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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
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
https://cdn.kscope.io/7200cf5ecc9266291f6c6215974d9a5f-splp-20210331_g1.jpg
STEEL PARTNERS HOLDINGS L.P.
(Exact Name of Registrant as Specified in its Charter)
Delaware13-3727655
(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 ClassTrading SymbolsName of Each Exchange on which Registered
Common Units, no par valueSPLPNew York Stock Exchange
6.0% Series A Preferred UnitsSPLP-PRANew 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 May 10, 2021 was 22,247,927.



STEEL PARTNERS HOLDINGS L.P.
TABLE OF CONTENTS
PART I — FINANCIAL INFORMATIONPage
Item 1.Financial Statements (unaudited)
Item 2.
Item 3.
Item 4.
PART II — OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.



PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
STEEL PARTNERS HOLDINGS L.P.
Consolidated Balance Sheets
(Unaudited)
(in thousands, except common units)
March 31, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$200,238 $135,788 
Marketable securities126 106 
Trade and other receivables - net of allowance for doubtful accounts of $3,345 and $3,368, respectively
186,071 164,106 
Receivables from related parties2,883 2,073 
Loans receivable, including loans held for sale of $91,316 and $88,171, respectively, net
340,136 306,091 
Inventories, net151,573 137,086 
Prepaid expenses and other current assets56,165 58,053 
Total current assets937,192 803,303 
Long-term loans receivable, net2,549,961 2,183,017 
Goodwill148,030 150,852 
Other intangible assets, net133,416 138,581 
Deferred tax assets52,211 66,553 
Other non-current assets40,829 42,068 
Property, plant and equipment, net221,768 228,992 
Operating lease right-of-use assets28,677 29,715 
Long-term investments273,776 291,297 
Total Assets$4,385,860 $3,934,378 
LIABILITIES AND CAPITAL
Current liabilities:
Accounts payable$136,442 $100,759 
Accrued liabilities57,661 69,967 
Deposits347,518 285,393 
Payables to related parties4,083 4,080 
Short-term debt853 397 
Current portion of long-term debt10,323 10,361 
Other current liabilities45,468 46,044 
Total current liabilities602,348 517,001 
Long-term deposits85,665 70,266 
Long-term debt283,446 323,392 
Other borrowings2,467,657 2,090,223 
Preferred unit liability147,553 146,892 
Accrued pension liabilities145,458 183,462 
Deferred tax liabilities2,148 2,169 
Long-term operating lease liabilities20,755 21,845 
Other non-current liabilities38,120 39,906 
Total Liabilities3,793,150 3,395,156 
Commitments and Contingencies
Capital:
Partners' capital common units: 22,949,392 and 22,920,804 issued and outstanding (after deducting 14,916,635 and 14,916,635 units held in treasury, at cost of $219,245 and $219,245), respectively
760,623 707,309 
Accumulated other comprehensive loss(172,866)(172,649)
Total Partners' Capital587,757 534,660 
Noncontrolling interests in consolidated entities4,953 4,562 
Total Capital592,710 539,222 
Total Liabilities and Capital$4,385,860 $3,934,378 
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
March 31,
20212020
Revenue:
Diversified Industrial net sales$248,489 $261,610 
Energy net revenue32,086 38,602 
Financial Services revenue33,918 46,998 
Total revenue314,493 347,210 
Costs and expenses:
Cost of goods sold208,685 220,848 
Selling, general and administrative expenses68,800 75,928 
Asset impairment charges 617 
Finance interest expense2,232 3,434 
(Benefit from) provision for loan losses(715)26,137 
Interest expense5,466 8,627 
Realized and unrealized losses on securities, net23,249 18,002 
Other income, net(35,039)(967)
Total costs and expenses272,678 352,626 
Income (loss) from continuing operations before income taxes and equity method investments41,815 (5,416)
Income tax provision (benefit)14,594 (3,444)
(Income) loss of associated companies, net of taxes(26,121)34,507 
Net income (loss) from continuing operations53,342 (36,479)
Discontinued operations (see Note 3)
Loss from discontinued operations, net of taxes (2,301)
Net loss on deconsolidation of discontinued operations (21,968)
Net loss from discontinued operations, net of taxes (24,269)
Net income (loss)53,342 (60,748)
Net income attributable to noncontrolling interests in consolidated entities (continuing operations)(391)(130)
Net income (loss) attributable to common unitholders$52,951 $(60,878)
Net income (loss) per common unit - basic
Net income from continuing operations$2.34 $(1.46)
Net loss from discontinued operations (0.97)
Net income (loss) attributable to common unitholders$2.34 $(2.43)
Net income (loss) per common unit - diluted
Net income from continuing operations$1.60 $(1.46)
Net loss from discontinued operations (0.97)
Net income (loss) attributable to common unitholders$1.60 $(2.43)
Weighted-average number of common units outstanding - basic
22,619,764 25,020,854 
Weighted-average number of common units outstanding - diluted
34,930,146 25,020,854 
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
March 31,
20212020
Net income (loss)$53,342 $(60,748)
Other comprehensive loss, net of taxes:
Currency translation adjustments(217)(2,936)
Other comprehensive loss(217)(2,936)
Comprehensive income (loss)53,125 (63,684)
Comprehensive income attributable to noncontrolling interests(391)(130)
Comprehensive income (loss) attributable to common unitholders$52,734 $(63,814)
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
CommonTreasury UnitsPartners'Accumulated Other ComprehensiveTotal Partners'Noncontrolling Interests in ConsolidatedTotal
UnitsUnitsDollarsCapitalLossCapitalEntitiesCapital
Balance as of December 31, 2020
37,837,439 (14,916,635)$(219,245)$707,309 $(172,649)$534,660 $4,562 $539,222 
Net (loss) income — — — 52,951 — 52,951 391 53,342 
Currency translation adjustments
— — — — (217)(217)— (217)
Equity compensation - restricted units
28,588 — — 363 — 363 — 363 
Balance as of March 31, 202137,866,027 (14,916,635)$(219,245)$760,623 $(172,866)$587,757 $4,953 $592,710 

