Cash Restricted cash at December 31, 2018 and 2017 primarily represents cash collateral for certain short sales of corporate securities (see Note 13 - "Financial Instruments" for additional information). |
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Marketable Securities and Long-Term Investments | Marketable Securities and Long-Term Investments Marketable securities 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 equity securities and certain associated company 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 marketable securities and long-term investments 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 on the Company's 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 debt security, 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 Company's 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 AOCI 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 AOCI. 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 Receivables 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 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 receivables is limited due to this credit evaluation process. |
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Loans Receivable, Including Loans Held for Sale / Loan Impairment and Allowance for Loan Losses | Loans Receivable, Including Loans Held for Sale WebBank's loan activities include several lending arrangements with companies where it originates 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 fees that are recorded in non-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 ("ALLL"), 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. Through a loan program, merchants can borrow a certain percentage of their annual payment volume and are charged a fixed fee for the loan, which targets an annual percentage rate based on the overall credit assessment of the merchant. Loans are repaid through a fixed percentage of the merchant's future payment volume. The fee is fixed at the time the loan is extended. The fixed fee is amortized to interest income based on the amount repaid over the repayment period. We estimate the repayment period based on the merchant's payment processing history. There is no stated interest rate. There is a general requirement that at least 10% of the original amount of the loan plus the fixed fee must be repaid every 90 days. We calculate the repayment rate of the merchant's future payment volume so that repayment of the loan or advance and fixed fee is expected to generally occur within 9 to 12 months from the date of the loan or advance. 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 generally discontinued at the time the loan is 90 to 180 days delinquent, depending on the type of loan, 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 scheduled 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 ALLL, or by charging down the loan to its value determined in accordance with U.S. GAAP. The ALLL 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 ALLL 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 ALLL 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 U.S., 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 process and finished products comprises the cost of raw materials, direct labor and overhead costs 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 Intangible Assets, 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. Goodwill is reviewed for impairment indicators throughout the year and tested for impairment annually in the fourth quarter. 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 should 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 the income approach, market approach and/or cost approach. 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 2018, the Company utilized a qualitative approach for all of its reporting units, except for the Packaging business within its Diversified Industrial segment. Based on its qualitative assessment, the Company does not believe that it is more likely than not that the fair value of any of its reporting units tested under this approach is less than its carrying value. The Company performed a quantitative assessment of goodwill associated with its Packaging business due to a decline in market conditions and lower demand for certain of the Packaging business' product lines. The assessment was based on a combination of income and market approaches to estimate the fair value of the reporting unit, which indicated that the fair value of this reporting unit exceeded its carrying value. Significant assumptions used in the discounted cash flow analysis included expected future earnings and cash flows, which are based on management's current expectations, as well as the related risk-adjusted discount rate used to estimate fair value. There were no goodwill impairment charges recorded as a result of these assessments. For 2017, the Company utilized a qualitative approach for all of its reporting units to assess goodwill, and there were no goodwill impairment charges recorded as a result of the assessment. 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). 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. Companies can use the same two testing approaches for indefinite-lived intangibles as for goodwill. For 2018 and 2017, the Company utilized a qualitative approach to assess its intangible assets with indefinite lives, and the results indicated no impairment in either of these years. |
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Derivatives | Derivatives The Company uses various hedging instruments to reduce the impact of changes in precious metal prices and the effect of foreign currency fluctuations. In accordance with Accounting Standards Codification ("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 The Company's precious metal and commodity inventories are subject to market price fluctuations. The Company 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. The Company's hedging strategy is designed to protect it against normal volatility; therefore, abnormal price changes in these commodities or markets could negatively impact the Company's earnings. Fair Value Hedges. The fair values of these derivatives are recognized as derivative assets and liabilities on the Company's consolidated balance sheets. 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 Company's consolidated statements of operations, and such amounts principally offset each other due to the effectiveness of the hedges. The fair value hedges are associated primarily with the Company'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 Company's consolidated statements of operations. The economic hedges are associated primarily with the Company's precious metal inventory valued using the LIFO method. Foreign Currency Forward Contracts The Company enters into foreign currency forward contracts to hedge certain of its receivables and payables denominated in other currencies. In addition, the Company enters into foreign currency forward contracts to hedge the value of certain of its future sales and the value of its future purchases denominated in other currencies. The forward contracts that are used to hedge the risk of foreign exchange movement on its receivables and payables are accounted for as fair value hedges under ASC 815. The fair values of these derivatives are recognized as derivative assets and liabilities on the Company's consolidated balance sheets. The net change in fair value of the derivative assets and liabilities are recognized in the Company's consolidated statements of operations. The forward contracts that are used to hedge the value of the Company'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 Company's consolidated statements of operations. WebBank - Derivative Financial Instruments WebBank's derivative financial instruments represent on-going economic interests in loans made after they are sold. These derivatives are carried at fair value on a gross basis in Other non-current assets on the Company's consolidated balance sheet. Gains and losses resulting from changes in fair value of these derivative instruments are accounted for in the Company's consolidated statements of operations in Financial services revenue. Fair value represents the estimated amounts that WebBank would receive at the reporting date based on a discounted cash flow model for the same or similar instruments. WebBank does not enter into derivative contracts for speculative or trading purposes. |
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Property, Plant and Equipment, Net / Long-Lived Asset Testing | 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 as follows: machinery & equipment 3 to 15 years and buildings & 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) expense, net. 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. 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 In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and has since issued amendments thereto (collectively referred to herein as "ASC 606"). In January 1, 2018, we adopted ASC 606 using the modified retrospective method applied to those contracts which were not completed as of the adoption date. Results for reporting periods beginning after December 31, 2017 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for those periods. Our revenue recognition accounting policies applied prior to adoption of ASC 606 are outlined in the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2017. The disclosures included herein reflect our accounting policies under ASC 606. Diversified Industrial revenues related to product sales are recognized when control of the promised goods is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods. This condition is usually met at a point-in-time when the product has been shipped to the customer, or in certain circumstances when the product has been delivered to the customer, depending on the terms of the contract. However, revenues for certain custom manufactured goods are recognized over time as the customer order is fulfilled (for example, contracts for sale of custom manufactured goods that do not have an alternative use and for which the Company has an enforceable right to payment). Certain customers may receive sales incentives, such as right of return, rebates, volume discounts and early payment discounts, which are accounted for as variable consideration. The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenues. Revenue is reported net of any sales or usage-based tax collected. Cash received from customers prior to shipment of goods, or otherwise not yet earned, is recorded as deferred revenue. Service revenues are generated primarily by the Energy segment's energy and sports businesses and by the repair and maintenance work performed on equipment used at mass merchants, supermarkets and restaurants in the Diversified Industrial segment. Service revenues are primarily recognized in the amount to which the entity has a right to invoice. The Company records all shipping and handling fees billed to customers as revenue. If revenue is recognized for the related good before the shipping and handling activities occur, the related costs of those shipping and handling activities are accrued. The Company has also entered into rebate agreements with certain customers. These programs are typically structured to incentivize the customers to increase their annual purchases from the Company. 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 Company's consolidated statements of operations. As of December 31, 2018 and 2017, accrued rebates payable totaled $12,345 and $8,300, respectively, and are included in Accrued liabilities on the Company's consolidated balance sheets. Financial Services Segment WebBank generates revenue through a combination of interest income and non-interest income. Interest income is derived from interest and 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 premiums on the sale of loans, loan servicing fees, origination fees earned on loans and fee income on contractual lending arrangements. |
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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 2018 or 2017. |
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Fair Value Measurements | Fair Value Measurements The Company measures certain assets and liabilities at fair value (see Note 18 - "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 | -Based Compensation The Company accounts for 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 Company's 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 on the Company's 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 its consolidated statements of operations. The Company does not release income tax effects from AOCI until the underlying asset or liability to which the income tax relates has been derecognized from the balance sheet or otherwise terminated. |
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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 other comprehensive income or 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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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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New or Recently Adopted Accounting Standards | New or Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASC 606 relating to revenue recognition. 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. ASC 606 also requires additional disclosure about the nature, amount, timing and uncertainty of revenues and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The Company adopted ASC 606 as of January 1, 2018 using the modified retrospective transition method. For additional information, see Note 3 - "Revenues." In January 2016, the FASB issued ASU 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 or 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 or loss. In the past, changes in fair value were reported in the Company's consolidated statement of comprehensive (loss) income and in AOCI. Equity investments that do not have readily determinable market values may be measured at cost under ASU 2016-01, subject to an assessment for impairment. We adopted ASU 2016-01 effective January 1, 2018. Upon adoption, we recorded a cumulative effect reclassification adjustment from AOCI to Partners' capital of $91,078, which represented the accumulated net unrealized gain on equity securities that was held in AOCI as of December 31, 2017. See also Note 15 - "Capital and Accumulated Other Comprehensive Loss." Furthermore, to have a comparable presentation in our prior-period financial statements after adoption of ASU 2016-01 in 2018, we reclassified realized gains of $790 for the year ended December 31, 2017 from Other (income) expense, net to Realized and unrealized losses (gains) on securities, net in both the consolidated statement of operations and consolidated statement of cash flows for 2017. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which is effective for public companies for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. 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 statement of operations. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, which clarified various aspects of the guidance under ASU 2016-02. Originally, entities were required to adopt ASU 2016-02 using a modified retrospective approach, which required prior periods to be presented under this new standard with certain practical expedients available. However, in July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which now allows entities the option of recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption (January 1, 2019) while continuing to present all prior periods under previous lease accounting guidance. ASU 2016-02 and its various amendments and clarifications are collectively referred to herein as "ASC 842." The Company will adopt ASC 842 in the first quarter of 2019 using the alternative modified transition method. Under this method, the cumulative-effect adjustment to the opening balance of retained earnings is recognized on the date of adoption with prior periods not restated. The Company will also elect to use the package of practical expedients permitted under the transition guidance, such as, carryforward of our historical lease classification, no reassessment on whether an expired or existing contract contains an embedded lease, no reassessment of initial direct costs for any leases that exist prior to adoption of the new standard and to consolidate lease and non-lease components. We are also electing to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of operations on a straight-line basis over the lease term. The Company has completed its implementation plan for the new lease standard, which includes an information system, and business process and control changes, to accumulate the appropriate data in order to calculate and record the recognition of ROU assets, lease liabilities and the related expense recognition. We estimate that based on our portfolio of leases as of December 31, 2018, approximately $51,000 of ROU lease assets and $53,000 of lease liabilities will be recognized on our consolidated balance sheet upon adoption, primarily relating to building rentals. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments, including trade receivables, from an incurred loss model to an expected loss model and adds certain new required disclosures. Under the expected loss model, entities will recognize estimated credit losses to be incurred over the entire contractual term of the instrument rather than delaying recognition of credit losses until it is probable the loss has been incurred. The new standard is effective for the Company's 2020 fiscal year with early adoption permitted for all entities in fiscal years beginning after December 15, 2018. The Company is currently evaluating the potential impact of this new guidance; however, it expects that it could have a significant impact on the Company's ALLL. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This new standard provides guidance to help decrease diversity in practice in how certain cash receipts and cash payments are classified in the statement of cash flows. The amendments in ASU 2016-15 provide guidance on eight specific cash flow issues. We adopted ASU 2016-15 effective January 1, 2018. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This new standard provides guidance on the classification of restricted cash in the statement of cash flows. We adopted ASU 2016-18 effective January 1, 2018. As a result of the adoption of ASU 2016-18, in the consolidated statement of cash flows for the year ended December 31, 2017, we reclassified $15,629 of restricted cash. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This new standard provides guidance to help determine more clearly what is a business acquisition, as opposed to an asset acquisition. The amendments provide a screen to help determine when a set of components is a business by reducing the number of transactions in an acquisition that need to be evaluated. The new standard states that to classify the acquisition of assets as a business, there must be an input and a substantive process that jointly contribute to the ability to create outputs, with outputs being defined as the key elements of the business. If all of the fair value of the assets acquired are concentrated in a single asset group, this would not qualify as a business. The Company adopted ASU 2017-01 effective January 1, 2018. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This new standard simplifies subsequent measurements of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, entities will perform their interim or annual goodwill impairment testing by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge based on the amount that the carrying amount exceeds the reporting unit's fair value. The loss recognized should not exceed the total goodwill allocated to the reporting unit. The amendments in ASU 2017-04 are effective for the Company's 2020 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This new standard requires the components of net benefit cost to be disaggregated within the statement of operations, with service cost being included in the same line item as other compensation costs, and any other components being presented outside of operating income. The Company adopted ASU 2017-07 effective January 1, 2018. Since the Company's significant pension plans have been frozen, there is no substantial service cost associated with such plans and therefore, the adoption of ASU 2017-07 did not have a material impact on the Company's consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. This new standard provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The standard states that entities should account for the effects of a modification unless the fair value of the modified award is the same as the fair value of the original award, the vesting conditions do not change, and the classification as an equity instrument or a liability instrument is the same. We adopted ASU 2017-09 effective January 1, 2018. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This new standard was created to refine and expand hedge accounting for both financial and commodity risk in order to simplify the current application of hedge accounting guidance in current U.S. GAAP. This new standard creates more transparency around how hedging results are presented, both in the notes and on the face of the financial statements. The amendments in ASU 2017-12 are effective for the Company's 2019 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The new standard provides financial statement preparers with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the federal Tax Cuts and Jobs Act ("Act") is recorded. The amendments in ASU 2018-02 are effective for the Company's 2019 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In March 2018, the FASB issued ASU 2018-05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. ASU 2018-05 applies to income tax effects from the enactment of the Act in December 2017. ASU 2018-05 allows a Company to report as provisional those amounts where the Company does not have the necessary information available, prepared or analyzed in reasonable detail to complete the accounting under Accounting Standards Codification Topic 740. ASU 2018-05 further allows a measurement period, not to exceed one year from the enactment date of Act, during which an entity may need to reflect adjustments to its provisional amounts. ASU 2018-05 requires that any adjustments to provisional amounts during the measurement period be included in income from continuing operations as an adjustment to tax expense or benefit, and also requires certain disclosures. The provisions of ASU 2018-05 were effective as of the enactment date of the Act, December 22, 2017. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This new standard was created to simplify the accounting for share-based payments to nonemployees. This standard provides guidance on how to account for share-based payment transactions with nonemployees in which a grantor acquires goods or services to be used or consumed in the grantor's own operations by issuing share-based payment awards. The amendments in ASU 2018-07 are effective for the Company's 2019 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements on fair value measurements. The amendments in ASU 2018-13 are effective for the Company's 2020 fiscal year, except that the standard permits an entity to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 and delay adoption of the additional disclosures until the effective date. Because ASU 2018-13 affects disclosure only, management does not expect that the full adoption of this standard will have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 modifies the disclosure requirements for employers that sponsor defined benefit pension and other post-retirement plans. The amendments in ASU 2018-14 are effective for the Company's 2021 fiscal year. Because ASU 2018-14 affects disclosure only, management does not expect that the adoption of this standard will have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The amendments in ASU 2018-15 are effective for the Company's 2020 fiscal year. The Company is currently evaluating the potential impact of this new guidance. |
REVENUES (Tables) |
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Disaggregation of Revenue | The following table presents the Company's revenues disaggregated by geography for the year ended December 31, 2018. The Company's revenues are primarily derived domestically. Foreign revenues are based on the country in which the legal subsidiary generating the revenue is domiciled. Revenue from any single foreign country was not material to the Company's consolidated financial statements.
