Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Steel Excel Inc. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 11,347,038 | ||
Amendment Flag | false | ||
Entity Central Index Key | 709,804 | ||
Entity Filer Category | Accelerated Filer | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 96.8 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net revenues | $ 132,620 | $ 210,148 | $ 120,028 |
Cost of revenues | 106,005 | 152,119 | 87,874 |
Gross profit | 26,615 | 58,029 | 32,154 |
Operating expenses: | |||
Selling, general and administrative expenses | 33,449 | 35,184 | 20,883 |
Amortization of intangibles | 8,211 | 9,582 | 8,709 |
Impairment of goodwill and intangible assets | 25,622 | 36,666 | 0 |
Total operating expenses | 67,282 | 81,432 | 29,592 |
Operating income (loss) | (40,667) | (23,403) | 2,562 |
Interest expense | (2,455) | (3,177) | (1,725) |
Impairment of marketable securities | (59,781) | 0 | 0 |
Other income (expense), net | 14,899 | 7,058 | 7,074 |
Income (loss) from continuing operations before income taxes and equity method loss | (88,004) | (19,522) | 7,911 |
Benefit from income taxes | 6,323 | 1,323 | 5,818 |
Loss from equity method investees, net of tax | (16,102) | (6,070) | (862) |
Net income (loss) from continuing operations | (97,783) | (24,269) | 12,867 |
Income (loss) from discontinued operations, net of taxes | 0 | 506 | (5,540) |
Net income (loss) | (97,783) | (23,763) | 7,327 |
Net loss (income) attributable to non-controlling interests in consolidated entities | |||
Continuing operations | 376 | 235 | 156 |
Discontinued operations | 0 | (279) | 3,188 |
Net income (loss) attributable to Steel Excel Inc. | $ (97,407) | $ (23,807) | $ 10,671 |
Basic income (loss) per share attributable to Steel Excel Inc.: ($ per share) | |||
Net income (loss) from continuing operations | $ (8.50) | $ (2.06) | $ 1.03 |
Income (loss) from discontinued operations, net of taxes | 0 | 0.02 | (0.19) |
Net income (loss) | (8.50) | (2.04) | 0.85 |
Diluted income (loss) per share attributable to Steel Excel Inc.: ($ per share) | |||
Net income (loss) from continuing operations | (8.50) | (2.06) | 1.03 |
Income (loss) from discontinued operations, net of taxes | 0 | 0.02 | (0.19) |
Net income (loss) | $ (8.50) | $ (2.04) | $ 0.85 |
Shares used in computing income (loss) per share: | |||
Basic (in Shares) | 11,454 | 11,678 | 12,584 |
Diluted (in Shares) | 11,454 | 11,678 | 12,602 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (97,783) | $ (23,763) | $ 7,327 | |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (8) | 20 | (63) | |
Reclassification to realized gains | 0 | 0 | (361) | |
Net foreign currency translation adjustment (A) | [1] | (8) | 20 | (424) |
Marketable securities: | ||||
Gross unrealized gains (losses) on marketable securities, net of tax (B) | [2] | (24,927) | (20,043) | 12,126 |
Reclassification to realized losses (gains), net of tax (C) | [3] | 34,595 | (5,223) | (2,608) |
Net unrealized gain (loss) on marketable securities, net of taxes | 9,668 | (25,266) | 9,518 | |
Comprehensive income (loss) | (88,123) | (49,009) | 16,421 | |
Comprehensive loss (income) attributable to non-controlling interest | 376 | (44) | 3,344 | |
Comprehensive income (loss) attributable to Steel Excel Inc. | (87,747) | (49,053) | 19,765 | |
Tax provision on gross unrealized gains (losses) | 13,990 | 0 | 0 | |
Tax benefit on reclassifications to realized gains (losses) | $ (19,416) | $ 0 | $ 0 | |
[1] | No tax effect on cumulative translation adjustments | |||
[2] | Tax provision on gross unrealized gains (losses) | |||
[3] | Tax benefit on reclassifications to realized gains (losses) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 31,707 | $ 51,910 |
Restricted cash | 21,639 | 21,311 |
Marketable securities | 96,189 | 138,457 |
Receivable from securities sales not settled | 23,229 | 0 |
Accounts receivable (net of allowance for doubtful accounts of $38 in 2015) | 10,614 | 28,016 |
Prepaid expenses and other current assets | 3,937 | 4,228 |
Total current assets | 187,315 | 243,922 |
Property and equipment, net | 95,793 | 107,187 |
Goodwill | 12,594 | 30,864 |
Intangible assets, net | 20,219 | 35,782 |
Other investments | 3,555 | 28,525 |
Investments in equity method investees ($21,954 in 2015 and $24,355 in 2014 reported at fair value) | 24,815 | 30,060 |
Other long-term assets | 531 | 606 |
Total assets | 344,822 | 476,946 |
Current liabilities: | ||
Accounts payable | 2,781 | 3,936 |
Accrued expenses and other liabilities | 8,458 | 8,916 |
Financial instrument obligations | 21,639 | 21,311 |
Current portion of long-term debt (net of unamortized debt issuance costs of $57 in 2014) | 0 | 13,157 |
Current portion of capital lease obligations | 0 | 412 |
Current liabilities of discontinued operations | 450 | 450 |
Total current liabilities | 33,328 | 48,182 |
Capital lease obligations, net of current portion | 0 | 177 |
Long-term debt (net of current portion and unamortized debt issuance costs of $280 in 2015 and $575 in 2014) | 42,666 | 65,496 |
Deferred income taxes | 737 | 1,858 |
Other long-term liabilities | 236 | 3,715 |
Total liabilities | $ 76,967 | $ 119,428 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock ($0.001 par value, 18,000 shares authorized; 14,392 and 14,220 shares issued in 2015 and 2014, respectively; 11,347 and 11,406 shares outstanding in 2015 and 2014, respectively) | $ 14 | $ 14 |
Additional paid-in capital | 270,516 | 267,444 |
Accumulated other comprehensive loss | (5,546) | (15,206) |
Retained earnings | 89,229 | 186,636 |
Treasury stock, at cost (2015 - 3,045 shares; 2014 - 2,814 shares) | (85,967) | (81,355) |
Total Steel Excel Inc. stockholders' equity | 268,246 | 357,533 |
Non-controlling interest | (391) | (15) |
Total stockholders' equity | 267,855 | 357,518 |
Total liabilities and stockholders' equity | $ 344,822 | $ 476,946 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 38 | $ 0 |
Fair value of equity-method investment | 21,954 | 24,355 |
Unamortized debt issuance costs - current | 57 | |
Unamortized debt issuance costs - long-term | $ 280 | $ 575 |
Par value (in dollars per share) | $ 0.001 | $ 0.001 |
Shares authorized | 18,000 | 18,000 |
Shares issued | 14,392 | 14,220 |
Shares outstanding | 11,347 | 11,406 |
Treasury stock (in shares) | 3,045 | 2,814 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Non-Controlling Interest |
Balance at Dec. 31, 2012 | $ 431,962 | $ 14 | $ (41,617) | $ 272,786 | $ 946 | $ 199,772 | $ 61 |
Balance (in shares) at Dec. 31, 2012 | 14,365 | 1,458 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income/loss attributable to Steel Excel Inc. | 10,671 | 10,671 | |||||
Net loss attributable to non-controlling interest | (3,344) | (3,344) | |||||
Other comprehensive income (Revised) | 9,094 | 9,094 | |||||
Net issuance of restricted shares (in shares) | 143 | ||||||
Stock-based compensation | 2,040 | 2,040 | |||||
Repurchases of common stock (in shares) | (1,045) | ||||||
Repurchases of common stock | (29,384) | $ (29,384) | |||||
Non-controlling interest of acquired entities | 2,896 | 2,896 | |||||
Balance at Dec. 31, 2013 | 423,935 | $ 14 | $ (71,001) | 274,826 | 10,040 | 210,443 | (387) |
Balance (in shares) at Dec. 31, 2013 | 14,508 | 2,503 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income/loss attributable to Steel Excel Inc. | (23,807) | (23,807) | |||||
Net loss attributable to non-controlling interest | 44 | 44 | |||||
Other comprehensive income (Revised) | (25,246) | (25,246) | |||||
Net issuance of restricted shares (in shares) | 9 | ||||||
Net issuance of restricted shares | (119) | $ 1 | (120) | ||||
Stock-based compensation | 2,807 | 2,807 | |||||
Repurchases of common stock (in shares) | (311) | ||||||
Repurchases of common stock | (10,354) | $ (10,354) | |||||
Reverse/forward stock split (in shares) | (297) | ||||||
Reverse/forward stock split | (10,070) | $ (1) | (10,069) | ||||
Contribution from non-controlling interest | 328 | 328 | |||||
Balance at Dec. 31, 2014 | 357,518 | $ 14 | $ (81,355) | 267,444 | (15,206) | 186,636 | (15) |
Balance (in shares) at Dec. 31, 2014 | 14,220 | 2,814 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income/loss attributable to Steel Excel Inc. | (97,407) | (97,407) | |||||
Net loss attributable to non-controlling interest | (376) | (376) | |||||
Other comprehensive income (Revised) | 9,660 | 9,660 | |||||
Net issuance of restricted shares (in shares) | 172 | ||||||
Net issuance of restricted shares | (85) | $ 0 | (85) | 0 | 0 | 0 | |
Stock-based compensation | 3,157 | 3,157 | |||||
Repurchases of common stock (in shares) | (231) | ||||||
Repurchases of common stock | (4,612) | $ (4,612) | |||||
Balance at Dec. 31, 2015 | $ 267,855 | $ 14 | $ (85,967) | $ 270,516 | $ (5,546) | $ 89,229 | $ (391) |
Balance (in shares) at Dec. 31, 2015 | 14,392 | 3,045 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operating Activities: | |||
Net income (loss) | $ (97,783) | $ (23,763) | $ 7,327 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss (income) from discontinued operations | 0 | (506) | 5,540 |
Stock-based compensation expense | 3,157 | 2,807 | 2,040 |
Depreciation and amortization | 23,613 | 24,156 | 19,185 |
Impairment of goodwill and intangible assets | 25,622 | 36,666 | 0 |
Impairment of marketable securities | 59,781 | 0 | 0 |
Deferred income tax provision (benefit) | (6,547) | (198) | 1,988 |
Gain on sales of marketable securities | (5,247) | (3,765) | (2,608) |
Reversal of tax reserves | 110 | (45) | (7,236) |
Loss from equity-method investees | 16,102 | 6,070 | 862 |
Loss on financial instrument obligations | 477 | 1,820 | 0 |
Loss on change to equity method at fair value | 2,807 | 568 | 0 |
Gain (loss) on non-monetary exchange | (9,268) | 0 | 0 |
Other | 1,019 | 1,116 | 935 |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | 17,364 | (2,488) | 2,653 |
Prepaid expenses and other assets | 225 | 1,782 | (833) |
Accounts payable and other liabilities | (4,908) | (305) | (2,044) |
Net cash used in operating activities of discontinued operations | 0 | 0 | (2,116) |
Net cash provided by operating activities | 26,524 | 43,915 | 25,693 |
Cash Flows From Investing Activities: | |||
Purchases of businesses, net of cash acquired | 0 | (517) | (61,888) |
Purchases of property and equipment | (4,785) | (15,939) | (8,932) |
Proceeds from sale of property and equipment | 171 | 632 | 552 |
Other investments | 0 | (3,000) | (25,000) |
Investments in equity method investees | 0 | (144) | (9,202) |
Purchases of marketable securities | (43,426) | (111,648) | (189,268) |
Sales of marketable securities | 43,338 | 116,314 | 75,825 |
Maturities of marketable securities | 0 | 4,302 | 145,994 |
Proceeds from issuance of financial instrument obligations | 490 | 385 | 0 |
Repayments of financial instrument obligations | (639) | (381) | 0 |
Reclassification of restricted cash | (328) | (21,311) | 0 |
Net cash used in investing activities | (5,179) | (31,307) | (71,919) |
Cash Flows From Financing Activities: | |||
Repurchases of common stock - treasury shares | (4,612) | (10,354) | (29,384) |
Repurchases of common stock - reverse/forward stock split | 0 | (10,070) | 0 |
Proceeds from issuance of long-term debt | 0 | 0 | 95,000 |
Payments for debt issuance costs | 0 | 0 | (1,368) |
Repayments of long-term debt | (36,339) | (13,215) | (15,500) |
Other financing activities | (589) | (681) | (413) |
Net cash provided by (used in) financing activities | (41,540) | (34,320) | 48,335 |
Net increase (decrease) in cash and cash equivalents | (20,195) | (21,712) | 2,109 |
Effect of foreign currency translation on cash and cash equivalents | (8) | 20 | (63) |
Cash and cash equivalents at beginning of period | 51,910 | 73,602 | 71,556 |
Cash and cash equivalents at end of period | $ 31,707 | $ 51,910 | $ 73,602 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Steel Excel Inc. (“Steel Excel” or the “Company”) currently operates in two reporting segments - Energy and Sports. Through its wholly-owned subsidiary Steel Energy Services Ltd. ("Steel Energy Services"), the Company’s Energy business provides drilling and production services to the oil and gas industry. Through its wholly-owned subsidiary Steel Sports Inc., the Company’s Sports business is a social impact organization that strives to provide a first-class youth sports experience emphasizing positive experiences and instilling the core values of discipline, teamwork, safety, respect, and integrity. The Company also makes significant non-controlling investments in entities in industries related to its reporting segments as well as entities in other unrelated industries. The Company continues to identify business acquisition opportunities in both the Energy and Sports industries as well as in other unrelated industries. The Company began its Sports and Energy businesses in June 2011 and December 2011, respectively. Prior to that the Company provided enterprise-class external storage products and software to original equipment manufacturers (the "Predecessor Business"). Steel Partners Holdings L.P. (“Steel Partners”), an affiliate, beneficially owned approximately 58.3% of the Company’s outstanding common stock as of December 31, 2015 . The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, and include the accounts of the Company and all of its subsidiaries. The Company consolidates entities in which it owns greater than 50% of the voting equity of an entity or otherwise is able to exert control. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. During 2015, the Company identified an error in the manner in which the provision for income taxes had been recorded for all quarterly and annual periods in the years ended December 31, 2014 and 2013 . The Company's balance sheet at December 31, 2014 , and its statement of operations, statement of comprehensive income, statement of stockholders' equity, and statement of cash flows for the year ended December 31, 2013 , have been revised to reflect the correction of these errors (see Note 3 ). The Company shut down the operations of Ruckus Sports LLC (“Ruckus”), a provider of obstacle course and mass-participation events that was part of the Company’s Sports business, in November 2013. The consolidated financial statements reflect Ruckus as a discontinued operation in all periods (see Note 5 ). The Company's effected a 1 -for- 500 reverse stock split (the "Reverse Split") in June 2014, immediately followed by a 500 -for- 1 forward stock split (the "Forward Split", and together with the Reverse Split, the "Reverse/Forward Split"), of its common stock. The consolidated financial statements reflect the effects of the Reverse/Forward Split (see Note 22 ). Certain other prior period amounts have been reclassified to conform to the 2015 presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash and Cash Equivalents: Cash and cash equivalents include all cash balances and highly liquid investments having original maturities of three months or less. Marketable Securities: Marketable securities are classified as available-for-sale and consist of short-term deposits, corporate debt and equity instruments, and mutual funds. The Company classifies its marketable securities as current assets based on the nature of the securities and their availability for use in current operations. Marketable securities are reported at fair value, with unrealized gains and losses recognized in stockholders’ equity as “other comprehensive income (loss)”. Declines in fair value that are determined to be other than temporary are recognized as an impairment charge. Realized gains or losses on marketable securities are determined based on specific identification of the securities sold and are recognized as “other income (loss)” at the time of sale. In 2015, the Company incurred impairment charges on its marketable securities of $59.8 million (see Note 6 ). Allowance for Doubtful Accounts: The Company recognizes bad debt expense on trade receivables through an allowance account using estimates based on past experience, and writes off trade receivables against the allowance account when the Company believes it has exhausted all available means of collection. The allowance for doubtful accounts was $38,000 as of December 31, 2015 ; there was no allowance for doubtful accounts recognized as of December 31, 2014 . Fair Value Measurements: The Company reports certain assets and liabilities at their fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values of assets and liabilities are determined based on a three-level measurement input hierarchy. Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date. Level 2 inputs are other than quoted market prices that are observable, either directly or indirectly, for an asset or liability. Level 2 inputs can include quoted prices in active markets for similar assets or liabilities, quoted prices in a market that is not active for identical assets or liabilities, or other inputs that can be corroborated by observable market data. Level 3 inputs are unobservable for the asset or liability when there is little, if any, market activity for the asset or liability. Level 3 inputs are based on the best information available, and may include data developed by the Company. Property and Equipment, Net: Property and equipment is stated at cost. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, which generally range from four years for certain vehicles and equipment to thirty-nine years for buildings. Leasehold improvements and assets recorded under capital leases are amortized on a straight-line basis over the shorter of their estimated useful lives or the terms of the leases. Long-Lived Assets: The Company evaluates the recoverability of its finite-lived intangible assets and its property and equipment by comparing their carrying values to the expected future undiscounted cash flows to be generated from such assets when events or circumstances indicate that an impairment may have occurred. If the carrying values of the long-lived assets exceed the sum of the undiscounted cash flows, an impairment charge is recognized in the amount by which the carrying values exceeds their fair values. In 2015, the Company incurred an intangible asset impairment charge of $7.4 million (see Note 9 ). Goodwill : Goodwill is tested for impairment on an annual basis, or more frequently if an event occurs or circumstances change to indicate that an impairment may have occurred. The Company performs its annual impairment test in the fourth quarter of each year. The goodwill impairment test involves a two-step process. The first step compares the fair value of a reporting unit with its carrying amount, including goodwill. No potential impairment exists if the carrying value of the reporting unit is less than its fair value. If the carrying value of the reporting unit exceeds its fair value, then the second step is necessary to measure the impairment. The second step compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Any excess of the reporting unit goodwill carrying value in excess of the implied fair value is recognized as an impairment. In 2015 and 2014, the Company incurred goodwill impairment charges of $18.3 million and $36.7 million , respectively (see Note 9 ). Other Investments : Investments that do not have a readily determinable market value and in which the Company does not have a controlling financial interest are accounted for as cost-method investments or, if they Company has the ability to exert significant influence, as equity-method investments. The carrying values of equity-method investments are adjusted for either the Company’s proportionate share of the investee’s earnings, which may be reported on a lag of up to three months, or the change in fair value of the investee. Both cost-method investments and equity-method investments are monitored for indications of impairment. In 2015, the Company incurred an impairment on one of its equity-method investments of $2.5 million . Financial Instrument Obligations: The Company recognizes a liability for short sale transactions on certain financial instruments in which the Company receives proceeds from the sale of such financial instruments and incurs obligations to deliver or purchase securities at a later date. Subsequent changes in the fair value of such obligations, determined based on the closing market price of the financial instruments, are recognized currently as gains or losses, with a comparable reclassification made between the amounts of the Company's unrestricted and restricted cash. Contingent Liabilities: The Company recognizes a liability for certain contingencies, including those related to litigation or claims or to certain governmental laws and regulations, when it is probable that an asset has been impaired or a liability has been incurred, and the amount of the loss can be reasonably estimated. Business Combinations : The Company allocates the fair value of the total consideration of its acquisitions to the tangible assets, liabilities, and identifiable intangible assets acquired based on their estimated fair values. The excess of the fair value of the total consideration over the fair values of these identifiable assets and liabilities is recognized as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred as a component of “selling, general, and administrative expenses.” Revenue Recognition: The Company recognizes revenue at the time the service is provided to the customer. Revenue is recognized in the Energy business when the services are rendered. Revenue is recognized in the Sports business when the service is rendered or the event occurs. Amounts received from customers in advance of the service or event are deferred until such time the service is rendered or the event occurs. Stock-based Compensation: The Company recognizes compensation expense for stock options and restricted stock granted to employees and non-employee directors over the requisite service period based on the estimated fair value on the grant date. The fair value of restricted stock awards is the market price of the Company's common stock on the date of grant. The fair value of option awards is estimated using the Black-Scholes pricing model. Advertising expenses: Advertising costs are expensed in the period in which the advertising appears in print or is broadcast. The Company's advertising expense for the years ended December 31, 2015 , 2014 , and 2013 , was $0.2 million , $0.2 million , and $0.1 million , respectively. Foreign Currency Translation: Although the Company no longer has current operations in foreign jurisdictions, it consolidates certain foreign-based entities associated with the Predecessor Business. Assets and liabilities of foreign entities are translated from the functional currency into United States dollars using the exchange rate in effect at the balance sheet date. Revenues and expenses of foreign operations are translated from the functional currency into United States dollars using the average exchange rate for the period. Adjustments resulting from the translation into United States dollars are recognized in stockholders’ equity as “other comprehensive income (loss)”. Income Taxes: The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized, with changes in valuation allowances recognized in the provision for income taxes. The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies the liability for unrecognized tax benefits as current to the extent that the Company anticipates payment within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes. Income (Loss) per Share: Basic net income (loss) per share of common stock is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share gives effect to all potentially dilutive common shares outstanding during the period. Concentration of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, marketable securities, and trade receivables. The Company maintains its cash balances and marketable securities with high credit quality financial institutions. Deposits held with banks, including those held in foreign branches of global banks, may exceed the amount of insurance provided on such deposits. These deposits may be withdrawn upon demand and therefore bear minimal risk. The Company limits the amount of credit exposure through diversification and management regularly monitors the composition of its investment portfolio. The Company provides credit to customers on an uncollateralized basis after evaluating client creditworthiness. The Company’s clients in its Energy business are concentrated in the oil and gas industry, and are concentrated in North Dakota and Montana in the Bakken basin and in Texas in the Permian basin. The Company’s five largest customers in the Energy business provided approximately 55.7% and 61.2% of consolidated revenues for the years ended December 31, 2015 and 2014 , respectively. In addition, amounts due from customers with the five largest outstanding receivable balances represented 51.8% and 65.5% of trade accounts receivable at December 31, 2015 and 2014 , respectively. A significant reduction in business from a significant customer or their failure to pay outstanding trade accounts receivable could have a material adverse effect on the Company’s results of operations and financial condition. Use of Estimates: The preparation of the Company’s consolidated financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions. These estimates affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. Recently Issued Accounting Standards: In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which establishes a core principle, achieved through a five-step process, that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606) , which deferred the effective date of ASU No. 2014-09 by one year for all entities. ASU 2014-09 is effective for public companies for annual reporting periods beginning after December 15, 2017, and for interim reporting periods within those years. Upon adoption, ASU No. 2014-09 can be applied either retrospectively to each reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application. Early application is not permitted. The Company is evaluating the potential impact on its consolidated financial statements of adopting ASU No. 2014-09 and has not yet determined the implementation method to be used. In April 2015, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30) , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU No. 2015-03. ASU No. 