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) |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer þ | Smaller reporting company o |
(Do not check if a smaller reporting company) |
Exhibit 31.1* | Certification of Principal Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934. | |
Exhibit 31.2* | Certification of Principal Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934. | |
Exhibit 32.1* | Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and Rule 13a-14(b) of the Securities Exchange Act of 1934. | |
Exhibit 32.2* | Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and Rule 13a-14(b) of the Securities Exchange Act of 1934. | |
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: | November 15, 2012 | STEEL PARTNERS HOLDINGS L.P. | |
By: | Steel Partners Holdings GP Inc. | ||
Its General Partner | |||
By: | /s/ James F. McCabe, Jr. | ||
James F. McCabe, Jr. | |||
Chief Financial Officer | |||
(Principal Accounting Officer) |
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 |
Financial Instruments (Tables)
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Sep. 30, 2012
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Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The foreign currency financial instrument liabilities at September 30, 2012 and December 31, 2011 are as follows:
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Change in Financial Instrument Balance | Information is summarized below for foreign currency financial liabilities and related restricted cash:
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Fair Value of Derivative Instruments in the Consolidated Balance Sheets:
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Effect of derivative instruments on the Consolidated Statements of Operations:
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Option Contracts [Member]
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Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity of Financial Instruments | Information is summarized below for the option contracts for the three and nine months ended September 30, 2011:
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Securities Sold, Not yet Purchased [Member]
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Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity of Financial Instruments | Information is summarized below for securities sold, not yet purchased for the three and nine months ended September 30, 2011:
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Commitments and Contingencies Narrative (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | 321 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 225 Months Ended | |||||
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Sep. 30, 2012
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Dec. 31, 2011
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Sep. 30, 2012
Handy & Harman [Member]
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Sep. 30, 2012
Handy & Harman Electronics Material Corporation [Member]
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Sep. 30, 2012
BNS Subsidiary [Member]
claim
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Dec. 31, 2011
BNS Subsidiary [Member]
claim
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Sep. 30, 2012
BNS Subsidiary [Member]
Insurance Claims [Member]
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Dec. 31, 2011
BNS Subsidiary [Member]
Insurance Claims [Member]
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Dec. 31, 2010
BNS Subsidiary [Member]
Insurance Claims [Member]
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Sep. 30, 2012
Minimum [Member]
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Sep. 30, 2012
Maximum [Member]
BNS Subsidiary [Member]
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Loss Contingencies [Line Items] | |||||||||||
Accrual for environmental matters | $ 6,420 | $ 6,574 | |||||||||
Environmental Exit Costs, Anticipated Cost | 300 | ||||||||||
Investigation and remediation costs | 3,300 | ||||||||||
Claims, litigation matters | 1,113 | 1,020 | |||||||||
Loss contingency, number of defendants | 100 | ||||||||||
Number of claims, dismissed, settled or granted summary judgement and closed | 891 | 694 | |||||||||
Claims settled, average settlement value | 3 | ||||||||||
Insurance, coverage limit | 183,000 | ||||||||||
Self insurance retention | 2,282 | 1,660 | |||||||||
Accrual relating to open and active claims | $ 1,020 | $ 635 |
Acquisitions Pro forma results (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
9 Months Ended | |
---|---|---|
Sep. 30, 2012
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Sep. 30, 2011
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Business Combinations [Abstract] | ||
Revenue | $ 643,173 | $ 593,761 |
Net income attributable to common unitholders | $ 39,984 | $ 25,123 |
Net income per common unit - basic (in dollars per share) | $ 1.36 | $ 1.00 |
Net income per common unit - diluted (in dollars per share) | $ 1.36 | $ 0.63 |
Net Income Per Common Unit (Tables)
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Sep. 30, 2012
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following data was used in computing net income (loss) per common unit shown in the consolidated statements of operations:
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Discontinued Operations - Assets and Liabilities (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2012
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Sep. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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Dec. 31, 2011
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Assets of Disposal Group, Including Discontinued Operation [Abstract] | |||||
Total assets | $ 42,289 | $ 42,289 | $ 43,587 | ||
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | |||||
Total liabilities | 1,002 | 1,002 | 16,349 | ||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Sales | 8,836 | 7,692 | 14,158 | 23,487 | |
Net income (loss) | 234 | 159 | 1,012 | (574) | |
Gain (Loss) after taxes and noncontrolling interests | 72 | 101 | 520 | (312) | |
(Loss) Gain on sale of discontinued operations after taxes and noncontrolling interests | 0 | (212) | 1,331 | 1,056 | |
RFI
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|||||
Assets of Disposal Group, Including Discontinued Operation [Abstract] | |||||
Cash and cash equivalents | 0 | 0 | |||
Trade and other receivables | 1,332 | 1,332 | |||
Inventories | 1,720 | 1,720 | |||
Other current assets | 73 | 73 | |||
Other intangibles, net | 4,217 | 4,217 | |||
Property, plant and equipment, net | 423 | 423 | |||
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | |||||
Trade payables and accrued liabilities | 0 | 0 | |||
Other current liabilities | 1,002 | 1,002 | |||
Villa [Member]
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Assets of Disposal Group, Including Discontinued Operation [Abstract] | |||||
Cash and cash equivalents | 0 | ||||
Trade and other receivables | 14,622 | ||||
Inventories | 13,197 | ||||
Other current assets | 1,818 | ||||
Other intangibles, net | 12,868 | ||||
Property, plant and equipment, net | 1,033 | ||||
Other assets | 49 | ||||
Total assets | 43,587 | ||||
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | |||||
Trade payables and accrued liabilities | 7,486 | ||||
Other current liabilities | 7,021 | ||||
Other liabilities | 1,842 | ||||
Total liabilities | 16,349 | ||||
Barbican
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Assets of Disposal Group, Including Discontinued Operation [Abstract] | |||||
Other assets | 34,524 | 34,524 | |||
Steel Excel
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Assets of Disposal Group, Including Discontinued Operation [Abstract] | |||||
Total assets | 42,289 | 42,289 | |||
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | |||||
Other liabilities | 0 | 0 | |||
Total liabilities | $ 1,002 | $ 1,002 |
Other Financial Instruments (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
Selling, General and Administrative Expenses [Member]
Undisbursed Loan Commitment [Member]
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Sep. 30, 2011
Selling, General and Administrative Expenses [Member]
Undisbursed Loan Commitment [Member]
|
Sep. 30, 2012
Selling, General and Administrative Expenses [Member]
Undisbursed Loan Commitment [Member]
|
Sep. 30, 2011
Selling, General and Administrative Expenses [Member]
Undisbursed Loan Commitment [Member]
|
Sep. 30, 2012
WebBank [Member]
|
Dec. 31, 2011
WebBank [Member]
|
Sep. 30, 2012
WebBank [Member]
Other Current Liabilities [Member]
Undisbursed Loan Commitment [Member]
|
Dec. 31, 2011
WebBank [Member]
Other Current Liabilities [Member]
Undisbursed Loan Commitment [Member]
|
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Loss Contingencies [Line Items] | ||||||||
Undisbursed loan commitment | $ 161,585 | $ 113,350 | ||||||
Accrual for credit exposure | 924 | 1,696 | ||||||
Credit loss exposure expense (benefit) | $ (147) | $ (22) | $ (256) | $ (22) |
Capital and Accumulated Other Comprehensive (Loss) Income Common Units Issuance (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 11, 2012
Class B Common Units [Member]
|
Apr. 11, 2012
Class B Common Units [Member]
|
Sep. 30, 2012
Vesting Period, Current Year [Member]
|
Sep. 30, 2012
Vesting Period, Year Two [Member]
|
Sep. 30, 2012
Vesting Period, Year Three [Member]
|
Dec. 31, 2011
Director [Member]
Steel Partners II, L.P. [Member]
Restricted Common Units [Member]
|
Sep. 30, 2012
Director [Member]
Steel Partners II, L.P. [Member]
Common Unit [Member]
|
Sep. 30, 2011
Director [Member]
Steel Partners II, L.P. [Member]
Common Unit [Member]
|
Sep. 30, 2012
Director [Member]
Steel Partners II, L.P. [Member]
Common Unit [Member]
|
Sep. 30, 2011
Director [Member]
Steel Partners II, L.P. [Member]
Common Unit [Member]
|
Nov. 28, 2011
Director [Member]
Steel Partners II, L.P. [Member]
Common Unit [Member]
|
Mar. 20, 2011
Director [Member]
Steel Partners II, L.P. [Member]
September 30 2010 NAV [Member]
Common Unit [Member]
|
Mar. 20, 2011
Director [Member]
Steel Partners II, L.P. [Member]
December 31 2010 NAV [Member]
Common Unit [Member]
|
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Partners' Capital [Line Items] | |||||||||||||
Common units issued, directors | 7,315 | 6,865 | |||||||||||
Common units issued, directors, value per unit | $ 13.80 | $ 18.80 | $ 20.03 | ||||||||||
Restricted common units vesting percentage | 33.33% | 33.33% | 33.33% | ||||||||||
Equity compensation, directors, annual | $ 75 | ||||||||||||
Common units issuance expense | $ 31 | $ 0 | $ 93 | $ 275 | |||||||||
Market price discount applied to common units issued | 15.00% | ||||||||||||
Common units issued, related party | 536,645 | 6,403,002 |
Pension Benefit Plans (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | The following table presents the components of net periodic pension cost for the HNH pension plans for the three and nine months ended September 30, 2012 and 2011.
