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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 June 30, 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/c673e0a6e8a0cb96de85a252fb72bd36-splp-20210630_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 August 2, 2021 was 21,565,772.



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)
June 30, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$224,324 $135,788 
Marketable securities 106 
Trade and other receivables - net of allowance for doubtful accounts of $3,321 and $3,368, respectively
203,500 164,106 
Receivables from related parties3,122 2,073 
Loans receivable, including loans held for sale of $141,092 and $88,171, respectively, net
410,255 306,091 
Inventories, net157,935 137,086 
Prepaid expenses and other current assets51,298 58,053 
Total current assets1,050,434 803,303 
Long-term loans receivable, net1,947,423 2,183,017 
Goodwill148,032 150,852 
Other intangible assets, net128,860 138,581 
Deferred tax assets19,758 66,553 
Other non-current assets44,779 42,068 
Property, plant and equipment, net220,306 228,992 
Operating lease right-of-use assets27,016 29,715 
Long-term investments281,633 291,297 
Total Assets$3,868,241 $3,934,378 
LIABILITIES AND CAPITAL
Current liabilities:
Accounts payable$130,496 $100,759 
Accrued liabilities67,012 69,967 
Deposits270,548 285,393 
Payables to related parties1,183 4,080 
Short-term debt523 397 
Current portion of long-term debt10,269 10,361 
Other current liabilities52,919 46,044 
Total current liabilities532,950 517,001 
Long-term deposits140,404 70,266 
Long-term debt281,871 323,392 
Other borrowings1,969,687 2,090,223 
Preferred unit liability148,221 146,892 
Accrued pension liabilities143,915 183,462 
Deferred tax liabilities2,176 2,169 
Long-term operating lease liabilities19,209 21,845 
Other non-current liabilities37,179 39,906 
Total Liabilities3,275,612 3,395,156 
Commitments and Contingencies
Capital:
Partners' capital common units: 21,561,800 and 22,920,804 issued and outstanding (after deducting 16,268,123 and 14,916,635 units held in treasury, at cost of $247,857 and $219,245), respectively
759,605 707,309 
Accumulated other comprehensive loss(172,252)(172,649)
Total Partners' Capital587,353 534,660 
Noncontrolling interests in consolidated entities5,276 4,562 
Total Capital592,629 539,222 
Total Liabilities and Capital$3,868,241 $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
June 30,
Six Months Ended
June 30,
2021202020212020
Revenue:
Diversified Industrial net sales$305,759 $251,108 $554,248 $512,718 
Energy net revenue41,768 14,302 73,854 52,904 
Financial Services revenue38,906 28,963 72,824 75,961 
Total revenue386,433 294,373 700,926 641,583 
Costs and expenses:
Cost of goods sold250,597 196,224 459,282 417,072 
Selling, general and administrative expenses74,588 72,139 143,388 148,067 
Asset impairment charges   617 
Finance interest expense2,627 3,475 4,859 6,909 
(Benefit from) provision for loan losses(1,567)14,253 (2,282)40,390 
Interest expense5,504 7,722 10,970 16,349 
Realized and unrealized (gains) losses on securities, net(4,470)8,482 18,779 26,484 
Other income, net(854)(2,000)(35,893)(2,967)
Total costs and expenses326,425 300,295 599,103 652,921 
Income (loss) from continuing operations before income taxes and equity method investments60,008 (5,922)101,823 (11,338)
Income tax provision (benefit)35,413 (1,046)50,007 (4,490)
(Income) loss of associated companies, net of taxes(2,840)(4,893)(28,961)29,614 
Net income (loss) from continuing operations27,435 17 80,777 (36,462)
Discontinued operations (see Note 3)
Gain (loss) from discontinued operations, net of taxes128 (280)128 (2,581)
Net loss on deconsolidation of discontinued operations (980) (22,948)
Net gain (loss) from discontinued operations, net of taxes128 (1,260)128 (25,529)
Net income (loss)27,563 (1,243)80,905 (61,991)
Net income attributable to noncontrolling interests in consolidated entities (continuing operations)(323)(191)(714)(321)
Net income (loss) attributable to common unitholders$27,240 $(1,434)$80,191 $(62,312)
Net income (loss) per common unit - basic
Net income (loss) from continuing operations$1.24 $(0.01)$3.60 $(1.48)
Net income (loss) from discontinued operations0.01 (0.05)0.01 (1.03)
Net income (loss) attributable to common unitholders$1.25 $(0.06)$3.61 $(2.51)
Net income (loss) per common unit - diluted
Net income (loss) from continuing operations$1.02 $(0.01)$2.67 $(1.48)
Net income (loss) from discontinued operations0.01 (0.05)0.01 (1.03)
Net income (loss) attributable to common unitholders$1.03 $(0.06)$2.68 $(2.51)
Weighted-average number of common units outstanding - basic
21,829,714 24,958,026 22,222,557 24,989,440 
Weighted-average number of common units outstanding - diluted
29,561,237 24,958,026 32,243,510 24,989,440 

