falsedesktopSPLP2020-09-30000145285720000064{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large accelerated filer ☐\tAccelerated filer ☑\nNon-accelerated filer ☐\tSmaller reporting company ☑\n\tEmerging growth company ☐\n", "q10k_tbl_1": "PART I - FINANCIAL INFORMATION\t\tPage\nItem 1.\tFinancial Statements (unaudited)\t\n\tConsolidated Balance Sheets as of September 30 2020 and December 31 2019\t2\n\tConsolidated Statements of Operations for the three and nine months ended September 30 2020 and 2019\t3\n\tConsolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30 2020 and 2019\t4\n\tConsolidated Statements of Changes in Capital for the three and nine months ended September 30 2020 and 2019\t5\n\tConsolidated Statements of Cash Flows for the nine months ended September 30 2020 and 2019\t7\n\tNotes to Consolidated Financial Statements\t8\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t36\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t46\nItem 4.\tControls and Procedures\t46\nPART II - OTHER INFORMATION\t\t\nItem 1.\tLegal Proceedings\t46\nItem 1A.\tRisk Factors\t46\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t47\nItem 6.\tExhibits\t48\nSIGNATURES\t\t49\n", "q10k_tbl_2": "\t(Unaudited)\t\n\tSeptember 30 2020\tDecember 31 2019\nASSETS\t\t\nCurrent assets:\t\t\nCash and cash equivalents\t141265\t139467\nMarketable securities\t137\t220\nTrade and other receivables - net of allowance for doubtful accounts of $3433 and $2512 respectively\t175822\t175043\nReceivables from related parties\t3457\t2221\nLoans receivable including loans held for sale of $80169 and $225013 respectively net\t299943\t546908\nInventories net\t149558\t151641\nPrepaid expenses and other current assets\t39634\t33689\nAssets of discontinued operations\t0\t41012\nTotal current assets\t809816\t1090201\nLong-term loans receivable net\t2289835\t196145\nGoodwill\t151940\t149626\nOther intangible assets net\t143674\t158593\nDeferred tax assets\t83380\t88645\nOther non-current assets\t37995\t70616\nProperty plant and equipment net\t231946\t250225\nOperating lease right-of-use assets\t29744\t34324\nLong-term investments\t219156\t275836\nAssets of discontinued operations\t0\t18143\nTotal Assets\t3997486\t2332354\nLIABILITIES AND CAPITAL\t\t\nCurrent liabilities:\t\t\nAccounts payable\t117042\t85817\nAccrued liabilities\t72261\t114941\nDeposits\t268637\t615495\nPayables to related parties\t1814\t481\nShort-term debt\t70\t1800\nCurrent portion of long-term debt\t13953\t14208\nCurrent portion of preferred unit liability\t0\t39782\nOther current liabilities\t91789\t42041\nLiabilities of discontinued operations\t0\t21256\nTotal current liabilities\t565566\t935821\nLong-term deposits\t120221\t139222\nLong-term debt\t288676\t322081\nOther borrowings\t2159721\t0\nPreferred unit liability\t146218\t144247\nAccrued pension liabilities\t184396\t183228\nDeferred tax liabilities\t1753\t2497\nLong-term operating lease liabilities\t22804\t26458\nOther non-current liabilities\t38541\t14556\nLiabilities of discontinued operations\t0\t87825\nTotal Liabilities\t3527896\t1855935\nCommitments and Contingencies\t\t\nCapital:\t\t\nPartners' capital common units: 25189613 and 25023128 issued and outstanding (after deducting 12647864 and 12647864 units held in treasury at cost of $198781 and $198781) respectively\t639186\t664035\nAccumulated other comprehensive loss\t(174125)\t(191422)\nTotal Partners' Capital\t465061\t472613\nNoncontrolling interests in consolidated entities\t4529\t3806\nTotal Capital\t469590\t476419\nTotal Liabilities and Capital\t3997486\t2332354\n", "q10k_tbl_3": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenue:\t\t\t\t\nDiversified industrial net sales\t274094\t281120\t788566\t862090\nEnergy net revenue\t22378\t44147\t75282\t126665\nFinancial services revenue\t33535\t45813\t109496\t123853\nTotal revenue\t330007\t371080\t973344\t1112608\nCosts and expenses:\t\t\t\t\nCost of goods sold\t216322\t236474\t632600\t727489\nSelling general and administrative expenses\t67418\t76265\t219018\t256018\nGoodwill impairment charges\t0\t24219\t0\t24219\nAsset impairment charges\t0\t659\t617\t849\nFinance interest expense\t2537\t4568\t9446\t12693\n(Benefit from) provision for loan losses\t(9684)\t11230\t30706\t32415\nInterest expense\t6988\t9622\t23025\t30099\nRealized and unrealized (gains) losses on securities net\t(969)\t(30234)\t25515\t(68720)\nOther income net\t(1577)\t(1001)\t(4544)\t(983)\nTotal costs and expenses\t281035\t331802\t936383\t1014079\nIncome from continuing operations before income taxes and equity method investments\t48972\t39278\t36961\t98529\nIncome tax provision\t14783\t13705\t10034\t31505\n(Income) loss of associated companies net of taxes\t(3194)\t1855\t26420\t(408)\nNet income from continuing operations\t37383\t23718\t507\t67432\nDiscontinued operations (see Note 3)\t\t\t\t\nLoss from discontinued operations net of taxes\t(21)\t(26482)\t(2602)\t(33540)\nNet income (loss) on deconsolidation of discontinued operations\t1161\t0\t(22666)\t0\nIncome (loss) from discontinued operations net of taxes\t1140\t(26482)\t(25268)\t(33540)\nNet income (loss)\t38523\t(2764)\t(24761)\t33892\nNet income attributable to noncontrolling interests in consolidated entities (continuing operations)\t(248)\t(114)\t(569)\t(29)\nNet income (loss) attributable to common unitholders\t38275\t(2878)\t(25330)\t33863\nNet income (loss) per common unit - basic\t\t\t\t\nNet income from continuing operations\t1.49\t0.94\t0\t2.70\nNet income (loss) from discontinued operations\t0.05\t(1.06)\t(1.02)\t(1.34)\nNet income (loss) attributable to common unitholders\t1.54\t(0.12)\t(1.02)\t1.36\nNet income (loss) per common unit - diluted\t\t\t\t\nNet income from continuing operations\t0.77\t0.94\t0\t1.93\nNet income (loss) from discontinued operations\t0.02\t(1.06)\t(1.02)\t(0.85)\nNet