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Recently Adopted Accounting Pronouncements (Policies)
|
9 Months Ended |
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Sep. 30, 2012
|
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Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements, Policy | Testing Goodwill for Impairment – In September 2011, the FASB issued guidance relating to testing goodwill for impairment, to allow entities to use a qualitative approach to test goodwill for impairment. The new guidance permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. The guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company adopted this amendment in 2012. The adoption did not have a material impact on the Company’s consolidated financial statements. Comprehensive Income (Topic 220): Presentation of Comprehensive Income – In June 2011, the FASB issued guidance on presentation of comprehensive income. The new guidance eliminates the current option to report other comprehensive income and its components in the statement of changes in equity. Instead, an entity will be required to present either a continuous statement of net income and other comprehensive income, or two separate but consecutive statements. The Company adopted this guidance in the first quarter of 2012, which resulted in presentation changes only. Fair Value Measurement – In May 2011, the FASB issued guidance related to fair value measurements. This guidance changes the wording used to describe many of the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the guidance does not result in a change in the application of the current fair value measurement and disclosure requirements. Some of the amendments clarify the FASB’s intent about the application of existing fair value measurement requirements. Other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The guidance, which was effective for the Company on January 1, 2012, did not have a material impact on the Company’s consolidated financial statements. |
Trade and Other Receivables (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
Dec. 31, 2011
|
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Receivables [Abstract] | ||
Trade accounts receivable, net of allowance for doubtful accounts of $2,422 in 2012 and $2,504 in 2011 | $ 118,672 | $ 83,621 |
Other receivables | 2,758 | 5,252 |
Total | 121,430 | 88,873 |
Receivables (Textual) [Abstract] | ||
Allowance for doubtful accounts | $ 2,660 | $ 2,504 |
Financial Instruments Foreign Exchange Rollforward (Details) (Not Designated as Hedging Instrument [Member], Foreign currency financial instruments [Member], USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |
---|---|---|
Sep. 30, 2012
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Sep. 30, 2011
|
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Not Designated as Hedging Instrument [Member] | Foreign currency financial instruments [Member]
|
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Derivative [Line Items] | ||
Balance, beginning of year | $ 23,736 | $ 137,823 |
Purchases of foreign currency financial instruments | 0 | (128,487) |
Net investment losses | 848 | 4,924 |
Receipt of dividends, net of interest expense | 149 | 471 |
Other | 0 | 806 |
Balance, end of the year | $ 24,733 | $ 17,596 |
Supplemental Inventory Information (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
Dec. 31, 2011
|
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Inventory Disclosure [Abstract] | ||
Precious metals stated at LIFO cost | $ 9,378 | $ 6,044 |
Market value per ounce, Silver | 34.53 | 27.95 |
Market value per ounce, Gold | 1,771.70 | 1,565.80 |
Market value per ounce, Palladium | 640.30 | 655.40 |
HNH’s Discontinued Operations (Details)
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3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
USD ($)
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Sep. 30, 2011
USD ($)
|
Sep. 30, 2012
USD ($)
|
Sep. 30, 2011
USD ($)
|
Mar. 31, 2011
Arlon Engineered Coated Products Division / Signtech Sale [Member]
USD ($)
|
Mar. 25, 2011
Arlon Engineered Coated Products Division / Signtech Sale [Member]
USD ($)
|
Sep. 30, 2011
Handy and Harman LTD [Member]
Eurokasco [Member]
EUR (€)
|
Dec. 31, 2011
Handy and Harman LTD [Member]
Arlon Engineered Coated Products Division / Signtech Sale [Member]
USD ($)
|
Mar. 31, 2011
Arlon LLC [Member]
Adhesive Film Division of Arlon [Member]
USD ($)
|
Feb. 04, 2011
Arlon LLC [Member]
Adhesive Film Division of Arlon [Member]
USD ($)
|
Mar. 25, 2011
Arlon LLC [Member]
Arlon Engineered Coated Products Division / Signtech Sale [Member]
USD ($)
|
|
Schedule of Sale of Discontinued Operation [Line Items] | |||||||||||
Sale of stock on discontinued operations, sale price, cash received | € 1 | ||||||||||
Sale of stock on discontinued operations, nature of consideration received, percentage | 25.00% | ||||||||||
Sale of stock on discontinued operations, term (in years) | 3 years | ||||||||||
Suppy agreement, term (in years) | 5 years | ||||||||||
Sale price of discontinued operations | 26,543,000 | 2,500,000 | |||||||||
Proceeds from sales of discontinued operations | 22,194,000 | 26,499,000 | 24,200,000 | ||||||||
(Loss) Gain on sale of discontinued operations after taxes and noncontrolling interests | 0 | (401,000) | 2,585,000 | 2,179,000 | 5,106,000 | 7,782,000 | |||||
Proceeds from sale of equipment | 500,000 | ||||||||||
Amounts held in escrow | $ 3,000,000 |
Net Income Per Common Unit (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|||||||||
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||||||||||||
Net income (loss) from continuing operations | $ 8,835 | $ (7,594) | $ 48,607 | $ 27,186 | ||||||||
Increase in deferred fee liability | 0 | [1] | (10,007) | [1] | 0 | [1] | (6,708) | [1] | ||||
Restricted stock expense | 31 | 0 | 93 | 0 | ||||||||
Net income attributable to noncontrolling interests in consolidated entities | (5,423) | (4,684) | (11,240) | (15,233) | ||||||||
Net (loss) income from continuing operations | 3,443 | (22,285) | 37,460 | 5,245 | ||||||||
Income (loss) from discontinued operations | 234 | (242) | 3,597 | 1,605 | ||||||||
Net loss (income) attributable to noncontrolling interests | (159) | 131 | (1,744) | (861) | ||||||||
(Loss) income from discontinued operations, net of tax, attributable to parent | 75 | (111) | 1,853 | 744 | ||||||||
Net (loss) income attributable to common unitholders | $ 3,518 | $ (22,396) | $ 39,313 | $ 5,989 | ||||||||
Earnings Per Share, Basic, Two Class Method [Abstract] | ||||||||||||
Net income (loss) from continuing operations | 0.11 | (0.49) | 1.27 | 0.47 | ||||||||
Net income (loss) from discontinued operations | 0.00 | (0.01) | 0.06 | 0.03 | ||||||||
Net income (loss) attributable to common unitholders | 0.11 | (0.50) | 1.33 | 0.50 | ||||||||
Earnings Per Share, Diluted, Two Class Method [Abstract] | ||||||||||||
Net income (loss) from continuing operations | 0.11 | (0.75) | 1.27 | 0.18 | ||||||||
Net income (loss) from discontinued operations | 0.00 | 0.00 | 0.06 | 0.03 | ||||||||
Net income (loss) attributable to common unitholders | 0.11 | (0.75) | 1.33 | 0.21 | ||||||||
Weighted Average Number of Shares Outstanding, Basic [Abstract] | ||||||||||||
Weighted average common units outstanding - basic | 31,814,312 | 25,230,679 | 29,402,343 | 25,249,817 | ||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment [Abstract] | ||||||||||||
Adjustment for deferred fee liabilities | 0 | [1] | 4,339,884 | [1] | 0 | [1] | 3,950,329 | [1] | ||||
Adjustment for distribution payable | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | ||||
Unvested restricted stock | 27,175 | 0 | 27,175 | 0 | ||||||||
Denominator for net income per common unit - diluted | 31,841,487 | 29,570,563 | 29,429,518 | 29,200,146 | ||||||||
