SAFEGUARD SCIENTIFICS INC, 10-K filed on 3/3/2017
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2016
Feb. 28, 2017
Jun. 30, 2016
Document Documentand Entity Information [Abstract]
 
 
 
Entity Registrant Name
SAFEGUARD SCIENTIFICS INC 
 
 
Entity Central Index Key
0000086115 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Accelerated Filer 
 
 
Document Type
10-K 
 
 
Document Period End Date
Dec. 31, 2016 
 
 
Document Fiscal Year Focus
2016 
 
 
Document Fiscal Period Focus
FY 
 
 
Amendment Flag
false 
 
 
Entity Common Stock, Shares Outstanding
 
20,364,488 
 
Trading Symbol
SFE 
 
 
Entity Well-known Seasoned Issuer
No 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Public Float
 
 
$ 249,387,693 
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Current Assets:
 
 
Cash and cash equivalents
$ 22,058 
$ 32,838 
Marketable securities
8,384 
31,020 
Prepaid expenses and other current assets
2,109 
5,810 
Total current assets
32,551 
69,668 
Property and equipment, net
1,873 
2,145 
Ownership interests in and advances to partner companies
183,470 
171,601 
Loan participations receivable
0 
2,649 
Long-term marketable securities
7,302 
9,743 
Long-term restricted cash equivalents
6,336 
0 
Other assets
296 
1,037 
Total Assets
231,828 
256,843 
Current Liabilities:
 
 
Accounts payable
140 
290 
Accrued compensation and benefits
3,498 
3,338 
Accrued expenses and other current liabilities
2,223 
2,789 
Total current liabilities
5,861 
6,417 
Other long-term liabilities
3,630 
3,965 
Convertible senior debentures—non-current
52,560 
50,956 
Total Liabilities
62,051 
61,338 
Commitments and contingencies
   
   
Equity:
 
 
Preferred stock, $0.10 par value; 1,000 shares authorized
0 
0 
Common stock, $0.10 par value; 83,333 shares authorized; 21,573 issued at December 31, 2016 and 2015, respectively
2,157 
2,157 
Additional paid-in capital
816,016 
817,434 
Treasury stock, at cost; 1,209 and 993 shares at December 31, 2016 and 2015, respectively
(21,061)
(19,570)
Accumulated deficit
(626,904)
(604,270)
Accumulated other comprehensive loss
(431)
(246)
Total Equity
169,777 
195,505 
Total Liabilities and Equity
$ 231,828 
$ 256,843 
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Dec. 31, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]
 
 
Preferred stock, par value
$ 0.10 
$ 0.10 
Preferred stock, shares authorized
1,000,000 
1,000,000 
Common stock, par value
$ 0.10 
$ 0.10 
Common stock, shares authorized
83,333,000 
83,333,000 
Common stock, shares issued
21,573,000 
21,573,000 
Treasury Stock, Shares
1,209,000 
993,000 
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Statement [Abstract]
 
 
 
 
 
 
 
 
 
 
 
General and administrative expense
$ 3,928 
$ 4,687 
$ 4,849 
$ 5,228 
$ 3,958 
$ 3,962 
$ 4,754 
$ 4,880 
$ 18,692 
$ 17,554 
$ 18,970 
Operating loss
(3,928)
(4,687)
(4,849)
(5,228)
(3,958)
(3,962)
(4,754)
(4,880)
(18,692)
(17,554)
(18,970)
Other income (loss), net
64 
(2,405)
659 
0 
(84)
704 
(15)
(388)
(1,682)
217 
31,657 
Interest income
615 
513 
527 
420 
448 
398 
640 
449 
2,075 
1,935 
1,901 
Interest expense
(1,169)
(1,161)
(1,155)
(1,149)
(1,140)
(1,133)
(1,128)
(1,122)
(4,634)
(4,523)
(4,402)
Equity income (loss)
(17,283)
(16,345)
43,794 
(9,495)
(9,537)
(7,635)
(13,765)
(8,662)
671 
(39,599)
(15,335)
Net loss before income taxes
(21,701)
(24,085)
38,976 
(15,452)
(14,271)
(11,628)
(19,022)
(14,603)
(22,262)
(59,524)
(5,149)
Income tax benefit (expense)
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
Net loss
$ (21,701)
$ (24,085)
$ 38,976 
$ (15,452)
$ (14,271)
$ (11,628)
$ (19,022)
$ (14,603)
$ (22,262)
$ (59,524)
$ (5,149)
Net loss per share:
 
