Investments (Tables)

9 Months Ended

Sep. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The Company's portfolio of marketable securities was as follows:

	September 30, 2016											December 31, 2015
	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Fair value			Cost			Gross Unrealized Gains		Gross Unrealized Losses			Fair value
Available-for-sale securities
Short-term deposits	$	66,211		$	—	$	—		$	66,211		$	30,118		$	—	$	—		$	30,118
Mutual funds	11,835			3,624		—			15,459			11,835			2,182		—			14,017
Corporate securities	27,335			6,282		(1,041		)	32,576			41,861			250		(549		)	41,562
Corporate obligations	19,683			1,915		(2,343		)	19,255			25,747			98		(582		)	25,263
Total marketable securities	125,064			11,821		(3,384		)	133,501			109,561			2,530		(1,131		)	110,960
Amounts classified as cash equivalents	(66,211		)	—		—			(66,211		)	(30,118		)	—		—			(30,118		)
Amounts classified as marketable securities	$	58,853		$	11,821	$	(3,384	)	$	67,290		$	79,443		$	2,530	$	(1,131	)	$	80,842

Unrealized Gain (Loss) on Investments

Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of Other income, net in the Consolidated Statements of Operations, were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Gross realized gains	$	899		$	2,135		$	2,902		$	6,735
Gross realized losses	(667		)	(5,528		)	(2,308		)	(6,321		)
Realized gains (losses), net	$	232		$	(3,393	)	$	594		$	414

Schedule of Unrealized Loss on Investments

The fair value of marketable securities with unrealized losses at September 30, 2016, and the duration of time that such losses had been unrealized, were as follows:

	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Corporate securities	$	3,367	$	(912	)	$	695	$	(129	)	$	4,062	$	(1,041	)
Corporate obligations	15,030		(2,343		)	—		—			15,030		(2,343		)
Total	$	18,397	$	(3,255	)	$	695	$	(129	)	$	19,092	$	(3,384	)

Available-for-sale Securities

The amortized cost and estimated fair value of available-for-sale debt securities and marketable securities as of September 30, 2016, by contractual maturity, were as follows:

	Cost		Estimated Fair Value
Debt securities maturing after one year through three years	$	19,683	$	19,255
Securities with no contractual maturities	105,381		114,246
	$	125,064	$	133,501

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

The following table summarizes the Company's long-term investments as of September 30, 2016 and December 31, 2015. For those investments at fair value, the carrying amount of the investment equals its respective fair value.

					Investment Balance				Income (Loss) Recorded in the Statement of Operations
									Three Months Ended September 30,						Nine Months Ended September 30,
(1) AVAILABLE-FOR-SALE SECURITIES					September 30, 2016		December 31, 2015		2016			2015			2016			2015
Fair Value Changes Recorded in Accumulated Other Comprehensive Loss:
Equity securities - U.S. (1)
Aerospace/Defense					$	73,502	$	65,474
Other					577		568
Total					74,079		66,042
Fair Value Changes Recorded in the Consolidated Statement of Operations:
Equity securities					—		—		$	—		$	—		$	—		$	4,449
Corporate obligations (2)					3,878		—		340						399			—
Total					77,957		66,042		$	340		$	—		$	399		$	4,449
(2) EQUITY METHOD
Investments in Associated Companies:	September 30, 2016		December 31, 2015
At Cost:	Ownership
WFH LLC (formerly CoSine) (3)	91.2	%	90.8	%	—		—		$	—		$	—		$	—		$	(602	)
Other (4)					3,149		4,166		(126		)	(2,496		)	(164		)	(2,782		)
At Fair Value:
ModusLink Global Solutions, Inc. ("MLNK") (1)	29.8	%	31.5	%	26,094		40,862		5,104			(8,389		)	(11,808		)	(12,442		)
SLI (3)	100.0	%	25.1	%	—		31,716		—			(4,586		)	8,078			(4,974		)
JPS (3)	100.0	%	100.0	%	—		—		—			402			—			5,831
API Technologies Corp. ("API Tech")	—	%	20.6	%	—		15,779		—			(3,888		)	7,089			457
Aviat Networks, Inc. ("Aviat") (1)	12.7	%	12.9	%	6,227		6,175		1,012			(1,769		)	51			(2,493		)
Other (5)	43.8	%	43.8	%	1,414		1,931		—			(340		)	(517		)	(232		)
					36,884		100,629		$	5,990		$	(21,066	)	$	2,729		$	(17,237	)
Other Investments at Fair Value - Related Party:
SPII Liquidating Trust - Series G					—		—		$	—		$	—		$	—		$	447
SPII Liquidating Trust - Series H					—		—		—			—			—			(86		)
					—		—		$	—		$	—		$	—		$	361
OTHER INVESTMENTS
ModusLink Warrants (5)					64		543		$	37		$	(734	)	$	(479	)	$	(1,297	)
Total Long-Term Investments					$	114,905	$	167,214