|
Financial Instruments Balance Sheet Location (Details) (Not Designated as Hedging Instrument [Member], USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Dec. 31, 2010
|
---|---|---|---|---|
Foreign currency financial instruments [Member]
|
||||
Derivatives, Fair Value [Line Items] | ||||
Derivative instruments, liabilities | $ 24,733 | $ 23,736 | $ 17,596 | $ 137,823 |
Foreign currency financial instruments [Member] | Financial Instruments, Current Liabilities [Member]
|
||||
Derivatives, Fair Value [Line Items] | ||||
Derivative instruments, liabilities | 24,733 | 23,736 | ||
Commodity contracts [Member] | Other Current Assets [Member]
|
||||
Derivatives, Fair Value [Line Items] | ||||
Deriviative instruments, assets | 0 | 0 | ||
Commodity contracts [Member] | Other Current Liabilities [Member]
|
||||
Derivatives, Fair Value [Line Items] | ||||
Derivative instruments, liabilities | 380 | 229 | ||
Derivative features of subordinated notes [Member] | Liabilities, Long-Term Debt [Member]
|
||||
Derivatives, Fair Value [Line Items] | ||||
Derivative instruments, assets (liabilities) | $ (79) | $ 694 |
Impaired Loans (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2012
|
Dec. 31, 2011
|
||||
Receivable [Line Items] | |||||
Unpaid principal balance | $ 3,519 | ||||
Recorded investment with no allowance | 2,910 | ||||
Recorded investment with allowance | 0 | ||||
Total recorded investment | 2,910 | [1] | 3,789 | ||
Related allowance | 0 | ||||
Average recorded investment | 3,555 | ||||
Narrative [Abstract] | |||||
Guarantee by USDA or SBA | 2,317 | ||||
Commercial Real Estate Portfolio Segment [Member]
|
|||||
Receivable [Line Items] | |||||
Unpaid principal balance | 2,982 | ||||
Recorded investment with no allowance | 2,729 | ||||
Recorded investment with allowance | 0 | ||||
Total recorded investment | 2,729 | [1] | |||
Related allowance | 0 | ||||
Average recorded investment | 3,356 | ||||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial, Owner-Occupied [Member]
|
|||||
Receivable [Line Items] | |||||
Unpaid principal balance | 2,982 | ||||
Recorded investment with no allowance | 2,729 | ||||
Recorded investment with allowance | 0 | ||||
Total recorded investment | 2,729 | [1] | |||
Related allowance | 0 | ||||
Average recorded investment | 3,356 | ||||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
|
|||||
Receivable [Line Items] | |||||
Unpaid principal balance | 537 | ||||
Recorded investment with no allowance | 181 | ||||
Recorded investment with allowance | 0 | ||||
Total recorded investment | 181 | [1] | |||
Related allowance | 0 | ||||
Average recorded investment | $ 199 | ||||
|
Allowance for Loan and Lease Losses (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |
Beginning balance | $ 529 |
Charge-offs | 1 |
Recoveries | 117 |
Provision | (322) |
Ending balance | 325 |
Narrative [Abstract] | |
Historical period for loss rates used in loan grading system | 36 months |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial, Owner-Occupied [Member]
|
|
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |
Beginning balance | 347 |
Charge-offs | 1 |
Recoveries | 11 |
Provision | (140) |
Ending balance | 219 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial-Other [Member]
|
|
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |
Beginning balance | 46 |
Charge-offs | 0 |
Recoveries | 33 |
Provision | (58) |
Ending balance | 21 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
|
|
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |
Beginning balance | 136 |
Charge-offs | 0 |
Recoveries | 73 |
Provision | (124) |
Ending balance | 85 |
Unallocated Segment [Member] | Unallocated [Member]
|
|
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |
Beginning balance | 0 |
Charge-offs | 0 |
Recoveries | 0 |
Provision | 0 |
Ending balance | $ 0 |
Summary of Inventories (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished products | $ 19,882 | $ 20,280 |
In - process | 8,077 | 8,354 |
Raw materials | 17,332 | 17,304 |
Fine and fabricated precious metal in various stages of completion | 14,153 | 8,658 |
Inventory, before LIFO reserve | 59,444 | 54,596 |
Inventory reserve | (4,774) | (2,614) |
Inventory, Net | $ 54,670 | $ 51,982 |
Financial Instruments Income Statement Location (Details) (Not Designated as Hedging Instrument [Member], USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) | $ (1,817) | $ (28,528) | $ (442) | $ (31,938) |
Foreign currency financial instruments [Member] | Net investment (loss) gain [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) | (682) | (3,719) | (848) | (4,924) |
Commodity contracts [Member] | Realized and unrealized gain (loss) on derivatives [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) | (1,036) | 164 | (284) | (1,254) |
Call options [Member] | Net investment (loss) gain [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) | 0 | (5,236) | 0 | (8,539) |
Put options [Member] | Net investment (loss) gain [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) | 0 | (17,861) | 0 | (16,131) |
Securities sold, not yet purchased [Member] | Net investment (loss) gain [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) | 0 | (1,030) | 0 | (1,408) |
Derivative features of subordinated notes [Member] | Realized and unrealized gain (loss) on derivatives [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) | $ (99) | $ (846) | $ 690 | $ 318 |
Fair Value Measurements Narrative (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
investments
|
Sep. 30, 2011
|
Sep. 30, 2012
investments
|
Sep. 30, 2011
|
Dec. 31, 2011
|
|||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Number of investments, Level 2 to Level 1 transfers | 1 | 1 | |||||||
Asset, Level 2 to Level 1 transfers | $ 29,001 | $ 29,001 | |||||||
Gains (Loss) from other investments - related party | 586 | (2,666) | (8,424) | (11,855) | |||||
Number of investment funds | 2 | 2 | |||||||
Term of extension period related to underlying investment fund | 1 year | ||||||||
Impaired loan recorded investment | 2,910 | [1] | 2,910 | [1] | 3,789 | ||||
Loans guaranteed | 2,317 | 2,317 | 2,354 | ||||||
Write-offs against allowance for loan losses | 0 | 498 | 1 | 851 | |||||
Level 3 [Member]
|
|||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair value of investments calculated using net assets | $ 29,942 | $ 29,942 | $ 42,653 | ||||||
|
Capital and Accumulated Other Comprehensive (Loss) Income
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital and Accumulated Other Comprehensive (Loss) Income | CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Common Unit Distributions In connection with the Exchange Transaction, SPH agreed to distribute to the holders of its common units up to $87,506 (the “Target Distribution”), subject to certain limitations, during the period from July 16, 2009 to April 30, 2011. On April 1, 2010, SPH distributed to its unitholders of record as of March 26, 2010, $54,409 or $1.95 per common unit including $5,307 relating to treasury units. On April 6, 2011, SPH distributed to its unitholders of record as of March 25, 2011, $33,097 or $1.18 per common unit, including $3,228 relating to treasury units. With the Target Distribution having been met, the Company may, at its option, make future distributions to unitholders, although it currently has no plans to make any future distributions. Common Units Issuance Effective as of March 21, 2011, SPH issued to its independent directors an aggregate of 7,315 common units at a per unit value of $18.80, which was determined based on the net asset value of SPH common units as of September 30, 2010 and an aggregate of 6,865 common units at a per unit value of $20.03, which was determined based on the