 
 
 
 
 
 
 
 
 
 
Basic (in dollars per share)
$ (1.07)1
$ (1.18)1
$ 1.92 1
$ (0.76)1
$ (0.69)1
$ (0.56)1
$ (0.91)1
$ (0.70)1
$ (1.09)
$ (2.85)
$ (0.25)
Diluted (in dollars per share)
$ (1.07)1
$ (1.18)1
$ 1.70 1
$ (0.76)1
$ (0.69)1
$ (0.56)1
$ (0.91)1
$ (0.70)1
$ (1.09)
$ (2.85)
$ (0.25)
Weighted average shares used in computing net loss per share:
 
 
 
 
 
 
 
 
 
 
 
Basic (in shares)
 
 
 
 
 
 
 
 
20,343 
20,874 
20,975 
Diluted (in shares)
 
 
 
 
 
 
 
 
20,343 
20,874 
20,975 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
Net loss
$ (22,262)
$ (59,524)
$ (5,149)
Other comprehensive income (loss), before taxes:
 
 
 
Share of other comprehensive loss of equity method investments
(185)
(246)
0 
Total comprehensive loss
$ (22,447)
$ (59,770)
$ (5,149)
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $)
In Thousands
Total
Accumulated Deficit [Member]
AOCI Attributable to Parent [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Treasury Stock [Member]
Beginning Balance at Dec. 31, 2013
$ 284,661 
$ (539,597)
$ 0 
$ 2,155 
$ 822,103 
$ 0 
Beginning Balance (in shares) at Dec. 31, 2013
 
 
 
21,553 
 
4 
Net loss
(5,149)
(5,149)
 
 
 
 
Stock options exercised, net
1,289 
 
 
2 
(2,716)
4,003 
Stock options exercised, net (in shares)
 
 
 
18 
 
198 
Issuance of restricted stock, net
98 
 
 
 
(1,594)
1,692 
Issuance of restricted stock, net (in shares)
 
 
 
 
 
(79)
Stock-based compensation expense
1,935 
 
 
 
1,935 
 
Repurchase of common stock
(25,036)
 
 
 
 
(25,036)
Repurchase of common stock (in shares)
 
 
 
 
 
1,194 
Other comprehensive loss
29 
 
 
 
29 
 
Conversion of convertible senior debentures to common stock (in shares)
 
 
 
2 
 
 
Share of other comprehensive loss of equity method investments
0 
 
 
 
 
 
Ending Balance at Dec. 31, 2014
257,827 
(544,746)
0 
2,157 
819,757 
(19,341)
Ending Balance (in shares) at Dec. 31, 2014
 
 
 
21,573 
 
921 
Net loss
(59,524)
(59,524)
 
 
 
 
Stock options exercised, net
676 
 
 
 
(1,051)
1,727 
Stock options exercised, net (in shares)
 
 
 
 
 
83 
Issuance of restricted stock, net
158 
 
 
 
(2,883)
3,041 
Issuance of restricted stock, net (in shares)
 
 
 
 
 
149 
Stock-based compensation expense
1,611 
 
 
 
1,611 
 
Repurchase of common stock
(4,997)
 
 
 
 
(4,997)
Repurchase of common stock (in shares)
 
 
 
 
 
304 
Share of other comprehensive loss of equity method investments
(246)
 
(246)
 
 
 
Ending Balance at Dec. 31, 2015
195,505 
(604,270)
(246)
2,157 
817,434 
(19,570)
Ending Balance (in shares) at Dec. 31, 2015
 