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. Upon adoption, ASU No. 2015-03 should be applied retrospectively, with the balance sheet of each individual period presented adjusted to reflect the period-specific effects of applying the standard. The Company adopted ASU No. 2015-03 in 2015 and has reflected the impact in the current and prior years in its statement of financial position (see Note 3 ). In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805) , which requires that adjustments to provisional amounts recognized at the time of a business combination that are identified during the measurement period be recognized in the reporting period in which the adjustment amounts are determined. ASU No. 2015-16 also requires that the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, be recognized in the same period’s financial statements, with disclosure of the portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU No. 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, and should be applied prospectively to adjustments to provisional amounts that occur after the effective date. The Company does not expect the adoption of ASU No. 2015-16 to have a material effect on its consolidated financial statements. In November 2015, the FASB issued No. 2015-17, Income Taxes (Topic 740) , which requires that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by ASU No. 2015-17. ASU No. 2015-17 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. A reporting entity may apply the provisions of ASU No. 2015-17 prospectively or retrospectively to all prior periods presented in the financial statements. The Company retrospectively adopted ASU No. 2015-17 in 2015 and has reflected the impact in the current and prior years in its statement of financial position (see Note 3 ). In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10) , which eliminates the requirement to classify equity securities with readily determinable market values as either available-for-sale securities and trading securities, and requires that equity investments, other than those accounted for under the traditional equity method of accounting, be measured at their fair value with changes in fair value recognized in net income. Equity investments that do not have readily determinable market values may be measured at cost, subject to an assessment for impairment. ASU 825-10 also requires enhanced disclosures about such equity investments. ASU No. 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption prohibited. Upon adoption, a reporting entity should apply the provisions of ASU 2016-01 by means of a cumulative effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company is evaluating the potential impact on its consolidated financial statements of adopting ASU 2016-01. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires, among other things, a lessee to recognize a liability representing future lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. For operating leases, a lessee will be required to recognize at inception a right-of-use asset and a lease liability equal to the net present value of the lease payments, with lease expense recognized over the lease term on a straight-line basis. For leases with a term of twelve months or less, ASU 2016-02 allows a reporting entity to make an accounting policy election to not recognize a right-of-use asset and a lease liability, and to recognize lease expense on a straight-line basis. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. Upon adoption, a reporting entity should apply the provisions of ASU 2016-02 at the beginning of the earliest period presented using a modified retrospective approach, which includes certain optional practical expedients that an entity may elect to apply. The Company is evaluating the potential impact on its consolidated financial statements of adopting ASU 2016-02. |
Revised Financial Statements
Revised Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Revised Financial Statements | Revised Financial Statements During 2015, the Company identified an error related to the manner in which the change in the valuation allowance for deferred tax assets was reflected in its financial statements for all annual and quarterly periods in the years ended December 31, 2014 and 2013 . The change in the valuation allowance, which resulted from a change in deferred tax liabilities related to unrealized gains on available-for-sale securities, was recognized as a component of income from continuing operations, resulting in a benefit from or provision for income taxes allocated to continuing operations in each period, with an offsetting provision for or benefit from income taxes allocated to other comprehensive income relating to unrealized gains or losses on available-for-sale securities. Upon subsequent review, the Company determined that proper intra-period allocation of the provision for income taxes would have resulted in this change in the valuation allowance being allocated to other comprehensive income, resulting in no provision or benefit for such item. In periods in which the valuation allowance decreased, the impact of this error was an overstatement of income from continuing operations and an understatement of other comprehensive income; in periods in which the valuation allowance increased, the impact of this error was an understatement of income from continuing operations and an overstatement of other comprehensive income. The correction of this error has resulted in adjustments to the Company's balance sheet at December 31, 2014 , and its statement of operations, statement of comprehensive income, statement of stockholders' equity, and statement of cash flows for the year ended December 31, 2013 . The correction of this error did not result in any adjustments to the statement of operations, statement of comprehensive income, statement of stockholders' equity, and statement of cash flows for the year ended December 31, 2014 . In addition, the Company's disclosures for the year ended December 31, 2013 , related to income taxes (see Note 14 ), net income (loss) per share (see Note 16 ), and selected quarterly financial date (see Note 24 ) have been revised to reflect the impact of these adjustments. The impact on the individual line items of the Company's financial statements from the adjustments to correct this error and the adjustments to reflect the adoption of ASU No. 2015-03 and ASU No. 2015-17 (see Note 2 ) was as follows: Balance Sheet at December 31, 2014 : Previously Reported Adjustments Revised (in thousands) Deferred income taxes - current $ 1,696 $ (1,696 ) $ — Total current assets $ 245,618 $ (1,696 ) $ 243,922 Deferred income taxes - non-current $ 80 $ (80 ) $ — Other long-term assets $ 1,238 $ (632 ) $ 606 Total assets $ 479,354 $ (2,408 ) $ 476,946 Current portion of long-term debt $ 13,214 $ (57 ) $ 13,157 Deferred income taxes - current $ 85 $ (85 ) $ — Total current liabilities $ 48,324 $ (142 ) $ 48,182 Long-term debt $ 66,071 $ (575 ) $ 65,496 Deferred income taxes - non-current $ 3,549 $ (1,691 ) $ 1,858 Total liabilities $ 121,836 $ (2,408 ) $ 119,428 Accumulated other comprehensive income $ (18,730 ) $ 3,524 $ (15,206 ) Retained earnings $ 190,160 $ (3,524 ) $ 186,636 Total stockholders' equity $ 357,518 $ — $ 357,518 Total liabilities and stockholders' equity $ 479,354 $ (2,408 ) $ 476,946 Statement of Operations for the year ended December 31, 2013 : Previously Reported Adjustments Revised (in thousands, except per-share data) Benefit for income taxes $ 9,342 $ (3,524 ) $ 5,818 Net income from continuing operations $ 16,391 $ (3,524 ) $ 12,867 Net income $ 10,851 $ (3,524 ) $ 7,327 Net income attributable to Steel Excel Inc. $ 14,195 $ (3,524 ) $ 10,671 Basic and diluted income (loss) per share attributable to Steel Excel Inc.: Net income from continuing operations $ 1.31 $ (0.28 ) $ 1.03 Net income $ 1.13 $ (0.28 ) $ 0.85 Statement of Comprehensive Income for the year ended December 31, 2013 : Previously Reported Adjustments Revised (in thousands) Net income (loss) $ 10,851 $ (3,524 ) $ 7,327 Gross unrealized gains on marketable securities, net of tax $ 7,636 $ 4,490 $ 12,126 Reclassification to realized gains, net of tax $ (1,642 ) $ (966 ) $ (2,608 ) Net unrealized gain on marketable securities, net of tax $ 5,994 $ 3,524 $ 9,518 Comprehensive loss $ 16,421 $ — $ 16,421 Comprehensive loss attributable to Steel Excel Inc. $ 19,765 $ — $ 19,765 Tax benefit on gross unrealized gains $ (4,490 ) $ 4,490 $ — Tax benefit on reclassifications to realized gains (losses) $ 966 $ (966 ) $ — Statement of Stockholders' Equity for the year ended December 31, 2013 : Previously Reported Adjustments Revised (in thousands) Net income attributable to Steel Excel Inc. $ 14,195 $ (3,524 ) $ 10,671 Other comprehensive income $ 5,570 $ 3,524 $ 9,094 Statement of Cash Flows for the year ended December 31, 2013 : Previously Reported Adjustments Revised (in thousands) Net income (loss) $ 10,851 $ (3,524 ) $ 7,327 Deferred income tax provision (benefit) $ (1,536 ) $ 3,524 $ 1,988 Cash provided by operating activities $ 25,693 $ — $ 25,693 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Energy Business On December 16, 2013, Black Hawk Energy Services Ltd. ("Black Hawk Ltd."), an indirect wholly-owned subsidiary of the Company, acquired the business and substantially all of the assets of Black Hawk Energy Services, Inc. (“Black Hawk Inc.”), a provider of drilling and production services to the oil and gas industry, for approximately $59.6 million in cash. The acquisition was funded with approximately $34.6 million from the Company's cash reserves and $25.0 million in proceeds from additional borrowings under an existing credit facility (see Note 10 ). The Company acquired the business of Black Hawk Inc. to further solidify its presence in North Dakota in the Bakken basin and to expand its business into other regions, including Texas and New Mexico. The results of operations of Black Hawk Ltd. have been included in the Company's results of operations since the acquisition date. Revenues and operating income from Black Hawk Ltd. included in the Company’s consolidated financial statements for the year ended December 31, 2013 , totaled $2.5 million and $0.8 million respectively. On February 9, 2012, the Company acquired the business and assets of Eagle Well Services, Inc. (“Eagle Well”), a provider of drilling and production services to the oil and gas industry, for approximately $48.1 million in cash. The Company acquired Eagle Well to expand its then nascent Energy business. On May 31, 2012, the Company acquired all of the outstanding equity of Sun Well Service, Inc. (“Sun Well”), a provider of drilling and production services to the oil and gas industry. The total consideration aggregated $68.7 million , and consisted of 2,027,500 shares of the Company’s common stock valued at $60.8 million and $7.9 million of cash. The Company acquired Sun Well to further expand its Energy business. Steel Partners beneficially owned approximately 85% of Sun Well and approximately 40% of the Company at the time of the acquisition. Both the Company and Steel Partners appointed a special committee of independent directors to consider and negotiate the transaction because of the ownership interest held by Steel Partners in each entity (see Note 20 for related party information). Upon the acquisition of Sun Well, the business of Eagle Well was merged with the business of Sun Well and operated as a single business. In 2015 and 2014 , the Company recognized goodwill impairment charges of $18.1 million and $30.4 million , respectively, related to the goodwill from the Sun Well and Eagle Well transactions (see Note 9 ). On December 7, 2011, the Company acquired the business and assets of Rogue Pressure Services, LLC (“Rogue”), a provider of drilling and production services to the oil and gas industry. Contingent consideration was recognized at the acquisition date of Rogue and was payable upon attaining certain operational performance levels in the ensuing three years . In 2012, the Company reversed $0.7 million of the contingent consideration liability based on the failure to achieve the operational performance levels in 2012 and projections of future years' performance. In 2013, the Company reversed $0.5 million of the contingent consideration liability based on the failure to achieve the operational performance levels and the projections of future years' performance. Such amount was recognized as a reduction of "Selling, general, and administrative expenses". In 2014, the Company recognized a goodwill impairment charge of $6.3 million related to the goodwill from the Rogue transaction. Sports Business On June 19, 2013, the Company acquired 80% of the outstanding common stock of UK Elite Soccer, Inc. ("UK Elite"), a provider of youth soccer programs, coaching services, tournaments, tours, and camps, for approximately $2.3 million in cash. The fair value of the non-controlling interest at the acquisition date was based on the amount paid by the Company for 80% of the common stock. The Company acquired UK Elite to expand its Sports business to include soccer events. In 2014, UK Elite acquired the business and assets of three independent providers of soccer clinics and camps for a total purchase price of $1.0 million , or approximately $0.5 million net of cash acquired. In connection with these acquisitions, the Company recognized approximately $0.2 million in current assets, primarily trade receivables, approximately $0.6 million in current liabilities, primarily deferred revenue, and approximately $0.9 million in intangible assets representing customer relationships that are being amortized over a five-year period. On November 5, 2012, the Company acquired a 50% interest in two Crossfit ® facilities in located in Torrance, CA, and Hermosa Beach, CA, that provide strength and conditioning services as well as yoga, pilates, and spin. Through the provisions of the operating agreements the Company had the ability to control the operations of the Crossfit ® entities. Accordingly, the Company accounted for its investments as business combinations and consolidates both entities. The Company acquired its interests in the Crossfit ® entities for approximately $0.1 million in cash and a commitment to loan the Torrance facility up to $1.1 million to fund the construction of the facility and the purchase of equipment. In 2014, the Company increased its ownership interest in the Torrance facility to approximately 86% through the contribution of loans and other advances. In 2015, the Company recognized a goodwill impairment charge of $0.2 million related to the Hermosa facility. In January 2016, the Company exchanged its 50% interest in the Hermosa facility for the remaining 14% interest in the Torrance facility. On January 31, 2013, the Company acquired a 20% membership interest in Ruckus with an option to acquire an additional 40% membership interest in the next two years. Pursuant to an operating agreement, the Company appointed two directors on a three -member board of directors and therefore had the ability to control the operations of Ruckus. Accordingly, the Company accounted for its acquisition of its 20% membership interest as a business combination and consolidated Ruckus. The total consideration aggregated $1.0 million , and consisted of $0.9 million of cash and the contribution of a loan of $0.1 million . The Company acquired its membership interests in Ruckus to expand the health-related and entertainment services of its Sports business. In May 2013 and July 2013 the Company acquired additional membership interests in Ruckus of 10% and 15% , respectively, for cash payments aggregating $1.3 million , thereby increasing the Company's ownership interest to 45% . Such additional investments were recorded as equity transactions since Ruckus was a consolidated at the time of the investments. In November 2013, the Company shut down the operations of Ruckus after it did not meet operational and financial expectations. The Company recognized a goodwill impairment charge of $3.6 million in connection with the shutdown of the business. Ruckus is reported as a discontinued operation in the Company’s consolidated financial statements and no amounts are included in revenues or income from continuing operations. The following unaudited pro forma financial information combines the results of operations of the Company with the results of operations of the acquisitions consummated during the year ended December 31, 2013 , as if those acquisitions had occurred at the beginning of the year prior to the date of acquisition. No pro forma financial information is provided for the year ended December 31, 2014 , for the businesses acquired by UK Elite in 2014 since their results of operations are not material. The pro forma financial information for the year ended December 31, 2013 , does not include the results of Ruckus, which is reported as a discontinued operation in the Company's consolidated financial statements. The pro forma financial information is not necessarily indicative of what would have actually occurred had the acquisitions been consummated at the beginning of the year prior to the date of acquisition or results that may occur in the future. 2013 (in thousands) Net revenues $ 182,591 Net income from continuing operations $ 27,963 Net income $ 22,423 Net income attributable to Steel Excel Inc. $ 25,767 Net income per share attributable to Steel Excel Inc. - basic $ 2.05 Net income per share attributable to Steel Excel Inc. - diluted $ 2.04 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations The Company shut down the operations of Ruckus, which was part of the Company’s Sports business, in November 2013 after it did not meet operational and financial expectations. The results of operations of Ruckus, which are reported as a discontinued operation in the consolidated statements of operations for the years ended December 31, 2014 and 2013 , were as follows: Year Ended December 31, 2014 2013 (in thousands) Revenues $ — $ 1,260 Income (loss) from operations of discontinued operations $ 506 $ (5,540 ) Income from operations for the year ended December 31, 2014 , represents an adjustment to the outstanding obligations of Ruckus. The loss from operations for the year ended December 31, 2013 , includes a goodwill impairment charge of $3.6 million . There was no tax effect on any of the activity of discontinued operations for the years ended December 31, 2014 , and 2013 . |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Marketable Securities All of the Company's marketable securities at December 31, 2015 and 2014 , were classified as "available-for-sale" securities, with changes in fair value recognized in stockholders' equity as "other comprehensive income (loss)", except for other-than-temporary impairments, which are reflected as a reduction of cost and charged to operations. The Company's marketable securities at December 31, 2015 , include investments in the common units of Steel Partners Holdings L.P. ("SPLP"), which beneficially owned approximately 58.3% of the Company's common stock as of December 31, 2015 . The SPLP common units held by the Company are classified as "available-for-sale" securities. As of December 31, 2015 , the Company held 936,968 SPLP common units that had a fair value of approximately $15.3 million and an unrealized loss of approximately $1.1 million . Marketable securities at December 31, 2015 , consisted of the following: Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Short-term deposits $ 30,118 $ — $ — $ 30,118 Mutual funds 11,835 2,182 — 14,017 Corporate securities 58,333 250 (1,674 ) 56,909 Corporate obligations 25,747 98 (582 ) 25,263 Total available-for-sale securities 126,033 2,530 (2,256 ) 126,307 Amounts classified as cash equivalents (30,118 ) — — (30,118 ) Amounts classified as marketable securities $ 95,915 $ 2,530 $ (2,256 ) $ 96,189 Marketable securities at December 31, 2014 , consisted of the following: Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Short-term deposits $ 42,681 $ — $ — $ 42,681 Mutual funds 17,030 4,262 (322 ) 20,970 United States government securities — — — — Corporate securities 103,761 7,821 (23,732 ) 87,850 Corporate obligations 32,486 592 (3,441 ) 29,637 Commercial paper — — — — Total available-for-sale securities 195,958 12,675 (27,495 ) 181,138 Amounts classified as cash equivalents (42,681 ) — — (42,681 ) Amounts classified as marketable securities $ 153,277 $ 12,675 $ (27,495 ) $ 138,457 Proceeds from sales of marketable securities were $43.3 million , $116.3 million , and $75.8 million for the years ended December 31, 2015 , 2014 , and 2013 , 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 (expense), net" in the consolidated statements of operations, were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Gross realized gains $ 12,053 $ 8,065 $ 6,984 Gross realized losses (6,806 ) (4,300 ) (4,376 ) Realized gains, net $ 5,247 $ 3,765 $ 2,608 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 less than twelve months, were as follows: Fair Value Gross Unrealized Losses (in thousands) Corporate securities $ 18,755 $ (1,674 ) Corporate obligations 13,199 (582 ) Total $ 31,954 $ (2,256 ) The fair value of the Company’s marketable securities with unrealized losses at December 31, 2014 , all of which had unrealized losses for periods of less than twelve months, were as follows: Fair Value Gross Unrealized Losses (in thousands) Corporate securities $ 39,869 $ (23,732 ) Corporate obligations 13,530 (3,441 ) Mutual funds $ 4,873 $ (322 ) Total $ 58,272 $ (27,495 ) 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 the Company's evaluation of such securities, it has 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. The Company recognized impairment charges of approximately $59.8 million for the year ended December 31, 2015 , equal to the cost basis of such securities in excess of their fair values. The Company has determined that there was no indication of other-than-temporary impairments on its other investments with unrealized losses as of December 31, 2015 . 