net asset value of SPH common units as of December 31, 2010. For the year ended December 31, 2011 each director earned annual equity compensation in the amount of $75 in the form of restricted common units of SPH, with one-third of such restricted common units vesting on November 28, 2012, one-third on November 28, 2013 and one-third on November 28, 2014. The per unit value of such restricted common units is $13.80, determined based on the fair market value of SPH common units as of November 28, 2011. Total expense for the common units issued was approximately $31 and $0 for the three months ended September 30, 2012 and 2011, respectively and $93 and $275 for the nine months ended September 30, 2012 and 2011, respectively. On April 11, 2012, the Company and the Investment Manager terminated the Investor Services Agreement, dated as of July 15, 2009, by mutual consent. As a result of the termination of the Investor Services Agreement the full amount of the Deferred Fee Liability became immediately payable - see Note 14 - "Related Party Transactions". Instead of receiving the deferred fee in cash, the Investment Manager elected for the total amount to be paid in common units of the Company. Under the Deferred Fee Agreement, the number of common units issued is determined by applying a 15% discount to the market price of the common units, which represents the fair value of the common units giving effect to the discount for lack of marketability. As a result, the Company issued 6,403,002 Class B common units to the Investment Manager on April 11, 2012 and on May 11, 2012, the Company issued an additional 536,645 Class B common units to the Investment Manager reflecting an adjustment based on the deferred fee liability as of March 31, 2012. These Class B common units have the same rights as the common units, except that they may not be sold in the public market until the capital account allocable to such Class B common units is equal to the capital account allocable to the common units. In connection with the termination of the Investor Services Agreement, the Investment Manager agreed not to sell any of the common units issued as payment for the deferred fee during the one year period following the Termination Date. Common Unitholders — Allocation of Net Income (Loss) For each period presented net (loss) income attributable to common unit holders is allocated to the common unitholders on a pro rata basis based on the number of units held. Accumulated Other Comprehensive Loss Changes, net of tax, in Accumulated other comprehensive loss are as follows:
For the three and nine months ended September 30, 2012, there was no impact on comprehensive income related to companies accounted for under the equity method. At September 30, 2012 and December 31, 2011, Accumulated other comprehensive loss includes amounts for these companies of $1 and $2, respectively, for unrealized loss on available-for-sale securities. For the three and nine months ended September 30, 2011, comprehensive income includes amounts for companies accounted for under the equity method of $1 and $22 for unrealized loss on available-for-sale securities, respectively, and $456 and $882 for currency translation adjustments, respectively. Noncontrolling Interests in Consolidated Entities Noncontrolling interests in consolidated entities at September 30, 2012 and December 31, 2011 represent the interests held by the noncontrolling shareholders of BNS, HNH, DGT and Steel Excel. Incentive Compensation Effective January 1, 2012, the Manager was granted incentive units which may entitle the Manager to receive Class B common units of SPH upon the attainment of specified performance goals. These Class B common units have the same rights as the common units, except that they may not be sold in the public market until the capital account allocable to such Class B common units is equal to the capital account allocable to the common units. The number of incentive units granted is equal to 100% of the sum of the common units outstanding and the number of notional units used to determine the deferred fee accounts in accordance with the Deferred Fee Agreement, each as of January 1, 2012. On the last day of each fiscal year SPH will issue to the Manager Class B common units equal to a percentage of the incentive units, on a fully diluted basis, based on the performance measurements. If the performance measurements are not met, no units will be issued. SPH shall make any adjustment that it determines is equitably required by reason of the raising of new capital, including, without limitation, adjusting the number of incentive units or adjusting the performance measurements to account for changes in the capital structure. The incentive units are measured and paid on an annual basis and is accrued on a quarterly basis. Accordingly, the expense accrued is adjusted to reflect the fair value of the units on the measurement date when the final calculation of the total annual incentive units is determined. In the event the calculated cumulative incentive unit expense accrued quarterly or for the full year is an amount less than the total previously accrued, the Company would record a negative incentive unit expense in the quarter when such over accrual is determined. There was no accrual for the three and nine months ended September 30, 2012. Common Unit Option Liability The common unit options expired on December 31, 2011. Therefore, there are no common unit options outstanding as of September 30, 2012 or December 31, 2011. During 2011, prior to the options expiring, the options were accounted for as a derivative liability at fair value with changes in fair value recognized during the period reported in Selling, General and Administrative expenses (“SG&A”) in the consolidated statements of operations. During the nine months ended September 30, 2011, the derivative liability decreased resulting in a reduction of SG&A expenses of $1,764. The fair value was estimated using the Black Scholes option pricing model that used assumptions as of September 30, 2011 for volatility of 34.6%, a term of 6 months, a risk free interest rate of 0.06% based on the U.S. Treasury bill yield, and an expected dividend of 0%. The intrinsic value of the options was $0 as of September 30, 2011. The net asset value used in the fair value estimate was $15.94 at September 30, 2011, and was adjusted for a liquidity discount. Because the SPH common units have not significantly traded internally or in a public or non-public market, there was no practical means of estimating expected volatility. The volatility assumption was based on a calculated diversified industrial company peer group average of historical volatility. BNS Liquidating Trust On May 29, 2012, BNS shareholders approved a sale of SWH as well as a distribution to shareholders and a plan of liquidation, whereby BNS would be dissolved. On May 31, 2012 BNS sold its interest in SWH to Steel Excel. The sale proceeds included 2,027,500 shares of Steel Excel common stock and cash of $7,922. On June 18, 2012, BNS completed a distribution to its shareholders, pursuant to shareholder approval noted above, and distributed cash of approximately $10,300 to its minority shareholders and 2,027,500 shares Steel Excel common stock to its majority shareholder. In June 2012, BNS formed a liquidating trust, the BNS Holdings Liquidating Trust (“Liquidating Trust”), assigned its assets and liabilities to the Liquidating Trust, and BNS initiated its dissolution. The Liquidating Trust is owned by the BNS former shareholders, in the same proportion as their former shareholdings. The Liquidating Trust will continue to be included in the consolidated financial statements of SPH, as SPH owns approximately 85% of the Trust. SPH has provided a contingent promissory note to the Liquidating Trust in an amount not to exceed $3,000. This note will only be funded to the extent that the Liquidating Trust is unable to meet its ongoing obligations and is eliminated in SPH's consolidated financial statements. The Liquidating Trust had assets of approximately $5,484 and liabilities of approximately $1,577 at September 30, 2012. Subsidiary Purchases of Common Units During the three months ended September 30, 2012, a subsidiary of the Company purchased 308,374 shares of the Company's common units at a total cost of $3,700. The purchases of these shares are reflected as treasury stock purchases in the Company's Consolidated Financial Statements. |