(1) Level 1 investments.

(2) Level 2 investment.

(3) WFH LLC became a consolidated subsidiary as of the first quarter of 2015, SLI and JPS became consolidated subsidiaries in the second quarter of 2016 and the third quarter of 2015, respectively. For additional information on these acquisitions see Note 2 - "Acquisitions."

(4) Represents Steel Excel's investments in iGo, Inc. ("iGo") of 45% and a 50% investment in API Optix s.r.o ("API Optix"), a joint venture investment held by API.

(5) Level 3 investment. For additional information related to the Company's Level 3 investments, see Note 14 - "Fair Value Measurements."

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

The following table presents activity for the available-for-sale securities presented in the table above for the three and nine months ended September 30, 2016 and 2015:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016		2015
Fair Value Changes Recorded in Accumulated Other Comprehensive Loss:
Change in net unrealized holding (losses) gains included in Accumulated other comprehensive loss	$	(2,931	)	$	(18,561	)	$	8,036	$	(8,910	)
Reclassified Out of Accumulated Other Comprehensive Loss:
Unrealized gains	$	—		$	—		$	—	$	29,663
Unrealized losses	—			(50		)	—		(50		)
Total	$	—		$	(50	)	$	—	$	29,613

Schedule of Unrealized Gains and Losses on Investments

The cost basis and gross unrealized gains and losses related to our available-for-sale securities, which are classified as long-term investments, are as follows:

	September 30, 2016								December 31, 2015
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Aerospace/Defense	$	11,675	$	61,827	$	—	$	73,502	$	11,675	$	53,799	$	—		$	65,474
Other	575		2		—		577		575		—		(7		)	568
	$	12,250	$	61,829	$	—	$	74,079	$	12,250	$	53,799	$	(7	)	$	66,042

Schedule of Additional Disclosures of Associated Companies

The below summary balance sheet amounts are for the nearest practicable period. The below summary operating results include results for associated companies for the periods in which they were accounted for as an associated company, or the nearest practicable corresponding period. This summary data may be derived from unaudited financial statements and may contain a reporting lag.

	September 30, 2016			December 31, 2015
Summary of balance sheet amounts:
Current assets	$	319,891		$	540,446
Non-current assets	29,054			91,840
Total assets	$	348,945		$	632,286
Current liabilities	$	194,766		$	329,201
Non-current liabilities	68,239			98,730
Total liabilities	263,005			427,931
Equity	85,940			204,355
Total liabilities and equity	$	348,945		$	632,286
	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Summary operating results:
Revenue	$	101,508		$	170,404		$	420,213		$	589,276
Gross profit	6,477			26,834			34,256			90,361
Loss from continuing operations	(19,711		)	(1,279		)	(40,258		)	(7,535		)
Net loss after noncontrolling interests	(19,711		)	(1,422		)	(41,464		)	(2,735		)