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 Company's 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 and marketable securities with no contractual maturities at December 31, 2015 , by contractual maturity, were as follows: Cost Estimated Fair Value (in thousands) Debt securities: Mature after one year through three years $ 7,414 $ 7,512 Mature in more than three years 18,333 17,751 Total debt securities 25,747 25,263 Securities with no contractual maturities 100,286 101,044 Total $ 126,033 $ 126,307 Financial Instrument Obligations The Company has entered into short sale transactions on certain financial instruments in which the Company received proceeds from the sale of such financial instruments and incurred obligations to deliver or purchase securities at a later date. Upon initially entering into such short sale transactions the Company recognizes a liability equal to the fair value of the obligation, with a comparable amount of the Company's cash and cash equivalents reclassified as restricted cash. Subsequent changes in the fair value of such obligations, determined based on the closing market price of the financial instruments, are recognized currently as gains or losses, with a comparable reclassification made between the amounts of the Company's unrestricted and restricted cash. The Company's obligations for such transactions are reported as "Financial instrument obligations" with a comparable amount reported as "Restricted cash" in the Company's consolidated balance sheet. As of December 31, 2015 and 2014 , the Company's financial instrument obligations consisted of the following: December 31, 2015 December 31, 2014 Initial Obligation Estimated Initial Obligation Estimated (in thousands) Corporate securities $ 675 $ 1,352 $ 666 $ 621 Market indices 18,685 20,285 18,685 20,451 Covered call options 26 2 7 4 Naked put options — — 109 235 Total $ 19,386 $ 21,639 $ 19,467 $ 21,311 For the years ended December 31, 2015 and 2014 , the Company incurred losses on outstanding financial instrument obligations and settled transactions totaling $0.5 million and $1.8 million , respectively, which are included as a component of "Other income (expense), net" in the Company's consolidated statements of operations. Equity-Method Investments In January 2013, the Company acquired a 40% membership interest in Again Faster LLC, a fitness equipment company, for total cash consideration of $4.0 million . The Company accounts for its investment in Again Faster under the equity method as its ownership interest provides the Company with significant influence, but the Company does not have a controlling financial interest or other control over the operations of Again Faster. The Company accounts for its investment in Again Faster using the traditional method of accounting for equity-method investments, with the Company recognizing its equity in the losses of Again Faster on a one-quarter lag basis. In response to adverse developments in its business, in 2015 Again Faster began seeking out additional investors or buyers for the business and is pursuing other strategic alternatives, including liquidation. Based on the state of the business and the available strategic alternatives, in 2015 the Company fully impaired its investment in Again Faster, incurring an impairment charge of approximately $2.5 million . On August 23, 2013, the Company acquired 1,316,866 shares of the common stock of iGo, Inc. (“iGo”), in a cash tender offer for total consideration of $5.2 million . The shares of common stock of iGo acquired by the Company represented approximately 44.7% of the issued and outstanding shares of iGo. The Company's ownership interest in iGo has increased to 45.7% as a result of changes in the number of outstanding shares of iGo. Pursuant to the Stock Purchase and Sale Agreement between the Company and iGo entered into on July 11, 2013, two members of iGo’s four -member board of directors were replaced by two designees of the Company. The Company accounts for its investment in iGo under the equity method as the Company’s voting interest and board representation provide it with significant influence, but do not provide the Company with control over iGo’s operations. The Company accounts for its investment in iGo using the traditional method of accounting for equity-method investments, with the Company recognizing its equity in the losses of iGo on a one-quarter lag basis. In May 2014, the Company increased its holdings of the common stock of API Technologies Corp. (“API”), a designer and manufacturer of high performance systems, subsystems, modules, and components, to 11,377,192 shares through the acquisition of 1,666,666 shares on the open market. Upon acquiring such shares, the Company held approximately 20.6% of the total outstanding common stock of API. Effective as of that date, the investment in API has been accounted for as an equity-method investment using the fair value option, with changes in fair value based on the market price of API's common stock recognized currently as income or loss from equity method investees. The Company elected the fair value option to account for its investment in API in order to more appropriately reflect the value of API in its financial statements. Prior to such time, the investment in API was accounted for as an available-for-sale security, and upon the change in classification the Company recognized a loss of approximately $0.6 million that had previously been included as a component of "accumulated other comprehensive income". In January 2015, two members of the Company's board of directors were appointed to the eight -member board of directors of Aviat Networks, Inc. ("Aviat"), a global provider of microwave networking solutions. At the time of the appointment, the Company held 8,042,892 shares of Aviat, or approximately 12.9% of the total outstanding common stock. Effective as of the date of the appointment, the investment in Aviat has been accounted for as an equity-method investment as the Company’s voting interest and board representation provide it with significant influence over Aviat's operations. The Company elected the fair value option to account for its investment in Aviat, with changes in fair value based on the market price of Aviat's common stock recognized currently as income or loss from equity method investees, in order to more appropriately reflect the value of Aviat in its financial statements. Prior to such time 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 $2.8 million that had previously been included as a component of "accumulated other comprehensive income". The following table summarizes the Company's equity-method investments. Ownership Carrying Value Income (Loss) Recognized December 31, December 31, Year Ended December 31, 2015 2014 2015 2014 2015 2014 2013 (in thousands) Traditional equity method Again Faster 40.0 % 40.0 % — 3,105 (3,105 ) (566 ) (329 ) iGo 45.7 % 46.9 % 2,861 2,600 261 (2,068 ) (533 ) Fair value option API 20.6 % 20.6 % 15,779 24,355 (8,576 ) (3,436 ) — Aviat 12.9 % 6,175 — (4,682 ) — — Total $ 24,815 $ 30,060 $ (16,102 ) $ (6,070 ) $ (862 ) Based on the closing market price of iGo's publicly-traded shares, the value of the Company's investment in iGo was approximately $3.9 million at December 31, 2015 . In February 2016, API announced that it had entered into a merger agreement pursuant to which holders of its common stock will receive $2.00 for each share held. The merger is subject to certain closing conditions, including shareholder and regulatory approval. The Company and another third party, who combined hold a majority of the common stock of API, have entered into a written consent agreement approving the merger. Pursuant to the consent agreement, the Company is prohibited from selling its shares of API common stock prior to the consummation of the merger. Upon consummation of the merger, the Company would receive $22.9 million for its investment in API. The following table presents summarized financial statement information for the Company's equity-method investees as of and for the years ended December 31, 2015 and 2014 . The summarized balance sheet information is as of the most recent practicable date for equity-method investments accounted for using the fair value option and as of the date through which Company has recognized its equity in the income of the investee for equity-method investments accounted for using the traditional method. The summarized balance sheet and income statement information is included for the periods during which such investments were accounted for as equity-method investments. 2015 2014 (in thousands) Current assets $ 303,544 $ 115,532 Non-current assets $ 258,816 $ 179,161 Current liabilities $ 180,664 $ 42,200 Non-current liabilities $ 207,897 $ 132,681 Revenues $ 546,765 $ 131,290 Gross profit $ 129,419 $ 29,841 Loss from continuing operations $ (44,640 ) $ (8,046 ) Net loss $ (43,040 ) $ (8,046 ) Loss attributable to controlling interests $ (43,340 ) $ (8,046 ) Other Investments The Company's other long-term investments at December 31, 2014 , included a $25.0 million cost-method investment in a limited partnership that co-invested with other private investment funds in a public company. The limited partnership was liquidated in August 2015, with the Company receiving its proportionate share of the common stock of the public company investee. Upon liquidation, the Company recognized a gain on the non-monetary exchange of $9.3 million based on the fair value of the shares received of $34.3 million . 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. The Company's other long-term investments at December 31, 2015 , include investments in a venture capital fund totaling $0.5 million , preferred stock of an investee of $0.1 million , and a promissory note with an amortized cost of $3.0 million , which approximates fair value at December 31, 2015 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair values of assets and liabilities are determined based on a three-level measurement input hierarchy. Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date. Level 2 inputs are other than quoted market prices that are observable, either directly or indirectly, for an asset or liability. Level 2 inputs can include quoted prices in active markets for similar assets or liabilities, quoted prices in a market that is not active for identical assets or liabilities, or other inputs that can be corroborated by observable market data. The Company uses quoted prices of similar instruments with an active market to determine the fair value of its Level 2 investments. Level 3 inputs are unobservable for the asset or liability when there is little, if any, market activity for the asset or liability. Level 3 inputs are based on the best information available, and may include data developed by the Company. The Company uses the net asset value included in quarterly statements it receives in arrears from a venture capital fund to determine the fair value of such fund. The Company determines the fair value of certain corporate securities and corporate obligations by incorporating and reviewing prices provided by third-party pricing services based on the specific features of the underlying securities. Assets measured at fair value on a recurring basis at December 31, 2015 , summarized by measurement input category, were as follows: Total Level 1 Level 2 Level 3 (in thousands) Assets Mutual funds $ 14,017 $ 14,017 $ — $ — Corporate securities 56,909 48,604 — 8,305 Corporate obligations 25,263 — 6,143 19,120 Investments in equity-method investees 21,954 21,954 — — Other investments (1) 555 — — 555 $ 118,698 $ 84,575 $ 6,143 $ 27,980 Liabilities Financial instrument obligations $ (21,639 ) $ (21,639 ) $ — $ — (1) Reported within "Other investments." Assets and liabilities measured at fair value on a recurring basis at December 31, 2014 , summarized by measurement input category, were as follows: Total Level 1 Level 2 Level 3 (in thousands) Assets Mutual funds $ 20,970 $ 20,970 $ — $ — Corporate securities 87,850 72,798 — 15,052 Corporate obligations 29,637 — 10,793 18,844 Investments in equity-method investees 24,355 24,355 — — Other investments (1) 525 — — 525 $ 163,337 $ 118,123 $ 10,793 $ 34,421 Liabilities Financial instrument obligations $ (21,311 ) $ (21,311 ) $ — $ — (1) Reported within "Other investments". There were no transfers of securities among the various measurement input levels during the year ended December 31, 2015 . Changes in the fair value of assets valued using Level 3 measurement inputs during the years ended December 31, 2015 and 2014 , were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Balance, beginning of period $ 34,421 $ 24,209 $ 2,804 Purchases 5,183 13,294 45,383 Sales (2,953 ) (5,001 ) (23,034 ) Realized gain on sale 8 (129 ) 1,556 Change in fair value (8,679 ) 2,048 (2,500 ) Balance, end of period $ 27,980 $ 34,421 $ 24,209 Realized gains and losses on the sale of investments using Level 3 measurement inputs are recognized as a component of "Other income (expense), net". Unrealized gains and losses on investments using Level 3 measurement inputs are recognized as a component of "Other comprehensive income (loss)". The carrying value of the Company's long-term debt (see Note Note 10 ) is a reasonable approximation of its fair value since it is a variable-rate obligation. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment at December 31, 2015 and 2014 , consisted of the following: December 31, 2015 December 31, 2014 (in thousands) Rigs and other equipment $ 118,836 $ 115,391 Buildings and improvements 19,319 18,977 Land 1,893 1,893 Vehicles 2,304 2,197 Furniture and fixtures 925 673 Assets in progress 108 644 143,385 139,775 Accumulated depreciation (47,592 ) (32,588 ) Property and equipment, net $ 95,793 $ 107,187 Depreciation expense was $15.4 million , $14.6 million , and $ 10.5 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively, and includes the depreciation associated with assets under capital leases (see Note 11 ). |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets In connection with its annual goodwill impairment tests, the Company recognized impairment charges of $18.3 million and $36.7 million in the fourth quarter of 2015 and 2014 , respectively, primarily related to the goodwill associated with its Energy segment. The impairments in the Energy segment resulted from the adverse effects the decline in energy prices have had on the oil services industry and the projected future results of operations of the Energy segment. The fair values of the reporting units used in determining the goodwill impairment charges were based on valuations using a combination of the income approach (discounted cash flows) and the market approach (guideline public company method and guideline transaction method). The goodwill impairment charge in 2015 included an impairment of the goodwill at Sun Well, inclusive of the goodwill related to Eagle Well, of approximately $18.1 million . The goodwill impairment charge in 2014 consisted of an impairment of the goodwill at Sun Well of approximately $30.4 million and an impairment charge of the goodwill at Rogue of $6.3 million . No impairment charges were recognized related to the goodwill at Black Hawk. The goodwill impairment charge in 2015 also included an impairment of the goodwill related to the Hermosa Crossfit ® facility of approximately $0.2 million . In 2015 , the Company recognized in impairment charge of $7.4 million related to the long-lived assets at Sun Well as a result of the adverse effects the decline in energy prices have had on the projected future results of operations. The impairment charge was equal to the carrying value of the long-lived assets in excess of their fair values, and was fully ascribed to the customer relationships intangible asset at Sun Well based on the relative fair values of the long-lived assets. The Company's intangible assets at December 31, 2015 and 2014 , all of which are subject to amortization, consisted of the following: December 31, 2015 December 31, 2014 Cost Accumulated Amortization Net Cost Accumulated Amortization Net (in thousands) Energy segment: Customer relationships $ 47,078 $ (28,966 ) $ 18,112 $ 54,430 $ (21,938 ) $ 32,492 Trade names 4,860 (3,785 ) 1,075 4,860 (3,161 ) 1,699 Non-compete agreement 120 (49 ) 71 120 (25 ) 95 52,058 (32,800 ) 19,258 59,410 (25,124 ) 34,286 Sports segment: Customer relationships 2,089 (1,189 ) 900 2,089 (678 ) 1,411 Trade names 122 (61 ) 61 122 (37 ) 85 2,211 (1,250 ) 961 2,211 (715 ) 1,496 Total $ 54,269 $ (34,050 ) $ 20,219 $ 61,621 $ (25,839 ) $ 35,782 Amortization expense was $8.2 million , $9.6 million , and $8.7 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Estimated aggregate amortization expense related to the intangible assets for the next five years and thereafter is as follows: Amount (in thousands) For the year ended December 31: 2016 $ 5,710 2017 4,800 2018 4,167 2019 1,753 2020 1,753 Thereafter 2,036 $ 20,219 The changes to the Company’s carrying amount of goodwill were as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Energy Sports Total Energy Sports Total (in thousands) Balance at beginning of period $ 28,693 $ 2,171 $ 30,864 $ 65,359 $ 2,171 $ 67,530 Impairments (18,116 ) (154 ) (18,270 ) (36,666 ) — (36,666 ) Balance at end of period $ 10,577 $ 2,017 $ 12,594 $ 28,693 $ 2,171 $ 30,864 At December 31, 2015 , the remaining goodwill associated with the Energy segment was $10.6 million , all of which related to Black Hawk. The accumulated goodwill impairment was $60.5 million and $42.2 million at December 31, 2015 and 2014 , respectively. The components of goodwill at December 31, 2015 and 2014 , were as follows: December 31, 2015 December 31, 2014 (in thousands) Goodwill $ 73,095 $ 73,095 Accumulated impairment (60,501 ) (42,231 ) Net goodwill $ 12,594 $ 30,864 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt In 2013, Steel Energy Services entered into a credit agreement, as amended (the “Amended Credit Agreement”), with Wells Fargo Bank National Association, RBS Citizens, N.A., and Comerica Bank that provides for a borrowing capacity of $105.0 million consisting of a $95.0 million secured term loan (the “Term Loan”) and up to $10.0 million in revolving loans (the “Revolving Loans”) subject to a borrowing base of 85% of the eligible accounts receivable. Of the total proceeds from the Term Loan, $70.0 million was used to partially fund a dividend of $80.0 million paid to the Company and $25.0 million was used to partially fund the acquisition of the business and substantially all of the assets of Black Hawk Inc. (see Note 4 ). The Company incurred fees totaling approximately $1.4 million in connection with the Amended Credit Agreement that are being amortized over the life of the arrangement as a component of interest expense. Borrowings under the Amended Credit Agreement are collateralized by substantially all the assets of Steel Energy Services and its wholly-owned subsidiaries Sun Well, Rogue, and Black Hawk Ltd., and a pledge of all of the issued and outstanding shares of capital stock of Sun Well, Rogue, and Black Hawk Ltd. Borrowings under the Amended Credit Agreement are fully guaranteed by Sun Well, Rogue, and Black Hawk Ltd. The carrying values as of December 31, 2015 , of the assets pledged as collateral by Steel Energy Services and its subsidiaries under the Amended Credit Agreement were as follows: Amount (in thousands) Cash and cash equivalents $ 21,812 Accounts receivable 8,685 Property and equipment, net 88,463 Intangible assets, net 19,258 Total $ 138,218 The Amended Credit Agreement has a term that runs through July 2018, with the Term Loan amortizing in quarterly installments of $3.3 million and a balloon payment due on the maturity date. In December 2015, the Company made a prepayment of $23.1 million on the Term Loan, with the prepayment applied to the next seven quarterly installments. The Company recognized a loss on extinguishment of $0.1 million in connection with the prepayment from the write off of unamortized debt issuance costs, which was reported as a component of "Other income (expense), net" in the consolidated statement of operations for the year ended December 31, 2015 . At December 31, 2015 , $42.7 million was outstanding under the Term Loan and no amount was outstanding under the Revolving Loans. Principal payments under the Amended Credit Agreement for subsequent years are as follows: Amount (in thousands) 2016 $ — 2017 3,303 2018 39,643 Total 42,946 Less current portion — Less unamortized debt issuance costs 280 Total long-term debt $ 42,666 Borrowings under the Amended Credit Agreement bear interest at annual rates of either (i) the Base Rate plus an applicable margin of 1.50% to 2.25% or (ii) LIBOR plus an applicable margin of 2.50% to 3.25% . The “Base Rate” is the greatest of (i) the prime lending rate, (ii) the Federal Funds Rate plus 0.5% , and (iii) the one-month LIBOR plus 1.0% . The applicable margin for both Base Rate and LIBOR is determined based on the leverage ratio calculated in accordance with the Amended Credit Agreement. LIBOR -based borrowings are available for interest periods of one, three, or six months. In addition, the Company is required to pay commitment fees of between 0.375% and 0.50% per annum on the daily unused amount of the Revolving Loans. The interest rate on the borrowings under the Amended Credit Agreement was 3.1% at December 31, 2015 . For the years ended December 31, 2015 , 2014 , and 2013 , the Company incurred interest expense of $2.4 million , $3.1 million , and $1.4 million , respectively, in connection with the Amended Credit Agreement. The Amended Credit Agreement contains certain financial covenants, including (i) a leverage ratio not to exceed 2.75 :1 for quarterly periods through June 30, 2017, and 2.5 :1 thereafter and (ii) a fixed charge coverage ratio of 1.15 :1 for quarterly periods through December 31, 2016, and 1.25 :1 thereafter. The Company was in compliance with all financial covenants as of December 31, 2015 . The Amended Credit Agreement also contains representations, warranties and non-financial covenants, including, among other things, covenants relating to (i) financial reporting and notification, (ii) payment of obligations, (iii) compliance with law, (iv) maintenance of properties and (v) payment of restricted payments. The repayment of the Term Loan can be accelerated upon (i) a change in control, which would include Steel Energy Services owning less than 100% of the equity of Sun Well, Rogue, or Black Hawk Ltd. or Steel Partners owning, directly or indirectly, less than 35% of Steel Energy Services or (ii) other events of default, including payment failure, false representations, covenant breaches, and bankruptcy. Sun Well previously had a credit agreement (the "Sun Well Credit Agreement") with Wells Fargo Bank, National Association, that included a term loan of $20.0 million and a revolving line of credit for up to $5.0 million . All amounts due under the Sun Well Credit Agreement were fully repaid during 2013 and the facility was terminated in 2013 upon the initial closing of the Amended Credit Agreement. For the year ended December 31, 2013 , the Company incurred interest expense of $0.3 million in connection with the Sun Well Credit Agreement. Upon termination of the Sun Well Credit Agreement, the Company recognized a loss on extinguishment of $0.5 million from the write off of unamortized debt issuance costs, which was reported as a component of "Other income (expense), net" in the consolidated statements of operations for the year ended December 31, 2013 . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | Leases The Company leases certain property and equipment used in its operations under agreements that are classified as both capital and operating leases. Such agreements generally include provisions for inflation-based rate adjustments and, in the case of leases for buildings and office space, payments of certain operating expenses and property taxes. In 2015, the Company fully repaid all amounts due under its capital lease obligations. Future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year are as follows: Amount (in thousands) For the year ended December 31, 2016 $ 796 2017 668 2018 365 2019 254 2020 782 Total minimum lease payments $ 2,865 At December 31, 2014 , assets recorded under capital leases are included in property and equipment (see Note 8 ) as follows: Amount (in thousands) Rigs and other equipment $ 1,871 Accumulated depreciation (559 ) Net $ 1,312 Total rental expense under operating leases was $6.1 million , $7.7 million , and $3.3 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities “Accrued expenses and other current liabilities” consisted of the following: December 31, 2015 December 31, 2014 (in thousands) Tax-related $ 146 $ 238 Accrued compensation and related taxes 2,472 5,471 Deferred compensation 3,546 — Deferred revenue 1,510 1,308 Professional services 156 763 Accrued fuel and rig-related charges 107 601 Other 521 535 $ 8,458 $ 8,916 “Other long-term liabilities” consisted of the following: December 31, 2015 December 31, 2014 (in thousands) Deferred compensation $ 197 $ — Tax-related — 3,709 Other 39 6 Total $ 236 $ 3,715 |
Other Income (Expense), net
Other Income (Expense), net | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense), net | Other Income (Expense), net “Other income (expense), net” consisted of the following: Year Ended December 31, 2015 2014 2013 (in thousands) Investment income $ 4,683 $ 6,621 $ 4,804 Realized gain on sale of marketable securities, net 5,247 3,765 2,608 Loss on financial instrument obligations (477 ) (1,820 ) — Realized loss upon change to equity method at fair value (2,807 ) (568 ) — Realized gain on non-monetary exchange 9,268 — — Foreign exchange loss (669 ) (1,059 ) — Gain (loss) on sale of property and equipment (235 ) 191 132 Loss on extinguishment of debt (87 ) — (463 ) Other (24 ) (72 ) (7 ) Other income (expense), net $ 14,899 $ 7,058 $ 7,074 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recognized a benefit from income taxes of $6.3 million for the year ended December 31, 2015 , primarily as a result of the allowable benefit recognizable on unrealized gains on marketable securities included in other comprehensive income and from the recognition of state deferred income tax benefits. The Company recognized a benefit from income taxes of $1.3 million for the year ended December 31, 2014 , primarily as a result of a foreign tax benefit of $1.7 million recognized upon the conclusion of tax examinations by a foreign tax authority. The Company recognized a benefit for income taxes of $5.8 million for the year ended December 31, 2013 , primarily as a result of the reversal of reserves for foreign taxes upon the expiration of the statute of limitations. The components of the benefit from income taxes were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Federal: Current $ (152 ) $ (191 ) $ 14 Deferred 5,283 105 (86 ) 5,131 (86 ) (72 ) Foreign: Current 59 1,719 7,281 Deferred — — (1,696 ) 59 1,719 5,585 State: Current (131 ) (403 ) 509 Deferred 1,264 93 (204 ) 1,133 (310 ) 305 $ 6,323 $ 1,323 $ 5,818 The components of income (loss) from continuing operations before income taxes were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Domestic $ (104,106 ) $ (25,580 ) $ 6,990 Foreign — (12 ) 59 $ (104,106 ) $ (25,592 ) $ 7,049 The benefit for income taxes varied from the federal statutory income tax rate due to the following: Year Ended December 31, 2015 2014 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of federal benefit 1.0 % (0.5 )% (8.1 )% Foreign losses not benefited — % — % (0.3 )% Changes in tax reserves (0.3 )% 0.2 % (78.6 )% Change in valuation allowance (24.8 )% 30.3 % (28.1 )% Permanent differences (4.7 )% (64.6 )% (1.8 )% Foreign tax refund — % 6.5 % — % Other (0.1 )% (1.7 )% (0.6 )% 6.1 % 5.2 % (82.5 )% The components of the deferred tax assets and liabilities were as follows: December 31, 2015 2014 (in thousands) Deferred tax assets Net operating loss carryforwards $ 45,296 $ 49,096 Research and development credits 33,484 33,484 Marketable securities 19,266 — Compensatory and other accruals 1,827 2,698 Unrealized losses on investments — 5,265 Intangible assets 6,847 819 Foreign tax credits — 201 Other, net 6,152 3,725 Gross deferred tax assets 112,872 95,288 Deferred tax liabilities: Unrealized gains on investments 97 — Fixed assets 20,073 19,128 Gross deferred tax liabilities 20,170 19,128 Net deferred tax asset before valuation allowance 92,702 76,160 Valuation Allowance (93,439 ) (78,018 ) Net deferred tax liability $ (737 ) $ (1,858 ) The Company's deferred tax assets and deferred tax liabilities were classified in the consolidated balance sheets as non-current deferred income tax liabilities at December 31, 2015 and 2014 . At December 31, 2015 , the Company had federal net operating loss carryforwards of approximately $139.1 million that expire in 2022 through 2035 , and domestic state net operating loss carryforwards of approximately $156.1 million that expire in 2016 through 2035 . The Company also had federal research and development credit carryforwards of approximately $30.3 million that expire in 2018 through 2029 , and domestic state research and development credit carryforwards of approximately $17.7 million that do not expire. Of the total federal net operating loss carryforwards, approximately $10.5 million related to deductions for stock-based compensation, the tax benefit of which will be credited to additional paid-in capital when realized. The Company's ability to utilize its net operating loss and other credit carryforwards would be subject to limitation upon a change in control. Federal income taxes and foreign withholding taxes associated with the repatriation of earnings of foreign subsidiaries have been fully provided. The Company established a valuation allowance to reserve its net deferred tax assets at December 31, 2015 and 2014 , based on its assessment that it is more likely than not that such benefit will not be fully realized. This assessment was based on, but not limited to, the Company’s operating results for the past three years, uncertainty in the Company’s projections of taxable income, and uncertainty in general economic conditions in general and in the oil and gas industry in particular. The changes in unrecognized tax positions were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Balance at beginning of period $ 19,076 $ 19,121 $ 26,419 Tax positions related to prior year: Additions 8,269 — — Expiration of statute of limitations (59 ) (45 ) (7,298 ) Settlements — — — Balance at ending of period $ 27,286 $ 19,076 $ 19,121 As of December 31, 2015 , the Company’s total gross unrecognized tax benefits were $27.3 million , of which $0.3 million , if recognized, would affect the provision for income taxes. In 2015 , the Company reversed approximately $0.1 million of reserves for foreign taxes upon the expiration of the statute of limitations. The Company recognizes interest and penalties related to uncertain tax positions as a component of “benefit from income taxes” in its consolidated statements of operations. For the years ended December 31, 2015 . 2014 , and 2013 , the amount of such interest and penalties recognized was immaterial. The Company is subject to federal income tax as well as income taxes in many domestic states and foreign jurisdictions in which the Company operates or formerly operated. As of December 31, 2015 , fiscal years from 1999 onward remain open to examination by the United States taxing authorities. In 2014, tax examinations were completed for fiscal years 2009 through 2013 in Singapore, resulting in a refund to the Company of $1.7 million . The Company is not currently under tax examination in any foreign jurisdictions. |