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LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable Including Held For Sale | Major classification of WebBank's loans receivable, including loans held for sale, at December 31, 2018 and 2017 are as follows:
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Allowance for Loan and Lease Losses | Changes in the ALLL are summarized as follows:
The ALLL and outstanding loan balances according to the Company's impairment method are summarized as follows:
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Past Due Loans (Accruing and Nonaccruing) | Past due loans (accruing and nonaccruing) are summarized as follows:
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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:
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Impaired Loans | nformation on impaired loans is summarized as follows:
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INVENTORIES, NET (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 by reportable segment is as follows:
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Summary of Intangible Assets | A summary of Other intangible assets, net 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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PROPERTY, PLANT AND EQUIPMENT, NET (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | A summary of property, plant and equipment, net is as follows:
|
INVESTMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | The Company's portfolio of marketable securities at December 31, 2018 and 2017 was as follows:
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Realized Gain (Loss) on Investments | Gross realized gains and losses from sales of marketable securities, which are reported as a component of Realized and unrealized losses (gains) on securities, net in the Company's consolidated statements of operations, were as follows:
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Schedule of Unrealized Loss on Investments | The fair value of marketable securities with unrealized losses at December 31, 2018 and 2017, and the duration of time that such losses had been unrealized, were as follows:
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Schedule of Long-Term Investments | The following table summarizes the Company's long-term investments as of December 31, 2018 and 2017:
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Schedule of Additional Disclosures of Associated Companies | The following summary balance sheet and statement of operations amounts are for STCN as of July 31, 2018 and 2017, and for the years then ended, which are STCN's nearest corresponding full fiscal years to the Company's fiscal years ended December 31, 2018 and 2017, respectively:
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DEPOSITS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of WebBank Deposits | A summary of WebBank deposits is as follows:
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LONG-TERM DEBT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Debt consists of the following:
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Schedule of Maturities of Long-term Debt | Long-term debt as of December 31, 2018 matures in each of the next five years as follows:
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FINANCIAL INSTRUMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2018, the Company had the following outstanding forward contracts with settlement dates through January 2019. There were no futures contracts outstanding at December 31, 2018.
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Schedule of Derivative Instruments on the Balance Sheets and the Effect of Derivative Instruments in the Statements of Operations | The fair value and carrying amount of derivative instruments on the Company's consolidated balance sheets and the effect of derivative instruments in the Company's consolidated statements of operations are shown in the following tables:
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PENSION AND OTHER POST-RETIREMENT BENEFITS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The following table presents the components of pension expense for the HNH and API pension plans:
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Schedule of Assumptions Used | Actuarial assumptions used to develop the components of pension 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:
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Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | Additional information for the plans with accumulated benefit obligations in excess of plan assets follows:
Other pretax changes in plan assets and benefit obligations recognized in comprehensive income (loss) are as follows:
Pretax amounts included in Accumulated other comprehensive loss at December 31, 2018 and 2017 were as follows:
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Schedule of Allocation of Plan Assets | 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 plans' assets at December 31, 2018 and 2017, by asset category, are as follows:
API's pension plan's assets at December 31, 2018 and 2017 by asset category, are as follows:
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Schedule of Level 3 Defined Benefit Plan Assets Roll Forward | During 2018, there were no changes to the HNH plans' Level 3 assets, and during 2017, the changes were as follows:
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Schedule of Category, Fair Value, Redemption Frequency and Redemption Notice Period of Assets | The following tables present the category, fair value, unfunded commitments, redemption frequency and redemption notice period of those assets for which fair value was 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, 2018 and 2017:
In addition to those on the table above, there is an additional unfunded commitment at December 31, 2018 of $1,500 for a convertible promissory note, of which $750 was funded in January 2019.
In addition to those on the table above, HNH had an additional unfunded commitment at December 31, 2017 totaling $10,000 for a separately managed investment account which had an all-cap value strategy. |
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Schedule of Expected Benefit Payments | Estimated future benefit payments for the pension plans over the next ten years are as follows:
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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Changes, net of tax, in Accumulated other comprehensive loss are as follows:
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INCOME TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | Details of the Company's tax provision (benefit) are as follows:
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Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of the income tax provision computed at the federal statutory rate to the provision for income taxes:
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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.
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Schedule of Unrecognized Tax Benefits Roll Forward | The change in the amount of unrecognized tax benefits for 2018 and 2017 was as follows:
|
NET (LOSS) INCOME PER COMMON UNIT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net (Loss) Income Per Common Unit | The following data was used in computing net (loss) income per common unit shown in the Company's consolidated statements of operations:
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FAIR VALUE MEASUREMENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | Financial assets and liabilities measured at fair value on a recurring basis in the Company's consolidated financial statements as of December 31, 2018 and 2017 are summarized by type of inputs applicable to the fair value measurements as follows:
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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:
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COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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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SEGMENT INFORMATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Segment information is presented below:
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Schedule of Identifiable Assets Employed |
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Summary of Revenue by Geographic Areas | The following table presents geographic revenue and long-lived asset information as of and for the year ended December 31. Foreign revenue is based on the country in which the legal subsidiary generating the revenue is domiciled. Long-lived assets in 2018 and 2017 consist of property, plant and equipment, plus approximately $5,994 and $6,300, respectively, of land and buildings from previously 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 on the Company's consolidated balance sheets as of December 31, 2018 and 2017, respectively. Neither revenue nor long-lived assets from any single foreign country were material to the consolidated financial statements of the Company.
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Summary of Long-lived Assets by Geographic Areas | The following table presents geographic revenue and long-lived asset information as of and for the year ended December 31. Foreign revenue is based on the country in which the legal subsidiary generating the revenue is domiciled. Long-lived assets in 2018 and 2017 consist of property, plant and equipment, plus approximately $5,994 and $6,300, respectively, of land and buildings from previously 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 on the Company's consolidated balance sheets as of December 31, 2018 and 2017, respectively. Neither revenue nor long-lived assets from any single foreign country were material to the consolidated financial statements of the Company.
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REGULATORY MATTERS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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SUPPLEMENTAL CASH FLOW INFORMATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Cash | The amount of Cash, cash equivalents and restricted cash as of December 31, 2018 and 2017 in the consolidated statements of cash flows is reconciled to the Company's consolidated balance sheets as follows:
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Schedule of Cash and Cash Equivalents | The amount of Cash, cash equivalents and restricted cash as of December 31, 2018 and 2017 in the consolidated statements of cash flows is reconciled to the Company's consolidated balance sheets as follows:
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Schedule of Cash Flow, Supplemental Disclosures | A summary of supplemental cash flow information for the years ending December 31, 2018 and 2017 is presented in the following table:
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OTHER INCOME, NET (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Income, Net | Other (income) expense, net consists of the following:
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QUARTERLY FINANCIAL DATA (unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Jan. 01, 2019 |
Jan. 01, 2018 |
Dec. 31, 2016 |
|
Goodwill and Other Intangible Assets, Net | |||||
Goodwill impairment charges | $ 0 | ||||
Impairment of intangible assets | $ 0 | 0 | |||
Property, Plant and Equipment | |||||
Accrued rebates payable | 12,345,000 | 8,300,000 | |||
Total capital | 519,372,000 | 567,036,000 | $ 704,258,000 | ||
Realized gains | (62,586,000) | 790,000 | |||
Decrease in other income (expense) | (8,010,000) | 1,029,000 | |||
Increase in restricted cash | $ 12,434,000 | 15,629,000 | |||
Machinery and equipment | Minimum | |||||
Property, Plant and Equipment | |||||
Useful lives | 3 years | ||||
Machinery and equipment | Maximum | |||||
Property, Plant and Equipment | |||||
Useful lives | 15 years | ||||
Buildings and improvements | Minimum | |||||
Property, Plant and Equipment | |||||
Useful lives | 10 years | ||||
Buildings and improvements | Maximum | |||||
Property, Plant and Equipment | |||||
Useful lives | 30 years | ||||
WebBank | |||||
Cash and Cash Equivalents | |||||
Cash | $ 242,088,000 | 286,454,000 | |||
Accounting Standards Update 2016-01 | |||||
Property, Plant and Equipment | |||||
Realized gains | 790 | ||||
Decrease in other income (expense) | 790,000 | ||||
Accounting Standards Update 2016-18 | |||||
Property, Plant and Equipment | |||||
Increase in restricted cash | $ 15,629 | ||||
Ten Largest Customers | Accounts receivable | Customer concentration risk | |||||
Concentration of Revenue and Trade Accounts Receivable | |||||
Concentration risk | 20.00% | ||||
Ten Largest Customers | Revenues | Customer concentration risk | |||||
Concentration of Revenue and Trade Accounts Receivable | |||||
Concentration risk | 19.00% | 18.00% | |||
Unrealized gain on available-for-sale securities, parent | |||||
Property, Plant and Equipment | |||||
Total capital | $ (274,000) | $ 91,078,000 | |||
Unrealized gain on available-for-sale securities, parent | Accounting Standards Update 2016-01 | |||||
Property, Plant and Equipment | |||||
Total capital | $ 91,078 | ||||
Partners' Capital | |||||
Property, Plant and Equipment | |||||
Total capital | $ 692,895,000 | $ 650,488,000 | $ 615,720,000 | ||
Subsequent event | Scenario, forecast | Accounting Standards Update 2016-02 | |||||
Property, Plant and Equipment | |||||
Lease asset | $ 51,000,000 | ||||
Lease liability | $ 53,000,000 |
REVENUES (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Jan. 31, 2018 |
Dec. 31, 2018 |
Jan. 01, 2018 |
|
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Contract asset | $ 8,969 | $ 3,480 | |
Contract liability | 5,900 | $ 3,920 | |
Revenue recognized | $ 3,865 | ||
Parent | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Increase in partners' capital | $ 1,034 |
REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 1,584,614 | $ 1,372,027 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 1,368,778 | 1,149,792 |
Foreign | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 215,836 | $ 222,235 |
ACQUISITIONS (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 01, 2018 |
Feb. 16, 2018 |
Dec. 31, 2018 |
Dec. 30, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Business Acquisition [Line Items] | ||||||
Goodwill | $ 183,945 | $ 170,115 | $ 167,423 | |||
PST Group Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of consideration paid | $ 4,620 | |||||
Dunmore Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of consideration paid | $ 69,604 | |||||
Inventories | 7,700 | |||||
Property, plant and equipment | 30,600 | |||||
Other intangibles | 19,900 | |||||
Goodwill | 13,006 | |||||
Maximum | Dunmore Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of consideration paid | 80,000 | |||||
Customer Relationships | Dunmore Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Other intangibles | 12,600 | |||||
Useful life | 15 years | |||||
Trade Names | Dunmore Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Other intangibles | 3,300 | |||||
Developed Technology | Dunmore Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Other intangibles | 3,300 | |||||
Useful life | 10 years | |||||
Order or Production Backlog | Dunmore Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Other intangibles | $ 700 | |||||
Useful life | 4 months | |||||
iGo, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Ownership percentage | 45.80% | 80.20% |
DIVESTITURES AND ASSET IMPAIRMENT CHARGES - Narrative (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Jan. 31, 2017 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Asset impairment charge | $ 8,108,000 | $ 7,600 | ||
Impairments | $ 2,028,000 | |||
Disposal group, disposed of by sale, not discontinued operations | API | Salford, UK facility | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sales price | 12,500,000 | |||
Gain (loss) on sale | 650,000 | |||
