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INVESTMENTS
 12 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS
INVESTMENTS
    
Short-Term Investments

Marketable Securities

The Company's short-term investments primarily consist of its marketable securities portfolio held by its subsidiary, Steel Excel. These marketable securities as of December 31, 2016 and 2015 were classified as available-for-sale securities. The classification of marketable securities as a current asset is based on the intended holding period and realizability of the investment. The Company's portfolio of marketable securities at December 31, 2016 and 2015 was as follows:

 
December 31, 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
$
73,270

 
$
—

 
$
—

 
$
73,270

 
$
30,118

 
$
—

 
$
—

 
$
30,118

Mutual funds
11,997

 
2,279

 
—

 
14,276

 
11,835

 
2,182

 
—

 
14,017

Corporate securities
17,516

 
4,586

 
(586
)
 
21,516

 
41,861

 
250

 
(549
)
 
41,562

Corporate obligations
17,232

 
734

 
(108
)
 
17,858

 
25,747

 
98

 
(582
)
 
25,263

Total marketable securities
120,015

 
7,599

 
(694
)
 
126,920

 
109,561

 
2,530

 
(1,131
)
 
110,960

Amounts classified as cash equivalents
(73,270
)
 
—

 
—

 
(73,270
)
 
(30,118
)
 
—

 
—

 
(30,118
)
Amounts classified as marketable securities
$
46,745

 
$
7,599

 
$
(694
)
 
$
53,650

 
$
79,443

 
$
2,530

 
$
(1,131
)
 
$
80,842



Proceeds from sales of marketable securities were $60,600, $43,300 and $116,300 in 2016, 2015 and 2014, respectively. The Company determines gains and losses from sales of marketable securities based on specific identification of the securities sold. Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of Other income, net in the Company's consolidated statements of operations, were as follows:
 
Year Ended December 31,
 
2016
 
2015
 
2014
Gross realized gains
$
4,771

 
$
12,053

 
$
8,065

Gross realized losses
(1,483
)
 
(6,806
)
 
(4,300
)
Realized gains, net
$
3,288

 
$
5,247

 
$
3,765



The fair value of the Company's marketable securities with unrealized losses at December 31, 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
$
2,316

 
$
(384
)
 
$
662

 
$
(202
)
 
$
2,978

 
$
(586
)
Corporate obligations
12,481

 
(108
)
 
—

 
—

 
12,481

 
(108
)
Total
$
14,797

 
$
(492
)
 
$
662

 
$
(202
)
 
$
15,459

 
$
(694
)

The fair value of the Company's marketable securities with unrealized losses at December 31, 2015, all of which had unrealized losses for periods of twelve months or less, were as follows:
 
Fair Value
 
Gross Unrealized Losses
Corporate securities
$
2,283

 
$
(549
)
Corporate obligations
13,199

 
(582
)
Total
$
15,482

 
$
(1,131
)

    
The gross unrealized losses primarily related to losses on corporate securities and corporate obligations, which primarily consist of investments in equity and debt securities of publicly-traded entities. Based on Steel Excel's evaluation of such securities, it determined that certain unrealized losses represented other-than-temporary impairments. This determination was based on several factors, including adverse changes in the market conditions and economic environments in which the entities operate. Steel Excel recognized asset impairment charges of approximately $4,200 and $59,800 for the years ended December 31, 2016 and 2015, respectively. Such impairment charges, which included $1,000 for unpaid interest on a debt security for the year ended December 31, 2016, were equal to the cost basis of such securities in excess of their fair values. The Company determined that there was no indication of other-than-temporary impairments on its other investments with unrealized losses as of December 31, 2016. This determination was based on several factors, including the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the entity, and the intent and ability to hold the corporate securities for a period of time sufficient to allow for any anticipated recovery in market value.

The amortized cost and estimated fair value of available-for-sale debt securities, by contractual maturity, and marketable securities with no contractual maturities as of December 31, 2016, were as follows:
 
Cost
 
Estimated Fair Value
Debt securities maturing after one year through three years
$
17,232

 
$
17,858

Securities with no contractual maturities
102,783

 
109,062

Total
$
120,015


$
126,920



Long-Term Investments
    
The following table summarizes the Company's long-term investments as of December 31, 2016 and 2015. All equity-method investment income and losses, as well as income from other investments where the fair value option has been elected, is recorded in (Income) loss of associated companies and other investments held at fair value, net of taxes in the Company's consolidated statements of operations.
 