Acquisitions (Details) (USD $)
|
9 Months Ended | 1 Months Ended | 0 Months Ended | 4 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
May 31, 2012
Steel Excel
|
Jul. 31, 2011
DGT
|
Jul. 05, 2011
DGT
|
May 31, 2012
Steel Excel
|
Sep. 30, 2012
Steel Excel
|
Sep. 30, 2012
Steel Excel
Net Investment (Loss) Gain [Member]
|
May 31, 2012
Steel Excel
Common Stock [Member]
|
May 31, 2012
Steel Excel
|
May 31, 2012
Steel Excel
SWH [Member]
|
May 31, 2012
Steel Excel
SWH [Member]
Common Stock [Member]
|
Sep. 30, 2011
Handy and Harman LTD [Member]
Tiger Claw [Member]
|
Mar. 23, 2011
Handy and Harman LTD [Member]
Tiger Claw [Member]
|
Sep. 30, 2011
BNS [Member]
SWH [Member]
|
Sep. 30, 2011
BNS [Member]
SWH [Member]
|
Feb. 02, 2011
BNS [Member]
SWH [Member]
|
|
Business Acquisition [Line Items] | ||||||||||||||||||
Purchase price | $ 85,000,000 | $ 8,500 | $ 50,463,000 | |||||||||||||||
Purchase price net of cash acquired and debt assumed | 68,747,000 | |||||||||||||||||
Equity interest issued in acquisition (in shares) | 2,027,500 | 2,027,500 | ||||||||||||||||
Acquisition share price (in dollars per share) | $ 30 | |||||||||||||||||
Acquisition price, portion paid in cash | 1,933,000 | 7,922,000 | ||||||||||||||||
Excess of fair value received over carrying value of Sun Well in the Steel Excel Acquisition | 26,237,000 | 26,237,000 | ||||||||||||||||
Investment owned (in shares) | 4,584,399 | 1,977,023 | 6,611,899 | |||||||||||||||
Noncontrolling interest, parent ownership percentage | 42.00% | |||||||||||||||||
Noncontrolling interest percent | 51.10% | 51.10% | ||||||||||||||||
Previously held equity and noncontrolling acquisition interest (fair value per share) | $ 30 | |||||||||||||||||
Weighted average cost of capital rates, percentage | 17.00% | |||||||||||||||||
Terminal value based on long-term sustainable growth rates, percentage | 3.00% | |||||||||||||||||
Acquisition-date fair value of previously held equity interest | 137,532,000 | |||||||||||||||||
Net investment gains | 13,524,000 | |||||||||||||||||
Goodwill | 59,635,000 | 42,797,000 | 16,212,000 | 41,675,000 | ||||||||||||||
Amortizaton of intangible assets, acquisition, next six months | 1,100,000 | |||||||||||||||||
Amortization of intangible assets, acquisition, year two | 3,600,000 | |||||||||||||||||
Amortization of intangible assets, acquisition, year three | 2,900,000 | |||||||||||||||||
Amortization of intangible assets, acquisition, year four | 2,500,000 | |||||||||||||||||
Amortization of intangible assets, acquisition, year five | 2,000,000 | |||||||||||||||||
Revenues since acquisition date, pro forma | 34,293,000 | 3,700,000 | 8,292,000 | 13,370,000 | ||||||||||||||
Pretax income from continuing operations since acquisition date, pro forma | $ 6,208,000 | $ 800,000 | $ 1,408,000 | $ 2,911,000 | ||||||||||||||
Additional shares of common stock acquired | 193,305 |
Property, Plant and Equipment, Net (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | A summary of property, plant and equipment, net is as follows:
|
Financial Instruments Proceeds and Gain/Loss Activity (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Derivative [Line Items] | ||||
Proceeds from sales | $ 211,125 | $ 166,424 | ||
Net investment loss | (609) | (19,432) | 15,661 | (8,455) |
Not Designated as Hedging Instrument [Member] | Option Contracts [Member]
|
||||
Derivative [Line Items] | ||||
Proceeds from sales | 2,206 | 18,099 | ||
Gross gains from sales | 1,310 | 2,630 | ||
Gross losses from sales | (26,489) | (27,080) | ||
Net realized investment gain | (25,179) | (24,450) | ||
Change in unrealized gains | 5,367 | 1,982 | ||
Change in unrealized losses | (3,285) | (2,202) | ||
Net unrealized investment loss | 2,082 | (220) | ||
Net investment loss | (23,097) | (24,670) | ||
Not Designated as Hedging Instrument [Member] | Securities Sold, Not yet Purchased [Member]
|
||||
Derivative [Line Items] | ||||
Proceeds from sales | 8,186 | 20,045 | ||
Gross gains from sales | 2 | 14 | ||
Gross losses from sales | (1,127) | (1,422) | ||
Net realized investment gain | (1,125) | (1,408) | ||
Change in unrealized gains | (1) | |||
Change in unrealized losses | 96 | |||
Net unrealized investment loss | 95 | |||
Net investment loss | $ (1,030) | $ (1,408) |
Related Party Transactions SPII Liquidating Trust, Mutual Securities and Other (Details) (USD $)
|
3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
Dec. 31, 2011
|
Sep. 30, 2012
SPII Liquidating Trust [Member]
|
Dec. 31, 2011
SPII Liquidating Trust [Member]
|
Sep. 30, 2012
Mutual Services [Member]
|
Sep. 30, 2011
Mutual Services [Member]
|
Sep. 30, 2012
Mutual Services [Member]
|
Sep. 30, 2011
Mutual Services [Member]
|
Sep. 30, 2012
Director [Member]
|
Sep. 30, 2011
Director [Member]
|
Sep. 30, 2012
Director [Member]
|
Sep. 30, 2011
Director [Member]
|
Dec. 31, 2011
Director [Member]
|
Sep. 30, 2012
Director [Member]
Restricted Stock Units (RSUs) [Member]
|
Sep. 30, 2012
Audit Committee, Chairman [Member]
|
Sep. 30, 2012
Corporate Governance and Nominating Committee, Chairman [Member]
|
Sep. 30, 2012
Compensation Committee, Chairman [Member]
|
Sep. 30, 2012
SPJSF [Member]
|
Sep. 30, 2011
SPJSF [Member]
|
Sep. 30, 2012
SPJSF [Member]
|
Sep. 30, 2011
SPJSF [Member]
|
Dec. 31, 2011
SPJSF [Member]
|
Sep. 30, 2012
SPCA [Member]
|
Sep. 30, 2011
SPCA [Member]
|
Sep. 30, 2012
SPCA [Member]
|
Sep. 30, 2011
SPCA [Member]
|
Dec. 31, 2011
SPCA [Member]
|
Sep. 30, 2011
HNH Services to SPH [Member]
|
Sep. 30, 2011
HNH Services to SPH [Member]
|
Sep. 30, 2012
Steel Partners, Ltd [Member]
SPH Services [Member]
|
Mar. 31, 2012
Steel Partners, Ltd [Member]
SPH Services [Member]
|
Sep. 30, 2012
WebBank [Member]
Related Parties [Member]
|
Sep. 30, 2012
WebBank [Member]
NOVT Corporation [Member]
|
Dec. 31, 2011
WebBank [Member]
NOVT Corporation [Member]
|
Sep. 30, 2012
Consolidation, Elimination, WebBank [Member]
Related Parties [Member]
|
|
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 11,148,000 | $ 42,653,000 | $ 29,678,000 | $ 42,653,000 | $ 3,461,000 | $ 3,461,000 | $ 3,496,000 | $ 6,027,000 | $ 6,027,000 | $ 9,552,000 | |||||||||||||||||||||||||
Unrealized gain (loss) on investments in affiliates | 12,000 | (281,000) | 35,000 | (915,000) | 23,000 | (941,000) | 500,000 | (1,004,000) | |||||||||||||||||||||||||||
Services fees and reimbursable expenses | 83,000 | 622,000 | 188,000 | 1,024,000 | 140,000 | 150,000 | 425,000 | 441,000 | 254,000 | ||||||||||||||||||||||||||
Lease payment obligations | 3,286,000 | ||||||||||||||||||||||||||||||||||
Related party fees per services agreements | 1,203,000 | ||||||||||||||||||||||||||||||||||
Collateral held for investment | 30,069,000 | 47,605,000 | |||||||||||||||||||||||||||||||||
Annual retainer | 150,000 | 150,000 | |||||||||||||||||||||||||||||||||
Vesting of restricted units to directors | 3 years | ||||||||||||||||||||||||||||||||||
Annual retainer, portion paid in cash | 75,000 | 75,000 | |||||||||||||||||||||||||||||||||
Annual retainer, portion paid in restricted common units | 75,000 | 75,000 | |||||||||||||||||||||||||||||||||