Disposal group, disposed of by sale, not discontinued operations | Handy & Harman Ltd. (HNH) | Micro-Tube Fabricators, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sales price | 2,500,000 | |||
Gain (loss) on sale | (400,000) | |||
Proceeds from sale | 2,000,000 | |||
Range of outcomes, high value | 1,000,000 | |||
Subordinated promissory note receivable | Disposal group, disposed of by sale, not discontinued operations | Handy & Harman Ltd. (HNH) | Micro-Tube Fabricators, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sales price | $ 500,000 | |||
Gain (loss) on sale | $ 0 | $ 755,000 |
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE - Loans Receivable (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Loans receivable | |||
Loans held for sale | $ 335,781 | $ 138,532 | |
Current | 171,406 | 50,706 | |
Non-current | $ 164,375 | $ 87,826 | |
Percentage of Total Loans Outstanding | |||
Current | 100.00% | 100.00% | |
Allowance for loan losses | |||
Total | $ (17,659) | $ (5,237) | $ (1,483) |
Current | (17,659) | (5,237) | |
Non-current | 0 | 0 | |
Total loans receivable, net | |||
Total | 318,122 | 133,295 | |
Loans receivable, current | 153,747 | 45,469 | |
Loans receivable, non-current | 164,375 | 87,826 | |
Loans receivable, including loans held for sale (a) | |||
Loans receivable, including loans held for sale | 341,890 | 182,242 | |
Loans receivable, including held for sale, noncurrent | 164,375 | 87,826 | |
Pledged as collateral | 56,851 | 57,436 | |
Loans held for sale | |||
Loans receivable | |||
Loans held for sale | 188,143 | 136,773 | |
Current | 188,143 | 136,773 | |
Non-current | 0 | 0 | |
Commercial real estate loans | |||
Loans receivable | |||
Loans held for sale | 632 | 568 | |
Current | 0 | 20 | |
Non-current | $ 632 | $ 548 | |
Percentage of Total Loans Outstanding | |||
Current | 0.00% | 1.00% | |
Commercial and industrial | |||
Loans receivable | |||
Loans held for sale | $ 146,758 | $ 84,726 | |
Current | 81,507 | 28,315 | |
Non-current | $ 65,251 | $ 56,411 | |
Percentage of Total Loans Outstanding | |||
Current | 44.00% | 61.00% | |
Consumer loans | |||
Loans receivable | |||
Loans held for sale | $ 188,391 | $ 53,238 | |
Current | 89,899 | 22,371 | |
Non-current | $ 98,492 | $ 30,867 | |
Percentage of Total Loans Outstanding | |||
Current | 56.00% | 38.00% | |
WebBank | |||
Loans receivable, including loans held for sale (a) | |||
Servicing asset | $ 3,044 | $ 3,125 | |
Fair value | |||
Loans receivable, including loans held for sale (a) | |||
Loans receivable, net | $ 510,543 | $ 270,068 |
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE - Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Period after which loans are placed on nonaccrual status | 180 days | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | $ 5,237 | $ 1,483 |
Charge-offs | (7,321) | (2,147) |
Recoveries | 685 | 262 |
Provision | 19,058 | 5,639 |
Ending balance | 17,659 | 5,237 |
Commercial real estate loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 13 | 29 |
Charge-offs | 0 | 0 |
Recoveries | 20 | 17 |
Provision | (7) | (33) |
Ending balance | 26 | 13 |
Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 2,800 | 880 |
Charge-offs | (2,772) | (933) |
Recoveries | 272 | 142 |
Provision | 5,865 | 2,711 |
Ending balance | $ 6,165 | $ 2,800 |
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE - Allowance for Loan and Lease Losses and Outstanding Loans (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Receivable [Line Items] | |||
Allowance for loan losses, individually evaluated for impairment | $ 124 | $ 39 | |
Allowance for loan losses, collectively evaluated for impairment | 17,535 | 5,198 | |
Total | 17,659 | 5,237 | $ 1,483 |
Outstanding loan balances, individually evaluated for impairment | 3,866 | 57 | |
Outstanding loan balances, collectively evaluated for impairment | 331,915 | 138,475 | |
Total loans | 335,781 | 138,532 | |
Commercial real estate loans | |||
Receivable [Line Items] | |||
Allowance for loan losses, individually evaluated for impairment | 15 | 1 | |
Allowance for loan losses, collectively evaluated for impairment | 11 | 12 | |
Total | 26 | 13 | 29 |
Outstanding loan balances, individually evaluated for impairment | 15 | 16 | |
Outstanding loan balances, collectively evaluated for impairment | 617 | 552 | |
Total loans | 632 | 568 | |
Commercial and industrial | |||
Receivable [Line Items] | |||
Allowance for loan losses, individually evaluated for impairment | 109 | 38 | |
Allowance for loan losses, collectively evaluated for impairment | 6,056 | 2,762 | |
Total | 6,165 | 2,800 | 880 |
Outstanding loan balances, individually evaluated for impairment | 3,851 | 41 | |
Outstanding loan balances, collectively evaluated for impairment | 142,907 | 84,685 | |
Total loans | 146,758 | 84,726 | |
Consumer loans | |||
Receivable [Line Items] | |||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses, collectively evaluated for impairment | 11,468 | 2,424 | |
Total | 11,468 | 2,424 | $ 574 |
Outstanding loan balances, individually evaluated for impairment | 0 | 0 | |
Outstanding loan balances, collectively evaluated for impairment | 188,391 | 53,238 | |
Total loans | $ 188,391 | $ 53,238 |
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE - Nonaccrual and Past Due Loans (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Receivable [Line Items] | ||
Current | $ 325,750,000 | $ 134,190,000 |
Total past due | 10,031,000 | 4,342,000 |
Total | 335,781,000 | 138,532,000 |
Recorded investment in accruing loans greater than 90 days past due | 3,326,000 | 2,658,000 |
Nonaccrual loans that are current | 0 | 0 |
Financing receivable unpaid principal balance threshold for evaluation | 100,000 | |
30-89 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | 6,705,000 | 1,684,000 |
90 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | 3,326,000 | 2,658,000 |
Commercial real estate loans | ||
Receivable [Line Items] | ||
Current | 632,000 | 568,000 |
Total past due | 0 | 0 |
Total | 632,000 | 568,000 |
Recorded investment in accruing loans greater than 90 days past due | 0 | 0 |
Nonaccrual loans that are current | 0 | 0 |
Commercial real estate loans | 30-89 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | 0 | 0 |
Commercial real estate loans | 90 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | $ 0 | 0 |
Commercial and industrial | ||
Receivable [Line Items] | ||
Period after which loans are reported as past due | 90 days | |
Current | $ 140,616,000 | 81,101,000 |
Total past due | 6,142,000 | 3,625,000 |
Total | 146,758,000 | 84,726,000 |
Recorded investment in accruing loans greater than 90 days past due | 2,387,000 | 2,551,000 |
Nonaccrual loans that are current | 0 | 0 |
Commercial and industrial | 30-89 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | 3,755,000 | 1,074,000 |
Commercial and industrial | 90 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | $ 2,387,000 | 2,551,000 |
Consumer loans | ||
Receivable [Line Items] | ||
Period after which loans are reported as past due | 90 days | |
Current | $ 184,502,000 | 52,521,000 |
Total past due | 3,889,000 | 717,000 |
Total | 188,391,000 | 53,238,000 |
Recorded investment in accruing loans greater than 90 days past due | 939,000 | 107,000 |
Nonaccrual loans that are current | 0 | 0 |
Consumer loans | 30-89 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | 2,950,000 | 610,000 |
Consumer loans | 90 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | $ 939,000 | $ 107,000 |
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE - Outstanding Loans (Accruing and Nonaccruing) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Receivable [Line Items] | ||
Total Loans | $ 335,781 | $ 138,532 |
Commercial real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 632 | 568 |
Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 146,758 | 84,726 |
Consumer loans | ||
Receivable [Line Items] | ||
Total Loans | 188,391 | 53,238 |
Non-Graded | ||
Receivable [Line Items] | ||
Total Loans | 268,242 | 78,320 |
Non-Graded | Commercial real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Non-Graded | Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 79,851 | 25,082 |
Non-Graded | Consumer loans | ||
Receivable [Line Items] | ||
Total Loans | 188,391 | 53,238 |
Pass | ||
Receivable [Line Items] | ||
Total Loans | 62,934 | 56,838 |
Pass | Commercial real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 617 | 552 |
Pass | Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 62,317 | 56,286 |
Pass | Consumer loans | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Special Mention | ||
Receivable [Line Items] | ||
Total Loans | 739 | 3,317 |
Special Mention | Commercial real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Special Mention | Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 739 | 3,317 |
Special Mention | Consumer loans | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Sub- standard | ||
Receivable [Line Items] | ||
Total Loans | 3,866 | 57 |
Sub- standard | Commercial real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 15 | 16 |
Sub- standard | Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 3,851 | 41 |
Sub- standard | Consumer loans | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Doubtful | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Doubtful | Commercial real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Doubtful | Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Doubtful | Consumer loans | ||
Receivable [Line Items] | ||
Total Loans | $ 0 | $ 0 |
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE - Impaired Loans (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Receivable [Line Items] | ||
Interest on impaired loans | $ 122 | $ 4 |
Unpaid Principal Balance | 3,866 | 57 |
Recorded investment with no allowance | 0 | 3 |
Recorded investment with allowance | 3,866 | 54 |
Total recorded investment | 3,866 | 57 |
Related Allowance | 124 | 39 |
Average Recorded Investment | 3,894 | 30 |
Commercial real estate loans | ||
Receivable [Line Items] | ||
Unpaid Principal Balance | 15 | 16 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 15 | 16 |
Total recorded investment | 15 | 16 |
Related Allowance | 15 | 1 |
Average Recorded Investment | 16 | 16 |
Commercial and industrial | ||
Receivable [Line Items] | ||
Unpaid Principal Balance | 3,851 | 41 |
Recorded investment with no allowance | 0 | 3 |
Recorded investment with allowance | 3,851 | 38 |
Total recorded investment | 3,851 | 41 |
Related Allowance | 109 | 38 |
Average Recorded Investment | $ 3,878 | $ 14 |
INVENTORIES, NET - Summary of Inventories (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished products | $ 55,723 | $ 49,053 |
In-process | 25,392 | 25,037 |
Raw materials | 58,569 | 53,015 |
Fine and fabricated precious metal in various stages of completion | 20,790 | 16,757 |
Inventory, before LIFO reserve | 160,474 | 143,862 |
LIFO reserve | (1,624) | (1,227) |
Total | $ 158,850 | $ 142,635 |
INVENTORIES, NET - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Sep. 30, 2017 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Consignment inventory | $ 29,500 | |
Inventory held on consignment, silver | $ 6,700 |
INVENTORIES, NET - Supplemental Inventory Information (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
$ / oz
|
Dec. 31, 2017
USD ($)
$ / oz
|
---|---|---|
Inventory Disclosure [Abstract] | ||
Precious metals stated at LIFO cost | $ | $ 9,538 | $ 4,897 |
Precious metals stated under non-LIFO cost methods, primarily at fair value | $ | $ 9,628 | $ 10,633 |
Market value per ounce, Silver (in dollars per ounce) | 15.51 | 17.01 |
Market value per ounce, Gold (in dollars per ounce) | 1,281.65 | 1,296.50 |
Market value per ounce, Palladium (in dollars per ounce) | 1,263.00 | 1,056.00 |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Goodwill Roll Forward (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Goodwill [Line Items] | |||
Gross goodwill | $ 272,989 | $ 259,159 | $ 256,467 |
Securities Received in Exchange for Financial Instrument Obligations | 6,156 | 0 | |
Accumulated impairments | (89,044) | (89,044) | (89,044) |
Net goodwill | 183,945 | 170,115 | 167,423 |
Acquisitions | 14,601 | 758 | |
Currency translation adjustments | (771) | 1,504 | |
Other adjustments | 430 | ||
Diversified Industrial | |||
Goodwill [Line Items] | |||
Gross goodwill | 205,765 | 193,530 | 191,596 |
Accumulated impairments | (24,254) | (24,254) | (24,254) |
Net goodwill | 181,511 | 169,276 | 167,342 |
Acquisitions | 13,006 | 0 | |
Currency translation adjustments | (771) | 1,504 | |
Other adjustments | 430 | ||
Energy | |||
Goodwill [Line Items] | |||
Gross goodwill | 67,143 | 65,548 | 64,790 |
Accumulated impairments | (64,790) | (64,790) | (64,790) |
Net goodwill | 2,353 | 758 | 0 |
Acquisitions | 1,595 | 758 | |
Currency translation adjustments | 0 | 0 | |
Other adjustments | 0 | ||
Corporate and Other | |||
Goodwill [Line Items] | |||
Gross goodwill | 81 | 81 | 81 |
Accumulated impairments | 0 | 0 | 0 |
Net goodwill | 81 | 81 | $ 81 |
Acquisitions | 0 | 0 | |
Currency translation adjustments | $ 0 | 0 | |
Other adjustments | $ 0 |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Summary of Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite and indefinite-lived intangible assets | $ 325,286 | $ 319,003 |
Accumulated amortization | 141,745 | 119,686 |
Net, finite-lived intangible assets | 172,221 | |
Net, finite-lived intangible assets | 183,541 | 199,317 |
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Trademarks with indefinite lives | 11,320 | 8,020 |
Amortization expense | 29,858 | 29,743 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived intangible assets | 220,709 | 222,277 |
Accumulated amortization | 95,796 | 80,952 |
Net, finite-lived intangible assets | 124,913 | 141,325 |
Trademarks, trade names and brand names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite and indefinite-lived intangible assets | 54,950 | 52,356 |
Accumulated amortization | 17,923 | 14,996 |
Net, finite-lived intangible assets | 25,707 | |
Net, finite-lived intangible assets | 37,027 | 37,360 |
Developed technology, patents and patent applications | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived intangible assets | 31,743 | 28,239 |
Accumulated amortization | 14,435 | 11,756 |
Net, finite-lived intangible assets | 17,308 | 16,483 |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, finite-lived intangible assets | 17,884 | 16,131 |
Accumulated amortization | 13,591 | 11,982 |
Net, finite-lived intangible assets | 4,293 | $ 4,149 |
Dunmore Acquisition | Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Net, finite-lived intangible assets | $ 19,900 |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Estimated Amortization Expense (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Estimated Intangible Amortization Expense | ||
2019 | $ 22,807 | |
2020 | 21,204 | |
2021 | 19,088 | |
2022 | 16,068 | |
2023 | 14,637 | |
Thereafter | 78,417 | |
Net, finite-lived intangible assets | 172,221 | |
Customer Relationships | ||
Estimated Intangible Amortization Expense | ||
2019 | 16,786 | |
2020 | 15,472 | |
2021 | 13,699 | |
2022 | 11,304 | |
2023 | 10,108 | |
Thereafter | 57,544 | |
Net, finite-lived intangible assets | 124,913 | $ 141,325 |
Trademarks, Trade Names and Brand Names | ||
Estimated Intangible Amortization Expense | ||
2019 | 2,337 | |
2020 | 2,337 | |
2021 | 2,337 | |
2022 | 2,331 | |
2023 | 2,301 | |
Thereafter | 14,064 | |
Net, finite-lived intangible assets | 25,707 | |
Developed technology, patents and patent applications | ||
Estimated Intangible Amortization Expense | ||
2019 | 2,692 | |
2020 | 2,469 | |
2021 | 2,184 | |
2022 | 2,131 | |
2023 | 2,131 | |
Thereafter | 5,701 | |
Net, finite-lived intangible assets | 17,308 | 16,483 |
Other | ||
Estimated Intangible Amortization Expense | ||
2019 | 992 | |
2020 | 926 | |
2021 | 868 | |
2022 | 302 | |
2023 | 97 | |
Thereafter | 1,108 | |
Net, finite-lived intangible assets | $ 4,293 | $ 4,149 |
PROPERTY, PLANT AND EQUIPMENT, NET - Summary of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 535,421 | $ 462,790 |
Accumulated depreciation | (237,954) | (190,799) |
Property, plant and equipment, net | 297,467 | 271,991 |