Steel Partners Holdings L.P. Common Unitholders
CommonTreasury UnitsPartners'Accumulated Other ComprehensiveTotal Partners'Noncontrolling Interests in ConsolidatedTotal
UnitsUnitsDollarsCapitalLossCapitalEntitiesCapital
Balance as of December 31, 2019
37,670,992 (12,647,864)$(198,781)$654,249 $(191,422)$462,827 $3,806 $466,633 
Net income (loss)— — — (60,878)— (60,878)130 (60,748)
Currency translation adjustments
— — — — (2,936)(2,936)— (2,936)
Equity compensation - restricted units
(9,854)— — 104 — 104 — 104 
Deconsolidation of API (see Note 3)— — — — 17,481 17,481 — 17,481 
Other, net— — — (2)— (2)60 58 
Balance as of March 31, 202037,661,138 (12,647,864)$(198,781)$593,473 $(176,877)$416,596 $3,996 $420,592 

See accompanying Notes to Consolidated Financial Statements
5


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Three Months Ended March 31,
20212020
Cash flows from operating activities:
Net income (loss)$53,342 $(60,748)
Loss from discontinued operations (24,269)
Net income (loss) from continuing operations53,342 (36,479)
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
(Benefit from) provision for loan losses (715)26,137 
(Income) loss of associated companies, net of taxes(26,121)34,507 
Realized and unrealized losses (gains) on securities, net23,249 18,002 
Gain on sale of Edge business(8,096) 
Gain on sale of property, plant and equipment(6,646) 
Derivative gains on economic interests in loans(1,453)(2,980)
Deferred income taxes10,626 (4,647)
Depreciation and amortization15,129 16,235 
Non-cash lease expense3,025 2,285 
Equity-based compensation363 206 
Asset impairment charges 617 
Other(181)59 
Net change in operating assets and liabilities:
Trade and other receivables(24,633)(21,556)
Inventories(16,246)(3,275)
Prepaid expenses and other assets1,074 3,028 
Accounts payable, accrued and other liabilities(12,343)(22,350)
Net (increase) decrease in loans held for sale(3,145)156,257 
Net cash provided by operating activities - continuing operations7,229 166,046 
Net cash used in operating activities - discontinued operations (1,391)
Total cash provided by operating activities7,229 164,655 
Cash flows from investing activities:
Purchases of investments(1,000)(4,925)
Proceeds from sales of investments24,086 1,191 
Proceeds from maturities of investments2,005 15,739 
Loan originations, net of collections(397,129)(10,398)
Purchases of property, plant and equipment(4,901)(6,994)
Proceeds from sale of property, plant and equipment6,979 452 
Proceeds from sale of Edge business16,000  
Acquisition, net of cash acquired (3,500)
Net cash used in investing activities - continuing operations(353,960)(8,435)
Net cash used in investing activities - discontinued operations  
Net cash used in investing activities(353,960)(8,435)
Cash flows from financing activities:
Net revolver borrowings(36,994)230,300 
Repayments of term loans(2,538)(2,846)
Repayments of other borrowings(237,749) 
Proceeds from other borrowings613,960  
Distribution to preferred unitholders(2,408)(40,000)
Deferred finance charges (1,474)
Net increase (decrease) in deposits77,524 (85,826)
Net cash provided by financing activities - continuing operations411,795 100,154 
Net cash provided by financing activities - discontinued operations  
Net cash provided by financing activities411,795 100,154 
Net change for the period65,064 256,374 
Effect of exchange rate changes on cash and cash equivalents(614)(19)
Cash, cash equivalents and restricted cash at beginning of period135,788 137,948 
Cash, cash equivalents and restricted cash at end of period$200,238 $394,303 
See accompanying Notes to Consolidated Financial Statements
6