Ownership %
 
Long-Term Investments Balance
 
Income (Loss) Recorded in Statements of Operations
 
December 31,
 
December 31,
 
Year Ended December 31,
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
2014
Corporate securities (1)
 
 
 
 
$
75,608

 
$
66,042

 
$
—

 
$
4,449

 
$
(12,437
)
Corporate obligations (2)
 
 
 
 
4,350

 
—

 
870

 
—

 
—

ModusLink Global Solutions, Inc. ("MLNK") Warrants
 
 
 
 
19

 
543

 
(524
)
 
(1,656
)
 
$
(3,632
)
Equity method investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
  Carried at fair value:
 
 
 
 
 
 
 
 
 
 
 
 
 
     ModusLink Global Solutions, Inc.  
32.9
%
 
31.5
%
 
26,547

 
40,862

 
(13,575
)
 
(16,743
)
 
(22,940
)
     Aviat Networks, Inc. ("Aviat")
12.7
%
 
12.9
%
 
9,269

 
6,175

 
3,094

 
(4,682
)
 
—

     Other
43.8
%
 
43.8
%
 
1,223

 
1,931

 
(708
)
 
(232
)
 
(79
)
     SL Industries, Inc.
100.0
%
 
25.1
%
 
—

 
31,716

 
8,078

 
(7,083
)
 
11,838

     JPS Industries, Inc.
100.0
%
 
100.0
%
 
—

 
—

 
—

 
5,831

 
14,277

     API Technologies Corp. ("API Tech")
—
%
 
20.6
%
 
—

 
15,779

 
7,089

 
(8,576
)
 
(3,436
)
     Other investments at fair value - related party (3)
 
 
 
 
—

 
—

 
—

 
361

 
891

Long-term investments carried at fair value
 
 
 
 
117,016

 
163,048

 
 
 
 
 
 
  Carried at cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
     Other equity method investments carried at cost (4)
 
 
 
 
3,050

 
4,166

 
(239
)
 
(3,446
)
 
(3,039
)
Total
 
 
 
 
$
120,066

 
$
167,214

 
$
4,085

 
$
(31,777
)
 
$
(18,557
)
(1)
Represents available-for-sale securities at December 31, 2016 and 2015. Cost basis totaled $12,250 at December 31, 2016 and 2015 and gross unrealized gains totaled $63,358 and $53,792 at December 31, 2016 and 2015, respectively. The years ended December 31, 2015 and 2014 include income or loss from available-for-sale securities for which the fair value option was elected.
(2)
Cost basis totaled $3,480 at December 31, 2016 and gross unrealized gains totaled $870 at December 31, 2016. Changes in fair value are recorded in the Company's consolidated statements of operations as the Company elected the fair value option to account for this investment.
(3)
Represents income from the SPII liquidating trusts, which were all fully liquidated by December 31, 2015.
(4)
Represents Steel Excel's investment in iGo, Inc. ("iGo") of 45.0% and a 50% investment in API Optix s.r.o ("API Optix"), a joint venture investment held by API. Prior year amounts recorded in the Company's consolidated statements of operations also include equity method income or loss from WFH LLC (formerly CoSine).
    
Proceeds from sales of available for sale securities classified in long-term investments were $0, $33,582 and $2,394 for the years ended December 31, 2016, 2015 and 2014. Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of Other income, net in the Company's consolidated statements of operations, were as follows:
 
Year Ended December 31,
 
2015
 
2014
Gross realized gains
$
27,275

 
$
98

Gross realized losses
(56
)
 
(16
)
Realized gains, net
$
27,219

 
$
82


    
Also, in 2015 Cosine received a special dividend of approximately $5,500 which is included in Other income, net in the Company's consolidated statements of operations for the year ended December 31, 2015. As a result, management determined there to be an other-than-temporary impairment in the stock price and recorded an impairment charge of approximately $5,500.
    