Depreciation | 50,465 | 42,193 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 18,547 | 18,674 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 84,639 | 74,662 |
Machinery, equipment and other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 416,130 | 352,276 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 16,105 | $ 17,178 |
INVESTMENTS - Marketable Securities (Details) - Steel Excel - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Available-for-sale securities | ||
Marketable securities sold during period | $ 47,200 | $ 16,596 |
Available-for-sale securities | ||
Available-for-sale securities | ||
Cost | 25,597 | 80,222 |
Gross unrealized gains | 0 | 16,568 |
Gross unrealized losses | (3,094) | (2,643) |
Fair value | 22,503 | 94,147 |
Available-for-sale securities | Short-term deposits | ||
Available-for-sale securities | ||
Cost | 21,064 | 35,834 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 21,064 | 35,834 |
Available-for-sale securities | Mutual funds | ||
Available-for-sale securities | ||
Cost | 0 | 12,077 |
Gross unrealized gains | 0 | 4,675 |
Gross unrealized losses | 0 | 0 |
Fair value | 0 | 16,752 |
Available-for-sale securities | Corporate securities | ||
Available-for-sale securities | ||
Cost | 4,533 | 32,311 |
Gross unrealized gains | 0 | 11,893 |
Gross unrealized losses | (3,094) | (2,643) |
Fair value | 1,439 | 41,561 |
Amounts classified as cash equivalents | ||
Available-for-sale securities | ||
Cost | 21,064 | 35,834 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 21,064 | 35,834 |
Amounts classified as marketable securities | ||
Available-for-sale securities | ||
Cost | 4,533 | 44,388 |
Gross unrealized gains | 0 | 16,568 |
Gross unrealized losses | (3,094) | (2,643) |
Fair value | $ 1,439 | $ 58,313 |
INVESTMENTS - Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Debt Securities, Available-for-sale [Line Items] | ||
Realized gains, net | $ 840 | $ (145) |
Steel Excel | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross realized gains | 16,499 | 637 |
Gross realized losses | (5,129) | (545) |
Realized gains, net | $ 11,370 | $ 92 |
INVESTMENTS - Unrealized Losses, Timing (Details) - Steel Excel - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2018 |
|
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 5,801 | $ 396 |
Less than 12 Months, Gross Unrealized Losses | (2,558) | (322) |
12 Months or Greater, Fair Value | 398 | 1,043 |
12 Months or Greater, Gross Unrealized Losses | (85) | (2,772) |
Total, Fair Value | 6,199 | 1,439 |
Total, Gross Unrealized Losses | (2,643) | (3,094) |
Recognized asset impairment charges | 2,028 | |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 5,801 | 396 |
Less than 12 Months, Gross Unrealized Losses | (2,558) | 322 |
12 Months or Greater, Fair Value | 398 | 1,043 |
12 Months or Greater, Gross Unrealized Losses | (85) | 2,772 |
Total, Fair Value | 6,199 | 1,439 |
Total, Gross Unrealized Losses | $ (2,643) | $ 3,094 |
INVESTMENTS - Long-Term Investments (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 15, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Equity method investments carried at fair value: | |||
Long-term investments carried at fair value | $ 257,723,000 | $ 233,360,000 | |
Other equity method investments carried at cost [Abstract] | |||
Total long-term investments balance | 258,044,000 | 236,144,000 | |
Total long-term investment (income) loss recorded in statements of operations | |||
Steel Connect, Inc (STCN) | |||
Equity method investments carried at fair value: | |||
Ownership % | 29.60% | 30.40% | |
Long-Term Investments Balance | $ 31,457,000 | $ 45,275,000 | |
(Income) Loss Recorded in Statements of Operations | $ 12,320,000 | $ (15,700,000) | |
Aviat Networks, Inc. (Aviat) | |||
Equity method investments carried at fair value: | |||
Ownership % | 12.40% | 12.70% | |
Long-Term Investments Balance | $ 8,881,000 | $ 10,168,000 | |
(Income) Loss Recorded in Statements of Operations | $ 1,287,000 | $ (899,000) | |
Other | |||
Equity method investments carried at fair value: | |||
Ownership % | 43.80% | 43.80% | |
Long-Term Investments Balance | $ 1,223,000 | $ 1,223,000 | |
(Income) Loss Recorded in Statements of Operations | 0 | 0 | |
Other equity method investments carried at cost | |||
Equity method investments carried at fair value: | |||
(Income) Loss Recorded in Statements of Operations | 519,000 | 306,000 | |
Other equity method investments carried at cost [Abstract] | |||
Long-Term Investments Balance | $ 321,000 | 2,784,000 | |
iGo, Inc. | |||
Equity method investments carried at fair value: | |||
Ownership % | 80.20% | ||
Corporate securities | |||
Other equity method investments carried at cost [Abstract] | |||
Available-for-sale cost basis | $ 100,269,000 | 12,250,000 | |
Gross unrealized gains | 61,530,000 | 119,057,000 | |
Corporate securities | Net investment gains (losses) | |||
Long-term Investments | |||
Long-Term Investments Balance | 161,799,000 | 131,307,000 | |
(Income) Loss Recorded in Statements of Operations | 59,658,000 | 0 | |
Corporate obligations | |||
Other equity method investments carried at cost [Abstract] | |||
Available-for-sale cost basis | 13,262,000 | 8,903,000 | |
Gross unrealized gains | 1,681,000 | 1,484,000 | |
Corporate obligations | Net investment gains (losses) | Steel Connect, Inc (STCN) | |||
Long-term Investments | |||
Long-Term Investments Balance | 14,943,000 | 10,387,000 | |
(Income) Loss Recorded in Statements of Operations | (197,000) | (614,000) | |
Preferred stock | Steel Connect, Inc (STCN) | |||
Long-term Investments | |||
Long-Term Investments Balance | 39,420,000 | 35,000,000 | |
(Income) Loss Recorded in Statements of Operations | (4,420,000) | 0 | |
Other equity method investments carried at cost [Abstract] | |||
Payments to equity investment | $ 35,000,000 | ||
Conversion price (in dollars per share) | $ 1.96 | ||
Conversion of equity investments, ownership percentage if converted | 45.60% | ||
Warrant | Steel Connect, Inc (STCN) | |||
Long-term Investments | |||
Long-Term Investments Balance | 0 | 0 | |
(Income) Loss Recorded in Statements of Operations | $ 0 | 19,000 | |
Common Stock | Babcock and Wilcox Enterprises | |||
Equity method investments carried at fair value: | |||
Ownership % | 17.80% | ||
Other equity method investments carried at cost [Abstract] | |||
Long-Term Investments Balance | $ 76,261 | ||
Available-for-sale securities, non-current | |||
Other equity method investments carried at cost [Abstract] | |||
Proceeds from sales of securities | $ 0 | $ 0 |
INVESTMENTS - Equity Method Investments (Details) |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Aviat Networks, Inc. (Aviat) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 12.40% | 12.70% |
iGo, Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 80.20% |
INVESTMENTS - Additional Disclosures Related to Associated Company Financial Statements (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Summary of Balance Sheet Amounts [Abstract] | ||
Current assets | $ 264,281 | $ 257,846 |
Non-current assets | 562,769 | 23,452 |
Total assets | 827,050 | 281,298 |
Current liabilities | 290,612 | 149,155 |
Non-current liabilities | 393,618 | 69,172 |
Total liabilities | 684,230 | 218,327 |
Contingently redeemable preferred stock | 35,192 | 0 |
Equity | 107,628 | 62,971 |
Total liabilities and equity | 827,050 | 281,298 |
Summary Income Statement Amounts [Abstract] | ||
Revenue | 645,258 | 436,620 |
Gross profit | 101,259 | 36,365 |
Net income (loss) | $ 36,715 | $ (25,827) |
INVESTMENTS - Other Investments (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Schedule of Equity Method Investments [Line Items] | ||
Promissory note | $ 335,781 | $ 138,532 |
Realized gain on non-monetary exchange | 840 | (145) |
Steel Excel | ||
Schedule of Equity Method Investments [Line Items] | ||
Realized gain on non-monetary exchange | 11,370 | 92 |
WebBank | ||
Schedule of Equity Method Investments [Line Items] | ||
Held-to-maturity securities | 48,005 | 32,816 |
Held-to-maturity securities, maturing between one and five years | 22,866 | |
Held-to-maturity securities, maturing in five to ten years | 23,189 | |
Held-to-maturity securities, maturing after ten years | 1,950 | |
Fair value | $ 47,886 | $ 32,842 |
DEPOSITS - Deposits Time and Money Market (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Time Deposits, Fiscal Year Maturity [Abstract] | ||
2018 | $ 0 | $ 191,528 |
2019 | 310,577 | 115,819 |
2020 | 249,352 | 89,974 |
2021 | 30,000 | 0 |
Total time deposits | 589,929 | 397,321 |
Savings deposits | 121,382 | 113,679 |
Total deposits | 711,311 | 511,000 |
Deposits [Abstract] | ||
Current | 431,959 | 305,207 |
Long-term | 279,352 | 205,793 |
Time deposits, under $250,000 | 250 | |
Fair value of deposits | $ 710,323 | $ 511,473 |
LONG-TERM DEBT - Long-term Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Short term debt | $ 3,094 | $ 1,624 |
Long-term debt | 478,895 | 413,043 |
Less portion due within one year | 799 | 459 |
Long-term debt | 478,096 | 412,584 |
Total debt | 481,989 | 414,667 |
Loans payable | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | 472,495 | 406,981 |
Other debt - foreign | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | 796 | 0 |
Other debt - domestic | ||
Debt Instrument [Line Items] | ||
Long-term debt | 5,604 | 6,062 |
Other debt - foreign | ||
Debt Instrument [Line Items] | ||
Short term debt | $ 3,094 | $ 1,624 |
LONG-TERM DEBT - Long-Term Debt Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Maturity of Long-term Debt | ||
Long-term debt | $ 478,895 | $ 413,043 |
2019 | 799 | |
2020 | 4,214 | |
2021 | 315 | |
2022 | 473,567 | |
2023 | 0 | |
Thereafter | $ 0 |
LONG-TERM DEBT - Narrative (Details) |
12 Months Ended | |||
---|---|---|---|---|
Jan. 31, 2019
USD ($)
|
Apr. 27, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
Nov. 14, 2017
USD ($)
|
|
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 700,000,000 | |||
Leverage ratio increase | 0.25 | |||
2019 | $ 799,000 | |||
2020 | 4,214,000 | |||
2021 | 315,000 | |||
2022 | $ 473,567,000 | |||
Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 600,000,000 | |||
Weighted average interest rate | 4.93% | |||
Remaining borrowing capacity | $ 42,900,000 | |||
Sublimit for swing loans | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 55,000,000 | |||
Standby letters of credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | |||
Line of credit | 11,153,000 | |||
Letter of credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit | 3,709,000 | |||
Environmental and other matters | ||||
Debt Instrument [Line Items] | ||||
Line of credit | 7,444,000 | |||
Sublimit | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 18,500,000 | |||
Term loan | ||||
Debt Instrument [Line Items] | ||||
2019 | 7,500,000 | |||
2020 | 10,000,000 | |||
2021 | 10,000,000 | |||
2022 | $ 10,000,000 | |||
Minimum | Base Rate | Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, basis spread on variable rate | 1.50% | |||
Maximum | Base Rate | Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, basis spread on variable rate | 2.50% | |||
Subsequent event | Term loan | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | |||
Quarterly amortization percentage | 5.00% |
FINANCIAL INSTRUMENTS - Activity for Financial Instrument Liabilities and Related Restricted Cash (Details) - Not designated as hedging instrument - Foreign instruments and restricted cash - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Foreign Currency Financial Liabilities and Related Restricted Cash [Roll Forward] | ||
Balance, beginning of period | $ 15,629 | $ 12,640 |
Short sales of corporate securities | 26 | 165 |
Net investment (gains) losses | (121) | 2,918 |
Balance, end of period | 12,434 | 15,629 |
Equity contracts | ||
Foreign Currency Financial Liabilities and Related Restricted Cash [Roll Forward] | ||
Settlement of short sales of corporate securities | $ (3,100) | $ (94) |
FINANCIAL INSTRUMENTS - Foreign Currency Exchange Rate Risk (Details) - Designated as Hedging Instrument $ in Thousands |
Dec. 31, 2018
USD ($)
lb
oz
T
|
---|---|
Silver (ounces) | |
Derivative [Line Items] | |
Amount | oz | 264,822 |
Notional Amount | $ 3,993 |
Gold (ounces) | |
Derivative [Line Items] | |
Amount | oz | 2,733 |
Notional Amount | $ 3,467 |
Palladium (ounces) | |
Derivative [Line Items] | |
Amount | oz | 775 |
Notional Amount | $ 951 |
Copper (pounds) | |
Derivative [Line Items] | |
Amount | lb | 150,000 |
Notional Amount | $ 388 |
Tin (metric tons) | |
Derivative [Line Items] | |
Amount | T | 20 |
Notional Amount | $ 392 |
FINANCIAL INSTRUMENTS - Narrative (Details) € in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
oz
|
Dec. 31, 2018
EUR (€)
oz
|
Dec. 31, 2017
USD ($)
|
|
WebBank | |||
Derivative [Line Items] | |||
Undisbursed loan commitment | $ 130,697 | $ 148,529 | |
Foreign exchange forward contracts | API | |||
Derivative [Line Items] | |||
Outstanding forward or future contracts, commodity, notional amount | € | € 9,800 | ||
Foreign Exchange Future | Cash Flow Hedging | API | |||
Derivative [Line Items] | |||
Outstanding forward or future contracts, commodity, notional amount | 450 | € 10,300 | |
Not designated as hedging instrument | Foreign Exchange Contracts and Short Sale of Securities | |||
Derivative [Line Items] | |||
Derivative instruments, liabilities | $ 12,434 | $ 15,629 | |
Designated as hedging instrument | Silver and Copper (ounces) | |||
Derivative [Line Items] | |||
Derivative notional amount | oz | 18,895 | 18,895 | |
Maximum | WebBank | |||
Derivative [Line Items] | |||
Derivative remaining maturity | 5 years |
FINANCIAL INSTRUMENTS - Balance Sheet and Income Statement Location (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), net | $ 16,821 | $ 12,722 |
Derivative instruments, gain (loss) recognized in income | 15,347 | 5,757 |
Call option | Other income (expense), net | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instruments, gain (loss) recognized in income | 0 | (28) |
Call option | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), net | 0 | (258) |
Put option | Other income (expense), net | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instruments, gain (loss) recognized in income | 0 | (780) |
Put option | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), net | 0 | 3 |
Designated as hedging instrument | Commodity contracts | Cost of goods sold | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instruments, gain (loss) recognized in income | 223 | (435) |
Designated as hedging instrument | Commodity contracts | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), net | (14) | (49) |
Designated as hedging instrument | Foreign exchange forward contracts | Revenue/Cost of goods sold | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instruments, gain (loss) recognized in income | 241 | (1,357) |
Designated as hedging instrument | Foreign exchange forward contracts | Other income (expense), net | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instruments, gain (loss) recognized in income | (55) | (339) |
Designated as hedging instrument | Foreign exchange forward contracts | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), net | (95) | 166 |
Designated as hedging instrument | Foreign exchange forward contracts | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), net | (81) | (188) |
Not designated as hedging instrument | Commodity contracts | Cost of goods sold | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instruments, gain (loss) recognized in income | (461) | (61) |
Not designated as hedging instrument | Commodity contracts | Other income (expense), net | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instruments, gain (loss) recognized in income | 840 | (145) |
Not designated as hedging instrument | Commodity contracts | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), net | (145) | (78) |
Not designated as hedging instrument | Economic interest in loans | Revenue | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instruments, gain (loss) recognized in income | 14,559 | 8,902 |
Not designated as hedging instrument | Economic interest in loans | Other non-current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), net | $ 17,156 | $ 13,126 |
