Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities and Equity Method Investments

The following table summarizes the Company's long-term investments as of March 31, 2023 and December 31, 2022.

	Ownership %				Long-Term Investments Balance
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Aerojet Rocketdyne Holdings, Inc. (a)	4.5	%	4.5	%	202,141		$	201,278
Steel Connect, Inc. ("STCN") convertible notes (b)					13,563		14,521
STCN preferred stock (c)					35,000		35,000
STCN common stock	29.9	%	30.0	%	20,727		26,000
PCS-Mosaic (d)	59.0	%	59.0	%	23,323		23,323
Other long-term investments					11,206		9,575
Total					$	305,960	$	309,697

(a)    Gross unrealized gains for Aerojet Rocketdyne Holdings, Inc. ("Aerojet") totaled $192,559 and $145,881 at March 31, 2023 and 2022, respectively. Refer to Note 20, Subsequent Events, for discussion of the transfer and exchange by the Company of Aerojet shares with Steel Connect, Inc.

(b)    Represents investment in STCN convertible notes, which the Company accounts for under the fair value option with changes in fair value recognized in the Company's consolidated statements of operations. The Company entered into a convertible note with STCN ("STCN Note") on February 28, 2019, which was to mature on March 1, 2024. On March 9, 2023, the Company and Steel Connect entered into an amendment to the STCN Note. Pursuant to the amendment, the maturity date of the STCN Note was extended six months to September 1, 2024. In addition, STCN repaid $1,000 in principal amount of the STCN Note and will be required to repay an additional $1,000 principal amount of the convertible note on the three month anniversary of the amendment. In connection with the amendment, STCN paid the Company a cash amendment fee of $150. The cost basis of the STCN Note totaled $13,940 as of March 31, 2023 and $14,943 as of December 31, 2022. The STCN 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 STCN Note (which is equivalent to an initial conversion price of approximately $2.37 per share), subject to adjustment upon the occurrence of certain events. The STCN Note, if converted as of March 31, 2023, when combined with STCN common and preferred shares, also if converted, owned by the Company, would result in the Company having a direct interest of approximately 49.6% of STCN's outstanding shares.

(c)    Represents investment in shares of STCN preferred stock, which the Company accounts for under the fair value option with changes in fair value recognized in the Company's consolidated statements of operations. The investment in STCN preferred stock had a cost basis of $35,688 at March 31, 2023 and December 31, 2022. 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 adjustment upon the occurrence of certain events.

(d) Represents the Company's investment in PCS-Mosaic as described in Note 3 - "Acquisition and Divestitures".

The Income (loss) of associated companies, net of taxes, for the three months ended March 31, 2023 and 2022, respectively, are as follows:

	Three Months Ended March 31,
	2023		2022
STCN convertible notes	$	(32)	$	367
STCN preferred stock	—		400
STCN common stock	3,999		3,876
Total	$	3,967	$	4,643

Unrealized Gain (Loss) on Investments

The amounts of unrealized gains (losses) for the three months ended March 31, 2023 and 2022 that relate to equity securities still held as of March 31, 2023 and 2022, respectively, are as follows:

	Three Months Ended March 31,
	2023		2022
Net gains (losses) recognized during the period on equity securities	$	607	$	(27,726)
Less: Net losses recognized during the period on equity securities sold during the period	(3)		—
Unrealized gains (losses) recognized during the period on equity securities still held at the end of the period	$	610	$	(27,726)

Schedule of Additional Disclosures of Associated Companies

Schedule of Held-to-Maturity Securities

The amount and contractual maturities of HTM debt securities are noted in the tables below. Actual maturities may differ from expected or contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. The securities are collateralized by unsecured consumer loans.

	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Estimated Fair Value		Carrying Value
Collateralized securities	$	144,013	$	376	$	144,389	$	144,013
Contractual maturities within:
One year to five years							137,225
Five years to ten years							5,147
After ten years							1,641
Total							$	144,013
	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Estimated Fair Value		Carrying Value
Collateralized securities	$	176,719	$	146	$	176,865	$	176,719
Contractual maturities within:
One year to five years							169,783
Five years to ten years							5,281
After ten years							1,655
Total							$	176,719