Stock Benefit Plans
Stock Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Benefit Plans | Stock Benefit Plans The Company grants equity-based awards to employees under its 2004 Equity Incentive Plan, as amended (the “2004 Plan”). Stock options granted under the 2004 Plan have a term of up to seven years from the grant date, with the exception of incentive stock options granted to employees who own more than 10% of the voting power of all classes of stock of the Company, which have a term of up to five years. The exercise price and vesting period of stock options granted under the 2004 Plan is determined by the board of directors or its delegates, subject to certain provisions of the 2004 Plan. The exercise price of incentive stock options granted to employees who own more than 10% of the voting power of all classes of stock of the Company shall not be less than 110% of the fair market value of the Company’s common stock on the grant date. The exercise price of incentive stock options granted to other employees shall be no less than 100% of the fair market value of the Company’s common stock on the grant date. The exercise price of non-qualified stock options granted to employees shall be no less than 100% of the fair market value of the Company’s common stock on the grant date, but in certain circumstances could be as low as 85% of the fair market value of the Company’s common stock on the grant date. The 2004 Plan also allows for the granting of stock appreciation rights, restricted stock awards, and restricted stock units, the terms of such grants being determined by the board of directors or its delegates subject to certain provisions of the 2004 Plan. Stock appreciation rights granted under the 2004 Plan shall have a term of up to seven years and an exercise price of no less than 100% of the fair market value of the Company’s common stock on the grant date. Restricted stock awards and restricted stock units (collectively, “restricted stock”) granted under the 2004 Plan shall have a purchase price of at least $0.001 per share. The Company grants equity-based awards to non-employee directors under its 2006 Director Plan, as amended (the "2006 Plan", and together with the “2004 Plan”, the "Equity Plans"). The terms of all stock-based awards granted under the 2006 Plan are determined by the compensation committee of the board of directors, subject to certain provisions of the 2006 Plan. All options granted under the 2006 Plan are non-qualified stock options, and shall have a term of up to ten years and an exercise price of no less than 100% of the fair market value of the Company’s common stock on the grant date. The 2006 Plan also allows for the granting of stock appreciation rights, restricted stock awards, and restricted stock units. Stock appreciation rights granted under the 2006 Plan shall have a term of up to ten years and an exercise price of no less than 100% of the fair market value of the Company’s common stock on the grant date. Restricted stock granted under the 2006 Plan shall have a purchase price equal to at least the par value of the Company’s common stock on the grant date. There were 1,805,613 shares and 1,200,000 shares of the Company’s common stock originally reserved for the issuance of equity-based awards under the 2004 Plan and the 2006 Plan, respectively. Under the 2004 Plan, 1,386,452 shares remained available for the issuance of equity-based awards and 204,852 equity-based awards were outstanding at December 31, 2015 . Under the 2006 Plan, 380,977 shares remained available for the issuance of equity-based awards and 51,318 equity-based awards were outstanding at December 31, 2015 . The Company recognizes stock-based compensation based on the estimated fair values of equity-based awards on the grant dates. Stock-based compensation is recognized ratably over the requisite service or vesting period of the equity-based awards and is adjusted for estimated forfeitures. Certain grants of restricted stock to non-employee directors vest in full when the individual ceases being a member of the board of directors for any reason. The fair value of such grants are recognized as stock-based compensation on the grant date. The fair value of restricted stock is based on the closing price of the Company’s common stock on the grant date. The Company uses the Black-Scholes option pricing model to estimate the fair value of stock options. No stock options were granted during the years ended December 31, 2015 , 2014 , and 2013 . Stock-based compensation expense by type of equity-based award, all of which was recognized as a component of "Selling, general, and administrative expenses" in the consolidated statements of operations for the years ended December 31, 2015 , 2014 , and 2013 , was as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Stock options $ — $ 36 $ 91 Restricted stock 3,157 2,771 1,949 Total stock-based compensation $ 3,157 $ 2,807 $ 2,040 There was no stock option activity under the Equity Plans during the year ended December 31, 2015 . Information relating to outstanding and exercisable stock options under the Equity Plans at December 31, 2015 , is summarized in the following table. All stock option grants had exercise prices equal to or greater than the market price on the grant date. Shares Weighted Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) (in thousands) Outstanding and exercisable, December 31, 2015 56 $ 30.14 3.2 $ — Information relating to restricted stock activity in the Equity Plans for the year ended December 31, 2015 , is summarized in the following table. Shares Weighted Average Grant Date Fair Value (in thousands) Non-vested stock, January 1, 2015 57 $ 30.10 Awarded 181 $ 23.62 Vested (34 ) $ 30.58 Forfeited (3 ) $ 26.97 Non-vested stock, December 31, 2015 201 $ 24.22 Information relating to the fair value of grants of equity awards and the fair value of restricted shares vested for the years ended December 31, 2015 , 2014 , and 2013 is summarized in the following table. No stock options were exercised during the years ended December 31, 2015 , 2014 , and 2013 . Year Ended December 31, 2015 2014 2013 (in thousands) Fair value on grant date - restricted stock $ 4,264 $ 788 $ 3,977 Fair value of restricted stock vested $ 1,042 $ 2,739 $ 2,797 Compensation expense related to equity-based awards granted under the Equity Plans that was not recognized as of December 31, 2015 , totaled $2.1 million and is expected to be recognized over a weighted average period of 1.0 years. The Company did not receive any proceeds from the exercise of equity-based awards during the years ended December 31, 2015 , 2014 , and 2013 . The Company has a policy of issuing new shares of common stock upon the exercise of stock options. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) attributable to Steel Excel per share of common stock is computed by dividing net income (loss) attributable to Steel Excel by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share attributable to Steel Excel gives effect to all potentially dilutive common shares outstanding during the period. Amounts used in the calculation of basic and diluted net income (loss) per share of common stock for the years ended December 31, 2015 , 2014 , and 2013 , were as follows: Year Ended December 31, 2015 2014 2013 (in thousands, except per share data) Numerators: Net income (loss) from continuing operations $ (97,783 ) $ (24,269 ) $ 12,867 Non-controlling interest 376 235 156 Net income (loss) from continuing operations attributable to Steel Excel Inc. $ (97,407 ) $ (24,034 ) $ 13,023 Income (loss) from discontinued operations $ — $ 506 $ (5,540 ) Non-controlling interest — (279 ) 3,188 Income (loss) from discontinued operations attributable to Steel Excel Inc. $ — $ 227 $ (2,352 ) Net income (loss) attributable to Steel Excel Inc. $ (97,407 ) $ (23,807 ) $ 10,671 Denominators: Basic weighted average common shares outstanding 11,454 11,678 12,584 Effect of dilutive securities - stock-based awards — — 18 Diluted weighted average common shares outstanding 11,454 11,678 12,602 Basic income (loss) per share attributable to Steel Excel Inc.: Net income (loss) from continuing operations $ (8.50 ) $ (2.06 ) $ 1.03 Income (loss) from discontinued operations, net of taxes $ — $ 0.02 $ (0.19 ) Net income (loss) $ (8.50 ) $ (2.04 ) $ 0.85 Diluted income (loss) per share attributable to Steel Excel Inc.: Net income (loss) from continuing operations $ (8.50 ) $ (2.06 ) $ 1.03 Income (loss) from discontinued operations, net of taxes $ — $ 0.02 $ (0.19 ) Net income (loss) $ (8.50 ) $ (2.04 ) $ 0.85 The number of shares used in the calculation of diluted earnings (loss) per share for the years ended December 31, 2015 and 2014 , excluded 15,000 incremental shares and 20,000 incremental shares, respectively, related to stock options and restricted stock. Such incremental shares were excluded from the calculation of diluted earnings (loss) per share due to their anti-dilutive effect. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in the components of "Accumulated other comprehensive income (loss)" were as follows: Unrealized Cumulative Total (in thousands) Balance, January 1, 2015 $ (14,821 ) $ (385 ) $ (15,206 ) Other comprehensive income (loss) before reclassifications (24,927 ) (8 ) (24,935 ) Reclassifications from accumulated other comprehensive income 34,595 — 34,595 Current period other comprehensive income (loss) 9,668 (8 ) 9,660 Balance, December 31, 2015 $ (5,153 ) $ (393 ) $ (5,546 ) Amounts reclassified for realized gains or losses on marketable securities and other-than-temporary impairments of marketable securities for the year ended December 31, 2015 , are reported as a component of "Other income (expense), net" and "Impairment of marketable securities", respectively, in the consolidated statement of operations. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Cash paid for interest and income taxes and non-cash investing and financing activities for the years ended December 31, 2015 , 2014 , and 2013 , were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Interest paid $ 2,155 $ 2,707 $ 1,304 Income taxes paid (refunded) - net $ 298 $ (1,507 ) $ 916 Non-cash investing and financing activities: Reclassification of available-for-sale securities to equity method investment $ 10,857 $ 27,647 $ — Partnership interest exchanged for marketable securities $ 25,000 $ — $ — Sales of marketable securities not settled $ 23,229 $ — $ — Note receivable exchanged for preferred stock $ 75 $ — $ — Securities received in exchange for financial instrument obligations $ 76 $ 20,007 $ — Securities delivered in exchange for settlement of financial instrument obligations $ 76 $ 520 $ — Contribution of note payable by non-controlling interest $ — $ 268 $ — Restricted stock awards surrendered to satisfy tax withholding obligations $ 85 $ 120 $ — Non-controlling interests recognized in connection with acquisitions $ — $ — $ 2,896 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies From time to time, we are subject to litigation or claims that arise in the normal course of business. While the results of such litigation matters and claims cannot be predicted with certainty, we believe that the final outcome of such matters will not have a material adverse impact on our financial position or results of operations. However, because of the nature and inherent uncertainties of litigation, should the outcome of these actions be unfavorable, our business, financial condition, and results of operations could be materially and adversely affected. The Company entered into agreements in connection with the sale of portions of the Predecessor Business that included certain indemnification obligations. These indemnification obligations generally required the Company to compensate the other party for certain damages and costs incurred as a result of third party claims. The Company is not aware of any claims under the indemnification provisions and no liabilities have been recognized in connection with such contingent obligations. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions SPLP beneficially owned approximately 58.3% of the Company’s outstanding common stock as of December 31, 2015 . The power to vote and dispose of the securities held by SPLP is controlled by Steel Partners Holdings GP Inc. (“SPH GP”). Warren G. Lichtenstein, the Chairman of the Board of Directors and chairman of the Company's Sports segment, is also the Executive Chairman of SPH GP. Certain other affiliates of SPH GP hold positions with the Company, including Jack Howard, as Vice Chairman and principal executive officer, James F. McCabe, Jr., as Chief Financial Officer, and Leonard J. McGill, as Vice President, General Counsel, and Secretary. Each of Warren G. Lichtenstein and Jack L. Howard is compensated with cash compensation and equity awards or equity-based awards in amounts that are consistent with the Company’s Non-employee Director Compensation Policy. In June 2015, the Company's board of directors approved a plan to purchase up to 1,000,000 common units of SPLP on the open market or in private transactions with third parties. As of December 31, 2015 , the Company held 936,968 SPLP common units that had a fair value of approximately $15.3 million (see Note 6 ). In October 2011, the Company contracted with SP Corporate Services LLC (“SP Corporate”), a SPLP affiliate, to provide financial management and administrative services, including the services of a chief financial officer. Through July 2012, the Company paid SP Corporate $35,000 per month for the provision of such services. Effective August 2012, the services SP Corporate provided were expanded to include executive and financial management services in the areas of finance, regulatory reporting, and other administrative and operational functions. The Company paid SP Corporate $300,000 per month for these expanded services through December 31, 2013 . Effective January 1, 2014, the services SP Corporate provides were further expanded, and the Company paid SP Corporate $667,000 per month for such services. Effective October 1, 2014, the fees paid the Company to SP Corporate increased to $679,000 per month to cover the costs of additional services provided to the Sports business. The services agreement with SP Corporate and subsequent amendments were approved by a committee of the Company’s independent directors. In addition, the Company reimburses SP Corporate and other SPLP affiliates for certain expenses incurred on the Company’s behalf. During the years ended December 31, 2015 , 2014 , and 2013 , the Company incurred expenses of $9.0 million , $9.1 million , and $4.4 million , respectively, for services provided by SP Corporate and for reimbursement of expenses incurred on its behalf by SP Corporate and its affiliates. As of December 31, 2015 and 2014 , the Company owed SP Corporate and other SPLP affiliates $0.1 million and $0.3 million , respectively. The Company uses several firms to execute trades of its marketable securities and certain of its other investments. The Company uses Mutual Securities, Inc. ("Mutual Securities"), to execute certain trades, including repurchases of the Company's common stock. Jack L. Howard, the Company's principal executive officer, is a registered principal of Mutual Securities and receives commission payments from Mutual Securities after deductions for fees and expenses. During the years ended December 31, 2015 , 2014 , and 2013 , the Company paid commissions to Mutual Securities totaling $0.1 million , $0.3 million , and $0.2 million , respectively. In October 2013, iGo contracted with SP Corporate to provide certain executive, other employee, and corporate services for a fixed annual fee of $0.4 million . In addition, iGo will reimburse SP Corporate for reasonable and necessary business expenses incurred on iGo’s behalf. The services agreement was approved by the independent directors of iGo. During 2015, the Company closed an account in which it previously maintained short-term deposits at WebBank, an affiliate of SPLP. Such deposits totaled $12.3 million at December 31, 2014 . The Company recognized interest income on such deposits totaling $39,000 and $84,000 for the years ended December 31, 2015 and 2014 , respectively. In 2015, the Company entered into an arrangement with Pivot Marketing Agency ("Pivot"), a sports marketing agency that, through a non-ownership relationship, is affiliated with the chief executive officer of the Company's Sports segment. Pivot provides services related to obtaining sponsorships for the Sports segment's events. For the year ended December 31, 2015 , the Company paid Pivot $12,000 for such services. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company has determined that its two reportable segments are Energy and Sports. The Energy segment provides drilling and production services to the oil and gas industry. The Sports segment is a social impact organization that strives to provide a first-class youth sports experience emphasizing positive experiences and instilling the core values of discipline, teamwork, safety, respect, and integrity. The Company identifies its operating segments based on the services provided by its various operations and the financial information used by its chief operating decision maker to make decisions regarding the allocation of resources to and the financial performance of the operating segments. The reporting segments represent an aggregation of individual operating segments with similar economic and other characteristics. The Energy segment is an aggregation of the individual operating segments represented by Sun Well, Rogue, and Black Hawk Ltd. The Sports segment is an aggregation of the individual operating segments represented by Baseball Heaven LLC, a provider of a wide variety of baseball services, UK Elite, and the Crossfit ® entities. In 2014 , the Company changed its measurement method to measure the profit or loss of its segments to be based on operating income (loss) before goodwill and other asset impairments. The measurement method had previously been operating income (loss). Operating income (loss) before goodwill and other asset impairments of the segments is determined in the same manner as operating income under generally accepted accounting principles, with the sole exception of excluding the amounts for goodwill and other asset impairments. The accounting policies used to measure operating income (loss) before goodwill and other asset impairments of the segments are the same as those used in preparing the Company’s consolidated financial statements (see Note 2 ). Segment information relating to the Company's results of continuing operations was as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Revenues Energy $ 111,397 $ 191,608 $ 109,624 Sports 21,223 18,540 10,404 Total revenues $ 132,620 $ 210,148 $ 120,028 Operating income (loss) before goodwill and other asset impairments Energy $ 2,478 $ 29,889 $ 12,381 Sports (3,354 ) (2,161 ) (1,408 ) Total segment operating income (loss) (876 ) 27,728 10,973 Corporate and other business activities (14,169 ) (14,465 ) (8,411 ) Impairment of goodwill and intangible assets (25,622 ) (36,666 ) — Impairment of marketable securities (59,781 ) — — Interest expense (2,455 ) (3,177 ) (1,725 ) Other income (expense), net 14,899 7,058 7,074 Income (loss) from continuing operations before income taxes $ (88,004 ) $ (19,522 ) $ 7,911 Depreciation and amortization expense: Energy $ 21,904 $ 22,530 $ 18,392 Sports $ 1,709 1,626 793 Total depreciation and amortization expense $ 23,613 $ 24,156 $ 19,185 For the year ended December 31, 2015 , revenues from the four largest customers in the Company’s Energy segment were approximately $21.6 million , $16.0 million , $15.3 million , and $14.0 million , representing 16.3% , 12.1% , 11.5% , and 10.5% , respectively, of the Company's consolidated revenues. For the year ended December 31, 2014 , revenues from the two largest customers in the Company's Energy segment were approximately $43.5 million and $42.7 million , representing 20.7% and 20.3% , respectively, of the Company’s consolidated revenues. For the year ended December 31, 2013 , revenues from the two largest customers in the Company’s Energy segment were approximately $20.4 million and $12.7 million , representing 17.0% and 10.5% , respectively, of the Company’s consolidated revenues. Segment information related to the Company's assets was as follows: December 31, 2015 December 31, 2014 (in thousands) Total assets Energy $ 150,437 $ 219,630 Sports 14,686 18,625 Corporate and other business activities 179,699 238,691 Total assets $ 344,822 $ 476,946 Capital expenditures Energy $ 4,226 $ 15,313 Sports $ 559 $ 626 Total capital expenditures $ 4,785 $ 15,939 Total assets of Corporate and other business activities at December 31, 2015 , include investments in equity-method investees of $24.8 million . Total assets of the Sports segment and Corporate and other business activities at December 31, 2014 , include investments in equity-method investees of $3.1 million and $27.0 million , respectively. |
Stock Split
Stock Split | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stock Split | Stock Split In June 2014, following stockholder approval and authorization from its board of directors, the Company effected a 1 -for- 500 reverse stock split (the "Reverse Split"), immediately followed by a 500 -for-1 forward stock split (the "Forward Split", and together with the Reverse Split, the "Reverse/Forward Split"), of its common stock effective as of the close of business on June 18, 2014. As a result of the Reverse Split, stockholders holding fewer than 500 shares received a cash payment for all of their outstanding shares based on a per share price equal to the closing price of the Company’s common stock on June 18, 2014, the effective date of the Reverse/Forward Split. Stockholders holding 500 or more shares as of the effective date of the Reverse/Forward Split did not receive any payments for fractional shares resulting from the Reverse Split, and therefore the total number of shares held by such holders did not change as a result of the Reverse/Forward Split. In connection with the Reverse Split, the Company paid $10.1 million in July 2014 for 295,659 shares of common stock and the return of 1,388 non-vested restricted stock awards previously awarded to employees. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On March 11, 2016, the Company notified the Nasdaq Stock Market of its intention to voluntarily delist its common stock, with associated preferred stock purchase rights, from the Nasdaq Capital Market. The Company intends to cease trading on Nasdaq at the close of business on March 31, 2016. After the effective date of delisting, the Company intends to file a Form 15 with the Securities and Exchange Commission to voluntarily effect deregistration of its securities pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended. The Company's obligation to file current and periodic reports with the Securities and Exchange Commission ("SEC") will be terminated the same day upon the filing of the Form 15 with the SEC. The Company is eligible to deregister its common stock, with associated preferred stock purchase rights, because it has fewer than 300 stockholders of record. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Income Statement [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) Quarter Ended: March 31 (A) June 30 (B) September 30 (C) December 31 (D) (in thousands, except per-share data) Year Ended December 31, 2015 Net revenues $ 38,885 $ 35,610 $ 33,480 $ 24,645 Gross profit $ 7,245 $ 8,602 $ 7,344 $ 3,424 Net loss from continuing operations $ (7,613 ) $ (10,463 ) $ (14,263 ) $ (65,444 ) Net loss $ (7,613 ) $ (10,463 ) $ (14,263 ) $ (65,444 ) Net loss attributable to Steel Excel Inc. $ (7,250 ) $ (10,536 ) $ (14,474 ) $ (65,147 ) Net loss from continuing operations attributable to Steel Excel Inc. $ (7,250 ) $ (10,536 ) $ (14,474 ) $ (65,147 ) Net loss from continuing operations attributable to Steel Excel Inc. per share of common stock Basic $ (0.63 ) $ (0.91 ) $ (1.27 ) $ (5.74 ) Diluted $ (0.63 ) $ (0.91 ) $ (1.27 ) $ (5.74 ) Year Ended December 31, 2014 Net revenues $ 45,159 $ 51,924 $ 58,583 $ 54,482 Gross profit $ 10,550 $ 15,529 $ 17,669 $ 14,281 Net income (loss) from continuing operations $ 1,967 $ 7,657 $ 75 $ (33,968 ) Net income (loss) $ 1,967 $ 7,657 $ 75 $ (33,462 ) Net income (loss) attributable to Steel Excel Inc. $ 2,293 $ 7,668 $ (163 ) $ (33,605 ) Net income (loss) from continuing operations attributable to Steel Excel Inc. $ 2,293 $ 7,668 $ (163 ) $ (33,832 ) Net income (loss) from continuing operations attributable to Steel Excel Inc. per share of common stock Basic $ 0.19 $ 0.64 $ (0.01 ) $ (2.97 ) Diluted $ 0.19 $ 0.64 $ (0.01 ) $ (2.97 ) (A) Includes loss from equity method investees of $2.1 million and $1.4 million in the 2015 period and 2014 period, respectively. (B) Includes impairment of marketable securities of $22.7 million , income from equity method investees of $5.4 million , and a tax benefit of $6.3 million in the 2015 period; includes income from equity method investees of $2.9 million in the 2014 period. (C) Includes impairment of marketable securities of $7.9 million , loss from equity method investees of $8.2 million , and a tax provision of $2.4 million in the 2015 period; includes loss from equity method investees of $4.8 million in the 2014 period. (D) Includes impairment of marketable securities of $29.2 million , impairment of goodwill and intangible assets of $25.6 million , loss from equity method investees of $11.3 million , and a tax benefit of $2.1 million in the 2015 period; includes impairment of goodwill and intangible assets of $36.7 million , loss from equity method investees of $2.7 million , and a tax benefit of $2.4 million in the 2014 period. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Steel Excel Inc. Schedule II - Valuation and Qualifying Accounts For the years ended December 31, 2015 , 2014 , and 2013 Additions Description Balance at beginning of period Charged to costs and expenses Charged to other accounts Deductions Balance at end of period Allowances deducted in the balance sheet from assets to which they apply: For the year ended December 31, 2015: Allowance for doubtful accounts $ — $ 38 $ — $ — $ 38 Valuation allowance on deferred tax assets $ 78,018 $ 15,421 $ — $ — $ 93,439 For the year ended December 31, 2014: Allowance for doubtful accounts $ — $ — $ — $ — $ — Valuation allowance on deferred tax assets $ 69,753 $ 8,265 $ — $ — $ 78,018 For the year ended December 31, 2013: Allowance for doubtful accounts $ — $ — $ — $ — $ — Valuation allowance on deferred tax assets $ 37,173 $ 32,580 $ — $ — $ 69,753 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents include all cash balances and highly liquid investments having original maturities of three months or less. |