PENSION AND OTHER POST-RETIREMENT BENEFITS - Narrative (Details) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Jan. 31, 2019
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 30, 2016
plan
|
|
Defined Benefit Plans Disclosure [Line Items] | |||||
Pretax amount of actuarial losses | $ (10,075,000) | ||||
HNH Plans | Pension benefits | |||||
Defined Benefit Plans Disclosure [Line Items] | |||||
Amount of the RSP assets | 308,489,000 | $ 349,819,000 | $ 331,872,000 | ||
Actual returns on plan assets | (29,091,000) | 24,239,000 | |||
Unfunded status | (190,323,000) | (251,375,000) | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||||
2019 | 33,400,000 | ||||
2020 | 34,700,000 | ||||
2021 | 34,000,000 | ||||
2022 | 36,700,000 | ||||
2023 | 28,500,000 | ||||
Thereafter | 23,700,000 | ||||
RSP Plan | Pension benefits | |||||
Defined Benefit Plans Disclosure [Line Items] | |||||
Amount of the RSP assets | $ 13,261,000 | 14,800,000 | |||
WHX Pension Plan | Pension benefits | |||||
Defined Benefit Plans Disclosure [Line Items] | |||||
Number of defined benefit plans | plan | 2 | ||||
Percentage of plan assets moved in the split | 3.00% | ||||
Amortization period | 17 years | ||||
JPS Pension Plan | Pension benefits | |||||
Defined Benefit Plans Disclosure [Line Items] | |||||
Amortization period | 15 years | ||||
API Plan | Pension benefits | |||||
Defined Benefit Plans Disclosure [Line Items] | |||||
Amount of the RSP assets | $ 125,833,000 | 140,634,000 | $ 118,327,000 | ||
Actual returns on plan assets | (2,984,000) | 15,261,000 | |||
Unfunded status | (9,779,000) | (11,372,000) | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||||
2019 | 887,000 | ||||
2020 | 887,000 | ||||
2021 | 887,000 | ||||
2022 | 887,000 | ||||
2023 | 739 | ||||
Level 3 | HNH Plans | Pension benefits | |||||
Defined Benefit Plans Disclosure [Line Items] | |||||
Amount of the RSP assets | 5,445,000 | 4,375,000 | |||
Level 3 | API Plan | Pension benefits | |||||
Defined Benefit Plans Disclosure [Line Items] | |||||
Amount of the RSP assets | 13,824,000 | 13,845,000 | |||
Increase for assets transferred into Level 3 | (281,000) | 13,395,000 | |||
Actual returns on plan assets | 1,057,000 | $ 450,000 | |||
Foreign currency translation loss | 797,000 | ||||
Multiemployer Plans, Pension | API Plan | |||||
Defined Benefit Plans Disclosure [Line Items] | |||||
Pension cost | 4,300,000 | ||||
Convertible Promissory Note | |||||
Defined Benefit Plans Disclosure [Line Items] | |||||
Unfunded status | $ 1,500,000 | ||||
Subsequent event | Convertible Promissory Note | |||||
Defined Benefit Plans Disclosure [Line Items] | |||||
Unfunded status | $ 750,000 |
PENSION AND OTHER POST-RETIREMENT BENEFITS - Components of Pension Expense and Other Postretirement Benefit Expense (Details) - HNH and API Pension Plans - Pension Benefits - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Defined Benefit Plans Disclosure [Line Items] | ||
Interest cost | $ 20,999 | $ 21,910 |
Expected return on plan assets | (27,703) | (25,969) |
Amortization of actuarial loss | 9,888 | 9,228 |
Total | $ 3,184 | $ 5,169 |
PENSION AND OTHER POST-RETIREMENT BENEFITS - Actuarial Assumptions Used to Develop Components of Defined Benefit Pension Expense and Other Postretirement Benefit Expense (Details) - Pension Benefits |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
WHX Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 3.45% | 3.84% |
WHX Pension Plan II | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 3.33% | 3.64% |
JPS Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 3.40% | 3.81% |
API Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 2.50% | 2.65% |
Expected return on assets | 3.80% | 3.87% |
HNH Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Expected return on assets | 6.50% | 6.50% |
PENSION AND OTHER POST-RETIREMENT BENEFITS - Funded Status of HNH's Qualified Defined Benefit Pension Plans and Postretirement Benefit Plans (Details) - Pension Benefits - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
HNH Plans | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | $ 601,194 | $ 597,405 | |
Prior service cost | 0 | 0 | |
Interest cost | 17,276 | 18,183 | |
Actuarial (gain) loss | (75,503) | 27,324 | |
Benefits paid | (44,155) | (41,718) | |
Impact of foreign exchange rate | 0 | 0 | |
Benefit obligation at December 31 | 498,812 | 601,194 | |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 349,819 | 331,872 | |
Actual returns on plan assets | (29,091) | 24,239 | |
Benefits paid | (44,155) | (41,718) | |
Company contributions | 31,916 | 35,426 | |
Impact of foreign exchange rate | 0 | 0 | |
Fair value of plan assets at December 31 | 308,489 | 349,819 | |
Funded status | (190,323) | (251,375) | |
Accumulated benefit obligation | 498,812 | 601,194 | $ 597,405 |
Current liability | 0 | 0 | |
Non-current liability | (190,323) | (251,375) | |
Total | (190,323) | (251,375) | |
API Plan | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | 152,006 | 136,564 | |
Prior service cost | 2,634 | 0 | |
Interest cost | 3,723 | 3,730 | |
Actuarial (gain) loss | (9,527) | 4,204 | |
Benefits paid | (5,528) | (5,338) | |
Impact of foreign exchange rate | (7,696) | 12,846 | |
Benefit obligation at December 31 | 135,612 | 152,006 | |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 140,634 | 118,327 | |
Actual returns on plan assets | (2,984) | 15,261 | |
Benefits paid | (5,528) | (5,338) | |
Company contributions | 936 | 901 | |
Impact of foreign exchange rate | (7,225) | 11,483 | |
Fair value of plan assets at December 31 | 125,833 | 140,634 | |
Funded status | (9,779) | (11,372) | |
Accumulated benefit obligation | 135,612 | 152,006 | $ 136,564 |
Current liability | 0 | 0 | |
Non-current liability | (9,779) | (11,372) | |
Total | $ (9,779) | $ (11,372) |
PENSION AND OTHER POST-RETIREMENT BENEFITS - Weighted Average Assumptions Used In Valuations (Details) - Pension Benefits |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
WHX Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 4.10% | 3.45% |
WHX Pension Plan II | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 4.00% | 3.33% |
JPS Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 4.09% | 3.40% |
API Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 2.90% | 2.50% |
PENSION AND OTHER POST-RETIREMENT BENEFITS - Pretax Amounts Included In Accumulated Other Comprehensive (Loss) Income) (Details) - Pension Benefits - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
HNH Plans | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Prior service cost | $ 0 | $ 0 |
Net actuarial loss | 220,778 | 254,599 |
Accumulated other comprehensive loss | 220,778 | 254,599 |
API Plan | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Prior service cost | 2,475 | 0 |
Net actuarial loss | 5,551 | 7,083 |
Accumulated other comprehensive loss | $ 8,026 | $ 7,083 |
PENSION AND OTHER POST-RETIREMENT BENEFITS - Other Changes in Plan Assets and Benefit Obligations Recognized in Comprehensive Loss (Details) - Pension Benefits - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
HNH Plans | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Current year actuarial gain (loss) | $ 23,933 | $ (24,333) |
Current year prior service cost | 0 | 0 |
Amortization of actuarial loss | 9,888 | 9,228 |
Amortization of prior service credit | 0 | 0 |
Impact of foreign exchange rate | 0 | 0 |
Total recognized in comprehensive income (loss) | 33,821 | (15,105) |
API Plan | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Current year actuarial gain (loss) | 1,300 | 6,339 |
Current year prior service cost | (2,634) | 0 |
Amortization of actuarial loss | 0 | 0 |
Amortization of prior service credit | 24 | 0 |
Impact of foreign exchange rate | 367 | 0 |
Total recognized in comprehensive income (loss) | $ (943) | $ 6,339 |
PENSION AND OTHER POST-RETIREMENT BENEFITS - Additional Information for Plans with Accumulated Benefit Obligations in Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
HNH Plans | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Projected benefit obligation | $ 498,812 | $ 601,194 | $ 597,405 |
Accumulated benefit obligation | 498,812 | 601,194 | 597,405 |
Fair value of plan assets | 308,489 | 349,819 | 331,872 |
API Plan | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Projected benefit obligation | 135,612 | 152,006 | 136,564 |
Accumulated benefit obligation | 135,612 | 152,006 | 136,564 |
Fair value of plan assets | $ 125,833 | $ 140,634 | $ 118,327 |
PENSION AND OTHER POST-RETIREMENT BENEFITS - HNH Plan's Assets (Details) - HNH Plans - Pension Benefits - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | $ 308,489 | $ 349,819 | $ 331,872 |
Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 5,445 | 4,375 | |
Level 3 | Convertible promissory note | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 4,202 | 3,500 | |
Level 3 | Stock warrants | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 193 | 875 | |
Level 3 | Private company common stock | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 1,050 | 0 | |
Recurring | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 308,489 | 349,819 | |
Recurring | U.S. mid-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 24,736 | 28,715 | |
Recurring | U.S. large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 75,859 | 66,076 | |
Recurring | U.S. small-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 1,099 | 3,214 | |
Recurring | International large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 918 | 1,188 | |
Recurring | Fixed income securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 2,111 | 2,217 | |
Recurring | Mortgage backed securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 15,934 | 10,682 | |
Recurring | U.S. Government debt securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 10,161 | 14,001 | |
Recurring | Corporate bonds and loans | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 34,117 | 35,033 | |
Recurring | Convertible promissory note | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 4,202 | 4,202 | |
Recurring | Stock warrants | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 193 | 193 | |
Recurring | Private company common stock | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 1,050 | 1,050 | |
Recurring | Subtotal - pension assets subject to leveling | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 170,380 | 166,571 | |
Recurring | Cash and cash equivalents | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 4,738 | 28,397 | |
Recurring | Net receivables | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | (8,545) | 3,992 | |
Recurring | Level 1 | U.S. mid-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 24,736 | 28,715 | |
Recurring | Level 1 | U.S. large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 75,859 | 66,076 | |
Recurring | Level 1 | U.S. small-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 1,099 | 3,214 | |
Recurring | Level 1 | International large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 918 | 1,188 | |
Recurring | Level 1 | Fixed income securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 2,111 | 2,217 | |
Recurring | Level 1 | Mortgage backed securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 1 | U.S. Government debt securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 1 | Corporate bonds and loans | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 1 | Convertible promissory note | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 1 | Stock warrants | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 1 | Private company common stock | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 1 | Subtotal - pension assets subject to leveling | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 104,723 | 101,410 | |
Recurring | Level 2 | U.S. mid-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | U.S. large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | U.S. small-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | International large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | Fixed income securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | Mortgage backed securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 15,934 | 10,682 | |
Recurring | Level 2 | U.S. Government debt securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 10,161 | 14,001 | |
Recurring | Level 2 | Corporate bonds and loans | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 34,117 | 35,033 | |
Recurring | Level 2 | Convertible promissory note | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | Stock warrants | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | Private company common stock | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | Subtotal - pension assets subject to leveling | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 60,212 | 59,716 | |
Recurring | Level 3 | U.S. mid-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | U.S. large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | U.S. small-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | International large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | Fixed income securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | Mortgage backed securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | U.S. Government debt securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | Corporate bonds and loans | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | Convertible promissory note | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 4,202 | 4,202 | |
Recurring | Level 3 | Stock warrants | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 193 | 193 | |
Recurring | Level 3 | Private company common stock | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 1,050 | 1,050 | |
Recurring | Level 3 | Subtotal - pension assets subject to leveling | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 5,445 | 5,445 | |
Recurring | Net asset value | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 141,916 | 150,859 | |
Recurring | Net asset value | Equity long/short | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 50,777 | 45,147 | |
Recurring | Net asset value | Event driven | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 27,028 | 49,757 | |
Recurring | Net asset value | Value driven hedge funds | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 18,995 | 19,960 | |
Recurring | Net asset value | Asset-based lending-maritime | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 9,498 | 8,466 | |
Recurring | Net asset value | Value oriented partnership investment fund | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 4,102 | ||
Recurring | Net asset value | Funds of funds - long-term capital growth | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 14,945 | 12,517 | |
Recurring | Net asset value | Common trust funds, other | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 3 | ||
Recurring | Net asset value | Offshore feeder fund | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 4,243 | ||
Recurring | Net asset value | Insurance separate account | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 12,328 | $ 15,009 | |
Minimum | Value oriented partnership investment fund | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Equity investment | 100 | ||
Maximum | Value oriented partnership investment fund | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Equity investment | $ 1,000 |
PENSION AND OTHER POST-RETIREMENT BENEFITS - API Pension Plan Assets (Details) - API Plan - Pension Benefits - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | $ 125,833 | $ 140,634 | $ 118,327 |
Level 1 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 46,308 | 68,082 | |
Level 2 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 65,701 | 58,707 | |
Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 13,824 | 13,845 | |
Equity contracts | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 38,814 | 67,634 | |
Equity contracts | Level 1 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 38,814 | 67,634 | |