income (loss) attributable to common unitholders\t0.79\t(0.12)\t(1.02)\t1.08\nWeighted-average number of common units outstanding - basic\t24874281\t25011142\t24844114\t24947814\nWeighted-average number of common units outstanding - diluted\t52067382\t25011142\t24844114\t39604813\n", "q10k_tbl_4": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet income (loss)\t38523\t(2764)\t(24761)\t33892\nOther comprehensive income (loss) net of taxes:\t\t\t\t\nGross unrealized gains on derivative financial instruments\t0\t71\t0\t164\nCurrency translation adjustments\t1379\t(2401)\t(184)\t(2895)\nOther comprehensive income (loss)\t1379\t(2330)\t(184)\t(2731)\nComprehensive income (loss)\t39902\t(5094)\t(24945)\t31161\nComprehensive income attributable to noncontrolling interests\t(248)\t(114)\t(569)\t(29)\nComprehensive income (loss) attributable to common unitholders\t39654\t(5208)\t(25514)\t31132\n", "q10k_tbl_5": "\tSteel Partners Holdings L.P. Common Unitholders\t\t\t\t\t\t\t\n\tCommon\tTreasury Units\t\tPartners'\tAccumulated Other Comprehensive\tTotal Partners'\tNoncontrolling Interests in Consolidated\tTotal\n\tUnits\tUnits\tDollars\tCapital\tLoss\tCapital\tEntities\tCapital\nBalance as of December 31 2019\t37670992\t(12647864)\t(198781)\t664035\t(191422)\t472613\t3806\t476419\nNet (loss) income\t0\t0\t0\t(61737)\t0\t(61737)\t130\t(61607)\nCurrency translation adjustments\t0\t0\t0\t0\t(2936)\t(2936)\t0\t(2936)\nEquity compensation - restricted units\t(9854)\t0\t0\t104\t0\t104\t0\t104\nDeconsolidation of API (see Note 3)\t0\t0\t0\t0\t17481\t17481\t0\t17481\nOther net\t0\t0\t0\t(2)\t0\t(2)\t60\t58\nBalance as of March 31 2020\t37661138\t(12647864)\t(198781)\t602400\t(176877)\t425523\t3996\t429519\nNet (loss) income\t0\t0\t0\t(1868)\t0\t(1868)\t191\t(1677)\nCurrency translation adjustments\t0\t0\t0\t0\t1373\t1373\t0\t1373\nEquity compensation - restricted units\t(84021)\t0\t0\t49\t0\t49\t0\t49\nOther net\t0\t0\t0\t(3)\t0\t(3)\t28\t25\nBalance as of June 30 2020\t37577117\t(12647864)\t(198781)\t600578\t(175504)\t425074\t4215\t429289\nNet income\t0\t0\t0\t38275\t0\t38275\t248\t38523\nCurrency translation adjustments\t0\t0\t0\t0\t1379\t1379\t0\t1379\nEquity compensation - restricted units\t260360\t0\t0\t334\t0\t334\t0\t334\nOther net\t0\t0\t0\t(1)\t0\t(1)\t66\t65\nBalance as of September 30 2020\t37837477\t(12647864)\t(198781)\t639186\t(174125)\t465061\t4529\t469590\n", "q10k_tbl_6": "\tSteel Partners Holdings L.P. Common Unitholders\t\t\t\t\t\t\t\n\tCommon\tTreasury Units\t\tPartners'\tAccumulated Other Comprehensive\tTotal Partners'\tNoncontrolling Interests in Consolidated\tTotal\n\tUnits\tUnits\tDollars\tCapital\tLoss\tCapital\tEntities\tCapital\nBalance as of December 31 2018\t37436531\t(12142528)\t(192060)\t666031\t(177244)\t488787\t3721\t492508\nNet income (loss)\t0\t0\t0\t15678\t0\t15678\t(56)\t15622\nUnrealized gains on derivative financial instruments\t0\t0\t0\t0\t518\t518\t0\t518\nCurrency translation adjustments\t0\t0\t0\t0\t1303\t1303\t0\t1303\nEquity compensation - restricted units\t170000\t0\t0\t164\t0\t164\t0\t164\nPurchases of SPLP common units\t0\t(505336)\t(6721)\t(6721)\t0\t(6721)\t0\t(6721)\nBalance as of March 31 2019\t37606531\t(12647864)\t(198781)\t675152\t(175423)\t499729\t3665\t503394\nNet income (loss)\t0\t0\t0\t21063\t0\t21063\t(29)\t21034\nUnrealized losses on derivative financial instruments\t0\t0\t0\t0\t(425)\t(425)\t0\t(425)\nCurrency translation adjustments\t0\t0\t0\t0\t(1797)\t(1797)\t0\t(1797)\nEquity compensation - restricted units\t52475\t0\t0\t227\t0\t227\t0\t227\nOther net\t0\t0\t0\t(22)\t0\t(22)\t0\t(22)\nBalance as of June 30 2019\t37659006\t(12647864)\t(198781)\t696420\t(177645)\t518775\t3636\t522411\nNet (loss) income\t0\t0\t0\t(2878)\t0\t(2878)\t114\t(2764)\nUnrealized gains on derivative financial instruments\t0\t0\t0\t0\t71\t71\t0\t71\nCurrency translation adjustments\t0\t0\t0\t0\t(2401)\t(2401)\t0\t(2401)\nEquity compensation - restricted units\t0\t0\t0\t243\t0\t243\t0\t243\nOther net\t0\t0\t0\t123\t0\t123\t0\t123\nBalance as of September 30 2019\t37659006\t(12647864)\t(198781)\t693908\t(179975)\t513933\t3750\t517683\n", "q10k_tbl_7": "\tNine Months Ended September 30\t\n\t2020\t2019\nCash flows from operating activities:\t\t\nNet income from continuing operations\t507\t67432\nAdjustments to reconcile net income from continuing operations to net cash provided by operating activities:\t\t\nProvision for loan losses\t30706\t32415\nLoss (income) of associated companies net of taxes\t26420\t(408)\nRealized and unrealized losses (gains) on securities net\t25515\t(68720)\nDerivative gains on economic interests in loans\t(3692)\t(10491)\nDeferred income taxes\t5231\t27349\nDepreciation and amortization\t48735\t49046\nNon-cash lease expense\t6890\t8594\nEquity-based compensation\t589\t634\nGoodwill impairment charges\t0\t24219\nAsset impairment charges\t617\t849\nOther\t3622\t1393\nNet change in operating assets and liabilities:\t\t\nTrade and other receivables\t(22)\t(31401)\nInventories\t1444\t(3419)\nPrepaid expenses and other assets\t(1041)\t(2143)\nAccounts payable accrued and other liabilities\t5865\t11711\nNet decrease (increase) in loans held for sale\t144844\t(42193)\nNet cash provided by operating activities - continuing operations\t296230\t64867\nNet cash used in operating activities - discontinued operations\t(1649)\t(10367)\nTotal cash provided by operating activities\t294581\t54500\nCash flows from investing activities:\t\t\nPurchases of investments\t(7256)\t(79731)\nProceeds from sales of investments\t2327\t25951\nProceeds from maturities of investments\t32995\t73745\nLoan originations net of collections\t(2022276)\t(136614)\nPurchases of property plant and equipment\t(15581)\t(26523)\nProceeds from sales of assets\t3067\t267\nSettlement of short positions