Board compensation fee, per meeting | 1,000 | 1,000 | |||||||||||||||||||||||||||||||||
Related party services fees, annual | 15,000 | 5,000 | 5,000 | ||||||||||||||||||||||||||||||||
Deferred fees payable to related party | 26,000 | 26,000 | 437,000 | ||||||||||||||||||||||||||||||||
Deposits | 75,019,000 | 94,882,000 | 27,860 | 25,335 | |||||||||||||||||||||||||||||||
Interest-bearing Deposits in Banks and Other Financial Institutions | 98 | 69 | |||||||||||||||||||||||||||||||||
Factoring facility, maximum amount | 2,000,000 | ||||||||||||||||||||||||||||||||||
Factoring facility participation amount | 0 | 0 | |||||||||||||||||||||||||||||||||
Indemnification assets | 116,000 | 116,000 | |||||||||||||||||||||||||||||||||
General and Administrative Expense | $ 278,000 | $ 921,000 |
Investments (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, by Maturity Date | The amortized cost and estimated fair value of investments in available-for-sale securities as of September 30, 2012, by contractual maturity, were as follows:
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Accumulated Other Comprehensive Loss | Investment information is summarized below for available-for-sale securities included in non-current assets:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments | Reclassified out of Accumulated other comprehensive loss:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments in and Advances to Affiliates, Schedule of Investments | The following tables provide combined summarized data with respect to the other investments - related party accounted for under the equity method, which as discussed above the Company elected to account for at fair value commencing on the date the investment became subject to equity method accounting:
(a) Represents the Company’s interest in the series of the SPII Liquidating Trust that holds preference shares and ordinary shares in Barbican. The Company's interest in the SPII Liquidating Trust that holds preference shares and ordinary shares in Barbican was sold in the fourth quarter of 2012. (b) Represents the Company’s interest in the series of the SPII Liquidating Trust that holds common shares in F&H. On March 19, 2012, in conjunction with a long-term refinancing of its debt, Fox & Hound issued new common equity. (c) Represents the Company’s interest in the series of the SPII Liquidating Trust that holds the limited partnership interest in Steel Partners China Access I L.P. (“SPCA”) (see Note 14 - “Related Party Transactions”). (d) Represents the Company’s interest in the series of the SPII Liquidating Trust that holds the limited partnership interest in Steel Partners Japan Strategic Fund, L.P. (“SPJSF”) (see Note 14 - “Related Party Transactions”). (e) Represents the Company’s interest in the series of the SPII Liquidating Trust that holds certain other investments. (f) As a result of selling the Company's interest in the series of the SPII Liquidating Trust that holds preference shares and ordinary shares in Barbican in the fourth quarter of 2012, $18,794 is classified in Assets held for sale on the consolidated balance sheet as of September 30, 2012 and $11,148 remains in long-term as of September 30, 2012. For additional information, see Note 23 - "Subsequent Events." | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Gains (Losses) | Net Investment Gains (Losses) Net investment gains (losses) in the consolidated statements of operations consist of the following:
(a) The losses from financial instruments are primarily from the foreign currency financial instruments described in Note 8 - “Financial Instruments”. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity, Not Primary Beneficiary [Member]
|
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Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments in and Advances to Affiliates, Schedule of Investments | The following table sets forth certain information regarding the series of the SPII Liquidating Trust, in the aggregate, in which the Company holds a variable interest as of September 30, 2012 and December 31, 2011 and is not a primary beneficiary. The amounts presented below are included in, and not in addition to, the other investments - related party tables above.
(a) The SPII Liquidating Trust did not have any financial obligations as of September 30, 2012 and December 31, 2011 and the Company did not have any financial obligation to the SPII Liquidating Trust as of such dates. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale Securities, Current [Member]
|
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Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities | The Company’s portfolio of marketable securities at September 30, 2012 was as follows:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale Securities, Noncurrent [Member]
|
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Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities | Available-for-sale securities by industry classification at September 30, 2012 and December 31, 2011 are as follows:
|
Acquisitions Fair values assets acquired and liabilities assumed (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
May 31, 2012
Steel Excel
|
---|---|---|---|---|
Assets | ||||
Cash and cash equivalents | $ 45,360 | |||
Marketable securities | 217,526 | |||
Accounts receivable | 23,435 | |||
Prepaid expenses and other current assets | 3,129 | |||
Property, plant and equipment | 75,021 | |||
Goodwill | 59,635 | 42,797 | 16,212 | 41,675 |
Indentifiable intangible assets | 29,493 | |||
Other assets | 4,040 | |||
Total assets acquired | 439,679 | |||
Liabilities | ||||
Accounts payable and accrued liabilities | 10,842 | |||
Debt | 17,968 | |||
Other long-term liabilities | 22,914 | |||
Total liabilities assumed | 51,724 | |||
Fair value of non-controlling interests | 189,598 | |||
Net assets acquired | $ 198,357 |
Fair Value Measurements Hierarchy Table (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
Dec. 31, 2011
|
||||||
---|---|---|---|---|---|---|---|---|
Assets [Abstract] | ||||||||
Other investments | $ 26,576 | $ 29,441 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
|
||||||||
Assets [Abstract] | ||||||||
Marketable securities | 140,014 | |||||||
Investments | 67,287 | [1] | 87,907 | [1] | ||||
Investments in associated companies | 0 | 121,275 | ||||||
Other investments - related party | 0 | [2] | 0 | [2] | ||||
Other investments | 26,575 | 15,819 | ||||||
Commodity contracts on precious metals | 0 | |||||||
Total | 233,876 | 225,001 | ||||||
Liabilities [Abstract] | ||||||||
Deferred fee liability to related party | 0 | 0 | ||||||
Total | (336) | 165 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
|
||||||||
Assets [Abstract] | ||||||||
Marketable securities | 52,864 | |||||||
Investments | 44,144 | [1] | 32,672 | [1] | ||||
Investments in associated companies | 14,751 | 0 | ||||||
Other investments - related party | 0 | [2] | 0 | [2] | ||||
Other investments | 0 | 0 | ||||||
Commodity contracts on precious metals | ||||||||
Total | 111,759 | 32,672 | ||||||
Liabilities [Abstract] | ||||||||
Deferred fee liability to related party | 0 | 0 | ||||||
Total | (44) | 23,800 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
|
||||||||
Assets [Abstract] | ||||||||
Marketable securities | 0 | |||||||
Investments | 0 | [1] | 0 | [1] | ||||
Investments in associated companies | 24,701 | 0 | ||||||
Other investments - related party | 29,942 | [2] | 42,653 | [2] | ||||
Other investments | 15,731 | 13,623 | ||||||
Commodity contracts on precious metals | 0 | |||||||
Total | 70,374 | 56,276 | ||||||
Liabilities [Abstract] | ||||||||
Deferred fee liability to related party | 0 | 58,747 | ||||||
Total | (79) | 59,441 | ||||||
Fair Value, Measurements, Recurring [Member] | Total [Member]