Equity contracts | Level 2 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity contracts | Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Bonds | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 13,605 | 14,568 | |
Bonds | Level 1 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Bonds | Level 2 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 13,605 | 14,568 | |
Bonds | Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Property | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 13,457 | 13,159 | |
Property | Level 1 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Property | Level 2 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 13,457 | 13,159 | |
Property | Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Liability driven instrument | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 38,639 | 30,980 | |
Liability driven instrument | Level 1 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Liability driven instrument | Level 2 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 38,639 | 30,980 | |
Liability driven instrument | Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Private company common stock | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 13,824 | 13,845 | |
Private company common stock | Level 1 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Private company common stock | Level 2 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Private company common stock | Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 13,824 | 13,845 | |
Cash & cash equivalents | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 7,494 | 448 | |
Cash & cash equivalents | Level 1 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 7,494 | 448 | |
Cash & cash equivalents | Level 2 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash & cash equivalents | Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
PENSION AND OTHER POST-RETIREMENT BENEFITS - Fair Value Measurements of HNH Plan Assets (Details) - HNH Plans - Pension Benefits $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Change in plan assets: | |
Fair value of plan assets at January 1 | $ 349,819 |
Fair value of plan assets at December 31 | 308,489 |
Level 3 | |
Change in plan assets: | |
Fair value of plan assets at January 1 | 4,375 |
Transfers into Level 3 | 0 |
Transfers out of Level 3 | 0 |
Gains or losses included in changes in net assets | 877 |
Purchases | 875 |
Issuances | 193 |
Sales | 0 |
Settlements | (875) |
Fair value of plan assets at December 31 | 5,445 |
Convertible promissory note | Level 3 | |
Change in plan assets: | |
Fair value of plan assets at January 1 | 3,500 |
Transfers into Level 3 | 0 |
Transfers out of Level 3 | 0 |
Gains or losses included in changes in net assets | 702 |
Purchases | 0 |
Issuances | 0 |
Sales | 0 |
Settlements | 0 |
Fair value of plan assets at December 31 | 4,202 |
Stock warrants | Level 3 | |
Change in plan assets: | |
Fair value of plan assets at January 1 | 875 |
Transfers into Level 3 | 0 |
Transfers out of Level 3 | 0 |
Gains or losses included in changes in net assets | 0 |
Purchases | 0 |
Issuances | 193 |
Sales | 0 |
Settlements | (875) |
Fair value of plan assets at December 31 | 193 |
Private company common stock | Level 3 | |
Change in plan assets: | |
Fair value of plan assets at January 1 | 0 |
Transfers into Level 3 | 0 |
Transfers out of Level 3 | 0 |
Gains or losses included in changes in net assets | 175 |
Purchases | 875 |
Issuances | 0 |
Sales | 0 |
Settlements | 0 |
Fair value of plan assets at December 31 | $ 1,050 |
PENSION AND OTHER POST-RETIREMENT BENEFITS - Category, Fair Value, Redemption Frequency and Redemption Notice Period of Assets (Details) - Pension Benefits $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 18, 2018
USD ($)
|
May 21, 2018
USD ($)
|
Dec. 29, 2017
USD ($)
|
Dec. 31, 2018
USD ($)
extension
|
Dec. 31, 2017
USD ($)
extension
|
Oct. 31, 2018
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 15, 2016
USD ($)
|
Sep. 08, 2016
USD ($)
|
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Unfunded commitments | $ 10,000 | ||||||||
HNH Plans | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | 308,489 | $ 349,819 | $ 331,872 | ||||||
HNH Plans | Global long short feeder fund | Hedge funds | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | 9,499 | 11,416 | |||||||
Unfunded commitments | 0 | 0 | |||||||
HNH Plans | US long small cap value hedge fund | Hedge funds | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | 9,775 | 10,003 | |||||||
Unfunded commitments | $ 0 | $ 0 | |||||||
Redemption Notice Period | 90 days | 90 days | |||||||
Withdrawal percentage | 25.00% | 25.00% | |||||||
HNH Plans | International equity long/short hedge fund | Hedge funds | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 11,680 | $ 11,504 | |||||||
Unfunded commitments | $ 0 | $ 0 | |||||||
Redemption Notice Period | 90 days | 90 days | |||||||
Lockup period | 36 months | 36 months | |||||||
Holdback percentage withheld | 10.00% | 10.00% | |||||||
HNH Plans | Multi-strategy hedge fund | Hedge funds | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 3,630 | $ 1,756 | |||||||
Unfunded commitments | $ 1,750 | $ 3,250 | |||||||
Contract commitment period | 4 years | 4 years | |||||||
Capital committed | $ 5,000 | $ 5,000 | |||||||
Number of extensions | extension | 2 | 2 | |||||||
Distribution completion, extension period | 1 year | 1 year | |||||||
HNH Plans | Value driven hedge funds | Hedge funds | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 18,995 | $ 19,960 | |||||||
Unfunded commitments | $ 0 | $ 0 | |||||||
Redemption Notice Period | 6 months | 6 months | |||||||
Lockup period | 5 years | 5 years | |||||||
HNH Plans | International large cap | Hedge funds | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Redemption Notice Period | 90 days | 90 days | |||||||
Lockup period | 3 years | 3 years | |||||||
Redemption fee percentage | 5.00% | 5.00% | |||||||
Contract commitment period | 3 years | 3 years | |||||||
Withdrawal percentage | 20.00% | 10.00% | |||||||
Redemption notice period | 30 days | 30 days | |||||||
HNH Plans | International large cap | Long-term capital growth | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 14,945 | $ 12,517 | |||||||
Unfunded commitments | $ 22,222 | $ 23,958 | |||||||
Redemption Notice Period | 95 days | 95 days | |||||||
Lockup period | 5 years | 5 years | |||||||
Contract commitment period | 3 years | 3 years | |||||||
Holdback percentage withheld | 10.00% | 10.00% | |||||||
Number of extensions | extension | 2 | 2 | |||||||
Contract extension period | 1 year | ||||||||
HNH Plans | Equity long/short hedge funds | Hedge funds | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 10,507 | $ 10,468 | |||||||
Unfunded commitments | $ 0 | $ 0 | |||||||
Redemption Notice Period | 60 days | 60 days | |||||||
Lockup period | 3 years | 3 years | |||||||
Holdback percentage withheld | 10.00% | 10.00% | |||||||
HNH Plans | Event driven hedge funds | Hedge funds | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 27,028 | $ 49,757 | |||||||
Unfunded commitments | $ 0 | $ 0 | |||||||
Redemption Notice Period | 90 days | 90 days | |||||||
HNH Plans | Collective equity investment funds | Common trust funds | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 3 | ||||||||
Unfunded commitments | 0 | ||||||||
HNH Plans | Insurance separate account | Insurance separate account | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 12,328 | 15,009 | |||||||
Unfunded commitments | $ 0 | $ 0 | |||||||
Contract suspend or transfer period | 30 days | 30 days | |||||||
HNH Plans | Asset-based lending-maritime | Private equity | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 9,498 | $ 8,466 | |||||||
Unfunded commitments | $ 51 | $ 1,444 | $ 10,000 | ||||||
Contract commitment period | 3 years | 3 years | |||||||
Distribution completion, extension period | 2 years | 2 years | |||||||
Contract extension period | 1 year | 1 year | |||||||
Distribution completion period | 8 years | 8 years | |||||||
HNH Plans | Value oriented partnership investment fund | Private equity | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 4,102 | $ 0 | |||||||
Unfunded commitments | $ 8,500 | $ 12,500 | $ 12,500 | ||||||
Contract extension period | 1 year | 1 year | |||||||
Distribution completion period | 10 years | 10 years | |||||||
Loan receivable outstanding | $ 3,505 | $ 3,000 | |||||||
Capital call | 4,000 | ||||||||
HNH Plans | Opportunistic long/short private investment fund | Private equity | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | 0 | ||||||||
Unfunded commitments | 3,000 | ||||||||
Capital committed | 5,000 | ||||||||
Capital call | $ 2,000 | ||||||||
HNH Plans | Pan-Asia equity long/short | Offshore feeder fund | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | 4,243 | 0 | |||||||
Unfunded commitments | $ 0 | 3,000 | |||||||
Redemption Notice Period | 60 days | ||||||||
Withdrawal percentage | 10.00% | ||||||||
Redemption notice period | 60 days | ||||||||
Holdback percentage withheld | 10.00% | ||||||||
Capital committed | $ 5,000 | ||||||||
Capital call | $ 2,000 | ||||||||
Master fund level percentage | 25.00% | ||||||||
HNH Plans | Equity long/short hedge funds | Hedge funds | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 3,689 | ||||||||
Unfunded commitments | $ 0 | ||||||||
Redemption Notice Period | 90 days | ||||||||
Withdrawal percentage | 25.00% | ||||||||
HNH Plans | Equity long/short hedge funds | Hedge funds | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 1,997 | ||||||||
Unfunded commitments | $ 2,000 | $ 0 | |||||||
Redemption Notice Period | 60 days | ||||||||
Lockup period | 1 year | ||||||||
Holdback percentage withheld | 10.00% | ||||||||
HNH Plans | Revenue-based lending | Private equity | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 0 | ||||||||
Unfunded commitments | $ 7,750 | $ 8,000 | |||||||
Number of extensions | extension | 2 | ||||||||
Distribution completion, extension period | 1 year | ||||||||
Capital call | $ 250 | ||||||||
HNH Plans | Minimum | Collective equity investment funds | Common trust funds | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Redemption Notice Period | 0 days | ||||||||
HNH Plans | Minimum | Revenue-based lending | Private equity | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Contract commitment period | 3 years | ||||||||
Distribution completion period | 8 years | ||||||||
HNH Plans | Maximum | Collective equity investment funds | Common trust funds | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Redemption Notice Period | 2 days | ||||||||
HNH Plans | Maximum | Revenue-based lending | Private equity | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Contract commitment period | 4 years | ||||||||
Distribution completion period | 9 years |
PENSION AND OTHER POST-RETIREMENT BENEFITS - Estimated Future Benefit Payments (Details) - Pension Benefits $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
HNH Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2019 | $ 42,260 |
2020 | 41,305 |
2021 | 40,264 |
2022 | 39,215 |
2023 | 38,151 |
2024-2028 | 171,699 |
API Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2019 | 5,362 |
2020 | 5,591 |
2021 | 5,844 |
2022 | 6,110 |
2023 | 6,402 |
2024-2028 | $ 36,117 |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Common Unit Repurchase Program (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Nov. 30, 2018 |
Dec. 31, 2017 |
Dec. 07, 2016 |
|
Distribution Made to Limited Partner [Line Items] | ||||
Common units outstanding (in shares) | 25,294,003 | 26,348,420 | ||
Purchases of SPLP common units | $ 20,680 | |||
Common Unit | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Common units outstanding (in shares) | 25,294,003 | |||
Number of shares authorized to be repurchased (in shares) | 1,000,000 | 2,000,000 | ||
Purchases of SPLP common units (in shares) | 1,583,841 | |||
Purchases of SPLP common units | $ 27,160 |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Common Units Issuances and Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Jan. 13, 2017 |
Dec. 22, 2016 |
Dec. 31, 2018 |
Dec. 31, 2017 |
May 24, 2018 |
|
Partners' Capital [Line Items] | |||||
Liquidation preference per share (in dollars per share) | $ 25 | ||||
Common Unit | |||||
Partners' Capital [Line Items] | |||||
Cash dividend paid | $ 3,923 | ||||
Dividends declared (in dollars per share) | $ 0.15 | ||||
Series A Preferred Units | |||||
Partners' Capital [Line Items] | |||||
Stated rate | 6.00% | ||||
Preferred dividend paid | $ 11,750 | $ 4,700 | |||
Conversion term | 9 years | ||||
Period prior to redemption for computing average common unit price | 60 days | ||||
Settlement amount subject to mandatory redemption (in shares) | 1,600,000 | ||||
Preferred units outstanding (in shares) | 7,927,288,000 | 7,952,660 | |||
2018 Incentive Award Plan | |||||
Partners' Capital [Line Items] | |||||
Shares authorized (in shares) | 500,000 | ||||
Shares granted (in shares) | 0 |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Transactions (Details) |
1 Months Ended | 4 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Dec. 23, 2016 |
Feb. 06, 2017
USD ($)
$ / shares
shares
|
Oct. 12, 2017
USD ($)
shares
|
Dec. 31, 2018
USD ($)
shares
|
Dec. 31, 2017
USD ($)
shares
|
|
Distribution Made to Limited Partner [Line Items] | |||||
Preferred units issued (in shares) | shares | 25,294,003 | 26,348,420 | |||
Units issued in the acquisition of WFHC noncontrolling interests | $ 20,680,000 | ||||
Purchases of the Company's common units | 13,708,000 | ||||
Exchange of subsidiary shares to obtain a controlling interest in former equity-method investee | 2,334,000 | ||||
Long-term debt | $ 478,895,000 | $ 413,043,000 | |||
Series A Preferred Units | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Preferred units outstanding (in shares) | shares | 7,927,288,000 | 7,952,660 | |||
Conversion ratio | 0.712 | ||||
Preferred units issued (in shares) | shares | 2,500,000 | ||||
Liquidation preference (in dollars per share) | $ / shares | $ 25.00 | ||||
Value of shares converted | $ 63,500,000 | ||||
Units issued in the acquisition of WFHC noncontrolling interests (in shares) | shares | 186,271 | ||||
Series A Preferred Units | Handy & Harman Ltd. (HNH) | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Conversion ratio | 1.484 | ||||
Preferred units issued (in shares) | shares | 5,400,000 | ||||
Preferred units issued (in shares) | shares | 112,000,000 | ||||
Liquidation preference value | $ 135,000,000 | ||||
Common Units | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Units issued in the acquisition of WFHC noncontrolling interests (in shares) | shares | 185,407 | ||||
Restricted shares | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Value of shares converted | $ 2,100,000 | ||||
Steel Excel | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Handy & Harman Ltd. (HNH) | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Ownership percentage | 100.00% | ||||
WFHC | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Ownership percentage | 100.00% | 91.20% | |||
iGo, Inc. | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Exchange of subsidiary shares to obtain a controlling interest in former equity-method investee | $ 5,000,000 | ||||
Long-term debt | $ 15,000,000 | ||||
Equity method ownership percentage | 80.20% | ||||
Ownership percentage | 19.80% |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Accumulated Other Comprehensive Loss (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance at beginning of year | $ 567,036 |
Balance at end of year | 519,372 |
Tax | (8,349) |
Unrealized gain on available-for-sale securities, parent | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance at beginning of year | 91,078 |
Net other comprehensive (loss) income attributable to common unitholders | (274) |
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | (91,078) |
Acquisition of AOCI from noncontrolling interests | 0 |
Balance at end of year | (274) |
Unrealized loss on derivative financial instruments, parent | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance at beginning of year | (119) |