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

All amounts used in the Notes to Consolidated Financial Statements are in thousands, except common and preferred units, per common and preferred unit, share and per share data.

1. NATURE OF THE BUSINESS AND BASIS OF PRESENTATION

Nature of the Business

Steel Partners Holdings L.P. ("SPLP" or "Company") is a diversified global holding company that engages in multiple businesses through consolidated subsidiaries and other interests. It owns and operates businesses and has significant interests in various companies, including diversified industrial products, energy, defense, supply chain management and logistics, direct marketing, banking and youth sports. SPLP operates through the following segments: Diversified Industrial, Energy and Financial Services, which are managed separately and offer different products and services. For additional details related to the Company's reportable segments, see Note 18 - "Segment Information." Steel Partners Holdings GP Inc. ("SPH GP"), a Delaware corporation, is the general partner of SPLP and is wholly-owned by SPLP. The Company is managed by SP General Services LLC ("Manager"), pursuant to the terms of an amended and restated management agreement ("Management Agreement") discussed in further detail in Note 17 - "Related Party Transactions."

Impact of COVID-19

In March 2020, the World Health Organization categorized COVID-19 as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. The spread of the outbreak has caused significant disruptions in the U.S. and global economies and the Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The Company continues to actively monitor the COVID-19 pandemic and its potential impacts on the Company's employees, customers, suppliers and financial results. During the year ended December 31, 2020, as the COVID-19 pandemic progressed, the Company initiated many cost reducing actions to help mitigate the financial impact of the pandemic. The Company continues to evaluate further or continued actions as circumstances warrant.

The COVID-19 pandemic has adversely affected our consolidated financial results for the first three months of 2021. As the situation surrounding the COVID-19 pandemic remains fluid, it is expected to continue having a negative impact to the Company; however, it is difficult to predict the duration of the pandemic and its continued impact on the Company's business, operations, financial condition and cash flows. There is no certainty that federal, state or local regulations regarding safety measures to address the spread of COVID-19 will not adversely impact the Company's operations. While the Company developed and implemented, and continues to develop and implement, health and safety protocols, business continuity plans and crisis management protocols in an effort to try to mitigate the negative impact of the COVID-19 pandemic to its employees and business, the severity of its impact on the Company's business in the remainder of calendar 2021 and beyond will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic, governmental actions that have been taken, or may be taken in the future, in response to the pandemic, and the extent and severity of the impact on the Company's customers and suppliers, all of which are uncertain and cannot be predicted. The Company's future results of operations and liquidity could be adversely impacted by delays in payments of outstanding receivable amounts beyond normal payment terms, supply chain disruptions and uncertain demand, and the impact of any initiatives or programs that the Company may undertake to address financial and operations challenges faced by its customers. As of the date of issuance of these consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity or results of operations is uncertain.

Basis of Presentation

The accompanying unaudited consolidated financial statements as of March 31, 2021 and for the three-month periods ended March 31, 2021 and 2020, which have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for interim periods, include the accounts of the Company and its consolidated subsidiaries. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected herein. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements on Form 10-K for the year ended December 31, 2020, from which the consolidated balance sheet as of December 31, 2020 has been derived.