Equity Method Investments    

The Company's investments in associated companies are accounted for under the equity method of accounting (see Note 2 - "Summary of Significant Accounting Policies" for additional information). Associated companies are included in either the Diversified Industrial, Energy or Corporate and Other segments. Certain associated companies have a fiscal year end that differs from December 31. Additional information for each of SPLP's investments in associated companies that have impacted the Company's consolidated statements of operations during 2016, 2015 or 2014 is as follows:

Equity Method, Carried At Fair Value:

•
MLNK provides supply chain and logistics services to companies in the consumer electronics, communications, computing, software, storage and retail industries. MLNK also issued the Company warrants to purchase an additional 2,000,000 shares at $5.00 per share, which expire in March 2018.
•
Aviat is a global provider of microwave networking solutions. Prior to being classified as an equity method investment in January 2015, the investment in Aviat was accounted for as an available-for-sale security, and upon the change in classification the Company recognized a loss of approximately $2,800 that had previously been included as a component of AOCI.
•
The Other investment represents the Company's investment in a Japanese real estate partnership.
•
SLI and JPS, which were previously classified as equity method investments, were acquired by HNH in 2016 and 2015, respectively (see Note 3 - "Acquisitions" for additional information).
•
API Tech is a designer and manufacturer of high performance systems, subsystems, modules, and components. Prior to being classified as an equity method investment in May 2014, the investment in API Tech was accounted for as an available-for-sale security, and upon the change in classification the Company recognized a loss of approximately $600 that had previously been included as a component of AOCI. In April 2016, API Tech consummated a merger pursuant to which holders of its common stock received $2.00 for each share held. Upon consummation of the merger, Steel Excel received $22,900 for its investment in API Tech, and the Company no longer has an investment in API Tech.

Equity Method, Carried at Cost:

•
Steel Excel had an investment in a sports business and has an investment in iGo, a provider of accessories for mobile devices. Steel Excel fully impaired its investment in the sports business in the third quarter of 2015, which resulted in a $2,500 impairment charge. Based on the closing market price of iGo's publicly-traded shares, the value of the investment in iGo was approximately $3,700 and $3,900 at December 31, 2016 and 2015, respectively.
•
API has a 50% joint venture in API Optix with IQ Structures s.r.o. API Optix provides development and origination services in the field of micro and nano-scale surface relief technology. The investment, based in Prague, Czech Republic, is being accounted for under the equity method as an associated company.

The below summary balance sheet and income statement amounts include results for associated companies for the periods in which they were accounted for as an associated company, or the nearest practicable twelve-month period corresponding to the Company's fiscal year.
 
December 31,
 
 
 
2016
 
2015
 
 
Summary of balance sheet amounts:
 
 
 
 
 
Current assets
$
317,014

 
$
540,446

 
 
Non-current assets
28,169

 
91,840

 
 
Total assets
$
345,183

 
$
632,286

 
 
Current liabilities
$
200,966

 
$
329,201

 
 
Non-current liabilities
67,483

 
98,730

 
 
Total liabilities
268,449

 
427,931

 
 
Equity
76,734

 
204,355

 
 
Total liabilities and equity
$
345,183

 
$
632,286

 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2016
 
2015
 
2014
Summary income statement amounts:
 
 
 
 
 
Revenue
$
541,540

 
$
780,040

 
$
1,102,133

Gross profit
43,589

 
119,148

 
175,793

Loss from continuing operations
(48,801
)
 
(20,471
)
 
(170
)
Net (loss) income after noncontrolling interests
(50,007
)
 
(16,371
)
 
7,952


    
Other Investments

Steel Excel's other investments at December 31, 2016 and 2015, also include an investment in a venture capital fund totaling $400 and preferred stock of an investee of $100, both of which are classified in Other non-current assets. In 2016, Steel Excel fully-impaired a promissory note and recognized an impairment charge of $3,000. Steel Excel previously held a $25,000 cost-method investment in a limited partnership that co-invested with other private investment funds in a public company. Upon liquidation, the Company recognized a gain on the non-monetary exchange of $9,300 based on the fair value of the shares received of $34,300. The shares of common stock of the public company investee received are reported with the Company's marketable securities and are classified as "available-for-sale" securities at December 31, 2016.

WebBank had $11,558 and $6,558 of held-to-maturity securities at December 31, 2016 and 2015. WebBank records these securities at amortized cost, and they are included in Other non-current assets on the Company's consolidated balance sheets. The dollar value of these securities with expected maturities from five years through ten years is $8,952 and after ten years in $1,317. Actual maturities may differ from expected or contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The securities are collateralized by unsecured consumer loans. These securities had an estimated fair value of $11,556 and $6,551 at December 31, 2016 and 2015, respectively.