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
June 30,
Six Months Ended
June 30,
2021202020212020
Net income (loss)$27,563 $(1,243)$80,905 $(61,991)
Other comprehensive loss, net of taxes:
Currency translation adjustments614 1,373 397 (1,563)
Other comprehensive income (loss)614 1,373 397 (1,563)
Comprehensive income (loss)28,177 130 81,302 (63,554)
Comprehensive income attributable to noncontrolling interests(323)(191)(714)(321)
Comprehensive income (loss) attributable to common unitholders$27,854 $(61)$80,588 $(63,875)
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 $539,222 
Net income — — — 52,951 — 52,951 391 53,342 
Currency translation adjustments
— — — — (217)(217)— (217)
Equity compensation - restricted units
28,588 — — 363 — 363 — 363 
Balance as of March 31, 202137,866,027 (14,916,635)(219,245)760,623 (172,866)587,757 4,953 592,710 
Net income — — — 27,240 — 27,240 323 27,563 
Currency translation adjustments— — — — 614 614 — 614 
Equity compensation - restricted units
(36,104)— — 354 — 354 — 354 
Purchases of SPLP common units— (1,351,488)(28,612)(28,612)— (28,612)— (28,612)
Balance as of June 30, 202137,829,923 (16,268,123)$(247,857)$759,605 $(172,252)$587,353 $5,276 $592,629 

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 $466,633 
Net (loss) income— — — (60,878)— (60,878)130 (60,748)
Currency translation adjustments
— — — — (2,936)(2,936)— (2,936)
Equity compensation - restricted units
(9,854)— — 104 — 104 — 104 
Deconsolidation of API (see Note 3)— — — — 17,481 17,481 — 17,481 
Other, net— — — (2)— (2)60 58 
Balance as of March 31, 202037,661,138 (12,647,864)(198,781)593,473 (176,877)416,596 3,996 420,592 
Net (loss) income— — — (1,434)— (1,434)191 (1,243)
Currency translation adjustments— — — — 1,373 1,373 — 1,373 
Equity compensation - restricted units
(84,021)— — 49 — 49 — 49 
Other, net— — — (3)— (3)28 25 
Balance as of June 30, 202037,577,117 (12,647,864)$(198,781)$592,085 $(175,504)$416,581 $4,215 $420,796 