|
||||||||
Assets [Abstract] | ||||||||
Marketable securities | 192,878 | |||||||
Investments | 111,431 | [1] | 120,579 | [1] | ||||
Investments in associated companies | 39,452 | 121,275 | ||||||
Other investments - related party | 29,942 | [2] | 42,653 | [2] | ||||
Other investments | 42,306 | 29,442 | ||||||
Commodity contracts on precious metals | 0 | |||||||
Total | 416,009 | 313,949 | ||||||
Liabilities [Abstract] | ||||||||
Deferred fee liability to related party | 0 | 58,747 | ||||||
Total | (459) | 83,406 | ||||||
Financial instruments [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
|
||||||||
Liabilities [Abstract] | ||||||||
Financial instruments | 0 | 0 | ||||||
Financial instruments [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
|
||||||||
Liabilities [Abstract] | ||||||||
Financial instruments | 0 | 23,736 | ||||||
Financial instruments [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
|
||||||||
Liabilities [Abstract] | ||||||||
Financial instruments | 0 | 0 | ||||||
Financial instruments [Member] | Fair Value, Measurements, Recurring [Member] | Total [Member]
|
||||||||
Liabilities [Abstract] | ||||||||
Financial instruments | 0 | 23,736 | ||||||
Derivative features of subordinated notes [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
|
||||||||
Liabilities [Abstract] | ||||||||
Financial instruments | 0 | 0 | ||||||
Derivative features of subordinated notes [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
|
||||||||
Liabilities [Abstract] | ||||||||
Financial instruments | 0 | 0 | ||||||
Derivative features of subordinated notes [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
|
||||||||
Liabilities [Abstract] | ||||||||
Financial instruments | (79) | 694 | ||||||
Derivative features of subordinated notes [Member] | Fair Value, Measurements, Recurring [Member] | Total [Member]
|
||||||||
Liabilities [Abstract] | ||||||||
Financial instruments | (79) | 694 | ||||||
Commodity contracts on precious metals [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
|
||||||||
Liabilities [Abstract] | ||||||||
Financial instruments | (336) | 165 | ||||||
Commodity contracts on precious metals [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
|
||||||||
Liabilities [Abstract] | ||||||||
Financial instruments | (44) | 64 | ||||||
Commodity contracts on precious metals [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
|
||||||||
Liabilities [Abstract] | ||||||||
Financial instruments | 0 | 0 | ||||||
Commodity contracts on precious metals [Member] | Fair Value, Measurements, Recurring [Member] | Total [Member]
|
||||||||
Liabilities [Abstract] | ||||||||
Financial instruments | $ (380) | $ 229 | ||||||
|
Income Taxes Narrative (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Income Tax Disclosure [Abstract] | ||||
Income tax (provision) benefit | $ (2,973) | $ (2,192) | $ (21,636) | $ 2,091 |
Valuation allowance relating to net operating loss carryforwards | $ 9,915 | $ 9,915 |
Investments Marketable Securities (Details) (USD $)
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Schedule of Available-for-sale Securities [Line Items] | |
Proceeds from Sale of Available-for-sale Securities | $ 150,372 |
Investment program, authorized amount | 10,000,000 |
Available-for-sale Securities, Balance Sheet, Reported Amounts [Abstract] | |
Gross realized gains | 0 |
Available-for-sale Securities, Gross Realized Losses | 39 |
Available for Sale Securities, Current [Member]
|
|
Available-for-sale Securities, Balance Sheet, Reported Amounts [Abstract] | |
Cost | 248,210,000 |
Available-for-sale Securities, Gross Unrealized Gains | 1,905,000 |
Gross unrealized losses | (935,000) |
Available-for-sale securities, fair value | 249,180,000 |
Available for Sale Securities, Current [Member] | Short-term deposits [Memer]
|
|
Available-for-sale Securities, Balance Sheet, Reported Amounts [Abstract] | |
Cost | 56,411,000 |
Available-for-sale Securities, Gross Unrealized Gains | 0 |
Gross unrealized losses | 0 |
Available-for-sale securities, fair value | 56,411,000 |
Available for Sale Securities, Current [Member] | Mutual Funds [Member]
|
|
Available-for-sale Securities, Balance Sheet, Reported Amounts [Abstract] | |
Cost | 10,000,000 |
Available-for-sale Securities, Gross Unrealized Gains | 900,000 |
Gross unrealized losses | 0 |
Available-for-sale securities, fair value | 10,900,000 |
Available for Sale Securities, Current [Member] | United States government securities [Member]
|
|
Available-for-sale Securities, Balance Sheet, Reported Amounts [Abstract] | |
Cost | 97,787,000 |
Available-for-sale Securities, Gross Unrealized Gains | 17,000 |
Gross unrealized losses | (34,000) |
Available-for-sale securities, fair value | 97,770,000 |
Available for Sale Securities, Current [Member] | Government agencies [Member]
|
|
Available-for-sale Securities, Balance Sheet, Reported Amounts [Abstract] | |
Cost | 455,000 |
Available-for-sale Securities, Gross Unrealized Gains | 0 |
Gross unrealized losses | 0 |
Available-for-sale securities, fair value | 455,000 |
Available for Sale Securities, Current [Member] | Equity Securities [Member]
|
|
Available-for-sale Securities, Balance Sheet, Reported Amounts [Abstract] | |
Cost | 17,535,000 |
Available-for-sale Securities, Gross Unrealized Gains | 501,000 |
Gross unrealized losses | (899,000) |
Available-for-sale securities, fair value | 17,137,000 |
Available for Sale Securities, Current [Member] | Commercial Paper [Member]
|
|
Available-for-sale Securities, Balance Sheet, Reported Amounts [Abstract] | |
Cost | 22,059,000 |
Available-for-sale Securities, Gross Unrealized Gains | 14,000 |
Gross unrealized losses | (2,000) |
Available-for-sale securities, fair value | 22,071,000 |
Available for Sale Securities, Current [Member] | Corporate obligations [Member]
|
|
Available-for-sale Securities, Balance Sheet, Reported Amounts [Abstract] | |
Cost | 43,963,000 |
Available-for-sale Securities, Gross Unrealized Gains | 473,000 |
Gross unrealized losses | 0 |
Available-for-sale securities, fair value | 44,436,000 |
Cash Equivalents [Member]
|
|
Available-for-sale Securities, Balance Sheet, Reported Amounts [Abstract] | |
Cost | (56,302,000) |
Available-for-sale Securities, Gross Unrealized Gains | 0 |
Gross unrealized losses | 0 |
Available-for-sale securities, fair value | (56,302,000) |
Marketable Securities [Member]
|
|
Available-for-sale Securities, Balance Sheet, Reported Amounts [Abstract] | |
Cost | 191,908,000 |
Available-for-sale Securities, Gross Unrealized Gains | 1,905,000 |
Gross unrealized losses | (935,000) |
Available-for-sale securities, fair value | $ 192,878,000 |
Capital and Accumulated Other Comprehensive (Loss) Income (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Changes, net of tax, in Accumulated other comprehensive loss are as follows:
|
Nature of the Business and Basis of Presentation