7


The Company’s fiscal quarter ends on the last day of the calendar quarter; however, for certain subsidiaries of the Company, the fiscal quarter periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year. The Company and all its subsidiaries close their books for fiscal years on December 31. For ease of presentation, the quarterly financial statements included herein are described as ending on the last day of the calendar quarter.

Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), but is not required for interim reporting purposes, has been condensed or omitted. Management must make estimates and assumptions that affect the consolidated financial statements and the related footnote disclosures. While management uses its best judgment, actual results may differ from those estimates. Certain reclassifications have been made to the prior period financial statements and notes to conform to the current period presentation.

Restatement For Correction of Immaterial Errors in Previously Issued Consolidated Financial Statements

As previously disclosed in the Company’s Form 10-K for the year ended December 31, 2020, during the fourth quarter of 2020, in connection with the preparation of the consolidated financial statements for the year ended December 31, 2020, the Company identified errors in its previously filed annual consolidated financial statements and unaudited quarterly consolidated financial statements. The errors were not material to any individual prior quarterly or annual period. The prior period errors are related primarily to a division of the Company's Electrical Products business within the Diversified Industrial segment ("Electrical Products Misstatements") and were primarily the result of: (1) divisional management override of internal controls, (2) improper segregation of duties, including failure to obtain independent review of recorded accounting entries and accounting analyses and (3) inadequate documentation and support for and/or untimely preparation of account reconciliations. The Electrical Products Misstatements resulted in: (1) improper valuation of inventories and trade receivables, including the related allowance for doubtful accounts; (2) improper recognition of revenue on contracts performed over time; (3) accounts payable and associated expenses not recorded accurately or in the appropriate period; and (4) other errors.

The Company assessed the materiality of the errors in its historical annual consolidated financial statements in accordance with SEC Staff Accounting Bulletin ("SAB") Topic 1.M, Materiality, codified in Accounting Standards Codification ("ASC") 250, Accounting Changes and Error Corrections, and concluded that the errors were not material to the previously filed annual consolidated financial statements or corresponding unaudited interim periods but would be material in the aggregate if corrected solely in the consolidated financial statements as of and for the year ended December 31, 2020. In accordance with ASC 250 (SAB Topic 1.N, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), the Company corrected for these errors by revising previously filed 2019 annual consolidated financial statements, including the impact to beginning Partners' capital, in connection with the filing of its 2020 Annual Report on Form 10-K. The revised annual consolidated financial statements also included adjustments to correct certain other immaterial errors, including errors that had previously been adjusted for and disclosed as out of period corrections in the period identified.

Additionally, in connection with the filing of this Quarterly Report on Form 10-Q, the Company has disclosed the impact of the restatement to the consolidated interim financial statements as of and for the three months ended March 31, 2020 to correct for the errors. The accompanying footnotes have also been corrected to reflect the impact of the revisions of the previously filed 2020 interim consolidated financial statements. Refer to Note 21 - "Restatement of Previously Issued Consolidated Financial Statements" for reconciliations between as reported and as revised quarterly amounts.

Discontinued Operations

On January 31, 2020, the Company announced that API Group Limited and certain of its affiliates commenced administration proceedings in the United Kingdom. The purpose of the administration proceedings was to facilitate an orderly sale or wind-down of its United Kingdom operations, which include API Laminates Limited and API Foils Holdings Limited. In the United States, API Americas Inc. voluntarily filed for Chapter 11 proceedings in Bankruptcy Court on February 2, 2020, in order to facilitate the sale or liquidation of its U.S. assets. The API Americas Inc. Chapter 11 bankruptcy proceedings were closed by the Bankruptcy Court on December 21, 2020. The API entities (collectively, "API") were wholly-owned subsidiaries of the Company and were included in the Diversified Industrial segment. The Company deconsolidated API on January 31, 2020 as it no longer held a controlling financial interest as of that date.

All references made to financial data in this Quarterly Report on Form 10-Q are to the Company's continuing operations, unless specifically noted. See Note 3 - "Discontinued Operations" for additional information.