See accompanying Notes to Consolidated Financial Statements
5


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
Six Months Ended June 30,
20212020
Cash flows from operating activities:
Net income (loss)$80,905 $(61,991)
Gain (loss) from discontinued operations128 (25,529)
Net income (loss) from continuing operations80,777 (36,462)
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
(Benefit from) provision for loan losses (2,282)40,390 
(Income) loss of associated companies, net of taxes(28,961)29,614 
Realized and unrealized losses on securities, net18,779 26,484 
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(2,605)(2,660)
Deferred income taxes42,598 (6,816)
Depreciation and amortization30,199 32,480 
Non-cash lease expense5,269 4,743 
Equity-based compensation717 256 
Asset impairment charges 617 
Other1,482 2,425 
Net change in operating assets and liabilities:
Trade and other receivables(42,642)9,708 
Inventories(22,484)5,746 
Prepaid expenses and other assets8,890 1,746 
Accounts payable, accrued and other liabilities(7,077)(2,014)
Net (increase) decrease in loans held for sale(52,921)153,635 
Net cash provided by operating activities - continuing operations14,997 259,892 
Net cash provided by (used in) operating activities - discontinued operations128 (1,671)
Total cash provided by operating activities15,125 258,221 
Cash flows from investing activities:
Purchases of investments(9,018)(6,363)
Proceeds from sales of investments24,217 2,327 
Proceeds from maturities of investments4,235 27,206 
Loan originations, net of collections186,633 (2,023,616)
Purchases of property, plant and equipment(13,925)(11,035)
Proceeds from sale of property, plant and equipment6,979 3,067 
Proceeds from sale of Edge business16,000  
Acquisition, net of cash acquired (3,500)
Net cash provided by (used in) investing activities - continuing operations215,121 (2,011,914)
Net cash provided by (used in) investing activities - discontinued operations  
Net cash provided by (used in) investing activities215,121 (2,011,914)
Cash flows from financing activities:
Net revolver (repayments) borrowings(36,374)33,654 
Repayments of term loans(5,113)(6,477)
Purchases of the Company's common units(28,612) 
Repayments of other borrowings(1,174,657) 
Proceeds from other borrowings1,053,980 2,032,236 
Distribution to preferred unitholders(4,817)(40,000)
Deferred finance charges (1,474)
Net increase (decrease) in deposits55,293 (296,714)
Net cash (used in) provided by financing activities - continuing operations(140,300)1,721,225 
Net cash used in financing activities - discontinued operations  
Net cash (used in) provided by financing activities(140,300)1,721,225 
Net change for the period89,946 (32,468)
Effect of exchange rate changes on cash and cash equivalents(1,410)84 
Cash, cash equivalents and restricted cash at beginning of period135,788 137,948 
Cash, cash equivalents and restricted cash at end of period$224,324 $105,564 
See accompanying Notes to Consolidated Financial Statements
6


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


All dollar amounts used in the Notes to Consolidated Financial Statements are in thousands, except per common and preferred unit, per share and per ounce data, or otherwise as noted.

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

The ongoing COVID-19 pandemic is a continuously evolving situation around the world and has negatively impacted and could continue to negatively impact the global economy. While the negative effects from the COVID-19 pandemic in the first half of 2020 were material to the Company's operating results, the Company experienced sales growth during the second half of 2020 and first half of 2021. The Company’s operating results will be subject to fluctuations based upon general economic conditions and the extent to which COVID-19 may impact its business will depend on future developments, which are highly uncertain and cannot be predicted, such as 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. 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.

Basis of Presentation

The accompanying unaudited consolidated financial statements as of June 30, 2021 and for the three and six-month periods ended June 30, 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 and six months ended June 30, 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.

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
7



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 and six months ended June 30, 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.

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
8


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."

The following table presents the Company's revenues disaggregated by geography for the three and six months ended June 30, 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
June 30,
Six Months Ended
June 30,
2021202020212020
United States$360,126 $273,454 $655,994 $601,053 
Foreign26,307 20,919 44,932 40,530 
Total revenue$386,433 $294,373 $700,926 $641,583 

Contract Balances

9


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 June 30, 2021 and December 31, 2020, the contract asset balance was $11,929 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 revenue7,807 
Recognition of unearned revenue(8,136)
Balance at June 30, 2021$7,378 
Balance at December 31, 2019$6,820 
Deferral of revenue7,579 
Recognition of unearned revenue(6,431)
Balance at June 30, 2020$7,968 

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 gain (loss) from discontinued operations, net of taxes in the accompanying consolidated statements of operations are:
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Gain (loss) from operations of discontinued operation$128 $(280)$128 $(2,581)
Gain upon initial deconsolidation of API   30,516 
Loss from guarantee liability (980) (53,464)
Net gain (loss) from discontinued operations, net of taxes$128 $(1,260)$