Marketable Securities | Marketable Securities: Marketable securities are classified as available-for-sale and consist of short-term deposits, corporate debt and equity instruments, and mutual funds. The Company classifies its marketable securities as current assets based on the nature of the securities and their availability for use in current operations. Marketable securities are reported at fair value, with unrealized gains and losses recognized in stockholders’ equity as “other comprehensive income (loss)”. Declines in fair value that are determined to be other than temporary are recognized as an impairment charge. Realized gains or losses on marketable securities are determined based on specific identification of the securities sold and are recognized as “other income (loss)” at the time of sale. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts: The Company recognizes bad debt expense on trade receivables through an allowance account using estimates based on past experience, and writes off trade receivables against the allowance account when the Company believes it has exhausted all available means of collection. |
Fair Value Measurements | Fair Value Measurements: The Company reports certain assets and liabilities at their fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values of assets and liabilities are determined based on a three-level measurement input hierarchy. Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date. Level 2 inputs are other than quoted market prices that are observable, either directly or indirectly, for an asset or liability. Level 2 inputs can include quoted prices in active markets for similar assets or liabilities, quoted prices in a market that is not active for identical assets or liabilities, or other inputs that can be corroborated by observable market data. Level 3 inputs are unobservable for the asset or liability when there is little, if any, market activity for the asset or liability. Level 3 inputs are based on the best information available, and may include data developed by the Company. |
Property and Equipment, Net | Property and Equipment, Net: Property and equipment is stated at cost. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, which generally range from four years for certain vehicles and equipment to thirty-nine years for buildings. Leasehold improvements and assets recorded under capital leases are amortized on a straight-line basis over the shorter of their estimated useful lives or the terms of the leases. |
Long-Lived Assets | Long-Lived Assets: The Company evaluates the recoverability of its finite-lived intangible assets and its property and equipment by comparing their carrying values to the expected future undiscounted cash flows to be generated from such assets when events or circumstances indicate that an impairment may have occurred. If the carrying values of the long-lived assets exceed the sum of the undiscounted cash flows, an impairment charge is recognized in the amount by which the carrying values exceeds their fair values. |
Goodwill | Goodwill : Goodwill is tested for impairment on an annual basis, or more frequently if an event occurs or circumstances change to indicate that an impairment may have occurred. The Company performs its annual impairment test in the fourth quarter of each year. The goodwill impairment test involves a two-step process. The first step compares the fair value of a reporting unit with its carrying amount, including goodwill. No potential impairment exists if the carrying value of the reporting unit is less than its fair value. If the carrying value of the reporting unit exceeds its fair value, then the second step is necessary to measure the impairment. The second step compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Any excess of the reporting unit goodwill carrying value in excess of the implied fair value is recognized as an impairment. |
Other Investments | Other Investments : Investments that do not have a readily determinable market value and in which the Company does not have a controlling financial interest are accounted for as cost-method investments or, if they Company has the ability to exert significant influence, as equity-method investments. The carrying values of equity-method investments are adjusted for either the Company’s proportionate share of the investee’s earnings, which may be reported on a lag of up to three months, or the change in fair value of the investee. Both cost-method investments and equity-method investments are monitored for indications of impairment. |
Financial Instrument Obligations | Financial Instrument Obligations: The Company recognizes a liability for short sale transactions on certain financial instruments in which the Company receives proceeds from the sale of such financial instruments and incurs obligations to deliver or purchase securities at a later date. Subsequent changes in the fair value of such obligations, determined based on the closing market price of the financial instruments, are recognized currently as gains or losses, with a comparable reclassification made between the amounts of the Company's unrestricted and restricted cash. |
Contingent Liabilities | Contingent Liabilities: The Company recognizes a liability for certain contingencies, including those related to litigation or claims or to certain governmental laws and regulations, when it is probable that an asset has been impaired or a liability has been incurred, and the amount of the loss can be reasonably estimated. |
Business Combinations | Business Combinations : The Company allocates the fair value of the total consideration of its acquisitions to the tangible assets, liabilities, and identifiable intangible assets acquired based on their estimated fair values. The excess of the fair value of the total consideration over the fair values of these identifiable assets and liabilities is recognized as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred as a component of “selling, general, and administrative expenses.” |
Revenue Recognition | Revenue Recognition: The Company recognizes revenue at the time the service is provided to the customer. Revenue is recognized in the Energy business when the services are rendered. Revenue is recognized in the Sports business when the service is rendered or the event occurs. Amounts received from customers in advance of the service or event are deferred until such time the service is rendered or the event occurs. |
Stock-based Compensation | Stock-based Compensation: The Company recognizes compensation expense for stock options and restricted stock granted to employees and non-employee directors over the requisite service period based on the estimated fair value on the grant date. The fair value of restricted stock awards is the market price of the Company's common stock on the date of grant. The fair value of option awards is estimated using the Black-Scholes pricing model. |
Advertising expenses | Advertising expenses: Advertising costs are expensed in the period in which the advertising appears in print or is broadcast. |
Foreign Currency Translation | Foreign Currency Translation: Although the Company no longer has current operations in foreign jurisdictions, it consolidates certain foreign-based entities associated with the Predecessor Business. Assets and liabilities of foreign entities are translated from the functional currency into United States dollars using the exchange rate in effect at the balance sheet date. Revenues and expenses of foreign operations are translated from the functional currency into United States dollars using the average exchange rate for the period. Adjustments resulting from the translation into United States dollars are recognized in stockholders’ equity as “other comprehensive income (loss)”. |
Income Taxes | Income Taxes: The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized, with changes in valuation allowances recognized in the provision for income taxes. The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies the liability for unrecognized tax benefits as current to the extent that the Company anticipates payment within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes. |
Income (Loss) per Share | Income (Loss) per Share: Basic net income (loss) per share of common stock is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share gives effect to all potentially dilutive common shares outstanding during the period. |
Concentration of Credit Risk | Concentration of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, marketable securities, and trade receivables. The Company maintains its cash balances and marketable securities with high credit quality financial institutions. Deposits held with banks, including those held in foreign branches of global banks, may exceed the amount of insurance provided on such deposits. These deposits may be withdrawn upon demand and therefore bear minimal risk. The Company limits the amount of credit exposure through diversification and management regularly monitors the composition of its investment portfolio. The Company provides credit to customers on an uncollateralized basis after evaluating client creditworthiness. The Company’s clients in its Energy business are concentrated in the oil and gas industry, and are concentrated in North Dakota and Montana in the Bakken basin and in Texas in the Permian basin. |
Use of Estimates | Use of Estimates: The preparation of the Company’s consolidated financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions. These estimates affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards: In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which establishes a core principle, achieved through a five-step process, that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606) , which deferred the effective date of ASU No. 2014-09 by one year for all entities. ASU 2014-09 is effective for public companies for annual reporting periods beginning after December 15, 2017, and for interim reporting periods within those years. Upon adoption, ASU No. 2014-09 can be applied either retrospectively to each reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application. Early application is not permitted. The Company is evaluating the potential impact on its consolidated financial statements of adopting ASU No. 2014-09 and has not yet determined the implementation method to be used. In April 2015, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30) , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU No. 2015-03. ASU No. 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. Upon adoption, ASU No. 2015-03 should be applied retrospectively, with the balance sheet of each individual period presented adjusted to reflect the period-specific effects of applying the standard. The Company adopted ASU No. 2015-03 in 2015 and has reflected the impact in the current and prior years in its statement of financial position (see Note 3 ). In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805) , which requires that adjustments to provisional amounts recognized at the time of a business combination that are identified during the measurement period be recognized in the reporting period in which the adjustment amounts are determined. ASU No. 2015-16 also requires that the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, be recognized in the same period’s financial statements, with disclosure of the portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU No. 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, and should be applied prospectively to adjustments to provisional amounts that occur after the effective date. The Company does not expect the adoption of ASU No. 2015-16 to have a material effect on its consolidated financial statements. In November 2015, the FASB issued No. 2015-17, Income Taxes (Topic 740) , which requires that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by ASU No. 2015-17. ASU No. 2015-17 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. A reporting entity may apply the provisions of ASU No. 2015-17 prospectively or retrospectively to all prior periods presented in the financial statements. The Company retrospectively adopted ASU No. 2015-17 in 2015 and has reflected the impact in the current and prior years in its statement of financial position (see Note 3 ). In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10) , which eliminates the requirement to classify equity securities with readily determinable market values as either available-for-sale securities and trading securities, and requires that equity investments, other than those accounted for under the traditional equity method of accounting, be measured at their fair value with changes in fair value recognized in net income. Equity investments that do not have readily determinable market values may be measured at cost, subject to an assessment for impairment. ASU 825-10 also requires enhanced disclosures about such equity investments. ASU No. 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption prohibited. Upon adoption, a reporting entity should apply the provisions of ASU 2016-01 by means of a cumulative effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company is evaluating the potential impact on its consolidated financial statements of adopting ASU 2016-01. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires, among other things, a lessee to recognize a liability representing future lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. For operating leases, a lessee will be required to recognize at inception a right-of-use asset and a lease liability equal to the net present value of the lease payments, with lease expense recognized over the lease term on a straight-line basis. For leases with a term of twelve months or less, ASU 2016-02 allows a reporting entity to make an accounting policy election to not recognize a right-of-use asset and a lease liability, and to recognize lease expense on a straight-line basis. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. Upon adoption, a reporting entity should apply the provisions of ASU 2016-02 at the beginning of the earliest period presented using a modified retrospective approach, which includes certain optional practical expedients that an entity may elect to apply. The Company is evaluating the potential impact on its consolidated financial statements of adopting ASU 2016-02. |
Revised Financial Statements (T
Revised Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The impact on the individual line items of the Company's financial statements from the adjustments to correct this error and the adjustments to reflect the adoption of ASU No. 2015-03 and ASU No. 2015-17 (see Note 2 ) was as follows: Balance Sheet at December 31, 2014 : Previously Reported Adjustments Revised (in thousands) Deferred income taxes - current $ 1,696 $ (1,696 ) $ — Total current assets $ 245,618 $ (1,696 ) $ 243,922 Deferred income taxes - non-current $ 80 $ (80 ) $ — Other long-term assets $ 1,238 $ (632 ) $ 606 Total assets $ 479,354 $ (2,408 ) $ 476,946 Current portion of long-term debt $ 13,214 $ (57 ) $ 13,157 Deferred income taxes - current $ 85 $ (85 ) $ — Total current liabilities $ 48,324 $ (142 ) $ 48,182 Long-term debt $ 66,071 $ (575 ) $ 65,496 Deferred income taxes - non-current $ 3,549 $ (1,691 ) $ 1,858 Total liabilities $ 121,836 $ (2,408 ) $ 119,428 Accumulated other comprehensive income $ (18,730 ) $ 3,524 $ (15,206 ) Retained earnings $ 190,160 $ (3,524 ) $ 186,636 Total stockholders' equity $ 357,518 $ — $ 357,518 Total liabilities and stockholders' equity $ 479,354 $ (2,408 ) $ 476,946 Statement of Operations for the year ended December 31, 2013 : Previously Reported Adjustments Revised (in thousands, except per-share data) Benefit for income taxes $ 9,342 $ (3,524 ) $ 5,818 Net income from continuing operations $ 16,391 $ (3,524 ) $ 12,867 Net income $ 10,851 $ (3,524 ) $ 7,327 Net income attributable to Steel Excel Inc. $ 14,195 $ (3,524 ) $ 10,671 Basic and diluted income (loss) per share attributable to Steel Excel Inc.: Net income from continuing operations $ 1.31 $ (0.28 ) $ 1.03 Net income $ 1.13 $ (0.28 ) $ 0.85 Statement of Comprehensive Income for the year ended December 31, 2013 : Previously Reported Adjustments Revised (in thousands) Net income (loss) $ 10,851 $ (3,524 ) $ 7,327 Gross unrealized gains on marketable securities, net of tax $ 7,636 $ 4,490 $ 12,126 Reclassification to realized gains, net of tax $ (1,642 ) $ (966 ) $ (2,608 ) Net unrealized gain on marketable securities, net of tax $ 5,994 $ 3,524 $ 9,518 Comprehensive loss $ 16,421 $ — $ 16,421 Comprehensive loss attributable to Steel Excel Inc. $ 19,765 $ — $ 19,765 Tax benefit on gross unrealized gains $ (4,490 ) $ 4,490 $ — Tax benefit on reclassifications to realized gains (losses) $ 966 $ (966 ) $ — Statement of Stockholders' Equity for the year ended December 31, 2013 : Previously Reported Adjustments Revised (in thousands) Net income attributable to Steel Excel Inc. $ 14,195 $ (3,524 ) $ 10,671 Other comprehensive income $ 5,570 $ 3,524 $ 9,094 Statement of Cash Flows for the year ended December 31, 2013 : Previously Reported Adjustments Revised (in thousands) Net income (loss) $ 10,851 $ (3,524 ) $ 7,327 Deferred income tax provision (benefit) $ (1,536 ) $ 3,524 $ 1,988 Cash provided by operating activities $ 25,693 $ — $ 25,693 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information combines the results of operations of the Company with the results of operations of the acquisitions consummated during the year ended December 31, 2013 , as if those acquisitions had occurred at the beginning of the year prior to the date of acquisition. No pro forma financial information is provided for the year ended December 31, 2014 , for the businesses acquired by UK Elite in 2014 since their results of operations are not material. The pro forma financial information for the year ended December 31, 2013 , does not include the results of Ruckus, which is reported as a discontinued operation in the Company's consolidated financial statements. The pro forma financial information is not necessarily indicative of what would have actually occurred had the acquisitions been consummated at the beginning of the year prior to the date of acquisition or results that may occur in the future. 2013 (in thousands) Net revenues $ 182,591 Net income from continuing operations $ 27,963 Net income $ 22,423 Net income attributable to Steel Excel Inc. $ 25,767 Net income per share attributable to Steel Excel Inc. - basic $ 2.05 Net income per share attributable to Steel Excel Inc. - diluted $ 2.04 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Quarterly Financial Information | The results of operations of Ruckus, which are reported as a discontinued operation in the consolidated statements of operations for the years ended December 31, 2014 and 2013 , were as follows: Year Ended December 31, 2014 2013 (in thousands) Revenues $ — $ 1,260 Income (loss) from operations of discontinued operations $ 506 $ (5,540 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment | Marketable securities at December 31, 2015 , consisted of the following: Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Short-term deposits $ 30,118 $ — $ — $ 30,118 Mutual funds 11,835 2,182 — 14,017 Corporate securities 58,333 250 (1,674 ) 56,909 Corporate obligations 25,747 98 (582 ) 25,263 Total available-for-sale securities 126,033 2,530 (2,256 ) 126,307 Amounts classified as cash equivalents (30,118 ) — — (30,118 ) Amounts classified as marketable securities $ 95,915 $ 2,530 $ (2,256 ) $ 96,189 Marketable securities at December 31, 2014 , consisted of the following: Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Short-term deposits $ 42,681 $ — $ — $ 42,681 Mutual funds 17,030 4,262 (322 ) 20,970 United States government securities — — — — Corporate securities 103,761 7,821 (23,732 ) 87,850 Corporate obligations 32,486 592 (3,441 ) 29,637 Commercial paper — — — — Total available-for-sale securities 195,958 12,675 (27,495 ) 181,138 Amounts classified as cash equivalents (42,681 ) — — (42,681 ) Amounts classified as marketable securities $ 153,277 $ 12,675 $ (27,495 ) $ 138,457 |
Available-for-sale Securities | Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of "Other income (expense), net" in the consolidated statements of operations, were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Gross realized gains $ 12,053 $ 8,065 $ 6,984 Gross realized losses (6,806 ) (4,300 ) (4,376 ) Realized gains, net $ 5,247 $ 3,765 $ 2,608 |
Schedule of Unrealized Loss on Investments | 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 less than twelve months, were as follows: Fair Value Gross Unrealized Losses (in thousands) Corporate securities $ 18,755 $ (1,674 ) Corporate obligations 13,199 (582 ) Total $ 31,954 $ (2,256 ) The fair value of the Company’s marketable securities with unrealized losses at December 31, 2014 , all of which had unrealized losses for periods of less than twelve months, were as follows: Fair Value Gross Unrealized Losses (in thousands) Corporate securities $ 39,869 $ (23,732 ) Corporate obligations 13,530 (3,441 ) Mutual funds $ 4,873 $ (322 ) Total $ 58,272 $ (27,495 ) |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of available-for-sale debt securities and marketable securities with no contractual maturities at December 31, 2015 , by contractual maturity, were as follows: Cost Estimated Fair Value (in thousands) Debt securities: Mature after one year through three years $ 7,414 $ 7,512 Mature in more than three years 18,333 17,751 Total debt securities 25,747 25,263 Securities with no contractual maturities 100,286 101,044 Total $ 126,033 $ 126,307 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | As of December 31, 2015 and 2014 , the Company's financial instrument obligations consisted of the following: December 31, 2015 December 31, 2014 Initial Obligation Estimated Initial Obligation Estimated (in thousands) Corporate securities $ 675 $ 1,352 $ 666 $ 621 Market indices 18,685 20,285 18,685 20,451 Covered call options 26 2 7 4 Naked put options — — 109 235 Total $ 19,386 $ 21,639 $ 19,467 $ 21,311 |