8


Adoption of New Accounting Standards

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 removes specific exceptions to the general principles in Topic 740 in order to reduce the complexity of its application. ASU 2019-12 also improves consistency and simplifies existing guidance by clarifying and amending certain specific areas of Topic 740. The Company adopted ASU 2019-12 on January 1, 2021 and the adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. ASU 2020-01 clarifies the interaction between accounting standards related to equity securities, equity method investments and certain derivatives, and is expected to reduce diversity in practice and increase comparability of the accounting for these interactions. The Company adopted ASU 2020-01 on January 1, 2021, and the adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Accounting Standards Not Yet Effective

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This new standard changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments, including trade receivables, from an incurred loss model to an expected loss model and adds certain new required disclosures. Under the expected loss model, entities will recognize estimated credit losses over the entire contractual term of the instrument rather than delaying recognition of credit losses until it is probable the loss has been incurred. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief. ASU 2019-05 provides entities with an option to irrevocably elect the fair value option, applied on an instrument-by-instrument basis for eligible instruments, that are within the scope of Subtopic 326-20, upon the adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. The new standards were to be effective for the Company's 2020 fiscal year. In November 2019, the FASB issued ASU 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. This new standard amended the effective date of Topic 326 for smaller reporting companies until January 1, 2023. A company's determination about whether it is eligible to be a smaller reporting company is based on its most recent determination as of November 15, 2019, in accordance with SEC regulations. As of this date, the Company met the SEC definition of a smaller reporting company. Therefore, the Company will not be required to adopt Topic 326 until January 1, 2023. The Company is currently evaluating the potential impact of this new guidance; however, it expects that it could have a significant impact on the Company's allowance for loan losses ("ALLL").

In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 modifies the disclosure requirements for employers that sponsor defined benefit pension and other post-retirement plans. The amendments in ASU 2018-14 are effective for the Company's 2021 fiscal year end. Because ASU 2018-14 affects disclosure only, management does not expect that the adoption of this standard will have a material impact on the Company's consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 is intended to provide temporary optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate, known as LIBOR, or by another reference rate expected to be discontinued. This guidance is effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.

2. REVENUES

Disaggregation of Revenues

Revenues are disaggregated at the Company's segment level since the segment categories depict how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. For additional details related to the Company's reportable segments, see Note 18 - "Segment Information."

9


The following table presents the Company's revenues disaggregated by geography for the three months ended March 31, 2021 and 2020. The Company's revenues are primarily derived domestically. Foreign revenues are based on the country in which the legal subsidiary generating the revenue is domiciled. Revenue from any single foreign country was not material to the Company's consolidated financial statements.
Three Months Ended
March 31,
20212020
United States$295,868 $327,599 
Foreign18,625 19,611 
Total revenue$314,493 $347,210 

Contract Balances

Differences in the timing of revenue recognition, billings and cash collections result in billed trade receivables, unbilled receivables (contract assets) and deferred revenue (contract liabilities) on the consolidated balance sheets.

Contract Assets

Unbilled receivables arise when the timing of billings to customers differs from the timing of revenue recognition, such as when the Company recognizes revenue over time before a customer can be billed. Contract assets are classified as Prepaid expenses and other current assets on the consolidated balance sheets. As of March 31, 2021 and December 31, 2020, the contract asset balance was $10,203 and $17,119, respectively.

Contract Liabilities

The Company records deferred revenues when cash payments are received or due in advance of the Company's performance, including amounts that are refundable, which are recorded as contract liabilities. Contract liabilities are classified as Other current liabilities on the consolidated balance sheets, based on the timing of when the Company expects to recognize revenue.

Contract Liabilities
Balance at December 31, 2020$7,707 
Deferral of revenue6,044 
Recognition of unearned revenue(5,649)
Balance at March 31, 2021$8,102 
Balance at December 31, 2019$6,820 
Deferral of revenue4,030 
Recognition of unearned revenue(147)
Balance at March 31, 2020$10,703 










10


3. DISCONTINUED OPERATIONS

On January 31, 2020, the Company announced that API Group Limited and certain of its affiliates commenced administration proceedings in the U.K. The purpose of the administration proceedings is to facilitate an orderly sale or wind-down of its U.K. operations, which include API Laminates Limited and API Foils Holdings Limited. In the U.S., API Americas Inc. voluntarily filed for Chapter 11 proceedings in Bankruptcy Court on February 2, 2020, in order to facilitate the sale or liquidation of its U.S. assets. The API Americas Inc. Chapter 11 bankruptcy proceedings were closed by the Bankruptcy Court on December 21, 2020. The API entities were wholly-owned subsidiaries of the Company and part of the Diversified Industrial segment. The Company deconsolidated API on January 31, 2020 as it no longer held a controlling financial interest as of that date. On the date of the deconsolidation, the Company believed that API became a variable interest entity. The Company determined at deconsolidation that it was not the primary beneficiary of API as the Company no longer held a controlling financial interest in API and the Company lacked significant decision-making ability.