net\t0\t(14611)\nAcquisitions net of cash acquired\t(3500)\t(45559)\nNet cash used in investing activities - continuing operations\t(2010224)\t(203075)\nNet cash used in investing activities - discontinued operations\t0\t(2585)\nNet cash used in investing activities\t(2010224)\t(205660)\nCash flows from financing activities:\t\t\nNet revolver borrowings\t(26948)\t(53498)\nNet repayments of term loans\t(8181)\t(7305)\nPurchases of the Company's common units\t0\t(6721)\nNet increase in other borrowings\t2159721\t0\nRedemption of SPLP preferred units\t(40000)\t0\nDeferred finance charges\t(1474)\t(815)\nNet decrease in deposits\t(365859)\t(13407)\nNet cash provided by (used in) financing activities - continuing operations\t1717259\t(81746)\nNet cash provided by (used in) financing activities - discontinued operations\t0\t(2595)\nNet cash provided by (used in) financing activities\t1717259\t(84341)\nNet change for the period\t1616\t(235501)\nEffect of exchange rate changes on cash and cash equivalents\t182\t316\nCash cash equivalents and restricted cash at beginning of period\t139467\t347318\nCash cash equivalents and restricted cash at end of period\t141265\t112133\n", "q10k_tbl_8": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nUnited States\t310158\t350890\t912965\t1049851\nForeign (a)\t19849\t20190\t60379\t62757\nTotal revenue\t330007\t371080\t973344\t1112608\n", "q10k_tbl_9": "\tThree Months Ended September 30 2020\tNine Months Ended September 30 2020\nGain upon initial deconsolidation of API\t0\t29637\nIncome (loss) from change in guarantee liability\t1161\t(52303)\nLoss from operations of discontinued operation\t(21)\t(2602)\nNet income (loss) on deconsolidation of API\t1140\t(25268)\n", "q10k_tbl_10": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenue\t0\t25262\t6388\t84990\nCosts and expenses:\t\t\t\t\nCost of goods sold\t0\t27125\t6085\t81800\nSelling general and administrative expenses\t21\t6043\t2520\t17000\nGoodwill impairment charges\t0\t17634\t0\t17634\nOther expenses net\t0\t973\t385\t2248\nTotal costs and expenses\t21\t51775\t8990\t118682\nLoss before income taxes\t(21)\t(26513)\t(2602)\t(33692)\nIncome tax benefit\t0\t31\t0\t152\nLoss from discontinued operations net of taxes\t(21)\t(26482)\t(2602)\t(33540)\n", "q10k_tbl_11": "\tDecember 31 2019\nAssets\t\nCurrent assets:\t\nCash and cash equivalents\t8881\nTrade and other receivables\t13367\nInventories net\t16192\nPrepaid expenses and other current assets\t2572\nTotal current assets\t41012\nOther non-current assets\t50\nProperty plant and equipment net\t12052\nOperating lease right-of-use-assets\t6041\nTotal Assets\t59155\nLiabilities\t\nCurrent liabilities:\t\nAccounts payable\t14027\nAccrued liabilities\t4701\nShort-term debt\t1397\nOther current liabilities\t1131\nTotal current liabilities\t21256\nLong-term debt\t69055\nAccrued pension liabilities\t12849\nDeferred tax liabilities\t1117\nLong-term operating lease liabilities\t4804\nTotal Liabilities\t109081\n", "q10k_tbl_12": "\tTotal\t\t\t\tCurrent\t\tNon-current\t\n\tSeptember 30 2020\t%\tDecember 31 2019\t%\tSeptember 30 2020\tDecember 31 2019\tSeptember 30 2020\tDecember 31 2019\nLoans held for sale\t80169\t\t225013\t\t80169\t225013\t0\t0\nCommercial real estate loans\t644\t-%\t659\t-%\t0\t0\t644\t659\nCommercial and industrial\t2372454\t93%\t251349\t45%\t213334\t233510\t2159120\t17839\nConsumer loans\t179139\t7%\t302714\t55%\t49068\t125067\t130071\t177647\nTotal loans\t2552237\t100%\t554722\t100%\t262402\t358577\t2289835\t196145\nLess:\t\t\t\t\t\t\t\t\nAllowance for loan losses\t(42628)\t\t(36682)\t\t(42628)\t(36682)\t0\t0\nTotal loans receivable net\t2509609\t\t518040\t\t219774\t321895\t2289835\t196145\nLoans receivable including loans held for sale (a)\t\t\t\t\t299943\t546908\t2289835\t196145\n", "q10k_tbl_13": "\tCommercial Real Estate Loans\tCommercial & Industrial\tConsumer Loans\tTotal\nDecember 31 2019\t24\t10920\t25738\t36682\nCharge-offs\t0\t(10109)\t(17075)\t(27184)\nRecoveries\t17\t559\t1849\t2425\nProvision\t(20)\t11769\t18956\t30705\nSeptember 30 2020\t21\t13139\t29468\t42628\n", "q10k_tbl_14": "September 30 2020\tCommercial Real Estate Loans\tCommercial & Industrial\tConsumer Loans\tTotal\nAllowance for loan losses:\t\t\t\t\nIndividually evaluated for impairment\t11\t168\t0\t179\nCollectively evaluated for impairment\t10\t12971\t29468\t42449\nTotal\t21\t13139\t29468\t42628\nOutstanding loan balances:\t\t\t\t\nIndividually evaluated for impairment\t11\t1611\t0\t1622\nCollectively evaluated for impairment\t633\t2370843\t179139\t2550615\nTotal\t644\t2372454\t179139\t2552237\n", "q10k_tbl_15": "December 31 2019\tCommercial Real Estate Loans\tCommercial & Industrial\tConsumer Loans\tTotal\nAllowance for loan losses:\t\t\t\t\nIndividually evaluated for impairment\t12\t360\t0\t372\nCollectively evaluated for impairment\t12\t10560\t25738\t36310\nTotal\t24\t10920\t25738\t36682\nOutstanding loan balances:\t\t\t\t\nIndividually evaluated for impairment\t12\t2706\t0\t2718\nCollectively evaluated for impairment\t647\t248643\t302714\t552004\nTotal\t659\t251349\t302714\t554722\n", "q10k_tbl_16": "September 30 2020\tCurrent\t30-89 Days Past Due\t90+ Days Past Due\tTotal Past Due\tTotal Loans\tRecorded Investment In Accruing Loans 90+ Days Past Due\tNonaccrual Loans That Are Current (a)\nCommercial real estate loans\t644\t0\t0\t0\t644\t0\t0\nCommercial and industrial\t2355496\t9492\t7466\t16958\t2372454\t7466\t0\nConsumer loans\t173923\t4133\t1083\t5216\t179139\t1083\t0\nTotal loans\t2530063\t13625\t8549\t22174\t2552237\t8549\t0\n", "q10k_tbl_17": "December 31 2019\tCurrent\t30-89 Days Past Due\t90+ Days Past Due\tTotal Past Due\tTotal Loans\tRecorded Investment In Accruing Loans 90+ Days Past Due\tNonaccrual Loans That Are Current (a)\nCommercial real estate loans\t659\t0\t0\t0\t659\t0\t0\nCommercial