Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Balance Sheet Information

Note 6 — Supplemental Balance Sheet Information

Additional supplemental balance sheet information is provided below.

Other current assets of $2.8 million as of December 31, 2019 include $1.7 million of prepaid professional service fees to a related party, $0.5 million for a tax refund to be received in 2020 and $0.6 million of escrowed funds related to the NXSN Transaction. For more information regarding the NXSN Transaction, see Note 5 – Discontinued Operations.

Total assets of as of December 31, 2019 include a $14.8 million investment in Arrive LLC (“Arrive”). The Company recognized a $12 million unrealized gain on the Arrive investment from the prior year, net of a $1.2 million distribution. The Arrive investment was $4.0 million as of December 31, 2018, which is consistent with our stated strategy of exploring a diverse range of new strategic asset management business opportunities for our portfolio. Historically, we accounted for such investment under the cost method of accounting. The adoption of ASU No. 2016-01 in the first quarter of 2018 effectively eliminated the cost method of accounting, and the carrying value of this investment is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary. Our strategic investment in equity securities does not have a readily determinable fair value; therefore, the new guidance was adopted prospectively. As of December 31, 2019, there were no indicators of impairment for this investment. The Company will assess the investment for potential impairment, quarterly.

Other assets and other investments of $2.4 million include a $0.9 million investment in the Möbius Fund SCA SICAV-RAIF. In January 2020, the Company contributed an addition $0.4 million to the investment due to market downturn. The investment subsequently ended and resulted in a $1.3 million loss that will be realized in the first quarter of 2020. A $0.5 million minimum tax credit is also included in other assets and other investments as of December 31, 2019. Other assets as of December 31, 2018 include a $1.1 million minimum tax refund, escrowed funds related to the NXSN Transaction of $0.7 million and $0.3 million of other assets. For more information regarding the NXSN Transaction, see Note 5 - Discontinued Operations.

Other current liabilities (included as a separate line item in our Consolidated Balance Sheets) include the following:

	December 31,
	2019		2018
	(In millions)
Accrued payroll	$	0.1	$	0.2
Levy accruals		—		0.3
Pension minimum contributions		—		1.9
Other current liabilities		1.4		1.1
Total other current liabilities	$	1.5	$	3.5

Other current liabilities as of December 31, 2019, included accruals for professional services fees of $0.7 million and fees related to insurance and other claims of $0.4 million.

As of December 31, 2019, pension liabilities were $13.5 million. Following a payment made on October 3, 2019 in fulfillment of a settlement agreement with the Pension Benefit Guaranty Corporation, the Company is no longer obligated for this liability, as of January 6, 2020. Pension liabilities were $23.0 million as of December 31, 2018. See Note 10 – Retirement Plans for additional information on the pension liability.

Stock purchase agreements as of December 31, 2019, include notes payable of $12.1 million and $5.5 million to George E. Hall and Joseph A. De Perio, respectively, in conjunction with the Stock Purchase Agreement for shares of SportBLX common stock. See Note 15 – Related Party Transactions for additional information.

As of December 31, 2019, the Company has a note payable of $13.0 million in connection with a Securities Purchase Agreement with Orix PTP Holdings, LLC. See Note 15 – Related Party Transactions for additional information.