The components of Net loss from discontinued operations, net of taxes in the accompanying consolidated statements of operations are:
Three Months Ended March 31, 2020
Loss from operations of discontinued operation$(2,301)
Gain upon initial deconsolidation of API30,515 
Loss from guarantee liability(52,483)
Net loss from discontinued operations, net of taxes$(24,269)

All amounts associated with API have been removed from the Company's financial statements and footnotes, and reported in discontinued operations as described herein.

The following represents the detail of Loss from discontinued operations, net of taxes in the accompanying consolidated statements of operations:
Three Months Ended March 31, 2020
Revenue$6,388 
Costs and expenses:
Cost of goods sold6,085 
Selling, general and administrative expenses2,219 
Other expenses, net385 
Total costs and expenses8,689 
Loss before income taxes(2,301)
Income tax benefit 
Loss from discontinued operations, net of taxes$(2,301)

4. ACQUISITIONS AND DIVESTITURES

Acquisition

On January 23, 2020, the Company, through its wholly-owned subsidiary, OMG, Inc. ("OMG"), completed the acquisition of Metallon, Inc. ("Metallon"), which is in the business of manufacturing plugs for the composite exterior deck market, for a cash purchase price of $3,500. The assets acquired included goodwill of $2,300, other intangible assets, primarily unpatented technology, of $800 and property, plant and equipment of $400. No liabilities or contingent consideration were included in the acquisition. Prior to the acquisition, Metallon was the exclusive supplier of plugs to OMG for composite exterior decks, and this acquisition will provide OMG with additional control of its supply chain, production costs and overall product margin. OMG is included in the Company's Diversified Industrial segment. The goodwill of $2,300 is expected to be deductible for income tax purposes. The final purchase price and purchase price allocation of Metallon were finalized as of September 30, 2020, with no significant changes to preliminary amounts.

Divestiture

On February 1, 2021, the Company completed the sale of its Edge business for a sales price of $16,000, subject to a working capital adjustment. The Company recognized a pre-tax gain of $8,096 which is presented in Other income, net in the consolidated statement of operations during the three months ended March 31, 2021. Edge provided roofing edge products and
11


components utilized in the securement of perimeter roof edges and was part of the Company's OMG business in the Diversified Industrial segment. Edge recognized net sales of $17,534 and operating income of $1,250 for the year ended December 31, 2020.

5. LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE

Major classifications of Loans receivable, including loans held for sale, held by WebBank as of March 31, 2021 and December 31, 2020 are as follows:
TotalCurrentNon-current
March 31, 2021%December 31, 2020%March 31, 2021December 31, 2020March 31, 2021December 31, 2020
Loans held for sale$91,316 $88,171 $91,316 $88,171 $ $ 
Commercial real estate loans$727  %$672  %  727 672 
Commercial and industrial2,690,403 95 %2,279,672 94 %187,242 221,469 2,503,161 2,058,203 
Consumer loans127,635 5 %147,652 6 %81,562 23,510 46,073 124,142 
Total loans2,818,765 100 %2,427,996 100 %268,804 244,979 2,549,961 2,183,017 
Less:
Allowance for loan losses(19,984)(27,059)(19,984)(27,059)  
Total loans receivable, net$2,798,781 $2,400,937 248,820 217,920 2,549,961 2,183,017 
Loans receivable, including loans held for sale (a)
$340,136 $306,091 $2,549,961 $2,183,017 
(a)    The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of loans receivable, including loans held for sale, was $2,886,872 and $2,498,218 as of March 31, 2021 and December 31, 2020, respectively.

Loans with a carrying value of approximately $56,818 and $15,849 were pledged as collateral for potential borrowings as of March 31, 2021 and December 31, 2020, respectively. WebBank serviced $2,814 and $2,828 in loans for others as of March 31, 2021 and December 31, 2020, respectively.