and industrial\t238025\t8362\t4962\t13324\t251349\t4962\t0\nConsumer loans\t292394\t7231\t3089\t10320\t302714\t3089\t0\nTotal loans\t531078\t15593\t8051\t23644\t554722\t8051\t0\n", "q10k_tbl_18": "September 30 2020\tNon - Graded\tPass\tSpecial Mention\tSub- standard\tDoubtful\tTotal Loans\nCommercial real estate loans\t0\t633\t0\t11\t0\t644\nCommercial and industrial\t214225\t2153140\t3478\t1611\t0\t2372454\nConsumer loans\t179139\t0\t0\t0\t0\t179139\nTotal loans\t393364\t2153773\t3478\t1622\t0\t2552237\n", "q10k_tbl_19": "December 31 2019\tNon - Graded\tPass\tSpecial Mention\tSub- standard\tDoubtful\tTotal Loans\nCommercial real estate loans\t0\t647\t0\t12\t0\t659\nCommercial and industrial\t234560\t14083\t0\t2706\t0\t251349\nConsumer loans\t302714\t0\t0\t0\t0\t302714\nTotal loans\t537274\t14730\t0\t2718\t0\t554722\n", "q10k_tbl_20": "\t\tRecorded Investment\t\t\t\t\nSeptember 30 2020\tUnpaid Principal Balance\tWith No Allowance\tWith Allowance\tTotal Recorded Investment\tRelated Allowance\tAverage Recorded Investment\nCommercial real estate loans\t11\t0\t11\t11\t11\t11\nCommercial and industrial\t1611\t0\t1611\t1611\t168\t2688\nTotal loans\t1622\t0\t1622\t1622\t179\t2699\n", "q10k_tbl_21": "\t\tRecorded Investment\t\t\t\t\nDecember 31 2019\tUnpaid Principal Balance\tWith No Allowance\tWith Allowance\tTotal Recorded Investment\tRelated Allowance\tAverage Recorded Investment\nCommercial real estate loans\t12\t0\t12\t12\t12\t14\nCommercial and industrial\t2706\t0\t2706\t2706\t360\t2746\nTotal loans\t2718\t0\t2718\t2718\t372\t2760\n", "q10k_tbl_22": "\tSeptember 30 2020\tDecember 31 2019\nFinished products\t44306\t48484\nIn-process\t29843\t30913\nRaw materials\t44882\t46440\nFine and fabricated precious metal in various stages of completion\t33447\t29202\n\t152478\t155039\nLIFO reserve\t(2920)\t(3398)\nTotal\t149558\t151641\n", "q10k_tbl_23": "\tSeptember 30 2020\tDecember 31 2019\nSupplemental inventory information:\t\t\nPrecious metals stated at LIFO cost\t4934\t15660\nPrecious metals stated under non-LIFO cost methods primarily at fair value\t25593\t10144\nMarket value per ounce:\t\t\nSilver\t23.01\t17.86\nGold\t1864.02\t1522.14\nPalladium\t2214.25\t1935.19\n", "q10k_tbl_24": "\tDiversified Industrial\tEnergy\tFinancial Services\tCorporate and Other\tTotal\nBalance as of December 31 2019\t\t\t\t\t\nGross goodwill\t180855\t67143\t6515\t81\t254594\nAccumulated impairments\t(40178)\t(64790)\t0\t0\t(104968)\nNet goodwill\t140677\t2353\t6515\t81\t149626\nAcquisitions (a)\t2300\t0\t0\t0\t2300\nCurrency translation adjustments\t14\t0\t0\t0\t14\nBalance as of September 30 2020\t\t\t\t\t\nGross goodwill\t183169\t67143\t6515\t81\t256908\nAccumulated impairments\t(40178)\t(64790)\t0\t0\t(104968)\nNet goodwill\t142991\t2353\t6515\t81\t151940\n", "q10k_tbl_25": "\tSeptember 30 2020\t\t\tDecember 31 2019\t\t\n\tGross Carrying Amount\tAccumulated Amortization\tNet\tGross Carrying Amount\tAccumulated Amortization\tNet\nCustomer relationships\t213835\t116677\t97158\t216428\t109701\t106727\nTrademarks trade names and brand names\t51151\t19464\t31687\t51414\t18469\t32945\nDeveloped technology patents and patent applications\t33598\t19985\t13613\t31984\t17176\t14808\nOther\t17417\t16201\t1216\t17963\t13850\t4113\nTotal\t316001\t172327\t143674\t317789\t159196\t158593\n", "q10k_tbl_26": "\tYear Ending December 31\t\t\t\t\n\t2020\t2021\t2022\t2023\t2024\nEstimated amortization expense\t20388\t15911\t14398\t13030\t11793\n", "q10k_tbl_27": "\tOwnership %\t\tLong-Term Investments Balance\t\n\tSeptember 30 2020\tDecember 31 2019\tSeptember 30 2020\tDecember 31 2019\nCorporate securities (a)\t\t\t159212\t186777\nCollateralized debt securities\t\t\t433\t855\nSteel Connect Inc. (\"STCN\") convertible notes (b)\t\t\t9055\t11839\nSTCN preferred stock (c)\t\t\t25918\t39178\nSTCN common stock\t29.0%\t29.4%\t9819\t26547\nAviat Networks Inc. (\"Aviat\") common stock\t12.4%\t12.4%\t14719\t9417\nOther\t-%\t43.8%\t0\t1223\nTotal\t\t\t219156\t275836\n", "q10k_tbl_28": "\t(Income) Loss of Associated Companies Net of Taxes\t\t\t\n\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nSTCN convertible notes\t(530)\t246\t2784\t1752\nSTCN preferred stock\t(1755)\t456\t13260\t(1612)\nSTCN common stock\t968\t1128\t14839\t(346)\nAviat common stock\t(1877)\t25\t(4003)\t(202)\nOther\t0\t0\t(460)\t0\nTotal\t(3194)\t1855\t26420\t(408)\n", "q10k_tbl_29": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet gains (losses) recognized during the period on equity securities\t969\t30234\t(25515)\t68720\nLess: Net gains (losses) recognized during the period on equity securities sold during the period\t0\t5691\t(2706)\t5691\nUnrealized gains (losses) recognized during the period on equity securities still held at the end of the period\t969\t24543\t(22809)\t63029\n", "q10k_tbl_30": "\tJuly 31 2020\tJuly 31 2019\t\t\nSummary of balance sheet amounts:\t\t\t\t\nCurrent assets\t223543\t213324\t\t\nNon-current assets\t535629\t518239\t\t\nTotal assets\t759172\t731563\t\t\nCurrent liabilities\t249932\t256850\t\t\nNon-current liabilities\t425242\t386835\t\t\nTotal liabilities\t675174\t643685\t\t\nContingently redeemable preferred stock\t35180\t35186\t\t\nEquity\t48818\t52692\t\t\nTotal liabilities and equity\t759172\t731563\t\t\n\tThree Months Ended July 31\t\tNine Months Ended July 31\t\n\t2020\t2019\t2020\t2019\nSummary operating results:\t\t\t\t\nNet revenue\t164857\t204471\t557660\t604697\nGross profit\t39994\t37126\t118713\t111530\nNet loss\t(360)\t(37982)\t(10076)\t(59362)\n", "q10k_tbl_31": "\tSeptember 30 2020\t\t\t\n\tAmortized Cost\tGross Unrealized Gains (Losses)\tEstimated Fair Value\tCarrying Value\nCollateralized securities\t12384\t70\t12454\t12384\nContractual maturities within:\t\t\t\t\nOne year to five years\t\t\t\t2273\nFive years to ten years\t\t\t\t8499\nAfter ten