Equity Method Investments | The following table summarizes the Company's equity-method investments. Ownership Carrying Value Income (Loss) Recognized December 31, December 31, Year Ended December 31, 2015 2014 2015 2014 2015 2014 2013 (in thousands) Traditional equity method Again Faster 40.0 % 40.0 % — 3,105 (3,105 ) (566 ) (329 ) iGo 45.7 % 46.9 % 2,861 2,600 261 (2,068 ) (533 ) Fair value option API 20.6 % 20.6 % 15,779 24,355 (8,576 ) (3,436 ) — Aviat 12.9 % 6,175 — (4,682 ) — — Total $ 24,815 $ 30,060 $ (16,102 ) $ (6,070 ) $ (862 ) The summarized balance sheet and income statement information is included for the periods during which such investments were accounted for as equity-method investments. 2015 2014 (in thousands) Current assets $ 303,544 $ 115,532 Non-current assets $ 258,816 $ 179,161 Current liabilities $ 180,664 $ 42,200 Non-current liabilities $ 207,897 $ 132,681 Revenues $ 546,765 $ 131,290 Gross profit $ 129,419 $ 29,841 Loss from continuing operations $ (44,640 ) $ (8,046 ) Net loss $ (43,040 ) $ (8,046 ) Loss attributable to controlling interests $ (43,340 ) $ (8,046 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis at December 31, 2014 , summarized by measurement input category, were as follows: Total Level 1 Level 2 Level 3 (in thousands) Assets Mutual funds $ 20,970 $ 20,970 $ — $ — Corporate securities 87,850 72,798 — 15,052 Corporate obligations 29,637 — 10,793 18,844 Investments in equity-method investees 24,355 24,355 — — Other investments (1) 525 — — 525 $ 163,337 $ 118,123 $ 10,793 $ 34,421 Liabilities Financial instrument obligations $ (21,311 ) $ (21,311 ) $ — $ — (1) Reported within "Other investments". Assets measured at fair value on a recurring basis at December 31, 2015 , summarized by measurement input category, were as follows: Total Level 1 Level 2 Level 3 (in thousands) Assets Mutual funds $ 14,017 $ 14,017 $ — $ — Corporate securities 56,909 48,604 — 8,305 Corporate obligations 25,263 — 6,143 19,120 Investments in equity-method investees 21,954 21,954 — — Other investments (1) 555 — — 555 $ 118,698 $ 84,575 $ 6,143 $ 27,980 Liabilities Financial instrument obligations $ (21,639 ) $ (21,639 ) $ — $ — (1) Reported within "Other investments." |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Changes in the fair value of assets valued using Level 3 measurement inputs during the years ended December 31, 2015 and 2014 , were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Balance, beginning of period $ 34,421 $ 24,209 $ 2,804 Purchases 5,183 13,294 45,383 Sales (2,953 ) (5,001 ) (23,034 ) Realized gain on sale 8 (129 ) 1,556 Change in fair value (8,679 ) 2,048 (2,500 ) Balance, end of period $ 27,980 $ 34,421 $ 24,209 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment at December 31, 2015 and 2014 , consisted of the following: December 31, 2015 December 31, 2014 (in thousands) Rigs and other equipment $ 118,836 $ 115,391 Buildings and improvements 19,319 18,977 Land 1,893 1,893 Vehicles 2,304 2,197 Furniture and fixtures 925 673 Assets in progress 108 644 143,385 139,775 Accumulated depreciation (47,592 ) (32,588 ) Property and equipment, net $ 95,793 $ 107,187 |
Goodwill and Other Intangible40
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The Company's intangible assets at December 31, 2015 and 2014 , all of which are subject to amortization, consisted of the following: December 31, 2015 December 31, 2014 Cost Accumulated Amortization Net Cost Accumulated Amortization Net (in thousands) Energy segment: Customer relationships $ 47,078 $ (28,966 ) $ 18,112 $ 54,430 $ (21,938 ) $ 32,492 Trade names 4,860 (3,785 ) 1,075 4,860 (3,161 ) 1,699 Non-compete agreement 120 (49 ) 71 120 (25 ) 95 52,058 (32,800 ) 19,258 59,410 (25,124 ) 34,286 Sports segment: Customer relationships 2,089 (1,189 ) 900 2,089 (678 ) 1,411 Trade names 122 (61 ) 61 122 (37 ) 85 2,211 (1,250 ) 961 2,211 (715 ) 1,496 Total $ 54,269 $ (34,050 ) $ 20,219 $ 61,621 $ (25,839 ) $ 35,782 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated aggregate amortization expense related to the intangible assets for the next five years and thereafter is as follows: Amount (in thousands) For the year ended December 31: 2016 $ 5,710 2017 4,800 2018 4,167 2019 1,753 2020 1,753 Thereafter 2,036 $ 20,219 |
Schedule of Goodwill | The changes to the Company’s carrying amount of goodwill were as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Energy Sports Total Energy Sports Total (in thousands) Balance at beginning of period $ 28,693 $ 2,171 $ 30,864 $ 65,359 $ 2,171 $ 67,530 Impairments (18,116 ) (154 ) (18,270 ) (36,666 ) — (36,666 ) Balance at end of period $ 10,577 $ 2,017 $ 12,594 $ 28,693 $ 2,171 $ 30,864 |
Schedule of Intangible Assets and Goodwill | The components of goodwill at December 31, 2015 and 2014 , were as follows: December 31, 2015 December 31, 2014 (in thousands) Goodwill $ 73,095 $ 73,095 Accumulated impairment (60,501 ) (42,231 ) Net goodwill $ 12,594 $ 30,864 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Assets Pledged as Collateral | The carrying values as of December 31, 2015 , of the assets pledged as collateral by Steel Energy Services and its subsidiaries under the Amended Credit Agreement were as follows: Amount (in thousands) Cash and cash equivalents $ 21,812 Accounts receivable 8,685 Property and equipment, net 88,463 Intangible assets, net 19,258 Total $ 138,218 |
Schedule of Maturities of Long-term Debt | Principal payments under the Amended Credit Agreement for subsequent years are as follows: Amount (in thousands) 2016 $ — 2017 3,303 2018 39,643 Total 42,946 Less current portion — Less unamortized debt issuance costs 280 Total long-term debt $ 42,666 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating and Capital Leases | Future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year are as follows: Amount (in thousands) For the year ended December 31, 2016 $ 796 2017 668 2018 365 2019 254 2020 782 Total minimum lease payments $ 2,865 |
Schedule of Capital Leased Assets | At December 31, 2014 , assets recorded under capital leases are included in property and equipment (see Note 8 ) as follows: Amount (in thousands) Rigs and other equipment $ 1,871 Accumulated depreciation (559 ) Net $ 1,312 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities | “Accrued expenses and other current liabilities” consisted of the following: December 31, 2015 December 31, 2014 (in thousands) Tax-related $ 146 $ 238 Accrued compensation and related taxes 2,472 5,471 Deferred compensation 3,546 — Deferred revenue 1,510 1,308 Professional services 156 763 Accrued fuel and rig-related charges 107 601 Other 521 535 $ 8,458 $ 8,916 |
Other Noncurrent Liabilities | “Other long-term liabilities” consisted of the following: December 31, 2015 December 31, 2014 (in thousands) Deferred compensation $ 197 $ — Tax-related — 3,709 Other 39 6 Total $ 236 $ 3,715 |
Other Income (Expense), net (Ta
Other Income (Expense), net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | “Other income (expense), net” consisted of the following: Year Ended December 31, 2015 2014 2013 (in thousands) Investment income $ 4,683 $ 6,621 $ 4,804 Realized gain on sale of marketable securities, net 5,247 3,765 2,608 Loss on financial instrument obligations (477 ) (1,820 ) — Realized loss upon change to equity method at fair value (2,807 ) (568 ) — Realized gain on non-monetary exchange 9,268 — — Foreign exchange loss (669 ) (1,059 ) — Gain (loss) on sale of property and equipment (235 ) 191 132 Loss on extinguishment of debt (87 ) — (463 ) Other (24 ) (72 ) (7 ) Other income (expense), net $ 14,899 $ 7,058 $ 7,074 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the benefit from income taxes were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Federal: Current $ (152 ) $ (191 ) $ 14 Deferred 5,283 105 (86 ) 5,131 (86 ) (72 ) Foreign: Current 59 1,719 7,281 Deferred — — (1,696 ) 59 1,719 5,585 State: Current (131 ) (403 ) 509 Deferred 1,264 93 (204 ) 1,133 (310 ) 305 $ 6,323 $ 1,323 $ 5,818 |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income (loss) from continuing operations before income taxes were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Domestic $ (104,106 ) $ (25,580 ) $ 6,990 Foreign — (12 ) 59 $ (104,106 ) $ (25,592 ) $ 7,049 |
Schedule of Effective Income Tax Rate Reconciliation | The benefit for income taxes varied from the federal statutory income tax rate due to the following: Year Ended December 31, 2015 2014 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of federal benefit 1.0 % (0.5 )% (8.1 )% Foreign losses not benefited — % — % (0.3 )% Changes in tax reserves (0.3 )% 0.2 % (78.6 )% Change in valuation allowance (24.8 )% 30.3 % (28.1 )% Permanent differences (4.7 )% (64.6 )% (1.8 )% Foreign tax refund — % 6.5 % — % Other (0.1 )% (1.7 )% (0.6 )% 6.1 % 5.2 % (82.5 )% |
Schedule of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities were as follows: December 31, 2015 2014 (in thousands) Deferred tax assets Net operating loss carryforwards $ 45,296 $ 49,096 Research and development credits 33,484 33,484 Marketable securities 19,266 — Compensatory and other accruals 1,827 2,698 Unrealized losses on investments — 5,265 Intangible assets 6,847 819 Foreign tax credits — 201 Other, net 6,152 3,725 Gross deferred tax assets 112,872 95,288 Deferred tax liabilities: Unrealized gains on investments 97 — Fixed assets 20,073 19,128 Gross deferred tax liabilities 20,170 19,128 Net deferred tax asset before valuation allowance 92,702 76,160 Valuation Allowance (93,439 ) (78,018 ) Net deferred tax liability $ (737 ) $ (1,858 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | The changes in unrecognized tax positions were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Balance at beginning of period $ 19,076 $ 19,121 $ 26,419 Tax positions related to prior year: Additions 8,269 — — Expiration of statute of limitations (59 ) (45 ) (7,298 ) Settlements — — — Balance at ending of period $ 27,286 $ 19,076 $ 19,121 |
Stock Benefit Plans (Tables)
Stock Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | Stock-based compensation expense by type of equity-based award, all of which was recognized as a component of "Selling, general, and administrative expenses" in the consolidated statements of operations for the years ended December 31, 2015 , 2014 , and 2013 , was as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Stock options $ — $ 36 $ 91 Restricted stock 3,157 2,771 1,949 Total stock-based compensation $ 3,157 $ 2,807 $ 2,040 |
Schedule of Stock Options Roll Forward | Information relating to outstanding and exercisable stock options under the Equity Plans at December 31, 2015 , is summarized in the following table. All stock option grants had exercise prices equal to or greater than the market price on the grant date. Shares Weighted Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) (in thousands) Outstanding and exercisable, December 31, 2015 56 $ 30.14 3.2 $ — |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Information relating to restricted stock activity in the Equity Plans for the year ended December 31, 2015 , is summarized in the following table. Shares Weighted Average Grant Date Fair Value (in thousands) Non-vested stock, January 1, 2015 57 $ 30.10 Awarded 181 $ 23.62 Vested (34 ) $ 30.58 Forfeited (3 ) $ 26.97 Non-vested stock, December 31, 2015 201 $ 24.22 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable | Information relating to the fair value of grants of equity awards and the fair value of restricted shares vested for the years ended December 31, 2015 , 2014 , and 2013 is summarized in the following table. No stock options were exercised during the years ended December 31, 2015 , 2014 , and 2013 . Year Ended December 31, 2015 2014 2013 (in thousands) Fair value on grant date - restricted stock $ 4,264 $ 788 $ 3,977 Fair value of restricted stock vested $ 1,042 $ 2,739 $ 2,797 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | Amounts used in the calculation of basic and diluted net income (loss) per share of common stock for the years ended December 31, 2015 , 2014 , and 2013 , were as follows: Year Ended December 31, 2015 2014 2013 (in thousands, except per share data) Numerators: Net income (loss) from continuing operations $ (97,783 ) $ (24,269 ) $ 12,867 Non-controlling interest 376 235 156 Net income (loss) from continuing operations attributable to Steel Excel Inc. $ (97,407 ) $ (24,034 ) $ 13,023 Income (loss) from discontinued operations $ — $ 506 $ (5,540 ) Non-controlling interest — (279 ) 3,188 Income (loss) from discontinued operations attributable to Steel Excel Inc. $ — $ 227 $ (2,352 ) Net income (loss) attributable to Steel Excel Inc. $ (97,407 ) $ (23,807 ) $ 10,671 Denominators: Basic weighted average common shares outstanding 11,454 11,678 12,584 Effect of dilutive securities - stock-based awards — — 18 Diluted weighted average common shares outstanding 11,454 11,678 12,602 Basic income (loss) per share attributable to Steel Excel Inc.: Net income (loss) from continuing operations $ (8.50 ) $ (2.06 ) $ 1.03 Income (loss) from discontinued operations, net of taxes $ — $ 0.02 $ (0.19 ) Net income (loss) $ (8.50 ) $ (2.04 ) $ 0.85 Diluted income (loss) per share attributable to Steel Excel Inc.: Net income (loss) from continuing operations $ (8.50 ) $ (2.06 ) $ 1.03 Income (loss) from discontinued operations, net of taxes $ — $ 0.02 $ (0.19 ) Net income (loss) $ (8.50 ) $ (2.04 ) $ 0.85 |
Accumulated Other Comprehensi48
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Changes in the components of "Accumulated other comprehensive income (loss)" were as follows: Unrealized Cumulative Total (in thousands) Balance, January 1, 2015 $ (14,821 ) $ (385 ) $ (15,206 ) Other comprehensive income (loss) before reclassifications (24,927 ) (8 ) (24,935 ) Reclassifications from accumulated other comprehensive income 34,595 — 34,595 Current period other comprehensive income (loss) 9,668 (8 ) 9,660 Balance, December 31, 2015 $ (5,153 ) $ (393 ) $ (5,546 ) |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Cash paid for interest and income taxes and non-cash investing and financing activities for the years ended December 31, 2015 , 2014 , and 2013 , were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Interest paid $ 2,155 $ 2,707 $ 1,304 Income taxes paid (refunded) - net $ 298 $ (1,507 ) $ 916 Non-cash investing and financing activities: Reclassification of available-for-sale securities to equity method investment $ 10,857 $ 27,647 $ — Partnership interest exchanged for marketable securities $ 25,000 $ — $ — Sales of marketable securities not settled $ 23,229 $ — $ — Note receivable exchanged for preferred stock $ 75 $ — $ — Securities received in exchange for financial instrument obligations $ 76 $ 20,007 $ — Securities delivered in exchange for settlement of financial instrument obligations $ 76 $ 520 $ — Contribution of note payable by non-controlling interest $ — $ 268 $ — Restricted stock awards surrendered to satisfy tax withholding obligations $ 85 $ 120 $ — Non-controlling interests recognized in connection with acquisitions $ — $ — $ 2,896 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Segment information relating to the Company's results of continuing operations was as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Revenues Energy $ 111,397 $ 191,608 $ 109,624 Sports 21,223 18,540 10,404 Total revenues $ 132,620 $ 210,148 $ 120,028 Operating income (loss) before goodwill and other asset impairments Energy $ 2,478 $ 29,889 $ 12,381 Sports (3,354 ) (2,161 ) (1,408 ) Total segment operating income (loss) (876 ) 27,728 10,973 Corporate and other business activities (14,169 ) (14,465 ) (8,411 ) Impairment of goodwill and intangible assets (25,622 ) (36,666 ) — Impairment of marketable securities (59,781 ) — — Interest expense (2,455 ) (3,177 ) (1,725 ) Other income (expense), net 14,899 7,058 7,074 Income (loss) from continuing operations before income taxes $ (88,004 ) $ (19,522 ) $ 7,911 Depreciation and amortization expense: Energy $ 21,904 $ 22,530 $ 18,392 Sports $ 1,709 1,626 793 Total depreciation and amortization expense $ 23,613 $ 24,156 $ 19,185 |
Reconciliation of Assets from Segment to Consolidated | Segment information related to the Company's assets was as follows: December 31, 2015 December 31, 2014 (in thousands) Total assets Energy $ 150,437 $ 219,630 Sports 14,686 18,625 Corporate and other business activities 179,699 238,691 Total assets $ 344,822 $ 476,946 Capital expenditures Energy $ 4,226 $ 15,313 Sports $ 559 $ 626 Total capital expenditures $ 4,785 $ 15,939 |
Selected Quarterly Financial 51
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Statement [Abstract] | |
Schedule of Quarterly Financial Information | Quarter Ended: March 31 (A) June 30 (B) September 30 (C) December 31 (D) (in thousands, except per-share data) Year Ended December 31, 2015 Net revenues $ 38,885 $ 35,610 $ 33,480 $ 24,645 Gross profit $ 7,245 $ 8,602 $ 7,344 $ 3,424 Net loss from continuing operations $ (7,613 ) $ (10,463 ) $ (14,263 ) $ (65,444 ) Net loss $ (7,613 ) $ (10,463 ) $ (14,263 ) $ (65,444 ) Net loss attributable to Steel Excel Inc. $ (7,250 ) $ (10,536 ) $ (14,474 ) $ (65,147 ) Net loss from continuing operations attributable to Steel Excel Inc. $ (7,250 ) $ (10,536 ) $ (14,474 ) $ (65,147 ) Net loss from continuing operations attributable to Steel Excel Inc. per share of common stock Basic $ (0.63 ) $ (0.91 ) $ (1.27 ) $ (5.74 ) Diluted $ (0.63 ) $ (0.91 ) $ (1.27 ) $ (5.74 ) Year Ended December 31, 2014 Net revenues $ 45,159 $ 51,924 $ 58,583 $ 54,482 Gross profit $ 10,550 $ 15,529 $ 17,669 $ 14,281 Net income (loss) from continuing operations $ 1,967 $ 7,657 $ 75 $ (33,968 ) Net income (loss) $ 1,967 $ 7,657 $ 75 $ (33,462 ) Net income (loss) attributable to Steel Excel Inc. $ 2,293 $ 7,668 $ (163 ) $ (33,605 ) Net income (loss) from continuing operations attributable to Steel Excel Inc. $ 2,293 $ 7,668 $ (163 ) $ (33,832 ) Net income (loss) from continuing operations attributable to Steel Excel Inc. per share of common stock Basic $ 0.19 $ 0.64 $ (0.01 ) $ (2.97 ) Diluted $ 0.19 $ 0.64 $ (0.01 ) $ (2.97 ) (A) Includes loss from equity method investees of $2.1 million and $1.4 million in the 2015 period and 2014 period, respectively. (B) Includes impairment of marketable securities of $22.7 million , income from equity method investees of $5.4 million , and a tax benefit of $6.3 million in the 2015 period; includes income from equity method investees of $2.9 million in the 2014 period. (C) Includes impairment of marketable securities of $7.9 million , loss from equity method investees of $8.2 million , and a tax provision of $2.4 million in the 2015 period; includes loss from equity method investees of $4.8 million in the 2014 period. (D) Includes impairment of marketable securities of $29.2 million , impairment of goodwill and intangible assets of $25.6 million , loss from equity method investees of $11.3 million , and a tax benefit of $2.1 million in the 2015 period; includes impairment of goodwill and intangible assets of $36.7 million , loss from equity method investees of $2.7 million , and a tax benefit of $2.4 million in the 2014 period. |
Organization and Basis of Pre52
Organization and Basis of Presentation (Detail) | 1 Months Ended | 12 Months Ended |
Jun. 30, 2014Rate | Dec. 31, 2015segment | |
Schedule of Equity Method Investments [Line Items] | ||
Number of reportable segments | segment | 2 | |
Reverse Stock Split | ||
Schedule of Equity Method Investments [Line Items] | ||
Conversion ratio | Rate | 0.20% | |
Forward Stock Split | ||
Schedule of Equity Method Investments [Line Items] | ||
Conversion ratio | 500 | |
Percentage Owned By Steel Partners | Steel Excel | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership | 58.30% |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)customer | Dec. 31, 2014USD ($)customer | Dec. 31, 2013USD ($) | |
Concentration Risk [Line Items] | |||||||
Impairment of marketable securities | $ (29,200) | $ (7,900) | $ (22,700) | $ (59,781) | $ 0 | $ 0 | |
Allowance for doubtful accounts | 38 | $ 0 | 38 | 0 | |||
Intangibles impairment | 7,400 | ||||||
Impairment of goodwill and intangible assets | $ 25,600 | $ 36,700 | 18,300 | 36,700 | |||
Advertising expense | $ 200 | $ 200 | $ 100 | ||||
Credit Concentration Risk | Sales Revenue | |||||||
Concentration Risk [Line Items] | |||||||
Number of customers | customer | 5 | 5 | |||||
Concentration risk (as a percent) | 55.70% | 61.20% | |||||
Credit Concentration Risk | Accounts Receivable | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk (as a percent) | 51.80% | 65.50% | |||||
Again Faster | |||||||
Concentration Risk [Line Items] | |||||||
Equity method investment - impairment | $ 2,500 | ||||||
Machinery and Equipment | |||||||
Concentration Risk [Line Items] | |||||||
Useful life | 4 years | ||||||
Building | |||||||
Concentration Risk [Line Items] | |||||||
Useful life | 39 years |
Revised Financial Statements (D
Revised Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Statement of Financial Position [Abstract] | |||||||||||||
Deferred income taxes - current | $ 0 | $ 0 | |||||||||||
Total current assets | $ 187,315 | 243,922 | $ 187,315 | 243,922 | |||||||||
Deferred income taxes - non-current | 0 | 0 | |||||||||||
Other long-term assets | 531 | 606 | 531 | 606 | |||||||||
Total assets | 344,822 | 476,946 | 344,822 | 476,946 | |||||||||
Current portion of long-term debt (net of unamortized debt issuance costs of $57 in 2014) | 0 | 13,157 | 0 | 13,157 | |||||||||
Deferred income taxes - current | 0 | 0 | |||||||||||
Total current liabilities | 33,328 | 48,182 | 33,328 | 48,182 | |||||||||
Long-term debt (net of current portion and unamortized debt issuance costs of $280 in 2015 and $575 in 2014) | 42,666 | 65,496 | 42,666 | 65,496 | |||||||||
Deferred income taxes | 737 | 1,858 | 737 | 1,858 | |||||||||
Total liabilities | 76,967 | 119,428 | 76,967 | 119,428 | |||||||||
Accumulated other comprehensive loss | (5,546) | (15,206) | (5,546) | (15,206) | |||||||||
Retained earnings | 89,229 | 186,636 | 89,229 | 186,636 | |||||||||
Total stockholders' equity | 267,855 | 357,518 | 267,855 | 357,518 | $ 423,935 | $ 431,962 | |||||||
Total liabilities and stockholders' equity | 344,822 | 476,946 | 344,822 | 476,946 | |||||||||
Income Statement [Abstract] | |||||||||||||
Benefit for income taxes | 2,100 | $ (2,400) | $ 6,300 | 2,400 | 6,323 | 1,323 | 5,818 | ||||||
Net loss from continuing operations | (65,444) | (14,263) | (10,463) | $ (7,613) | (33,968) | $ 75 | $ 7,657 | $ 1,967 | (97,783) | (24,269) | 12,867 | ||
Net income (loss) | (65,444) | (14,263) | (10,463) | (7,613) | (33,462) | 75 | 7,657 | 1,967 | (97,783) | (23,763) | 7,327 | ||
Net loss attributable to Steel Excel Inc. | $ (65,147) | $ (14,474) | $ (10,536) | $ (7,250) | (33,605) | $ (163) | $ 7,668 | $ 2,293 | (97,407) | (23,807) | $ 10,671 | ||
Net income from continuing operations, basic and diluted ($ per share) | $ 1.03 | ||||||||||||
Net income basic and diluted ($ per share) | $ 0.85 | ||||||||||||
Statement of Comprehensive Income [Abstract] | |||||||||||||
Gross unrealized gains (losses) on marketable securities, net of tax (B) | [1] | (24,927) | (20,043) | $ 12,126 | |||||||||
Reclassification to realized gains, net of tax | [2] | 34,595 | (5,223) | (2,608) | |||||||||
Net unrealized gain (loss) on marketable securities, net of taxes | 9,668 | (25,266) | 9,518 | ||||||||||
Comprehensive income (loss) | (88,123) | (49,009) | 16,421 | ||||||||||
Comprehensive loss attributable to Steel Excel Inc. | (87,747) | (49,053) | 19,765 | ||||||||||
Tax benefit on gross unrealized gains | 13,990 | 0 | 0 | ||||||||||
Tax benefit on reclassifications to realized gains (losses) | (19,416) | 0 | 0 | ||||||||||
Statement of Stockholders' Equity [Abstract] | |||||||||||||
Other comprehensive income (Revised) | 9,660 | (25,246) | 9,094 | ||||||||||
Statement of Cash Flows [Abstract] | |||||||||||||
Deferred income tax provision (benefit) | (6,547) | (198) | 1,988 | ||||||||||
Net cash provided by operating activities | 26,524 | 43,915 | 25,693 | ||||||||||
Previously Reported | |||||||||||||
Statement of Financial Position [Abstract] | |||||||||||||
Deferred income taxes - current | 1,696 | 1,696 | |||||||||||
Total current assets | 245,618 | 245,618 | |||||||||||
Deferred income taxes - non-current | 80 | 80 | |||||||||||
Other long-term assets | 1,238 | 1,238 | |||||||||||
Total assets | 479,354 | 479,354 | |||||||||||
Current portion of long-term debt (net of unamortized debt issuance costs of $57 in 2014) | 13,214 | 13,214 | |||||||||||
Deferred income taxes - current | 85 | 85 | |||||||||||
Total current liabilities | 48,324 | 48,324 | |||||||||||
Long-term debt (net of current portion and unamortized debt issuance costs of $280 in 2015 and $575 in 2014) | 66,071 | 66,071 | |||||||||||
Deferred income taxes | 3,549 | 3,549 | |||||||||||
Total liabilities | 121,836 | 121,836 | |||||||||||
Accumulated other comprehensive loss | (18,730) | (18,730) | |||||||||||
Retained earnings | 190,160 | 190,160 | |||||||||||
Total stockholders' equity | 357,518 | 357,518 | |||||||||||
Total liabilities and stockholders' equity | 479,354 | 479,354 | |||||||||||
Income Statement [Abstract] | |||||||||||||
Benefit for income taxes | 9,342 | ||||||||||||
Net loss from continuing operations | 16,391 | ||||||||||||
Net income (loss) | 10,851 | ||||||||||||
Net loss attributable to Steel Excel Inc. | $ 14,195 | ||||||||||||
Net income from continuing operations, basic and diluted ($ per share) | $ 1.31 | ||||||||||||
Net income basic and diluted ($ per share) | $ 1.13 | ||||||||||||
Statement of Comprehensive Income [Abstract] | |||||||||||||
Gross unrealized gains (losses) on marketable securities, net of tax (B) | $ 7,636 | ||||||||||||
Reclassification to realized gains, net of tax | (1,642) | ||||||||||||
Net unrealized gain (loss) on marketable securities, net of taxes | 5,994 | ||||||||||||
Comprehensive income (loss) | 16,421 | ||||||||||||
Comprehensive loss attributable to Steel Excel Inc. | 19,765 | ||||||||||||
Tax benefit on gross unrealized gains | (4,490) | ||||||||||||
Tax benefit on reclassifications to realized gains (losses) | 966 | ||||||||||||
Statement of Stockholders' Equity [Abstract] | |||||||||||||
Other comprehensive income (Revised) | 5,570 | ||||||||||||
Statement of Cash Flows [Abstract] | |||||||||||||
Deferred income tax provision (benefit) | (1,536) | ||||||||||||
Net cash provided by operating activities | $ 25,693 | ||||||||||||
Adjustments | |||||||||||||
Statement of Financial Position [Abstract] | |||||||||||||
Deferred income taxes - current | (1,696) | (1,696) | |||||||||||
Total current assets | (1,696) | (1,696) | |||||||||||
Deferred income taxes - non-current | (80) | (80) | |||||||||||
Other long-term assets | (632) | (632) | |||||||||||
Total assets | (2,408) | (2,408) | |||||||||||
Current portion of long-term debt (net of unamortized debt issuance costs of $57 in 2014) | (57) | (57) | |||||||||||
Deferred income taxes - current | (85) | (85) | |||||||||||
Total current liabilities | (142) | (142) | |||||||||||
Long-term debt (net of current portion and unamortized debt issuance costs of $280 in 2015 and $575 in 2014) | (575) | (575) | |||||||||||
Deferred income taxes | (1,691) | (1,691) | |||||||||||
Total liabilities | (2,408) | (2,408) | |||||||||||
Accumulated other comprehensive loss | 3,524 | 3,524 | |||||||||||
Retained earnings | (3,524) | (3,524) | |||||||||||
Total stockholders' equity | 0 | 0 | |||||||||||
Total liabilities and stockholders' equity | $ (2,408) | (2,408) | |||||||||||
Income Statement [Abstract] | |||||||||||||