Net other comprehensive (loss) income attributable to common unitholders | (28) |
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | 0 |
Acquisition of AOCI from noncontrolling interests | (130) |
Balance at end of year | (277) |
Cumulative translation adjustments, parent | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance at beginning of year | (18,259) |
Net other comprehensive (loss) income attributable to common unitholders | (4,693) |
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | 0 |
Acquisition of AOCI from noncontrolling interests | (524) |
Balance at end of year | (23,476) |
Change in net pension and other benefit obligations, parent | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance at beginning of year | (177,085) |
Net other comprehensive (loss) income attributable to common unitholders | 24,247 |
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | 0 |
Acquisition of AOCI from noncontrolling interests | (379) |
Balance at end of year | (153,217) |
Accumulated other comprehensive income (loss), parent | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance at beginning of year | (104,385) |
Net other comprehensive (loss) income attributable to common unitholders | 19,252 |
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | (91,078) |
Acquisition of AOCI from noncontrolling interests | (1,033) |
Balance at end of year | (177,244) |
Unrealized loss on derivative financial instruments (NCI) | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Acquisition of AOCI from noncontrolling interests | 26 |
Cumulative translation adjustment (NCI) | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Acquisition of AOCI from noncontrolling interests | $ (40) |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Incentive Unit Expense and Common Unit Option Liability (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Jan. 01, 2012 |
|
Stockholders' Equity Note [Abstract] | |||
Incentive units granted, percentage of outstanding common units (as a percent) | 100.00% | ||
Incentive unit expense | $ 0 | $ 9,021 |
INCOME TAXES - Provision for (Benefit From) Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income (loss) before income taxes and equity method investments | ||
Domestic | $ 169 | $ 34,971 |
Foreign | (9,591) | 5,452 |
(Loss) income before income taxes and equity method investments | (9,422) | 40,423 |
Current: | ||
Federal | (1,160) | 4,263 |
State | 7,518 | 4,872 |
Foreign | 3,054 | 2,953 |
Total income taxes, current | 9,412 | 12,088 |
Deferred: | ||
Federal | 8,723 | 44,592 |
State | (3,521) | (4,093) |
Foreign | (2,055) | (1,288) |
Total income taxes, deferred | 3,147 | 39,211 |
Income tax provision | $ 12,559 | $ 51,299 |
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, 2018 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | ||
(Loss) income before income taxes and equity method investments | $ (9,422) | $ 40,423 |
Federal income tax (benefit) provision at statutory rate | (1,978) | 14,147 |
Loss passed through to common unitholders | 5,794 | 10,385 |
Income tax provision (benefit) at federal statutory income tax rate, including income passed through to common unitholders | 3,816 | 24,532 |
State income taxes, net of federal effect | 1,705 | 5,344 |
Change in valuation allowance | 6,317 | (48,598) |
Foreign tax rate differences | (59) | (1,202) |
Uncertain tax positions | 150 | 124 |
Deferred tax rate change due to newly-enacted U.S. tax law | 0 | 69,992 |
Permanent differences and other | 630 | 1,107 |
Income tax provision | $ 12,559 | $ 51,299 |
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Deferred Tax Assets: | ||
Operating loss carryforwards | $ 136,940 | $ 118,594 |
Postretirement and postemployment employee benefits | 50,306 | 70,151 |
Tax credit carryforwards | 12,837 | 13,412 |
Accrued costs | 4,970 | 4,151 |
Investment impairments and unrealized losses | 6,282 | 7,325 |
Inventories | 3,536 | 2,468 |
Environmental costs | 3,299 | 2,297 |
Capital loss | 8,459 | 7,968 |
Allowance for doubtful accounts and loan losses | 4,460 | 1,361 |
Other | 1,427 | 3,748 |
Gross deferred tax assets | 232,516 | 231,475 |
Deferred Tax Liabilities: | ||
Intangible assets | (27,758) | (33,376) |
Fixed assets | (24,542) | (26,346) |
Unrealized gain on investment | (4,388) | (22,403) |
Other | (2,715) | (2,208) |
Gross deferred tax liabilities | (59,403) | (84,333) |
Valuation allowance | (79,298) | (41,138) |
Net deferred tax assets | 93,815 | 106,004 |
Deferred tax assets | 96,040 | 109,011 |
Deferred tax liabilities | $ 2,225 | $ 3,007 |
INCOME TAXES - Net Operating Losses (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Operating Loss Carryforwards [Line Items] | ||
Tax Cuts and Jobs Act, repatriation tax | $ 1,896,000 | |
Capital loss carryforward | 8,459,000 | $ 7,968,000 |
Subsidiaries | Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 397,046,000 | |
SRLY operating loss carryforwards | 199,240 | |
Capital loss carryforward | 34,815,000 | |
Research and development credit carryforwards | 28,213,000 | |
Subsidiaries | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 21,213,000 | |
Research and development credit carryforwards | 20,683,000 | |
Subsidiaries | Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 18,054,000 |
INCOME TAXES - Change in the Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of period | $ 60,728 | $ 29,394 |
Additions for tax positions related to current year | 977 | 32,684 |
Additions for tax positions acquired | 1,413 | |
Payments | (543) | |
Reductions due to lapsed statute of limitations | (10,850) | (1,350) |
Balance at end of period | $ 51,725 | $ 60,728 |
INCOME TAXES - Uncertain Tax Positions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | $ 51,725 | $ 60,728 | $ 29,394 |
Unrecognized tax benefits that would impact effective tax rate | 33,812 | ||
Decrease from reversal of reserves | 10,850 | ||
Change in unrecognized tax benefits that is reasonably possible | 1,103 | ||
State Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Settled tax examinations | 543 | ||
State and Local Jurisdiction | |||
Income Tax Contingency [Line Items] | |||
Settled tax examinations | $ 543 |
NET (LOSS) INCOME PER COMMON UNIT - Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||||||||||
Net (loss) income | $ (30,003) | $ (6,191) | $ 13,555 | $ (8,851) | $ (17,513) | $ 10,905 | $ 15,718 | $ (3,098) | $ (31,490) | $ 6,012 |
Net loss attributable to noncontrolling interests in consolidated entities | (1,114) | (6,028) | ||||||||
Net loss attributable to common unitholders | $ (32,604) | $ (16) | ||||||||
Net loss per common unit - basic and diluted | ||||||||||
Net loss attributable to common unitholders (in dollars per share) | $ (1.25) | $ 0.00 | ||||||||
Denominator for net loss per common unit - basic and diluted | ||||||||||
Weighted-average number of common units outstanding - basic and diluted (in shares) | 25,984,185 | 26,053,098 | ||||||||
Common Units | ||||||||||
Denominator for net loss per common unit - basic and diluted | ||||||||||
Anti-dilutive shares (shares) | 307,448 | |||||||||
Series A Preferred Units | ||||||||||
Denominator for net loss per common unit - basic and diluted | ||||||||||
Anti-dilutive shares (shares) | 12,240,672 | 4,738,844 | ||||||||
Restricted Stock Units | ||||||||||
Denominator for net loss per common unit - basic and diluted | ||||||||||
Anti-dilutive shares (shares) | 24,100 | 39,634 |
FAIR VALUE MEASUREMENTS - Hierarchy Table (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Other precious metal liabilities | ||
Liabilities: | ||
Derivative Liability | $ 8,115 | |
Recurring | ||
Assets: | ||
Financial assets | $ 288,637 | 316,574 |
Liabilities: | ||
Financial liabilities | 21,632 | 24,317 |
Recurring | Marketable securities | ||
Assets: | ||
Financial assets | 1,439 | 58,313 |
Recurring | Long-term investments | ||
Assets: | ||
Financial assets | 257,723 | 233,360 |
Recurring | Investments in certain funds | ||
Assets: | ||
Financial assets | 422 | 407 |
Recurring | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Financial assets | 9,884 | 10,993 |
Recurring | Economic interests in loans | ||
Assets: | ||
Financial assets | 17,156 | |
Recurring | Foreign currency forward exchange contracts | ||
Assets: | ||
Financial assets | 275 | 166 |
Liabilities: | ||
Financial liabilities | 450 | 188 |
Recurring | Warrant | ||
Assets: | ||
Financial assets | 1,738 | 206 |
Recurring | Investment in private company | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Long put options | ||
Assets: | ||
Financial assets | 3 | |
Recurring | Financial instrument obligations | ||
Liabilities: | ||
Financial liabilities | 12,434 | 15,629 |
Recurring | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Financial assets | 13,126 | |
Liabilities: | ||
Financial liabilities | 159 | 127 |
Recurring | Short call options | ||
Liabilities: | ||
Financial liabilities | 258 | |
Recurring | Level 1 | ||
Assets: | ||
Financial assets | 210,899 | 242,117 |
Liabilities: | ||
Financial liabilities | 21,023 | 24,002 |
Recurring | Level 1 | Marketable securities | ||
Assets: | ||
Financial assets | 836 | 44,371 |
Recurring | Level 1 | Long-term investments | ||
Assets: | ||
Financial assets | 200,179 | 186,750 |
Recurring | Level 1 | Investments in certain funds | ||
Assets: | ||
Financial assets | 0 | 0 |
Recurring | Level 1 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Financial assets | 9,884 | 10,993 |
Recurring | Level 1 | Economic interests in loans | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Level 1 | Foreign currency forward exchange contracts | ||
Assets: | ||
Financial assets | 0 | 0 |
Liabilities: | ||
Financial liabilities | 0 | 0 |
Recurring | Level 1 | Warrant | ||
Assets: | ||
Financial assets | 0 | 0 |
Recurring | Level 1 | Investment in private company | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Level 1 | Long put options | ||
Assets: | ||
Financial assets | 3 | |
Recurring | Level 1 | Financial instrument obligations | ||
Liabilities: | ||
Financial liabilities | 12,434 | 15,629 |
Recurring | Level 1 | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Financial assets | 0 | |
Liabilities: | ||
Financial liabilities | 0 | 0 |
Recurring | Level 1 | Other precious metal liabilities | ||
Liabilities: | ||
Derivative Liability | 8,115 | |
Recurring | Level 1 | Short call options | ||
Liabilities: | ||
Financial liabilities | 258 | |
Recurring | Level 2 | ||
Assets: | ||
Financial assets | 15,821 | 12,541 |
Liabilities: | ||
Financial liabilities | 609 | 315 |
Recurring | Level 2 | Marketable securities | ||
Assets: | ||
Financial assets | 603 | 1,988 |
Recurring | Level 2 | Long-term investments | ||
Assets: | ||
Financial assets | 14,943 | 10,387 |
Recurring | Level 2 | Investments in certain funds | ||
Assets: | ||
Financial assets | 0 | 0 |
Recurring | Level 2 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Financial assets | 0 | 0 |
Recurring | Level 2 | Economic interests in loans | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Level 2 | Foreign currency forward exchange contracts | ||
Assets: | ||
Financial assets | 275 | 166 |
Liabilities: | ||
Financial liabilities | 450 | 188 |
Recurring | Level 2 | Warrant | ||
Assets: | ||
Financial assets | 0 | 0 |
Recurring | Level 2 | Investment in private company | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Level 2 | Long put options | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Level 2 | Financial instrument obligations | ||
Liabilities: | ||
Financial liabilities | 0 | 0 |
Recurring | Level 2 | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Financial assets | 0 | |
Liabilities: | ||
Financial liabilities | 159 | 127 |
Recurring | Level 2 | Other precious metal liabilities | ||
Liabilities: | ||
Derivative Liability | 0 | |
Recurring | Level 2 | Short call options | ||
Liabilities: | ||
Financial liabilities | 0 | |
Recurring | Level 3 | ||
Assets: | ||
Financial assets | 61,917 | 61,916 |
Liabilities: | ||
Financial liabilities | 0 | 0 |
Recurring | Level 3 | Marketable securities | ||
Assets: | ||
Financial assets | 0 | 11,954 |
Recurring | Level 3 | Long-term investments | ||
Assets: | ||
Financial assets | 42,601 | 36,223 |
Recurring | Level 3 | Investments in certain funds | ||
Assets: | ||
Financial assets | 422 | 407 |
Recurring | Level 3 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Financial assets | 0 | 0 |
Recurring | Level 3 | Economic interests in loans | ||
Assets: | ||
Financial assets | 17,156 | |
Recurring | Level 3 | Foreign currency forward exchange contracts | ||
Assets: | ||
Financial assets | 0 | 0 |
Liabilities: | ||
Financial liabilities | 0 | 0 |
Recurring | Level 3 | Warrant | ||
Assets: | ||
Financial assets | 1,738 | 206 |
Recurring | Level 3 | Investment in private company | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Level 3 | Long put options | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Level 3 | Financial instrument obligations | ||
Liabilities: | ||
Financial liabilities | 0 | 0 |
Recurring | Level 3 | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Financial assets | 13,126 | |
Liabilities: | ||
Financial liabilities | $ 0 | 0 |
Recurring | Level 3 | Other precious metal liabilities | ||
Liabilities: | ||
Derivative Liability | 0 | |
Recurring | Level 3 | Short call options | ||
Liabilities: | ||
Financial liabilities | $ 0 |
FAIR VALUE MEASUREMENTS - Unobservable Inputs Reconciliation - Assets (Details) - Recurring - Level 3 - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Assets | ||
Balance at beginning of period | $ 61,916 | $ 32,031 |
Purchases | 2,482 | 35,000 |
Sales and cash collections | (23,154) | (19,404) |
Realized loss on sale | 18,704 | 0 |
Unrealized gains | 4,565 | 13,999 |
Unrealized losses | (2,346) | (19) |
Balance at end of period | 62,167 | 61,916 |
Investments in Associated Companies | ||
Assets | ||
Balance at beginning of period | 36,223 | 1,223 |
Purchases | 0 | 35,000 |
Sales and cash collections | 0 | 0 |
Realized loss on sale | 0 | 0 |
Unrealized gains | 4,420 | 0 |
Unrealized losses | 0 | 0 |
Balance at end of period | 40,643 | 36,223 |
STCN Warrants | ||
Assets | ||
Balance at beginning of period | 0 | 19 |
Purchases | 0 | 0 |
Sales and cash collections | 0 | 0 |
Realized loss on sale | 0 | 0 |
Unrealized gains | 0 | 0 |
Unrealized losses | 0 | (19) |
Balance at end of period | 0 | 0 |
Marketable Securities and Other | ||
Assets | ||
Balance at beginning of period | 25,693 | 30,789 |
Purchases | 2,482 | 0 |
Sales and cash collections | (23,154) | (19,404) |
Realized loss on sale | 18,704 | 309 |
Unrealized gains | 145 | 13,999 |
Unrealized losses | (2,346) | 0 |
Balance at end of period | $ 21,524 | $ 25,693 |
FAIR VALUE MEASUREMENTS - Narrative (Details) - Marketable Securities and Other |
Dec. 31, 2018 |
---|---|
Constant Prepayment Rate | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement Input | 0.0701 |
Constant Prepayment Rate | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement Input | 0.3585 |
Default Rate | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement Input | 0.0101 |
Default Rate | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement Input | 0.2756 |
Discount Rate | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement Input | 0.0134 |
Discount Rate | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement Input | 0.2771 |
COMMITMENTS AND CONTINGENCIES - Narrative (Details) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 11, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
claim
defendant
|
Dec. 31, 2017
USD ($)
|
Sep. 18, 2017
USD ($)
|
|
Loss Contingencies [Line Items] | ||||
Rent expense | $ 18,945,000 | $ 17,895,000 | ||
Accrual for environmental matters | $ 14,960,000 | |||
Former owner/operator | SurfTech Sites | ||||
Loss Contingencies [Line Items] | ||||
Responsibility for site investigation and remediation costs (as a percent) | 75.00% | |||
Investigation and remediation costs | $ 7,500,000 | |||
HHEM and HNH | SurfTech Sites | ||||
Loss Contingencies [Line Items] | ||||
Responsibility for site investigation and remediation costs (as a percent) | 25.00% | |||
Accrual for environmental loss contingencies, payments | $ 1,000,000 | |||