years\t\t\t\t1612\nTotal\t\t\t\t12384\n\tDecember 31 2019\t\t\t\n\tAmortized Cost\tGross Unrealized Gains (Losses)\tEstimated Fair Value\tCarrying Value\nCollateralized securities\t37896\t(3)\t37893\t37896\nContractual maturities within:\t\t\t\t\nOne year to five years\t\t\t\t23339\nFive years to ten years\t\t\t\t12373\nAfter ten years\t\t\t\t2184\nTotal\t\t\t\t37896\n", "q10k_tbl_32": "\tSeptember 30 2020\tDecember 31 2019\nShort term debt:\t\t\nForeign\t70\t1800\nShort-term debt\t70\t1800\nLong-term debt:\t\t\nCredit Agreement\t297500\t330700\nOther debt - foreign\t329\t444\nOther debt - domestic\t4800\t5145\nSubtotal\t302629\t336289\nLess: portion due within one year\t13953\t14208\nLong-term debt\t288676\t322081\nTotal debt\t302699\t338089\n", "q10k_tbl_33": "\tTotal\t2020\t2021\t2022\t2023\t2024\tThereafter\nLong-term debt (a)\t302629\t6238\t10320\t286071\t0\t0\t0\n", "q10k_tbl_34": "Commodity\tAmount\tNotional Value\nSilver (ounces)\t59195\t1314\nGold (ounces)\t1077\t2003\nPalladium (ounces)\t698\t1535\nCopper (pounds)\t240000\t734\nTin (metric tons)\t13\t236\n", "q10k_tbl_35": "\tFair Value of Derivative Assets (Liabilities)\t\t\t\n\tSeptember 30 2020\t\tDecember 31 2019\t\n\tBalance Sheet Location\tFair Value\tBalance Sheet Location\tFair Value\nDerivatives designated as ASC 815 hedges\t\t\t\t\nCommodity contracts\tPrepaid expenses and other current assets\t16\tAccrued liabilities\t(46)\nDerivatives not designated as ASC 815 hedges\t\t\t\t\nCommodity contracts\tAccrued liabilities\t(47)\tAccrued liabilities\t(335)\nEconomic interests in loans\tOther non-current assets\t12458\tOther non-current assets\t18633\n", "q10k_tbl_36": "Derivatives Not Designated as Hedging Instruments:\t\tLocation of Gain (Loss) Recognized in Income\t\tAmount of Gain (Loss) Recognized in Income\t\t\t\t\t\n\tThree Months Ended September 30\t\t\t\tNine Months Ended September 30\t\t\n\t2020\t\t2019\t\t2020\t\t2019\nForeign exchange forward contracts\t\tOther income (expense) net\t\t0\t\t55\t\t0\t(82)\nCommodity contracts\t\tOther income (expense) net\t\t(464)\t\t(745)\t\t(1200)\t(1181)\nEconomic interests in loans\t\tFinancial services revenue\t\t1032\t\t4069\t\t3692\t10746\nTotal\t\t\t\t568\t\t3379\t\t2492\t9483\n", "q10k_tbl_37": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nInterest cost\t3321\t4552\t9871\t13450\nExpected return on plan assets\t(4930)\t(4995)\t(16078)\t(14924)\nAmortization of actuarial loss\t2871\t2708\t8569\t7676\nTotal\t1262\t2265\t2362\t6202\n", "q10k_tbl_38": "\tUnrealized loss on available-for-sale debt securities\tUnrealized (loss) gain on derivative financial instruments\tCumulative translation adjustments\tChange in net pension and other benefit obligations\tTotal\nBalance at December 31 2019\t(274)\t(14)\t(25166)\t(165968)\t(191422)\nNet other comprehensive loss attributable to common unitholders\t0\t0\t(2936)\t0\t(2936)\nDeconsolidation of API (see Note 3)\t0\t14\t10522\t6945\t17481\nBalance at March 31 2020\t(274)\t0\t(17580)\t(159023)\t(176877)\nNet other comprehensive income attributable to common unitholders\t0\t0\t1373\t0\t1373\nBalance at June 30 2020\t(274)\t0\t(16207)\t(159023)\t(175504)\nNet other comprehensive income attributable to common unitholders\t0\t0\t1379\t0\t1379\nBalance at September 30 2020\t(274)\t0\t(14828)\t(159023)\t(174125)\n", "q10k_tbl_39": "\tUnrealized loss on available-for-sale securities\tUnrealized (loss) gain on derivative financial instruments\tCumulative translation adjustments\tChange in net pension and other benefit obligations\tTotal\nBalance at December 31 2018\t(274)\t(277)\t(23476)\t(153217)\t(177244)\nNet other comprehensive income attributable to common unitholders\t0\t518\t1303\t0\t1821\nBalance at March 31 2019\t(274)\t241\t(22173)\t(153217)\t(175423)\nNet other comprehensive loss attributable to common unitholders\t0\t(425)\t(1797)\t0\t(2222)\nBalance at June 30 2019\t(274)\t(184)\t(23970)\t(153217)\t(177645)\nNet other comprehensive income (loss) attributable to common unitholders\t0\t71\t(2401)\t0\t(2330)\nBalance at September 30 2019\t(274)\t(113)\t(26371)\t(153217)\t(179975)\n", "q10k_tbl_40": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet income from continuing operations\t37383\t23718\t507\t67432\nNet income attributable to noncontrolling interests in consolidated entities (continuing operations)\t(248)\t(114)\t(569)\t(29)\nNet income from continuing operations attributable to common unitholders\t37135\t23604\t(62)\t67403\nNet income (loss) from discontinued operations attributable to common unitholders\t1140\t(26482)\t(25268)\t(33540)\nNet income (loss) attributable to common unitholders\t38275\t(2878)\t(25330)\t33863\nEffect of dilutive securities:\t\t\t\t\nInterest expense from SPLP Preferred Units (a) (b)\t3083\t0\t0\t8918\nNet income (loss) attributable to common unitholders - assuming dilution\t41358\t(2878)\t(25330)\t42781\nNet income (loss) per common unit - basic\t\t\t\t\nNet income from continuing operations\t1.49\t0.94\t0\t2.70\nNet income (loss) from discontinued operations\t0.05\t(1.06)\t(1.02)\t(1.34)\nNet income (loss) attributable to common unitholders\t1.54\t(0.12)\t(1.02)\t1.36\nNet income (loss) per common unit - diluted\t\t\t\t\nNet income from continuing operations\t0.77\t0.94\t0\t1.93\nNet income (loss) from discontinued operations\t0.02\t(1.06)\t(1.02)\t(0.85)\nNet income (loss) attributable to common unitholders\t0.79\t(0.12)\t(1.02)\t1.08\nDenominator for net income (loss) per common unit - basic\t24874281\t25011142\t24844114\t24947814\nEffect of dilutive securities:\t\t\t\t\nUnvested restricted common units\t66671\t0\t0\t755\nSPLP Preferred Units\t27126430\t0\t0\t14656244\nDenominator for net income (loss) per common unit - diluted (a) (b)\t52067382\t25011142\t24844114\t39604813\n", "q10k_tbl_41": "September 30 2020\tLevel 1\tLevel 