Benefit for income taxes | (3,524) | ||||||||||||
Net loss from continuing operations | (3,524) | ||||||||||||
Net income (loss) | (3,524) | ||||||||||||
Net loss attributable to Steel Excel Inc. | $ (3,524) | ||||||||||||
Net income from continuing operations, basic and diluted ($ per share) | $ (0.28) | ||||||||||||
Net income basic and diluted ($ per share) | $ (0.28) | ||||||||||||
Statement of Comprehensive Income [Abstract] | |||||||||||||
Gross unrealized gains (losses) on marketable securities, net of tax (B) | $ 4,490 | ||||||||||||
Reclassification to realized gains, net of tax | (966) | ||||||||||||
Net unrealized gain (loss) on marketable securities, net of taxes | 3,524 | ||||||||||||
Comprehensive income (loss) | 0 | ||||||||||||
Comprehensive loss attributable to Steel Excel Inc. | 0 | ||||||||||||
Tax benefit on gross unrealized gains | 4,490 | ||||||||||||
Tax benefit on reclassifications to realized gains (losses) | (966) | ||||||||||||
Statement of Stockholders' Equity [Abstract] | |||||||||||||
Other comprehensive income (Revised) | $ 3,524 | ||||||||||||
Statement of Cash Flows [Abstract] | |||||||||||||
Deferred income tax provision (benefit) | 3,524 | ||||||||||||
Net cash provided by operating activities | $ 0 | ||||||||||||
[1] | Tax provision on gross unrealized gains (losses) | ||||||||||||
[2] | Tax benefit on reclassifications to realized gains (losses) |
Acquisitions Narrative (Details
Acquisitions Narrative (Details) $ in Thousands | Dec. 16, 2013USD ($) | Jun. 19, 2013USD ($) | Jan. 31, 2013USD ($)director | Nov. 05, 2012USD ($)facility | May. 31, 2012USD ($)shares | Feb. 09, 2012USD ($) | Dec. 07, 2011 | Nov. 30, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jul. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)business | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Jan. 31, 2016 | May. 31, 2013 |
Business Acquisition [Line Items] | |||||||||||||||||
Net revenues | $ 182,591 | ||||||||||||||||
Net income | 22,423 | ||||||||||||||||
Impairment of goodwill and intangible assets | $ 25,600 | $ 36,700 | $ 18,300 | $ 36,700 | |||||||||||||
Black Hawk | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Total purchase price | $ 59,600 | ||||||||||||||||
Purchase price, in cash | 34,600 | ||||||||||||||||
Purchase price, additional borrowings | $ 25,000 | ||||||||||||||||
Net revenues | 2,500 | ||||||||||||||||
Net income | 800 | ||||||||||||||||
Eagle Well | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Purchase price, in cash | $ 48,100 | ||||||||||||||||
Sun Well | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Total purchase price | $ 68,700 | ||||||||||||||||
Purchase price, in cash | $ 7,900 | ||||||||||||||||
Purchase price, shares issued (shares) | shares | 2,027,500 | ||||||||||||||||
Purchase price, common stock value | $ 60,800 | ||||||||||||||||
Sun Well | Steel Partners | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Ownership percentage | 85.00% | ||||||||||||||||
Equity ownership percentage | 40.00% | ||||||||||||||||
Eagle Well and Sun Well | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Impairment of goodwill and intangible assets | 18,100 | 30,400 | |||||||||||||||
Rogue | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Impairment of goodwill and intangible assets | 6,300 | ||||||||||||||||
Performance period (in years) | 3 years | ||||||||||||||||
Reversal of contingent consideration | $ 500 | $ 700 | |||||||||||||||
UK Elite | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Purchase price, in cash | $ 2,300 | ||||||||||||||||
Ownership percentage | 80.00% | ||||||||||||||||
Provider of Soccer Clinics | UK Elite | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Total purchase price | $ 500 | ||||||||||||||||
Number of businesses acquired | business | 3 | ||||||||||||||||
Purchase price | $ 1,000 | ||||||||||||||||
Current assets | 200 | 200 | |||||||||||||||
Current liabilities | 600 | 600 | |||||||||||||||
Intangible assets | $ 900 | $ 900 | |||||||||||||||
Crossfit Facilities | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Purchase price, in cash | $ 100 | ||||||||||||||||
Ownership percentage | 50.00% | 86.00% | 86.00% | ||||||||||||||
Impairment of goodwill and intangible assets | $ 200 | ||||||||||||||||
Number of Crossfit facilities | facility | 2 | ||||||||||||||||
Purchase price, commitment to provide funding | $ 1,100 | ||||||||||||||||
Crossfit Facilities | Subsequent Event | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Ownership percentage | 14.00% | ||||||||||||||||
Ruckus | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Total purchase price | $ 1,000 | ||||||||||||||||
Purchase price, in cash | 900 | $ 1,300 | |||||||||||||||
Purchase price, additional borrowings | $ 100 | ||||||||||||||||
Ownership percentage | 20.00% | 15.00% | 10.00% | ||||||||||||||
Equity ownership percentage | 20.00% | ||||||||||||||||
Additional membership interest (as a percent) | 40.00% | 45.00% | |||||||||||||||
Period during which company has the option to acquire additional interest (in years) | 2 years | ||||||||||||||||
Number of directors appointed | director | 2 | ||||||||||||||||
Number of directors on board | director | 3 | ||||||||||||||||
Impairment charge | $ 3,600 |
Acquisitions Pro Forma Informat
Acquisitions Pro Forma Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($)$ / shares | |
Business Combinations [Abstract] | |
Net revenues | $ 182,591 |
Income from continuing operations, net of taxes | 27,963 |
Net income | 22,423 |
Net income attributable to Steel Excel Inc. | $ 25,767 |
Basic net income per share attributable to Steel Excel, Inc - basic ($ per share) | $ / shares | $ 2.05 |
Basic net income per share attributable to Steel Excel, Inc - diluted ($ per share) | $ / shares | $ 2.04 |
Discontinued Operations Revenue
Discontinued Operations Revenues and Components of Income Related to Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from operations of discontinued operations | $ 0 | $ 506 | $ (5,540) |
Ruckus and The Show | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 0 | 1,260 | |
Income (loss) from operations of discontinued operations | $ 506 | $ (5,540) |
Discontinued Operations Narrati
Discontinued Operations Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment of goodwill and intangible assets | $ 25.6 | $ 36.7 | $ 18.3 | $ 36.7 | |
Ruckus | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment of goodwill and intangible assets | $ 3.6 |
Investments (Detail)
Investments (Detail) $ / shares in Units, $ in Thousands | Jul. 11, 2013director | Feb. 29, 2016USD ($)$ / shares | Jan. 31, 2015USD ($)directorshares | May. 31, 2014shares | Jan. 31, 2013USD ($) | Dec. 31, 2015USD ($)shares | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 23, 2013USD ($)shares |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Available-for-sale Securities | $ 126,307 | $ 126,307 | $ 181,138 | |||||||||
Gross Unrealized Losses | 2,256 | 2,256 | 27,495 | |||||||||
Proceeds from sales of marketable securities | 43,338 | 116,314 | $ 75,825 | |||||||||
Impairment of marketable securities | 29,200 | $ 7,900 | $ 22,700 | 59,781 | 0 | 0 | ||||||
Realized loss on financial instrument obligation | 477 | 1,820 | 0 | |||||||||
Loss recognized | 2,807 | 568 | 0 | |||||||||
Realized gain on non-monetary exchange | 9,268 | 0 | $ 0 | |||||||||
Fair value of equity-method investment | 21,954 | 21,954 | 24,355 | |||||||||
Other investments | 3,555 | 3,555 | $ 28,525 | |||||||||
Realized gain | 9,326 | |||||||||||
Venture Capital Funds | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Other Investments | 500 | 500 | ||||||||||
Preferred Stock | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Other Investments | 100 | 100 | ||||||||||
Promissory Note | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Other Investments | $ 3,000 | 3,000 | ||||||||||
Again Faster | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Cost of acquired entity, cash paid | $ 4,000 | |||||||||||
Equity method investment - impairment | $ 2,500 | |||||||||||
Steel Partners | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Units issued (shares) | shares | 936,968 | 936,968 | ||||||||||
Available-for-sale Securities | $ 15,300 | $ 15,300 | ||||||||||
Gross Unrealized Losses | $ 1,100 | $ 1,100 | ||||||||||
Again Faster | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Percentage of voting interests acquired | 40.00% | |||||||||||
Again Faster | Traditional equity method | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership | 40.00% | 40.00% | 40.00% | |||||||||
Fair value of equity-method investment | $ 3,900 | $ 3,900 | ||||||||||
iGo | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership | 45.70% | 44.70% | ||||||||||
Shares of common stock acquired (in shares) | shares | 1,316,866 | |||||||||||
Total consideration | $ 5,200 | |||||||||||
Number of directors appointed | director | 2 | |||||||||||
Number of directors on board | director | 4 | |||||||||||
iGo | Traditional equity method | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership | 45.70% | 45.70% | 46.90% | |||||||||
API | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership | 20.60% | |||||||||||
Ownership (in shares) | shares | 11,377,192 | |||||||||||
Purchase price, shares issued (shares) | shares | 1,666,666 | |||||||||||
Loss recognized | $ 600 | |||||||||||
API | Subsequent Event | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Price received ($ per share) | $ / shares | $ 2 | |||||||||||
Total proceeds from sale | $ 22,900 | |||||||||||
Aviat | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership | 12.90% | |||||||||||
Ownership (in shares) | shares | 8,042,892 | |||||||||||
Number of directors | director | 8 | |||||||||||
Realized gain on non-monetary exchange | $ (2,800) | |||||||||||
Partnership | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Other investments | $ 25,000 | $ 25,000 | ||||||||||
Fair value | $ 34,300 | $ 34,300 | ||||||||||
Steel Partners | Steel Excel | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership | 58.30% | 58.30% |
Investments Portfolio of Market
Investments Portfolio of Marketable Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale securities: | ||
Cost | $ 126,033 | $ 195,958 |
Gross Unrealized Gains | 2,530 | 12,675 |
Gross Unrealized Losses | (2,256) | (27,495) |
Estimated Fair Value | 126,307 | 181,138 |
Cash equivalents cost | (30,118) | (42,681) |
Cash equivalents estimated fair value | (30,118) | (42,681) |
Marketable securities cost | 95,915 | 153,277 |
Marketable securities estimated fair value | 96,189 | 138,457 |
Short-term deposits | ||
Available-for-sale securities: | ||
Cost | 30,118 | 42,681 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 30,118 | 42,681 |
Mutual funds | ||
Available-for-sale securities: | ||
Cost | 11,835 | 17,030 |
Gross Unrealized Gains | 2,182 | 4,262 |
Gross Unrealized Losses | 0 | (322) |
Estimated Fair Value | 14,017 | 20,970 |
United States government securities | ||
Available-for-sale securities: | ||
Cost | 0 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 0 | |
Corporate securities | ||
Available-for-sale securities: | ||
Cost | 58,333 | 103,761 |
Gross Unrealized Gains | 250 | 7,821 |
Gross Unrealized Losses | (1,674) | (23,732) |
Estimated Fair Value | 56,909 | 87,850 |
Corporate obligations | ||
Available-for-sale securities: | ||
Cost | 25,747 | 32,486 |
Gross Unrealized Gains | 98 | 592 |
Gross Unrealized Losses | (582) | (3,441) |
Estimated Fair Value | $ 25,263 | 29,637 |
Commercial paper | ||
Available-for-sale securities: | ||
Cost | 0 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | $ 0 |
Investments Fair Value and Gros
Investments Fair Value and Gross Unrealized Losses of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Gross Realized Gains | $ 12,053 | $ 8,065 | $ 6,984 |
Available-for-sale Securities, Gross Realized Losses | (6,806) | (4,300) | (4,376) |
Available-for-sale Securities, Net Realized Gain (Loss) | 5,247 | 3,765 | $ 2,608 |
Fair Value | 31,954 | 58,272 | |
Gross Unrealized Losses | (2,256) | (27,495) | |
Corporate securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value | 18,755 | 39,869 | |
Gross Unrealized Losses | (1,674) | (23,732) | |
Corporate obligations | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value | 13,199 | 13,530 | |
Gross Unrealized Losses | (582) | (3,441) | |
Mutual funds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value | 4,873 | ||
Gross Unrealized Losses | $ 0 | $ (322) |
Investments Amortized Cost and
Investments Amortized Cost and Estimated Fair Value of Investments in Available-for-sale Securities, by Contractual Maturity (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Cost | |
Mature after one year through three years | $ 7,414 |
Mature in more than three years | 18,333 |
Total debt securities | 25,747 |
Securities with no contractual maturities | 100,286 |
Total | 126,033 |
Estimated Fair Value | |
Mature after one year through three years | 7,512 |
Mature in more than three years | 17,751 |
Total debt securities | 25,263 |
Securities with no contractual maturities | 101,044 |
Total | $ 126,307 |
Investments Financial Instrumen
Investments Financial Instrument Obligations (Details) - Total - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Initial Obligation | $ 19,386 | $ 19,467 |
Estimated Fair Value | 21,639 | 21,311 |
Corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Initial Obligation | 675 | 666 |
Estimated Fair Value | 1,352 | 621 |
Market indices | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Initial Obligation | 18,685 | 18,685 |
Estimated Fair Value | 20,285 | 20,451 |
Covered call options | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Initial Obligation | 26 | 7 |
Estimated Fair Value | 2 | 4 |
Naked put options | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Initial Obligation | 0 | 109 |
Estimated Fair Value | $ 0 | $ 235 |
Investments Equity Method Inves
Investments Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2015 | May. 31, 2014 | Aug. 23, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||
Carrying Value | $ 24,815 | $ 30,060 | $ 24,815 | $ 30,060 | ||||||||||
Income (Loss) Recognized | $ (11,300) | $ (8,200) | $ 5,400 | $ (2,100) | $ (2,700) | $ (4,800) | $ 2,900 | $ (1,400) | $ (16,102) | $ (6,070) | $ (862) | |||
iGo | ||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||
Ownership | 45.70% | 45.70% | 44.70% | |||||||||||
API | ||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||
Ownership | 20.60% | |||||||||||||
Aviat | ||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||
Ownership | 12.90% | |||||||||||||
Traditional equity method | Again Faster | ||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||
Ownership | 40.00% | 40.00% | 40.00% | 40.00% | ||||||||||
Carrying Value | $ 0 | $ 3,105 | $ 0 | $ 3,105 | ||||||||||
Income (Loss) Recognized | $ (3,105) | $ (566) | (329) | |||||||||||
Traditional equity method | iGo | ||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||
Ownership | 45.70% | 46.90% | 45.70% | 46.90% | ||||||||||
Carrying Value | $ 2,861 | $ 2,600 | $ 2,861 | $ 2,600 | ||||||||||
Income (Loss) Recognized | $ 261 | $ (2,068) | (533) | |||||||||||
Fair value option | API | ||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||
Ownership | 20.60% | 20.60% | 20.60% | 20.60% | ||||||||||
Carrying Value | $ 15,779 | $ 24,355 | $ 15,779 | $ 24,355 | ||||||||||
Income (Loss) Recognized | $ (8,576) | (3,436) | 0 | |||||||||||
Fair value option | Aviat | ||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||
Ownership | 12.90% | 12.90% | ||||||||||||
Carrying Value | $ 6,175 | $ 0 | $ 6,175 | 0 | ||||||||||
Income (Loss) Recognized | $ (4,682) | $ 0 | $ 0 |
Investments Financial Results (
Investments Financial Results (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||
Current assets | $ 303,544 | $ 115,532 |
Non-current assets | 258,816 | 179,161 |
Current liabilities | 180,664 | 42,200 |
Non-current liabilities | 207,897 | 132,681 |
Revenues | 546,765 | 131,290 |
Gross profit | 129,419 | 29,841 |
Loss from continuing operations | (44,640) | (8,046) |
Net loss | (43,040) | (8,046) |
Loss attributable to controlling interests | $ (43,340) | $ (8,046) |
Fair Value Measurements Financi
Fair Value Measurements Financial assets measured at fair value on a recurring basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial instrument obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | $ (21,639) | $ (21,311) |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 14,017 | 20,970 |
Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 56,909 | 87,850 |
Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 25,263 | 29,637 |
Traditional equity method | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 21,954 | 24,355 |
Other investments(1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 555 | 525 |
Financial Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 118,698 | 163,337 |
Level 1 | Financial instrument obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | (21,639) | (21,311) |
Level 1 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 14,017 | 20,970 |
Level 1 | Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 48,604 | 72,798 |
Level 1 | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level 1 | Traditional equity method | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 21,954 | 24,355 |
Level 1 | Other investments(1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level 1 | Financial Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 84,575 | 118,123 |
Level 2 | Financial instrument obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Level 2 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level 2 | Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level 2 | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 6,143 | 10,793 |
Level 2 | Traditional equity method | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level 2 | Other investments(1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level 2 | Financial Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 6,143 | 10,793 |
Level 3 | Financial instrument obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 0 | 0 |
Level 3 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level 3 | Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 8,305 | 15,052 |
Level 3 | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 19,120 | 18,844 |
Level 3 | Traditional equity method | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 0 | 0 |
Level 3 | Other investments(1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | 555 | 525 |
Level 3 | Financial Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets | $ 27,980 | $ 34,421 |
Fair Value Measurements Reconci
Fair Value Measurements Reconciliation of the beginning and ending balances of the Level 3 assets and liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning of period | $ 34,421 | $ 24,209 | $ 2,804 |
Purchases | 5,183 | 13,294 | 45,383 |
Sales | (2,953) | (5,001) | (23,034) |
Realized gain on sale | 8 | (129) | 1,556 |
Change in fair value | (8,679) | 2,048 | (2,500) |
Balance, end of period | $ 27,980 | $ 34,421 | $ 24,209 |
Property and Equipment, Net (De
Property and Equipment, Net (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 15.4 | $ 14.6 | $ 10.5 |
Property and Equipment, Net Sch
Property and Equipment, Net Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 143,385 | $ 139,775 |
Accumulated depreciation | (47,592) | (32,588) |
Property and equipment, net | 95,793 | 107,187 |
Rigs and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 118,836 | 115,391 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 19,319 | 18,977 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,893 | 1,893 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,304 | 2,197 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 925 | 673 |
Assets in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 108 | $ 644 |
Goodwill and Other Intangible70
Goodwill and Other Intangible Assets Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment of goodwill and intangible assets | $ 25,600 | $ 36,700 | $ 18,300 | $ 36,700 | |
Amortization of intangibles | 8,211 | 9,582 | $ 8,709 | ||
Goodwill | 12,594 | 30,864 | 12,594 | 30,864 | 67,530 |
Accumulated goodwill impairment | 60,501 | 42,231 | 60,501 | 42,231 | |
Eagle Well and Sun Well | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment of goodwill and intangible assets | 18,100 | 30,400 | |||
Rogue | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment of goodwill and intangible assets | 6,300 | ||||
Crossfit Facilities | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment of goodwill and intangible assets | 200 | ||||
Sun Well | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment of goodwill and intangible assets | 7,400 | ||||
Energy segment: | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment of goodwill and intangible assets | 18,300 | 36,700 | |||
Goodwill | $ 10,577 | $ 28,693 | $ 10,577 | $ 28,693 | $ 65,359 |
Goodwill and Other Intangible71
Goodwill and Other Intangible Assets Intangible Assets, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 54,269 | $ 61,621 |
Accumulated Amortization | (34,050) | (25,839) |
Net | 20,219 | 35,782 |
Energy segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 52,058 | 59,410 |
Accumulated Amortization | (32,800) | (25,124) |
Net | 19,258 | 34,286 |
Sports segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2,211 | 2,211 |
Accumulated Amortization | (1,250) | (715) |
Net | 961 | 1,496 |
Customer relationships | Energy segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 47,078 | 54,430 |
Accumulated Amortization | (28,966) | (21,938) |
Net | 18,112 | 32,492 |
Customer relationships | Sports segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2,089 | 2,089 |
Accumulated Amortization | (1,189) | (678) |
Net | 900 | 1,411 |
Trade names | Energy segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 4,860 | 4,860 |
Accumulated Amortization | (3,785) | (3,161) |
Net | 1,075 | 1,699 |
Trade names | Sports segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 122 | 122 |
Accumulated Amortization | (61) | (37) |
Net | 61 | 85 |
Non-compete agreement | Energy segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 120 | 120 |
Accumulated Amortization | (49) | (25) |
Net | $ 71 | $ 95 |
Goodwill and Other Intangible72
Goodwill and Other Intangible Assets Estimated Aggregate Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 5,710 |
2,017 | 4,800 |
2,018 | 4,167 |
2,019 | 1,753 |
2,020 | 1,753 |
Thereafter | 2,036 |
Finite-Lived Intangible Assets, Net | $ 20,219 |
Goodwill and Other Intangible73
Goodwill and Other Intangible Assets Goodwill Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 30,864 | $ 67,530 |
Impairments | (18,270) | (36,666) |
Balance at end of period | 12,594 | 30,864 |
Energy segment: | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 28,693 | 65,359 |
Impairments | (18,116) | (36,666) |
Balance at end of period | 10,577 | 28,693 |
Sports segment: | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 2,171 | 2,171 |
Impairments | (154) | 0 |
Balance at end of period | $ 2,017 | $ 2,171 |
Goodwill and Other Intangible74
Goodwill and Other Intangible Assets Components of Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 73,095 | $ 73,095 | |
Accumulated impairment | (60,501) | (42,231) | |
Goodwill | $ 12,594 | $ 30,864 | $ 67,530 |
Long-term Debt Narrative (Detai
Long-term Debt Narrative (Details) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($)payment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 42,946,000 | $ 42,946,000 | ||
Prepayment | 36,339,000 | $ 13,215,000 | $ 15,500,000 | |
Loss on extinguishment of debt | 87,000 | 0 | 463,000 | |
Interest expense | 2,455,000 | 3,177,000 | 1,725,000 | |
Steel Energy Ltd | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 42,700,000 | $ 42,700,000 | ||
Proceeds from dividends received | 80,000,000 | |||
Steel Energy Ltd | Energy Credit Agreement | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 95,000,000 | |||
Steel Energy Ltd | Energy Credit Agreement | Line of Credit | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 10,000,000 | |||
Borrowing base of eligible accounts receivable (as a percent) | 85.00% | |||
Steel Energy Ltd | Amended Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate (as a percent) | 3.10% | 3.10% | ||
Interest expense | $ 2,400,000 | $ 3,100,000 | $ 1,400,000 | |
Steel Energy Ltd | Amended Credit Agreement | Sun Well | ||||
Debt Instrument [Line Items] | ||||
Ownership interest (as a percent) | 100.00% | 100.00% | ||
Steel Energy Ltd | Amended Credit Agreement | Quarterly periods through June 30, 2017 | ||||
Debt Instrument [Line Items] | ||||
Leverage ratio | 2.75 | 2.75 | ||
Steel Energy Ltd | Amended Credit Agreement | Quarterly periods after June 20, 2017 | ||||
Debt Instrument [Line Items] | ||||
Leverage ratio | 2.5 | 2.5 | ||
Steel Energy Ltd | Amended Credit Agreement | Quarterly periods through December 31, 2016 | ||||
Debt Instrument [Line Items] | ||||
Fixed charge coverage ratio | 1.15 | |||
Steel Energy Ltd | Amended Credit Agreement | Quarterly periods after December 31, 2016 | ||||
Debt Instrument [Line Items] | ||||
Fixed charge coverage ratio | 1.25 | |||
Steel Energy Ltd | Amended Credit Agreement | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Description of variable rate basis | Base Rate | |||
Steel Energy Ltd | Amended Credit Agreement | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Description of variable rate basis | LIBOR | |||
Basis spread on variable rate (as a percent) | 1.00% | |||
Steel Energy Ltd | Amended Credit Agreement | Federal Funds Rate | ||||
Debt Instrument [Line Items] | ||||
Description of variable rate basis | Federal Funds Rate | |||
Basis spread on variable rate (as a percent) | 0.50% | |||
Steel Energy Ltd | Amended Credit Agreement | Minimum | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 1.50% | |||
Steel Energy Ltd | Amended Credit Agreement | Minimum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 2.50% | |||