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Accounting Policies [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. (“SPH” or the “Company”) is a global diversified holding company that engages in multiple businesses through consolidated subsidiaries, associated companies and other interests. The Company seeks to work with its businesses to increase corporate value over the long term for all stakeholders and shareholders by implementing Steel Partners Operational Excellence programs, the Steel Partners Purchasing Council, Steel Partners Corporate Services, balance sheet improvements, capital allocation policies and growth initiatives. The Company operates through consolidated subsidiaries and associated companies, which represent significant equity interests in operating businesses. SPH also owns interests directly and indirectly in other companies. As of September 30, 2012, the Company's operations are conducted primarily through its Diversified Industrial and Financial Services segments. The Company also reports certain other investments and investment activity and unallocated corporate expenses within its Corporate segment. Steel Partners Holdings GP Inc. (“SPH GP”), a Delaware corporation, is the general partner of SPH and is wholly-owned by SPH. Until December 31, 2011, Steel Partners LLC (“SPLLC”) was the manager of SPH (the “Manager”). Effective January 1, 2012, SPLLC assigned its interests in the management agreement to SP General Services LLC (“SPGS”), formerly an affiliate of SPLLC. The unitholders of SPH have limited liability with respect to their interest in the Company. (See Note 14 - "Related Party Transactions" for additional information). Basis of Presentation The consolidated financial statements include the consolidated financial results of SPH, WebFinancial Holding Corporation (“WebFinancial”), Handy & Harman Ltd. (“HNH”), BNS Holding, Inc. (“BNS”), DGT Holdings Corp. (“DGT”), Steel Excel Inc. ("Steel Excel") and SPH Services, Inc. ("SPH Services"). Acquired companies are presented from their dates of acquisition (see Note 3 - "Acquisitions" for information on acquisition activity. Steel Excel was acquired on May 31, 2012. The consolidated statement of operations for the nine months of 2012 includes 4 months of Steel Excel's results of operations. DGT’s financial statements are recorded on a two-month lag, and as a result the statement of operations for the three and nine months ended September 30, 2012 includes DGT’s activity for its three and nine months ended July 31, 2012. In 2011, BNS changed its fiscal year end from October 31 to December 31. The nine months ended September 30, 2011 includes two additional months for BNS, November and December of 2010. On August 16, 2012, DGT completed the sale of its RFI subsidiary's Power Conversion assets and operations. The results and operations of RFI are presented as discontinued operations in SPH's financial statements for all periods presented in this Form 10-Q. (See Note 4 - "Assets and Liabilities Held For Sale"). The accompanying unaudited consolidated financial statements, in accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, do not contain all of the footnotes or other financial information that is normally required by accounting principles generally accepted in the United States of America ("GAAP") and should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2011. In the opinion of the Company, the interim financial statements reflect all normal and recurring adjustments necessary to present fairly the consolidated financial position and the results of operations and changes in cash flows for the interim periods. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2012 and 2011 are not necessarily indicative of the operating results for the full year. SPH Services SPH Services is a newly-formed subsidiary of SPH, which commenced operations on January 1, 2012, that was created to consolidate the executive and corporate functions of SPH and certain of our affiliates, including SP Corporate Services LLC ("SP Corporate") and SPLLC, to provide such services, including, without limitation, legal, tax, accounting, treasury, consulting, auditing, administration, compliance, environmental health and safety, human resources, marketing, investor relations and other similar services, to other companies. In connection with the formation of SPH Services, we acquired the membership interests in SP Corporate and SPLLC, and certain assets from Steel Partners, Ltd., a related party, as well as certain assets from HNH, on January 1, 2012. SPH Services operates through its wholly owned subsidiaries, SP Corporate and SPLLC. SP Corporate has management services agreements with HNH, BNS, CoSine Communications, Inc. ("Cosine"), DGT, Fox & Hound Acquisition Corp. ("Fox & Hound"), Steel Excel and WebBank, a wholly owned subsidiary of WebFinancial. In addition, SP Corporate has management services agreements with NOVT Corporation (“NOVT”), Steel Partners, Ltd., J. Howard Inc. and Ore Holdings, Inc., which are affiliated companies. |
Investments Marketable Securities Maturities (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
---|---|
Available for Sale Securities, Current [Member]
|
|
Schedule of Available-for-sale Securities [Line Items] | |
Mature in one year or less, cost | $ 221,721 |
Mature after one year through three years, cost | 17,787 |
Available-for-sale securities, cost | 248,210 |
Mature in one year of less, fair value | 222,280 |
Mature after one year through three years, fair value | 17,884 |
Mature after three years | 8,702 |
Mauture after three years | 9,016 |
Available-for-sale securities, fair value | 249,180 |
Available-for-sale Securities, Gross Unrealized Gains | 1,905 |
Available-for-sale Securities, Gross Unrealized Losses | 935 |
Cash Equivalents [Member]
|
|
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, cost | (56,302) |
Available-for-sale securities, fair value | (56,302) |
Available-for-sale Securities, Gross Unrealized Gains | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 |
Marketable Securities [Member]
|
|
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, cost | 191,908 |
Available-for-sale securities, fair value | 192,878 |
Available-for-sale Securities, Gross Unrealized Gains | 1,905 |
Available-for-sale Securities, Gross Unrealized Losses | 935 |
Bank Time Deposits [Member] | Available for Sale Securities, Current [Member]
|
|
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, cost | 56,411 |
Available-for-sale securities, fair value | 56,411 |
Available-for-sale Securities, Gross Unrealized Gains | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 |
Mutual Funds [Member] | Available for Sale Securities, Current [Member]
|
|
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, cost | 10,000 |
Available-for-sale securities, fair value | 10,900 |
Available-for-sale Securities, Gross Unrealized Gains | 900 |
Available-for-sale Securities, Gross Unrealized Losses | 0 |
US Treasury and Government [Member] | Available for Sale Securities, Current [Member]
|
|
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, cost | 97,787 |
Available-for-sale securities, fair value | 97,770 |
Available-for-sale Securities, Gross Unrealized Gains | 17 |
Available-for-sale Securities, Gross Unrealized Losses | 34 |
US Government Corporations and Agencies Securities [Member] | Available for Sale Securities, Current [Member]
|
|
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, cost | 455 |
Available-for-sale securities, fair value | 455 |
Available-for-sale Securities, Gross Unrealized Gains | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 |
Equity Securities [Member] | Available for Sale Securities, Current [Member]
|
|
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, cost | 17,535 |
Available-for-sale securities, fair value | 17,137 |
Available-for-sale Securities, Gross Unrealized Gains | 501 |
Available-for-sale Securities, Gross Unrealized Losses | 899 |
Commercial Paper [Member] | Available for Sale Securities, Current [Member]
|
|
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, cost | 22,059 |
Available-for-sale securities, fair value | 22,071 |
Available-for-sale Securities, Gross Unrealized Gains | 14 |
Available-for-sale Securities, Gross Unrealized Losses | 2 |
Debt Securities Corporate [Member] | Available for Sale Securities, Current [Member]
|
|
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, cost | 43,963 |
Available-for-sale securities, fair value | 44,436 |
Available-for-sale Securities, Gross Unrealized Gains | 473 |
Available-for-sale Securities, Gross Unrealized Losses | $ 0 |