2\tLevel 3\tTotal\nAssets:\t\t\t\t\nMarketable securities (a)\t118\t19\t0\t137\nLong-term investments (a)\t182991\t0\t36165\t219156\nPrecious metal and commodity inventories recorded at fair value\t27128\t0\t0\t27128\nEconomic interests in loans\t0\t0\t12458\t12458\nCommodity contracts on precious metal and commodity inventories\t0\t16\t0\t16\nWarrants\t0\t0\t1893\t1893\nTotal\t210237\t35\t50516\t260788\nLiabilities:\t\t\t\t\nCommodity contracts on precious metal and commodity inventories\t0\t47\t0\t47\nOther precious metal liabilities\t26470\t0\t0\t26470\nTotal\t26470\t47\t0\t26517\n", "q10k_tbl_42": "December 31 2019\tLevel 1\tLevel 2\tLevel 3\tTotal\nAssets:\t\t\t\t\nMarketable securities (a)\t170\t50\t0\t220\nLong-term investments (a)\t222178\t0\t53658\t275836\nPrecious metal and commodity inventories recorded at fair value\t11377\t0\t0\t11377\nEconomic interests in loans\t0\t0\t18633\t18633\nWarrants\t0\t0\t2086\t2086\nTotal\t233725\t50\t74377\t308152\nLiabilities:\t\t\t\t\nCommodity contracts on precious metal and commodity inventories\t0\t381\t0\t381\nOther precious metal liabilities\t11481\t0\t0\t11481\nTotal\t11481\t381\t0\t11862\n", "q10k_tbl_43": "\tInvestments in Associated Companies (a)\tMarketable Securities and Other (b)\tTotal\nBalance as of December 31 2019\t52240\t22137\t74377\nPurchases\t0\t203\t203\nSales and cash collections\t(2033)\t(10297)\t(12330)\nRealized gains\t0\t3499\t3499\nUnrealized gains\t810\t0\t810\nUnrealized losses\t(16043)\t0\t(16043)\nBalance as of September 30 2020\t34974\t15542\t50516\nBalance as of December 31 2018\t40643\t21274\t61917\nPurchases\t14943\t0\t14943\nSales and cash collections\t0\t(10869)\t(10869)\nRealized gains\t0\t10761\t10761\nUnrealized gains\t2118\t0\t2118\nUnrealized losses\t(1752)\t0\t(1752)\nBalance as of September 30 2019\t55952\t21166\t77118\n", "q10k_tbl_44": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenue:\t\t\t\t\nDiversified Industrial net sales\t274094\t281120\t788566\t862090\nEnergy net revenue\t22378\t44147\t75282\t126665\nFinancial Services revenue\t33535\t45813\t109496\t123853\nTotal revenue\t330007\t371080\t973344\t1112608\nIncome (loss) from continuing operations before interest expense and income taxes:\t\t\t\t\nDiversified Industrial\t26372\t(3042)\t54408\t27609\nEnergy\t(1891)\t954\t(7041)\t(472)\nFinancial Services\t28701\t20436\t31892\t48012\nCorporate and Other\t5972\t28697\t(45693)\t53887\nIncome from continuing operations before interest expense and income taxes\t59154\t47045\t33566\t129036\nInterest expense\t6988\t9622\t23025\t30099\nIncome tax provision\t14783\t13705\t10034\t31505\nNet income from continuing operations\t37383\t23718\t507\t67432\n(Income) loss of associated companies net of taxes:\t\t\t\t\nCorporate and Other\t(3194)\t1855\t26420\t(408)\nTotal\t(3194)\t1855\t26420\t(408)\nSegment depreciation and amortization:\t\t\t\t\nDiversified Industrial\t12243\t11927\t36893\t35449\nEnergy\t3669\t4309\t11156\t13174\nFinancial Services\t304\t110\t567\t309\nCorporate and Other\t39\t41\t119\t114\nTotal depreciation and amortization\t16255\t16387\t48735\t49046\n", "q10k_tbl_45": "\t\t\tAmount of Capital Required\t\t\t\t\t\n\tActual\t\tFor Capital Adequacy Purposes\t\tMinimum Capital Adequacy With Capital Buffer\t\tTo Be Well Capitalized Under Prompt Corrective Provisions\t\n\tAmount\tRatio\tAmount\tRatio\tAmount\tRatio\tAmount\tRatio\nAs of September 30 2020\t\t\t\t\t\t\t\t\nTotal Capital\t\t\t\t\t\t\t\t\n(to risk-weighted assets)\t195390\t36.50%\t42810\t8.00%\t56189\t10.50%\t53513\t10.00%\nTier 1 Capital\t\t\t\t\t\t\t\t\n(to risk-weighted assets)\t188258\t35.20%\t32108\t6.00%\t45486\t8.50%\t42810\t8.00%\nCommon Equity Tier 1 Capital\t\t\t\t\t\t\t\t\n(to risk-weighted assets)\t188258\t35.20%\t24081\t4.50%\t37459\t7.00%\t34783\t6.50%\nTier 1 Capital\t\t\t\t\t\t\t\t\n(to average assets)\t188258\t29.20%\t25822\t4.00%\tn/a\tn/a\t32277\t5.00%\nAs of December 31 2019\t\t\t\t\t\t\t\t\nTotal Capital\t\t\t\t\t\t\t\t\n(to risk-weighted assets)\t178930\t19.50%\t73525\t8.00%\t96502\t10.50%\t91907\t10.00%\nTier 1 Capital\t\t\t\t\t\t\t\t\n(to risk-weighted assets)\t167131\t18.20%\t55144\t6.00%\t78121\t8.50%\t73525\t8.00%\nCommon Equity Tier 1 Capital\t\t\t\t\t\t\t\t\n(to risk-weighted assets)\t167131\t18.20%\t41358\t4.50%\t64335\t7.00%\t59739\t6.50%\nTier 1 Capital\t\t\t\t\t\t\t\t\n(to average assets)\t167131\t18.30%\t36489\t4.00%\tn/a\tn/a\t45611\t5.00%\n", "q10k_tbl_46": "\tNine Months Ended September 30\t\n\t2020\t2019\nCash paid during the period for:\t\t\nInterest\t27023\t23847\nTaxes\t30573\t7511\n", "q10k_tbl_47": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenue\t330007\t371080\t973344\t1112608\nCost of goods sold\t216322\t236474\t632600\t727489\nSelling general and administrative expenses\t67418\t76265\t219018\t256018\nGoodwill impairment charges\t0\t24219\t0\t24219\nAsset impairment charges\t0\t659\t617\t849\nInterest expense\t6988\t9622\t23025\t30099\nRealized and unrealized (gains) losses on securities net\t(969)\t(30234)\t25515\t(68720)\nAll other (incomes) expenses net\t(8724)\t14797\t35608\t44125\nTotal costs and expenses\t281035\t331802\t936383\t1014079\nIncome from continuing operations before income taxes and equity method investments\t48972\t39278\t36961\t98529\nIncome tax provision\t14783\t13705\t10034\t31505\n(Income) loss of associated companies net of taxes\t(3194)\t1855\t26420\t(408)\nNet income from continuing operations\t37383\t23718\t507\t67432\n", "q10k_tbl_48": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenue:\t\t\t\t\nDiversified industrial net sales\t274094\t281120\t788566\t862090\nEnergy net revenue\t22378\t44147\t75282\t126665\nFinancial services revenue\t33535\t45813\t109496\t123853\nTotal revenue\t330007\t371080\t973344\t1112608\nIncome (loss) from continuing operations before interest expense