Steel Energy Ltd | Amended Credit Agreement | Maximum | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 2.25% | |||
Steel Energy Ltd | Amended Credit Agreement | Maximum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 3.25% | |||
Steel Energy Ltd | Amended Credit Agreement | Revolving Credit Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee (as a percent) | 0.375% | |||
Steel Energy Ltd | Amended Credit Agreement | Revolving Credit Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee (as a percent) | 0.50% | |||
Steel Energy Ltd | Amended Credit Agreement | Long-term Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 105,000,000 | |||
Payments of dividends | 70,000,000 | |||
Cost of acquired entity, cash paid | 25,000,000 | |||
Unamortized debt issuance expense | 1,400,000 | |||
Quarterly installments | $ 3,300,000 | $ 3,300,000 | ||
Prepayment | $ 23,100,000 | |||
Number of quarterly installments | payment | 7 | |||
Loss on extinguishment of debt | $ 100,000 | |||
Steel Partners | Amended Credit Agreement | Steel Energy Ltd | ||||
Debt Instrument [Line Items] | ||||
Ownership interest (as a percent) | 35.00% | 35.00% | ||
Sun Well | Sun Well Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | 500,000 | |||
Interest expense | $ 300,000 | |||
Sun Well | Sun Well Credit Agreement | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 20,000,000 | $ 20,000,000 | ||
Sun Well | Sun Well Credit Agreement | Line of Credit | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 5,000,000 | $ 5,000,000 |
Long-term Debt Assets Pledged A
Long-term Debt Assets Pledged As Collateral (Details) - Steel Energy Ltd and Subsidiaries $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
Cash and cash equivalents | $ 21,812 |
Accounts receivable | 8,685 |
Property and equipment, net | 88,463 |
Intangible assets, net | 19,258 |
Total | $ 138,218 |
Long-term Debt Principal paymen
Long-term Debt Principal payments under the Energy Credit Agreement (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 0 | |
2,017 | 3,303 | |
2,018 | 39,643 | |
Total | 42,946 | |
Less current portion | 0 | $ 13,157 |
Unamortized debt issuance costs - long-term | 280 | 575 |
Total long-term debt | $ 42,666 | $ 65,496 |
Leases Future Minimum Rental Pa
Leases Future Minimum Rental Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating | |||
2,016 | $ 796 | ||
2,017 | 668 | ||
2,018 | 365 | ||
2,019 | 254 | ||
2,020 | 782 | ||
Total minimum lease payments, operating leases | 2,865 | ||
Rent expenses under operating leases | $ 6,100 | $ 7,700 | $ 3,300 |
Leases Asset Recorded under Cap
Leases Asset Recorded under Capital Leases (Details) - Rigs and other equipment $ in Thousands | Dec. 31, 2014USD ($) |
Capital Leased Assets [Line Items] | |
Rigs and other equipment | $ 1,871 |
Accumulated depreciation | (559) |
Net | $ 1,312 |
Other Liabilities Accrued and o
Other Liabilities Accrued and other liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Other Liabilities [Line Items] | ||
Accrued and other liabilities | $ 8,458 | $ 8,916 |
Tax-related | ||
Schedule Other Liabilities [Line Items] | ||
Accrued and other liabilities | 146 | 238 |
Accrued compensation and related taxes | ||
Schedule Other Liabilities [Line Items] | ||
Accrued and other liabilities | 2,472 | 5,471 |
Deferred compensation | ||
Schedule Other Liabilities [Line Items] | ||
Accrued and other liabilities | 3,546 | 0 |
Deferred revenue | ||
Schedule Other Liabilities [Line Items] | ||
Accrued and other liabilities | 1,510 | 1,308 |
Professional services | ||
Schedule Other Liabilities [Line Items] | ||
Accrued and other liabilities | 156 | 763 |
Accrued fuel and rig-related charges | ||
Schedule Other Liabilities [Line Items] | ||
Accrued and other liabilities | 107 | 601 |
Other | ||
Schedule Other Liabilities [Line Items] | ||
Accrued and other liabilities | $ 521 | $ 535 |
Other Liabilities Other long-te
Other Liabilities Other long-term liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Deferred compensation | $ 197 | $ 0 |
Tax-related | 0 | 3,709 |
Other | 39 | 6 |
Total | $ 236 | $ 3,715 |
Other Income (Expense), net (De
Other Income (Expense), net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | |||
Investment income | $ 4,683 | $ 6,621 | $ 4,804 |
Realized gain on sale of marketable securities, net | 5,247 | 3,765 | 2,608 |
Loss on financial instrument obligations | (477) | (1,820) | 0 |
Realized loss upon change to equity method at fair value | (2,807) | (568) | 0 |
Realized gain on non-monetary exchange | 9,268 | 0 | 0 |
Foreign exchange loss | (669) | (1,059) | 0 |
Gain (loss) on sale of property and equipment | (235) | 191 | 132 |
Loss on extinguishment of debt | (87) | 0 | (463) |
Other | (24) | (72) | (7) |
Other income (expense), net | $ 14,899 | $ 7,058 | $ 7,074 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Tax Credit Carryforward [Line Items] | ||||||||
Benefit for income taxes | $ 2,100 | $ (2,400) | $ 6,300 | $ 2,400 | $ 6,323 | $ 1,323 | $ 5,818 | |
Current | 59 | 1,719 | 7,281 | |||||
Unrecognized tax benefits | 27,286 | $ 19,076 | 27,286 | 19,076 | 19,121 | $ 26,419 | ||
Unrecognized tax benefits that would impact effective tax rate if recognized | 300 | 300 | ||||||
Reversal of valuation allowance, foreign taxes | 100 | 45 | $ 7,298 | |||||
Federal | ||||||||
Tax Credit Carryforward [Line Items] | ||||||||
Operating loss carryforwards | 139,100 | 139,100 | ||||||
Federal research and development credit carryforwards | 30,300 | 30,300 | ||||||
Domestic | ||||||||
Tax Credit Carryforward [Line Items] | ||||||||
Domestic state net operating loss carryforwards | 156,100 | 156,100 | ||||||
Federal research and development credit carryforwards | 17,700 | 17,700 | ||||||
Foreign Tax Authority | ||||||||
Tax Credit Carryforward [Line Items] | ||||||||
Income tax refund | $ 1,700 | |||||||
Stock Option Deductions | Federal | ||||||||
Tax Credit Carryforward [Line Items] | ||||||||
Operating loss carryforwards | $ 10,500 | $ 10,500 |
Income Taxes Components of Inco
Income Taxes Components of Income Tax Benefit (Provision) from Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Federal: | |||||||
Current | $ (152) | $ (191) | $ 14 | ||||
Deferred | 5,283 | 105 | (86) | ||||
Federal: | 5,131 | (86) | (72) | ||||
Foreign: | |||||||
Current | 59 | 1,719 | 7,281 | ||||
Deferred | 0 | 0 | (1,696) | ||||
Foreign: | 59 | 1,719 | 5,585 | ||||
State: | |||||||
Current | (131) | (403) | 509 | ||||
Deferred | 1,264 | 93 | (204) | ||||
State: | 1,133 | (310) | 305 | ||||
Income tax benefit | $ 2,100 | $ (2,400) | $ 6,300 | $ 2,400 | $ 6,323 | $ 1,323 | $ 5,818 |
Income Taxes Components of In85
Income Taxes Components of Income (Loss) from Continuing Operations before Benefit from (Provision for) Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (104,106) | $ (25,580) | $ 6,990 |
Foreign | 0 | (12) | 59 |
The components of income (loss) from continuing operations before income taxes | $ (104,106) | $ (25,592) | $ 7,049 |
Income Taxes Effective Tax Rate
Income Taxes Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 1.00% | (0.50%) | (8.10%) |
Foreign losses not benefited | 0.00% | 0.00% | (0.30%) |
Changes in tax reserves | (0.30%) | 0.20% | (78.60%) |
Change in valuation allowance | (24.80%) | 30.30% | (28.10%) |
Permanent differences | (4.70%) | (64.60%) | (1.80%) |
Foreign tax refund | (0.00%) | 6.50% | (0.00%) |
Other | (0.10%) | (1.70%) | (0.60%) |
Effective income tax rate | 6.10% | 5.20% | (82.50%) |
Income Taxes Components of Defe
Income Taxes Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | ||
Net operating loss carryforwards | $ 45,296 | $ 49,096 |
Research and development credits | 33,484 | 33,484 |
Marketable securities | 19,266 | 0 |
Compensatory and other accruals | 1,827 | 2,698 |
Unrealized losses on investments | 0 | 5,265 |
Intangible assets | 6,847 | 819 |
Foreign tax credits | 0 | 201 |
Other, net | 6,152 | 3,725 |
Gross deferred tax assets | 112,872 | 95,288 |
Deferred tax liabilities: | ||
Unrealized gains on investments | 97 | 0 |
Fixed assets | 20,073 | 19,128 |
Gross deferred tax liabilities | 20,170 | 19,128 |
Net deferred tax asset before valuation allowance | 92,702 | 76,160 |
Valuation Allowance | (93,439) | (78,018) |
Net deferred tax liability | $ (737) | $ (1,858) |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 19,076 | $ 19,121 | $ 26,419 |
Additions | 8,269 | 0 | 0 |
Expiration of statute of limitations | (100) | (45) | (7,298) |
Settlements | 0 | 0 | 0 |
Balance at ending of period | $ 27,286 | $ 19,076 | $ 19,121 |
Stock Benefit Plans Narrative (
Stock Benefit Plans Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation expense not yet recognized | $ | $ 2.1 |
Period for recognition (in years) | 1 year |
2004 Plan | Common Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares reserved for future issuance (in shares) | 1,805,613 |
Shares available for issuance (in shares) | 1,386,452 |
2006 Plan | Common Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares reserved for future issuance (in shares) | 1,200,000 |
Shares available for issuance (in shares) | 380,977 |
Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity-based awards outstanding (in shares) | 56,000 |
Options | 2004 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Option term (in years) | 7 years |
Equity-based awards outstanding (in shares) | 204,852 |
Options | 2004 Plan | Employees Who Own More Than 10% of the Voting Power of All Classes of Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Option term (in years) | 5 years |
Ownership in voting powers ( as a percent) | 10.00% |
Exercise price as a percentage of fair value of common stock | 110.00% |
Options | 2004 Plan | Other Employees and Consultants | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price as a percentage of fair value of common stock | 100.00% |
Options | 2004 Plan | Other Employees and Consultants | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price as a percentage of fair value of common stock | 85.00% |
Options | 2006 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Option term (in years) | 10 years |
Exercise price as a percentage of fair value of common stock | 100.00% |
Equity-based awards outstanding (in shares) | 51,318 |
Stock Appreciation Rights (SARs) | 2004 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Option term (in years) | 7 years |
Exercise price as a percentage of fair value of common stock | 100.00% |
Stock Appreciation Rights (SARs) | 2006 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Option term (in years) | 10 years |
Exercise price as a percentage of fair value of common stock | 100.00% |
Fair value on grant date - restricted stock | 2004 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Purchase price (in dollars per share) | $ / shares | $ 0.001 |
Stock Benefit Plans Stock-based
Stock Benefit Plans Stock-based Compensation Expense by Type of Equity Award (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 3,157 | $ 2,807 | $ 2,040 |
Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | 0 | 36 | 91 |
Fair value on grant date - restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 3,157 | $ 2,771 | $ 1,949 |
Stock Benefit Plans Stock Optio
Stock Benefit Plans Stock Options Roll Forward (Details) - Options $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / shares | |
Weighted Average Exercise Price (in dollars per share) | |
Outstanding and exercisable, January 1, 2015 | $ / shares | $ 30.14 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 3 years 2 months 12 days |
Aggregate Intrinsic Value | |
Outstanding and exercisable, December 31, 2015 | $ | $ 0 |
Stock Benefit Plans Restricted
Stock Benefit Plans Restricted Stock Roll Forward (Details) - Fair value on grant date - restricted stock shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Shares | |
Non-vested stock, January 1, 2015 | shares | 57 |
Awarded | shares | 181 |
Vested | shares | (34) |
Forfeited | shares | (3) |
Non-vested stock, December 31, 2015 | shares | 201 |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Non-vested stock, January 1, 2015 | $ / shares | $ 30.10 |
Awarded | $ / shares | 23.62 |
Vested | $ / shares | 30.58 |
Forfeited | $ / shares | 26.97 |
Non-vested stock, December 31, 2015 | $ / shares | $ 24.22 |
Stock Benefit Plans Information
Stock Benefit Plans Information Relating to Fair Value of Grants of Equity Awards and the Fair Value of Options Exercised and Restricted Shares Vested (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of restricted stock vested | $ (85) | $ (119) | |
Fair value on grant date - restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value on grant date: Restricted Stock | 4,264 | 788 | $ 3,977 |
Fair value of restricted stock vested | $ 1,042 | $ 2,739 | $ 2,797 |
Net Income (Loss) Per Share Rec
Net Income (Loss) Per Share Reconciliation of Numerator and Denominator of Basic and Diluted Net (Loss) Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerators: | |||||||||||
Net loss from continuing operations | $ (65,444) | $ (14,263) | $ (10,463) | $ (7,613) | $ (33,968) | $ 75 | $ 7,657 | $ 1,967 | $ (97,783) | $ (24,269) | $ 12,867 |
Non-controlling interest | 376 | 235 | 156 | ||||||||
Net income (loss) from continuing operations attributable to Steel Excel Inc. | (97,407) | (24,034) | 13,023 | ||||||||
Income (loss) from discontinued operations | 0 | 506 | (5,540) | ||||||||
Non-controlling interest | 0 | (279) | 3,188 | ||||||||
Income (loss) from discontinued operations attributable to Steel Excel Inc. | 0 | 227 | (2,352) | ||||||||
Net income (loss) attributable to Steel Excel Inc. | $ (65,147) | $ (14,474) | $ (10,536) | $ (7,250) | $ (33,605) | $ (163) | $ 7,668 | $ 2,293 | $ (97,407) | $ (23,807) | $ 10,671 |
Denominators: (in shares) | |||||||||||
Basic weighted average common shares outstanding | 11,454 | 11,678 | 12,584 | ||||||||
Effect of dilutive securities - stock-based awards | 0 | 0 | 18 | ||||||||
Diluted weighted average common shares outstanding | 11,454 | 11,678 | 12,602 | ||||||||
Basic income (loss) per share attributable to Steel Excel Inc.: (in dollars per share) | |||||||||||
Net income (loss) from continuing operations | $ (8.50) | $ (2.06) | $ 1.03 | ||||||||
Income (loss) from discontinued operations, net of taxes | 0 | 0.02 | (0.19) | ||||||||
Net income (loss) | $ (5.74) | $ (1.27) | $ (0.91) | $ (0.63) | $ (2.97) | $ (0.01) | $ 0.64 | $ 0.19 | (8.50) | (2.04) | 0.85 |
Diluted income (loss) per share attributable to Steel Excel Inc.: (in dollars per share) | |||||||||||
Net income (loss) from continuing operations | (8.50) | (2.06) | 1.03 | ||||||||
Income (loss) from discontinued operations, net of taxes | 0 | 0.02 | (0.19) | ||||||||
Net income (loss) | $ (5.74) | $ (1.27) | $ (0.91) | $ (0.63) | $ (2.97) | $ (0.01) | $ 0.64 | $ 0.19 | $ (8.50) | $ (2.04) | $ 0.85 |
Shares excluded from earnings per share calculation (shares) | 15 | 20 |
Accumulated Other Comprehensi95
Accumulated Other Comprehensive Income (Loss) - Changes, net of tax, in Accumulated Other Comprehensive income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, January 1, 2015 | $ (15,206) | ||
Other comprehensive income (loss) before reclassifications | (24,935) | ||
Reclassifications from accumulated other comprehensive income | 34,595 | ||
Current period other comprehensive income (loss) | 9,660 | $ (25,246) | $ 9,094 |
Balance, December 31, 2015 | (5,546) | (15,206) | |
Unrealized Gain (Loss) on Securities | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, January 1, 2015 | (14,821) | ||
Other comprehensive income (loss) before reclassifications | (24,927) | ||
Reclassifications from accumulated other comprehensive income | 34,595 | ||
Current period other comprehensive income (loss) | 9,668 | ||
Balance, December 31, 2015 | (5,153) | (14,821) | |
Cumulative Translation Adjustment | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, January 1, 2015 | (385) | ||
Other comprehensive income (loss) before reclassifications | (8) | ||
Reclassifications from accumulated other comprehensive income | 0 | ||
Current period other comprehensive income (loss) | (8) | ||
Balance, December 31, 2015 | $ (393) | $ (385) |
Supplemental Cash Flow Inform96
Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid | $ 2,155 | $ 2,707 | $ 1,304 |
Income taxes paid (refunded) - net | 298 | (1,507) | 916 |
Non-cash investing and financing activities: | |||
Reclassification of available-for-sale securities to equity method investment | 10,857 | 27,647 | 0 |
Partnership interest exchanged for marketable securities | 25,000 | 0 | 0 |
Sales of marketable securities not settled | 23,229 | 0 | 0 |
Note receivable exchanged for preferred stock | 75 | 0 | 0 |
Securities received in exchange for financial instrument obligations | 76 | 20,007 | 0 |
Securities delivered in exchange for settlement of financial instrument obligations | 76 | 520 | 0 |
Contribution of note payable by non-controlling interest | 0 | 268 | 0 |
Restricted stock awards surrendered to satisfy tax withholding obligations | 85 | 120 | 0 |
Non-controlling interests recognized in connection with acquisitions | $ 0 | $ 0 | $ 2,896 |
Related Party Transactions (Det
Related Party Transactions (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | |||
Oct. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jul. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2015 | |
Related Party Transaction [Line Items] | ||||||||
Available-for-sale Securities | $ 181,138 | $ 126,307 | $ 181,138 | |||||
SP Corporate Services LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Expenses from transactions with related party | 9,000 | 9,100 | $ 4,400 | |||||
SP Corporate Services LLC | Monthly Fees for Financial Management and Administrative Services | ||||||||
Related Party Transaction [Line Items] | ||||||||
Expenses from transactions with related party | $ 35 | |||||||
SP Corporate Services LLC | Monthly Expanded Services | ||||||||
Related Party Transaction [Line Items] | ||||||||
Expenses from transactions with related party | 679 | $ 667 | 300 | |||||
SPH GP | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accounts receivable owed by related parties | 300 | 100 | 300 | |||||
Mutual Securities, Inc. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Commissions | 100 | 300 | $ 200 | |||||
iGo | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management fees revenue | $ 400 | |||||||
Web Bank | Interest Income | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue from related parties | 39 | 84 | ||||||
Web Bank | Short-term deposits | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from related parties, current | $ 12,300 | $ 12,300 | ||||||
Pivot | Affiliated Entity | ||||||||
Related Party Transaction [Line Items] | ||||||||
Expenses from transactions with related party | $ 12 | |||||||
Steel Excel | SPH GP | ||||||||
Related Party Transaction [Line Items] | ||||||||
Ownership | 58.30% | |||||||
SPH GP | ||||||||
Related Party Transaction [Line Items] | ||||||||
Authorized purchase (shares) | 1,000,000 | |||||||
Units issued (shares) | 936,968 | |||||||
Available-for-sale Securities | $ 15,300 |
Segment Information (Detail)
Segment Information (Detail) | 12 Months Ended |
Dec. 31, 2015segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information Operating R
Segment Information Operating Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||||||
Revenues | $ 132,620 | $ 210,148 | $ 120,028 | ||||
Operating income (loss) before goodwill and other asset impairments | |||||||
Operating income (loss) before goodwill and other asset impairments | (40,667) | (23,403) | 2,562 | ||||
Corporate and other business activities | (67,282) | (81,432) | (29,592) | ||||
Impairment of goodwill and intangible assets | $ (25,600) | $ (36,700) | (18,300) | (36,700) | |||
Impairment of marketable securities | (29,200) | $ (7,900) | $ (22,700) | (59,781) | 0 | 0 | |
Interest expense | (2,455) | (3,177) | (1,725) | ||||
Other income (expense), net | 14,899 | 7,058 | 7,074 | ||||
Income (loss) from continuing operations before income taxes | (88,004) | (19,522) | 7,911 | ||||
Depreciation and amortization | 23,613 | 24,156 | 19,185 | ||||
Energy | |||||||
Revenues | |||||||
Revenues | 111,397 | 191,608 | 109,624 | ||||
Operating income (loss) before goodwill and other asset impairments | |||||||
Operating income (loss) before goodwill and other asset impairments | 2,478 | 29,889 | 12,381 | ||||
Impairment of goodwill and intangible assets | $ (18,300) | $ (36,700) | |||||
Depreciation and amortization | 21,904 | 22,530 | 18,392 | ||||
Sports | |||||||
Revenues | |||||||
Revenues | 21,223 | 18,540 | 10,404 | ||||
Operating income (loss) before goodwill and other asset impairments | |||||||
Operating income (loss) before goodwill and other asset impairments | (3,354) | (2,161) | (1,408) | ||||
Depreciation and amortization | 1,709 | 1,626 | 793 | ||||
Total segment operating income (loss) | |||||||
Operating income (loss) before goodwill and other asset impairments | |||||||
Operating income (loss) before goodwill and other asset impairments | (876) | 27,728 | 10,973 | ||||
Corporate | |||||||
Operating income (loss) before goodwill and other asset impairments | |||||||
Corporate and other business activities | (14,169) | (14,465) | (8,411) | ||||
Impairment of goodwill and intangible assets | $ (25,622) | $ (36,666) | $ 0 |
Segment Information Revenue by
Segment Information Revenue by Major Customers, by Reporting Segments (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)customer | Dec. 31, 2014USD ($)customer | Dec. 31, 2013USD ($)customer | |
Revenue, Major Customer [Line Items] | |||||||||||
Net revenues | $ 24,645 | $ 33,480 | $ 35,610 | $ 38,885 | $ 54,482 | $ 58,583 | $ 51,924 | $ 45,159 | $ 132,620 | $ 210,148 | $ 120,028 |
Sales | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Number of customers | customer | 4 | 2 | 2 | ||||||||
Sales | Customer A | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net revenues | $ 21,600 | $ 43,500 | $ 20,400 | ||||||||
Concentration risk (as a percent) | 16.30% | 20.70% | 17.00% | ||||||||
Sales | Customer B | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net revenues | $ 16,000 | $ 42,700 | $ 12,700 | ||||||||
Concentration risk (as a percent) | 12.10% | 20.30% | 10.50% | ||||||||
Sales | Customer C | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net revenues | $ 15,300 | ||||||||||
Concentration risk (as a percent) | 11.50% | ||||||||||
Sales | Customer D | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net revenues | $ 14,000 | ||||||||||
Concentration risk (as a percent) | 10.50% |
Segment Information Assets (Det
Segment Information Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total assets | |||
Total assets | $ 344,822 | $ 476,946 | |
Total capital expenditures | 4,785 | 15,939 | $ 8,932 |
Equity method investments | 24,815 | 30,060 | |
Energy | |||
Total assets | |||
Total assets | 150,437 | 219,630 | |
Total capital expenditures | 4,226 | 15,313 | |
Sports | |||
Total assets | |||
Total assets | 14,686 | 18,625 | |
Total capital expenditures | 559 | 626 | |
Equity method investments | 3,100 | ||
Corporate | |||
Total assets | |||
Total assets | 179,699 | 238,691 | |
Equity method investments | $ 24,800 | $ 27,000 |
Stock Split (Details)
Stock Split (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2014USD ($)shares | Jun. 30, 2014Rateshares | Dec. 31, 2014USD ($) | |
Class of Stock [Line Items] | |||
Reverse/forward stock split | $ | $ 10,100 | $ 10,070 | |
Reverse/forward stock split (in shares) | 295,659 | ||
Fair value on grant date - restricted stock | |||
Class of Stock [Line Items] | |||
Reverse/forward stock split (in shares) | 1,388 | ||
Reverse Stock Split | |||
Class of Stock [Line Items] | |||
Stockholder ownership requiring cash payment, maximum (shares) | 0.002 | ||
Conversion ratio | Rate | 0.20% | ||
Forward Stock Split | |||
Class of Stock [Line Items] | |||
Conversion ratio | 500 |
Selected Quarterly Financial103
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||||||||||
Net revenues | $ 24,645 | $ 33,480 | $ 35,610 | $ 38,885 | $ 54,482 | $ 58,583 | $ 51,924 | $ 45,159 | $ 132,620 | $ 210,148 | $ 120,028 |
Gross profit | 3,424 | 7,344 | 8,602 | 7,245 | 14,281 | 17,669 | 15,529 | 10,550 | 26,615 | 58,029 | 32,154 |
Net loss from continuing operations | (65,444) | (14,263) | (10,463) | (7,613) | (33,968) | 75 | 7,657 | 1,967 | (97,783) | (24,269) | 12,867 |
Net loss | (65,444) | (14,263) | (10,463) | (7,613) | (33,462) | 75 | 7,657 | 1,967 | (97,783) | (23,763) | 7,327 |
Net loss attributable to Steel Excel Inc. | (65,147) | (14,474) | (10,536) | (7,250) | (33,605) | (163) | 7,668 | 2,293 | $ (97,407) | $ (23,807) | $ 10,671 |
Net loss from continuing operations attributable to Steel Excel Inc. | $ (65,147) | $ (14,474) | $ (10,536) | $ (7,250) | $ (33,832) | $ (163) | $ 7,668 | $ 2,293 | |||
Net income, basic (in dollars per share) | $ (5.74) | $ (1.27) | $ (0.91) | $ (0.63) | $ (2.97) | $ (0.01) | $ 0.64 | $ 0.19 | $ (8.50) | $ (2.04) | $ 0.85 |
Net income, diluted (in dollars per share) | $ (5.74) | $ (1.27) | $ (0.91) | $ (0.63) | $ (2.97) | $ (0.01) | $ 0.64 | $ 0.19 | $ (8.50) | $ (2.04) | $ 0.85 |
Impairment of goodwill and intangible assets | $ 25,600 | $ 36,700 | $ 18,300 | $ 36,700 | |||||||
Income tax benefit | 59 | 1,719 | $ 7,281 | ||||||||
Loss from equity method investees, net of tax | (11,300) | $ (8,200) | $ 5,400 | $ (2,100) | (2,700) | $ (4,800) | $ 2,900 | $ (1,400) | (16,102) | (6,070) | (862) |
Provision for income taxes | (2,100) | 2,400 | (6,300) | $ (2,400) | (6,323) | (1,323) | (5,818) | ||||
Impairment of marketable securities | $ 29,200 | $ 7,900 | $ 22,700 | $ 59,781 | $ 0 | $ 0 |
Schedule II - Valuation and 104
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 0 | $ 0 | $ 0 |
Charged to costs and expenses | 38 | 0 | 0 |
Charged to other accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at end of period | 38 | 0 | 0 |
Valuation allowance on deferred tax assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 78,018 | 69,753 | 37,173 |
Charged to costs and expenses | 15,421 | 8,265 | 32,580 |
Charged to other accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at end of period | $ 93,439 | $ 78,018 | $ 69,753 |