Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

SPLP operates through the following segments: Diversified Industrial, Energy, and Financial Services, 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, cutting replacement products and services, and a packaging business. 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.

Corporate and Other 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 its consolidated subsidiaries and other related companies as further discussed in Note 16 - "Related Party Transactions." Steel Services charged the Diversified Industrial, Energy and Financial Services segments approximately $10,772, $1,989 and $422, respectively, for the three months ended March 31, 2023 and $10,356, $1,426 and $382, respectively, for the three months ended March 31, 2022. These service fees are reflected as expenses in the segment income (loss) below, but are eliminated in consolidation.

Segment information is presented below:

	Three Months Ended March 31,
	2023		2022
Revenue:
Diversified Industrial	$	304,426	$	327,249
Energy	48,164		38,317
Financial Services	92,781		40,179
Total revenue	$	445,371	$	405,745
Income (loss) from continuing operations before interest expense and income taxes:
Diversified Industrial	$	21,138	$	34,082
Energy	5,240		3,952
Financial Services	25,852		13,927
Corporate and Other	(6,837)		(35,287)
Income from continuing operations before interest expense and income taxes	45,393		16,674
Interest expense	5,986		4,524
Income tax provision	14,604		7,609
Net income	$	24,803	$	4,541
Loss of associated companies, net of taxes:
Corporate and Other	$	3,967	$	4,643
Total	$	3,967	$	4,643
Segment depreciation and amortization:
Diversified Industrial	$	10,015	$	11,361
Energy	2,540		2,521
Financial Services	216		128
Corporate and Other	172		153
Total depreciation and amortization	$	12,943	$	14,163