and income taxes:\t\t\t\t\nDiversified industrial\t26372\t(3042)\t54408\t27609\nEnergy\t(1891)\t954\t(7041)\t(472)\nFinancial services\t28701\t20436\t31892\t48012\nCorporate and other\t5972\t28697\t(45693)\t53887\nIncome from continuing operations before interest expense and income taxes\t59154\t47045\t33566\t129036\nInterest expense\t6988\t9622\t23025\t30099\nIncome tax provision\t14783\t13705\t10034\t31505\nNet income from continuing operations\t37383\t23718\t507\t67432\n(Income) loss of associated companies net of taxes:\t\t\t\t\nCorporate and other\t(3194)\t1855\t26420\t(408)\nTotal\t(3194)\t1855\t26420\t(408)\nSegment depreciation and amortization:\t\t\t\t\nDiversified industrial\t12243\t11927\t36893\t35449\nEnergy\t3669\t4309\t11156\t13174\nFinancial services\t304\t110\t567\t309\nCorporate and other\t39\t41\t119\t114\nTotal depreciation and amortization\t16255\t16387\t48735\t49046\n", "q10k_tbl_49": "\tNine Months Ended September 30\t\n\t2020\t2019\nNet cash provided by operating activities\t296230\t64867\nNet cash used in investing activities\t(2010224)\t(203075)\nNet cash provided by (used in) financing activities\t1717259\t(81746)\nNet change for the period\t3265\t(219954)\n", "q10k_tbl_50": "Exhibit No.\tDescription\nExhibit 31.1\tCertification of Principal Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934.\nExhibit 31.2\tCertification of Principal Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934.\nExhibit 32.1\tCertification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and Rule 13a-14(b) of the Securities Exchange Act of 1934 (furnished herewith).\nExhibit 32.2\tCertification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and Rule 13a-14(b) of the Securities Exchange Act of 1934 (furnished herewith).\nExhibit 101.INS\tInline XBRL Instance Document\nExhibit 101.SCH\tInline XBRL Taxonomy Extension Schema\nExhibit 101.CAL\tInline XBRL Taxonomy Extension Calculation Linkbase\nExhibit 101.DEF\tInline XBRL Taxonomy Extension Definition Linkbase\nExhibit 101.LAB\tInline XBRL Taxonomy Extension Label Linkbase\nExhibit 101.PRE\tInline XBRL Taxonomy Extension Presentation Linkbase\n104\tCover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101)\n"}{"bs": "q10k_tbl_2", "is": "q10k_tbl_3", "cf": "q10k_tbl_7"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File Number: 001-35493
STEEL PARTNERS HOLDINGS L.P.
(Exact Name of Registrant as Specified in its Charter)
Delaware
13-3727655
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
590 Madison Avenue, 32nd Floor
New York, New York
10022
(Address of Principal Executive Offices)
(Zip Code)
(212) 520-2300
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbols
Name of Each Exchange on which Registered
Common Units, $0 par
SPLP
New York Stock Exchange
6.0% Series A Preferred Units
SPLP-PRA
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer☑
Non-accelerated filer ☐
Smaller reporting company ☑
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
The number of common units outstanding as of November 2, 2020 was 25,207,175.
Trade and other receivables - net of allowance for doubtful accounts of $3,433 and $2,512, respectively
175,822
175,043
Receivables from related parties
3,457
2,221
Loans receivable, including loans held for sale of $80,169 and $225,013, respectively, net
299,943
546,908
Inventories, net
149,558
151,641
Prepaid expenses and other current assets
39,634
33,689
Assets of discontinued operations
—
41,012
Total current assets
809,816
1,090,201
Long-term loans receivable, net
2,289,835
196,145
Goodwill
151,940
149,626
Other intangible assets, net
143,674
158,593
Deferred tax assets
83,380
88,645
Other non-current assets
37,995
70,616
Property, plant and equipment, net
231,946
250,225
Operating lease right-of-use assets
29,744
34,324
Long-term investments
219,156
275,836
Assets of discontinued operations
—
18,143
Total Assets
$
3,997,486
$
2,332,354
LIABILITIES AND CAPITAL
Current liabilities:
Accounts payable
$
117,042
$
85,817
Accrued liabilities
72,261
114,941
Deposits
268,637
615,495
Payables to related parties
1,814
481
Short-term debt
70
1,800
Current portion of long-term debt
13,953
14,208
Current portion of preferred unit liability
—
39,782
Other current liabilities
91,789
42,041
Liabilities of discontinued operations
—
21,256
Total current liabilities
565,566
935,821
Long-term deposits
120,221
139,222
Long-term debt
288,676
322,081
Other borrowings
2,159,721
—
Preferred unit liability
146,218
144,247
Accrued pension liabilities
184,396
183,228
Deferred tax liabilities
1,753
2,497
Long-term operating lease liabilities
22,804
26,458
Other non-current liabilities
38,541
14,556
Liabilities of discontinued operations
—
87,825
Total Liabilities
3,527,896
1,855,935
Commitments and Contingencies
Capital:
Partners' capital common units: 25,189,613 and 25,023,128 issued and outstanding (after deducting 12,647,864 and 12,647,864 units held in treasury, at cost of $198,781 and $198,781), respectively
639,186
664,035
Accumulated other comprehensive loss
(174,125)
(191,422)
Total Partners' Capital
465,061
472,613
Noncontrolling interests in consolidated entities
4,529
3,806
Total Capital
469,590
476,419
Total Liabilities and Capital
$
3,997,486
$
2,332,354
See accompanying Notes to Consolidated Financial Statements
2
STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Operations
(unaudited)
(in thousands, except common units and per common unit data)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Revenue:
Diversified industrial net sales
$
274,094
$
281,120
$
788,566
$
862,090
Energy net revenue
22,378
44,147
75,282
126,665
Financial services revenue
33,535
45,813
109,496
123,853
Total revenue
330,007
371,080
973,344
1,112,608
Costs and expenses:
Cost of goods sold
216,322
236,474
632,600
727,489
Selling, general and administrative expenses