HHEM | SurfTech Sites | ||||
Loss Contingencies [Line Items] | ||||
Investigation and remediation costs | 2,400,000 | |||
Handy & Harman Ltd. (HNH) | ||||
Loss Contingencies [Line Items] | ||||
Accrual for environmental matters | $ 13,211,000 | |||
BNS Subsidiary | ||||
Loss Contingencies [Line Items] | ||||
Claims, litigation matters (in number of claims) | claim | 30 | |||
BNS Subsidiary | Insurance claims | ||||
Loss Contingencies [Line Items] | ||||
Accrual relating to open and active claims | $ 1,349,000 | $ 1,349,000 | ||
BNS Subsidiary | Minimum | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, number of defendants (in defendants) | defendant | 100 | |||
BNS Subsidiary | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Claims settled, average settlement value | $ 3,000 | |||
Environmental and other matters | Sold Parcel | ||||
Loss Contingencies [Line Items] | ||||
Remaining remediation and monitoring costs | 100,000 | |||
Environmental and other matters | Adjacent Parcel | Minimum | ||||
Loss Contingencies [Line Items] | ||||
Estimate of loss above accrued liability | 2,000,000 | |||
Environmental and other matters | Adjacent Parcel | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Estimate of loss above accrued liability | 6,000,000 | |||
Environmental and other matters | SurfTech Sites | Minimum | ||||
Loss Contingencies [Line Items] | ||||
Estimate of loss above accrued liability | 300,000 | |||
Environmental and other matters | SurfTech Sites | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Estimate of loss above accrued liability | 3,661,000 | |||
Costs | HHEM and HNH | ||||
Loss Contingencies [Line Items] | ||||
Accrual for environmental matters | $ 1,800,000 | |||
Costs | Environmental and other matters | HHEM and HNH | ||||
Loss Contingencies [Line Items] | ||||
Responsibility for site investigation and remediation costs (as a percent) | 25.00% | |||
Camden - past and future expenses | SL Industries, Inc. (SLI) | ||||
Loss Contingencies [Line Items] | ||||
Damages claimed | $ 1,800,000 | |||
Camden | SL Industries, Inc. (SLI) | ||||
Loss Contingencies [Line Items] | ||||
Accrual for environmental matters | $ 2,500,000 | |||
Investigation and remediation costs | $ 3,661,000 | |||
Counteroffer | 300,000 | |||
Wayne facility | SL Industries, Inc. (SLI) | ||||
Loss Contingencies [Line Items] | ||||
Accrual for environmental matters | $ 1,100,000 |
COMMITMENTS AND CONTINGENCIES - Minimum Future Operating Lease Commitments (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 14,280 |
2020 | 11,131 |
2021 | 8,975 |
2022 | 6,174 |
2023 | 3,863 |
Thereafter | 17,867 |
Total | $ 62,290 |
RELATED PARTY TRANSACTIONS - Management Agreement (Details) - SP General Services LLC - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Related Party Transaction [Line Items] | ||
Service fee percentage | 1.50% | |
Management agreement renewal, term | 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 | $ 8,119 | $ 8,987 |
Deferred fees payable to related party | 1 | 487 |
Reimbursable Expenses | ||
Related Party Transaction [Line Items] | ||
Services fees and reimbursable expenses | 4,846 | 4,708 |
Deferred fees payable to related party | $ 254 | $ 881 |
RELATED PARTY TRANSACTIONS - Corporate Services (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Management fee | Related Parties | |
Related Party Transaction [Line Items] | |
Services fees and reimbursable expenses | $ 2,350 |
RELATED PARTY TRANSACTIONS - Other (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Related Party Transaction [Line Items] | ||
Deposits | $ 711,311 | $ 511,000 |
WebBank | Related Parties | ||
Related Party Transaction [Line Items] | ||
Deposits | 1,667 | 2,438 |
Consolidation, elimination, WebBank | Related Parties | ||
Related Party Transaction [Line Items] | ||
Deposits | $ 616 | $ 357 |
SEGMENT INFORMATION (Segment Description) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Segment Reporting Information [Line Items] | ||
Total revenue | $ 1,584,614 | $ 1,372,027 |
Diversified Industrial | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 1,286,665 | 1,156,187 |
Energy | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 175,950 | 135,461 |
Financial services | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 121,999 | 80,379 |
Management fee | Diversified Industrial | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 13,269 | 12,000 |
Management fee | Energy | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 8,150 | 8,150 |
Management fee | Financial services | ||
Segment Reporting Information [Line Items] | ||
Total revenue | $ 4,700 | $ 4,700 |
SEGMENT INFORMATION - Segment Eliminations (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Segment Reporting Information [Line Items] | ||||||||||
Total revenue | $ 1,584,614 | $ 1,372,027 | ||||||||
Income (loss) before income taxes: | (18,931) | 57,311 | ||||||||
Income tax provision | 12,559 | 51,299 | ||||||||
Net income from continuing operations | $ (30,003) | $ (6,191) | $ 13,555 | $ (8,851) | $ (17,513) | $ 10,905 | $ 15,718 | $ (3,098) | (31,490) | 6,012 |
(Loss) income of associated companies, net of taxes: | (9,509) | 16,888 | ||||||||
Diversified Industrial | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenue | 1,286,665 | 1,156,187 | ||||||||
Income (loss) before income taxes: | 42,661 | 50,104 | ||||||||
Energy | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenue | 175,950 | 135,461 | ||||||||
Income (loss) before income taxes: | (6,342) | (21,514) | ||||||||
(Loss) income of associated companies, net of taxes: | (1,685) | 593 | ||||||||
Financial services | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenue | 121,999 | 80,379 | ||||||||
Income (loss) before income taxes: | 54,544 | 41,328 | ||||||||
Corporate and other | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Income (loss) before income taxes: | (109,794) | (12,607) | ||||||||
(Loss) income of associated companies, net of taxes: | $ (7,824) | $ 16,295 |
SEGMENT INFORMATION - Interest Expense, Capital Expenditures, Depreciation and Amortization (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Segment Reporting Information [Line Items] | ||
Interest Expense | $ 49,522 | $ 27,489 |
Capital Expenditures | 47,085 | 54,737 |
Depreciation and Amortization | 80,323 | 71,936 |
Finance interest expense | 10,288 | 4,685 |
Diversified Industrial | ||
Segment Reporting Information [Line Items] | ||
Interest Expense | 13,395 | 13,471 |
Capital Expenditures | 39,589 | 40,374 |
Depreciation and Amortization | 59,582 | 50,741 |
Energy | ||
Segment Reporting Information [Line Items] | ||
Interest Expense | 388 | 1,421 |
Capital Expenditures | 7,399 | 13,468 |
Depreciation and Amortization | 20,214 | 20,735 |
Financial services | ||
Segment Reporting Information [Line Items] | ||
Interest Expense | 10,288 | 4,685 |
Capital Expenditures | 85 | 834 |
Depreciation and Amortization | 397 | 294 |
Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Interest Expense | 25,451 | 7,912 |
Capital Expenditures | 12 | 61 |
Depreciation and Amortization | $ 130 | $ 166 |
SEGMENT INFORMATION - Identifiable Assets Employed (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Assets | $ 2,356,059 | $ 2,164,040 |
Operating segments | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,356,059 | 2,161,491 |
Operating segments | Diversified Industrial | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,018,700 | 1,070,874 |
Operating segments | Energy | ||
Segment Reporting Information [Line Items] | ||
Assets | 352,179 | 416,460 |
Operating segments | Financial services | ||
Segment Reporting Information [Line Items] | ||
Assets | 924,763 | 612,378 |
Operating segments | Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Assets | 60,417 | 61,779 |
Discontinued operations | Segment reconciling items | ||
Segment Reporting Information [Line Items] | ||
Assets | 0 | 2,549 |
Inactive properties | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 5,994 | $ 6,300 |
SEGMENT INFORMATION - Revenue and Long-Lived Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 1,584,614 | $ 1,372,027 |
Long-lived Assets | 303,461 | 278,291 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 1,368,778 | 1,149,792 |
Long-lived Assets | 260,512 | 239,834 |
Foreign | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 215,836 | 222,235 |
Long-lived Assets | $ 42,949 | $ 38,457 |
REGULATORY MATTERS - Requirements (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Common Capital for capital adequacy buffer, percentage | 2.50% | |
Tier 1 Risk Capital required for capital adequacy with buffer, effective results | 7.00% | |
Total Capital (to risk-weighted assets) | ||
Actual | $ 151,799 | $ 111,102 |
For capital adequacy purposes | 53,807 | 30,710 |
Minimum capital adequacy with capital buffer | 66,418 | 35,509 |
To be well capitalized under prompt corrective provisions | 67,258 | 38,388 |
Tier 1 Capital (to risk-weighted assets) | ||
Actual | 143,275 | 106,296 |
For capital adequacy purposes | 40,355 | 23,033 |
Minimum capital adequacy with capital buffer, tier 1 | 52,966 | 27,831 |
To be well capitalized under prompt corrective provisions | 53,807 | 30,710 |
Common Equity Tier 1 Capital (to risk-weighted assets) | ||
Actual | 143,275 | 106,296 |
For capital adequacy purposes | 30,266 | 17,275 |
Minimum capital adequacy with capital buffer, tier 1 | 42,877 | 22,073 |
To be well capitalized under prompt corrective provisions | 43,718 | 24,952 |
Tier 1 Capital (to average assets) | ||
Actual | 143,275 | 106,296 |
For capital adequacy purposes | 31,250 | 22,398 |
To be well capitalized under prompt corrective provisions | $ 39,063 | $ 27,998 |
Risk Based Ratios (as a percent) | ||
Total Capital (to risk-weighted assets) Actual | 22.60% | 28.90% |
Total Capital (to risk-weighted assets) for capital adequacy purposes | 8.00% | 8.00% |
Total Capital (to risk-weighted assets) for capital adequacy with buffer | 9.88% | 9.25% |
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 | 21.30% | 27.70% |
Tier 1 Capital (to risk-weighted assets) for adequacy purposes | 6.00% | 6.00% |
Tier 1 Capital (to risk-weighted assets) for adequacy with buffer | 7.88% | 7.25% |
Tier 1 Capital (to risk-weighted assets) to be well capitalized under prompt corrective provisions | 8.00% | 8.00% |
Leverage Ratios (as a percent) | ||
Common Equity Tier 1 Capital (to risk-weighted assets) Actual | 21.30% | 27.70% |
Common Equity Tier 1 Capital (to risk-weighted assets) for capital adequacy | 4.50% | 4.50% |
Common Equity Tier 1 Capital (to risk-weighted assets) for capital with buffer | 6.38% | 5.75% |
Common Equity Tier 1 Capital (to risk-weighted assets) to be well capitalized | 6.50% | 6.50% |
Tier 1 Capital (to average assets) Actual | 18.30% | 19.00% |
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% |
Minimum | ||
Risk Based Ratios (as a percent) | ||
Total Capital (to risk-weighted assets) for capital adequacy with buffer | 10.50% | |
Tier 1 Capital (to risk-weighted assets) for adequacy purposes | 4.00% | |
Tier 1 Capital (to risk-weighted assets) for adequacy with buffer | 8.50% | |
Maximum | ||
Risk Based Ratios (as a percent) | ||
Tier 1 Capital (to risk-weighted assets) for adequacy purposes | 6.00% |
SUPPLEMENTAL CASH FLOW INFORMATION - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Supplemental Cash Flow Elements [Abstract] | |||
Cash and cash equivalents | $ 334,884 | $ 418,755 | |
Restricted cash | 12,434 | 15,629 | |
Total cash, cash equivalents and restricted cash | $ 347,318 | $ 434,384 | $ 462,768 |
SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Non-Cash Activities (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Noncash or Part Noncash Acquisitions [Line Items] | ||
Interest | $ 40,773 | $ 22,029 |
Taxes | 9,463 | 19,774 |
Acquisition of iGo shares in exchange for Kasco equity | 6,156 | 0 |
Exchange of debt securities for equity securities | 0 | 3,317 |
Contingent purchase price (future earn-out) associated with the Dunmore acquisition | 3,800 | 0 |
Common Units | ||
Noncash or Part Noncash Acquisitions [Line Items] | ||
Issuance of SPLP Units to purchase subsidiary shares from noncontrolling interests | 3,159 | 0 |
Preferred Units | ||
Noncash or Part Noncash Acquisitions [Line Items] | ||
Issuance of SPLP Units to purchase subsidiary shares from noncontrolling interests | $ 3,812 | $ 198,817 |
OTHER INCOME, NET - Other Income, Net (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Other Income and Expenses [Abstract] | ||
Investment income | $ (5,615) | $ (1,191) |
Realized (gains) losses on financial instrument obligations | (121) | 2,918 |
Realized and unrealized (gains) losses on derivatives | (840) | 145 |
Other, net | (1,434) | (843) |
Total | $ (8,010) | $ 1,029 |
QUARTERLY FINANCIAL DATA (unaudited) (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 378,613,000 | $ 405,319,000 | $ 434,437,000 | $ 366,245,000 | $ 335,277,000 | $ 355,040,000 | $ 358,391,000 | $ 323,319,000 | $ 1,584,614,000 | $ 1,372,027,000 | |
Net (Loss) Income | (30,003,000) | (6,191,000) | 13,555,000 | (8,851,000) | (17,513,000) | 10,905,000 | 15,718,000 | (3,098,000) | (31,490,000) | 6,012,000 | |
Net (Loss) Income Attributable to Common Unitholders | $ (30,473,000) | $ (6,095,000) | $ 13,042,000 | $ (9,078,000) | $ (14,200,000) | $ 7,013,000 | $ 11,253,000 | $ (4,082,000) | $ (32,604,000) | $ (16,000) | |
Per Common Unit Basic (in dollars per share) | $ (1.19) | $ (0.23) | $ 0.50 | $ (0.35) | $ (0.55) | $ 0.27 | $ 0.43 | $ (0.16) | $ (1.25) | $ 0.00 | |
Per Common Unit Diluted (in dollars per share) | $ (1.19) | $ (0.23) | $ 0.42 | $ (0.35) | $ (0.55) | $ 0.27 | $ 0.41 | $ (0.16) | |||
Asset impairment charge | $ 8,108,000 | $ 7,600 | |||||||||
Impairment of investments | $ 2,028,000 | ||||||||||
Tax Cuts and Jobs Act, remeasurement of deferred tax balances tax expense | 56,552,000 | ||||||||||
Tax Cuts and Jobs Act, repatriation tax | $ 1,896,000 | ||||||||||
Change in valuation allowance | $ (44,681,000) |
SUBSEQUENT EVENTS Narrative (Details) $ / shares in Units, $ in Thousands |
Feb. 28, 2019
USD ($)
$ / shares
|
Dec. 31, 2018
USD ($)
|
---|---|---|
Steel Connect, Inc (STCN) | ||
Subsequent Event [Line Items] | ||
Loan receivable | $ 14,940 | |
Steel Connect, Inc (STCN) | Subsequent event | ||
Subsequent Event [Line Items] | ||
Loan receivable | $ 14,940 | |
Common Stock | Steel Connect, Inc (STCN) | 7.50% Convertible Senior Note | Convertible Senior Notes | Subsequent event | ||
Subsequent Event [Line Items] | ||
Conversion ratio | 0.4213 | |
Steel Connect, Inc (STCN) | 7.50% Convertible Senior Note | Convertible Senior Notes | Subsequent event | ||
Subsequent Event [Line Items] | ||
Stated rate | 7.50% | |
Steel Connect, Inc (STCN) | Steel Connect, Inc (STCN) | Steel Connect Notes | Convertible Senior Notes | Subsequent event | ||
Subsequent Event [Line Items] | ||
Stated rate | 5.25% | |
Steel Connect, Inc (STCN) | Common Stock | Steel Connect, Inc (STCN) | 7.50% Convertible Senior Note | Convertible Senior Notes | Subsequent event | ||
Subsequent Event [Line Items] | ||
Conversion price (in dollars per share) | $ / shares | $ 2.37 |
Label | Element | Value |
---|---|---|
Consumer Loan [Member] | ||
Provision for Loan Losses Expensed | us-gaap_ProvisionForLoanLossesExpensed | $ 2,961,000 |
Provision for Loan Losses Expensed | us-gaap_ProvisionForLoanLossesExpensed | 13,200,000 |
Financing Receivable, Allowance for Credit Losses, Write-downs | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 1,214,000 |
Financing Receivable, Allowance for Credit Losses, Write-downs | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | $ 4,549,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status, Period After Which Loans are Placed on Nonaccrual Status | splp_FinancingReceivableRecordedInvestmentNonaccrualStatusPeriodAfterWhichLoansArePlacedOnNonaccrualStatus | 120 days |
Financing Receivable, Allowance for Credit Losses, Recovery | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | $ 103,000 |
Financing Receivable, Allowance for Credit Losses, Recovery | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | $ 393,000 |
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