WebBank sold loans classified as loans held for sale of $2,208,754 and $5,124,275 during the three months ended March 31, 2021 and 2020, respectively. The sold loans were derecognized from the consolidated balance sheets. Loans classified as loans held for sale primarily consist of consumer and small business loans. Amounts added to loans held for sale during the same periods were $2,213,886 and $4,969,689, respectively. The reduction in loans held for sale as of March 31, 2021 reflects the impact of reduced lending by WebBank's partners due to the economic impact of the COVID-19 pandemic. Such factors include lower sales volumes at WebBank's partners as well as tightening their credit policies due to the increase in the U.S. unemployment rates and other factors. This in turn has reduced the volume of loans being initiated by, and then sold by, WebBank.

Allowance for Loan Losses

The ALLL represents an estimate of probable and estimable losses inherent in the loan portfolio as of the balance sheet date. Losses are charged to the ALLL when incurred. Generally, commercial loans are charged off or charged down when they are determined to be uncollectible in whole or in part. Consumer term loans are charged off at 120 days past due and open-end consumer and small and medium business loans are charged off at 180 days past due unless the loan is well secured and in the process of collection. The amount of the ALLL is established by analyzing the portfolio at least quarterly, and a provision for or reduction of loan losses is recorded so that the ALLL is at an appropriate level at the balance sheet date. The methodologies used to estimate the ALLL depend upon the impairment status and portfolio segment of the loan. Loan groupings are created for each loan class and are then graded against historical and industry loss rates.

After applying historic loss experience, the quantitatively derived level of ALLL is reviewed for each segment using qualitative criteria. Various risk factors are tracked that influence our judgment regarding the level of the ALLL across the portfolio segments. Primary qualitative factors that may be reflected in the quantitative models include:

Asset quality trends
Risk management and loan administration practices
Portfolio management and controls
Effect of changes in the nature and volume of the portfolio
12


Changes in lending policies and underwriting policies
Existence and effect of any portfolio concentrations
National economic business conditions and other macroeconomic adjustments
Regional and local economic and business conditions
Data availability and applicability
Industry monitoring
Value of underlying collateral

Changes in the level of the ALLL reflect changes in these factors. The magnitude of the impact of each of these factors on the qualitative assessment of the ALLL changes from quarter to quarter according to the extent these factors are already reflected in historic loss rates and according to the extent these factors diverge from one another. Also considered is the uncertainty inherent in the estimation process when evaluating the ALLL. WebBank's ALLL decreased $7,075, or 26%, during the three months ended March 31, 2021. This decrease was driven by lower than expected losses related to COVID-19 and higher paydowns, and, as a result, WebBank released a portion of the allowance for COVID-19 related qualitative and environmental factors. WebBank continues to monitor the impact of the COVID-19 pandemic on its loan portfolio and anticipates potential future economic disruption associated with the pandemic. WebBank believes there remains a potential for broad negative impact on the macro-economy that may cause estimated credit losses to materially differ from historical loss experience.

Changes in the ALLL are summarized as follows:
Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
December 31, 2020$22 $9,293 $17,744 $27,059 
Charge-offs (3,607)(3,669)(7,276)
Recoveries6 514 396 916 
(Benefit) Provision(6)1,038 (1,747)(715)
March 31, 2021$22 $7,238 $12,724 $19,984 

Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
December 31, 2019$24 $10,920 $25,738 $36,682 
Charge-offs (3,898)(7,301)(11,199)
Recoveries1 149 653 803 
(Benefit) Provision(2)11,945 14,194 26,137 
March 31, 2020$23 $19,116 $33,284 $52,423 

The ALLL and outstanding loan balances according to the Company's impairment method are summarized as follows:
March 31, 2021Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
Allowance for loan losses:
Individually evaluated for impairment$10 $92 $ $102 
Collectively evaluated for impairment12 7,146 12,724 19,882 
Total$22 $7,238 $12,724 $19,984 
Outstanding loan balances:
Individually evaluated for impairment$10 $1,202 $ $1,212 
Collectively evaluated for impairment717 2,689,201 127,635 2,817,553 
Total$727 $2,690,403 $127,635 $2,818,765 

December 31, 2020Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
Allowance for loan losses:
Individually evaluated for impairment$10 $129 $ $139 
Collectively evaluated for impairment12 9,164 17,744 26,920 
Total