67,418
76,265
219,018
256,018
Goodwill impairment charges
—
24,219
—
24,219
Asset impairment charges
—
659
617
849
Finance interest expense
2,537
4,568
9,446
12,693
(Benefit from) provision for loan losses
(9,684)
11,230
30,706
32,415
Interest expense
6,988
9,622
23,025
30,099
Realized and unrealized (gains) losses on securities, net
(969)
(30,234)
25,515
(68,720)
Other income, net
(1,577)
(1,001)
(4,544)
(983)
Total costs and expenses
281,035
331,802
936,383
1,014,079
Income from continuing operations before income taxes and equity method investments
48,972
39,278
36,961
98,529
Income tax provision
14,783
13,705
10,034
31,505
(Income) loss of associated companies, net of taxes
(3,194)
1,855
26,420
(408)
Net income from continuing operations
37,383
23,718
507
67,432
Discontinued operations (see Note 3)
Loss from discontinued operations, net of taxes
(21)
(26,482)
(2,602)
(33,540)
Net income (loss) on deconsolidation of discontinued operations
1,161
—
(22,666)
—
Income (loss) from discontinued operations, net of taxes
1,140
(26,482)
(25,268)
(33,540)
Net income (loss)
38,523
(2,764)
(24,761)
33,892
Net income attributable to noncontrolling interests in consolidated entities (continuing operations)
(248)
(114)
(569)
(29)
Net income (loss) attributable to common unitholders
$
38,275
$
(2,878)
$
(25,330)
$
33,863
Net income (loss) per common unit - basic
Net income from continuing operations
$
1.49
$
0.94
$
—
$
2.70
Net income (loss) from discontinued operations
0.05
(1.06)
(1.02)
(1.34)
Net income (loss) attributable to common unitholders
$
1.54
$
(0.12)
$
(1.02)
$
1.36
Net income (loss) per common unit - diluted
Net income from continuing operations
$
0.77
$
0.94
$
—
$
1.93
Net income (loss) from discontinued operations
0.02
(1.06)
(1.02)
(0.85)
Net income (loss) attributable to common unitholders
$
0.79
$
(0.12)
$
(1.02)
$
1.08
Weighted-average number of common units outstanding - basic
24,874,281
25,011,142
24,844,114
24,947,814
Weighted-average number of common units outstanding - diluted
52,067,382
25,011,142
24,844,114
39,604,813
See accompanying Notes to Consolidated Financial Statements
3
STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
(in thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Net income (loss)
$
38,523
$
(2,764)
$
(24,761)
$
33,892
Other comprehensive income (loss), net of taxes:
Gross unrealized gains on derivative financial instruments
—
71
—
164
Currency translation adjustments
1,379
(2,401)
(184)
(2,895)
Other comprehensive income (loss)
1,379
(2,330)
(184)
(2,731)
Comprehensive income (loss)
39,902
(5,094)
(24,945)
31,161
Comprehensive income attributable to noncontrolling interests
(248)
(114)
(569)
(29)
Comprehensive income (loss) attributable to common unitholders
$
39,654
$
(5,208)
$
(25,514)
$
31,132
See accompanying Notes to Consolidated Financial Statements
4
STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Changes in Capital
(unaudited)
(in thousands, except common units and treasury units)
Steel Partners Holdings L.P. Common Unitholders
Common
Treasury Units
Partners'
Accumulated Other Comprehensive
Total Partners'
Noncontrolling Interests in Consolidated
Total
Units
Units
Dollars
Capital
Loss
Capital
Entities
Capital
Balance as of December 31, 2019
37,670,992
(12,647,864)
$
(198,781)
$
664,035
$
(191,422)
$
472,613
$
3,806
$
476,419
Net (loss) income
—
—
—
(61,737)
—
(61,737)
130
(61,607)
Currency translation adjustments
—
—
—
—
(2,936)
(2,936)
—
(2,936)
Equity compensation - restricted units
(9,854)
—
—
104
—
104
—
104
Deconsolidation of API (see Note 3)
—
—
—
—
17,481
17,481
—
17,481
Other, net
—
—
—
(2)
—
(2)
60
58
Balance as of March 31, 2020
37,661,138
(12,647,864)
(198,781)
602,400
(176,877)
425,523
3,996
429,519
Net (loss) income
—
—
—
(1,868)
—
(1,868)
191
(1,677)
Currency translation adjustments
—
—
—
—
1,373
1,373
—
1,373
Equity compensation - restricted units
(84,021)
—
—
49
—
49
—
49
Other, net
—
—
—
(3)
—
(3)
28
25
Balance as of June 30, 2020
37,577,117
(12,647,864)
(198,781)
600,578
(175,504)
425,074
4,215
429,289
Net income
—
—
—
38,275
—
38,275
248
38,523
Currency translation adjustments
—
—
—
—
1,379
1,379
—
1,379
Equity compensation - restricted units
260,360
—
—
334
—
334
—
334
Other, net
—
—
—
(1)
—
(1)
66
65
Balance as of September 30, 2020
37,837,477
(12,647,864)
$
(198,781)
$
639,186
$
(174,125)
$
465,061
$
4,529
$
469,590
5
STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Changes in Capital
(unaudited)
(in thousands, except common units and treasury units)
Steel Partners Holdings L.P. Common Unitholders
Common
Treasury Units
Partners'
Accumulated Other Comprehensive
Total Partners'
Noncontrolling Interests in Consolidated
Total
Units
Units
Dollars
Capital
Loss
Capital
Entities
Capital
Balance as of December 31, 2018
37,436,531
(12,142,528)
$
(192,060)
$
666,031
$
(177,244)
$
488,787
$
3,721
$
492,508
Net income (loss)
—
—
—
15,678
—
15,678
(56)
15,622
Unrealized gains on derivative financial instruments
—
—
—
—
518
518
—
518
Currency translation adjustments
—
—
—
—
1,303
1,303
—
1,303
Equity compensation - restricted units
170,000
—
—
164
—
164
—
164
Purchases of SPLP common units
—
(505,336)
(6,721)
(6,721)
—
(6,721)
—
(6,721)
Balance as of March 31, 2019
37,606,531
(12,647,864)
(198,781)
675,152
(175,423)
499,729
3,665
503,394
Net income (loss)
—
—
—
21,063
—
21,063
(29)
21,034
Unrealized losses on derivative financial instruments
—
—
—
—
(425)
(425)
—
(425)
Currency translation adjustments
—
—
—
—
(1,797)
(1,797)
—
(1,797)
Equity compensation - restricted units
52,475
—
—
227
—
227
—
227
Other, net
—
—
—
(22)
—
(22)
—
(22)
Balance as of June 30, 2019
37,659,006
(12,647,864)
(198,781)
696,420
(177,645)
518,775
3,636
522,411
Net (loss) income
—
—
—
(2,878)
—
(2,878)
114
(2,764)
Unrealized gains on derivative financial instruments