 
 
21,573 
 
993 
Net loss
(22,262)
(22,262)
 
 
 
 
Stock options exercised, net
(318)
 
 
 
(1,117)
799 
Stock options exercised, net (in shares)
 
 
 
 
 
46 
Issuance of restricted stock, net
32 
 
 
 
(3,067)
3,099 
Issuance of restricted stock, net (in shares)
 
 
 
 
 
162 
Stock-based compensation expense
2,394 
 
 
 
2,394 
 
Repurchase of common stock
(5,389)
 
 
 
 
(5,389)
Repurchase of common stock (in shares)
 
 
 
 
 
424 
Share of other comprehensive loss of equity method investments
(185)
 
(185)
 
 
 
Ending Balance at Dec. 31, 2016
$ 169,777 
$ (626,904)
$ (431)
$ 2,157 
$ 816,016 
$ (21,061)
Ending Balance (in shares) at Dec. 31, 2016
 
 
 
21,573 
 
1,209 
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flows from Operating Activities:
 
 
 
Net loss
$ (22,262)
$ (59,524)
$ (5,149)
Adjustments to reconcile to net cash used in operating activities:
 
 
 
Depreciation
328 
190 
74 
Amortization of debt discount
1,604 
1,472 
1,349 
Equity (income) loss
(671)
39,599 
15,335 
Other (income) loss, net
1,682 
(217)
(31,657)
Stock-based compensation expense
2,394 
1,611 
1,935 
Changes in assets and liabilities:
 
 
 
Accounts receivable, net
(1,521)
(923)
(369)
Accounts payable, accrued expenses, and other
(215)
43 
(1,707)
Net cash used in operating activities
(18,661)
(17,749)
(20,189)
Cash Flows from Investing Activities:
 
 
 
Acquisitions of ownership interests in companies
(52,431)
(70,186)
(59,476)
Proceeds from sales of and distributions from companies
73,965 
25,058 
82,822 
Advances and loans to companies
(27,967)
(15,208)
(10,968)
Repayment of advances and loans to companies
1,741 
1,318 
4,684 
Increase in marketable securities
(21,194)
(29,755)
(55,594)
Decrease in marketable securities
46,315 
33,640 
55,410 
Capital expenditures
(432)
(1,856)
(59)
Other, net
64 
0 
137 
Net cash provided by (used in) investing activities
20,061 
(56,989)
16,956 
Cash Flows from Financing Activities:
 
 
 
Repurchase of convertible senior debentures
0 
0 
(441)
Payments Related to Tax Withholding for Share-based Compensation
(460)
0 
0 
Issuance of Company common stock, net
5 
676 
1,289 
Repurchase of Company common stock
(5,389)
(4,997)
(25,036)
Net cash used in financing activities
(5,844)
(4,321)
(24,188)
Net change in cash, cash equivalents and restricted cash equivalents
(4,444)
(79,059)
(27,421)
Cash, cash equivalents and restricted cash equivalents at beginning of period
32,838 
111,897 
139,318 
Cash, cash equivalents and restricted cash equivalents at end of period
$ 28,394 
$ 32,838 
$ 111,897 
Significant Accounting Policies
Significant Accounting Policies
Significant Accounting Policies
Principles of Consolidation
The consolidated financial statements include the accounts of Safeguard (the "Company") and all of its subsidiaries in which a controlling financial interest is maintained. All intercompany accounts and transactions are eliminated in consolidation.
Principles of Accounting for Ownership Interests in Companies
The Company accounts for its interests in its partner companies using one of the following methods: consolidation, fair value, equity or cost. The accounting method applied is generally determined by the degree of the Company's influence over the entity, primarily determined by our voting interest in the entity.
In addition to holding voting and non-voting equity and debt securities, the Company also periodically makes advances to its partner companies in the form of promissory notes which are included in the Ownership interests in and advances to partner companies line item in the Consolidated Balance Sheets.
Consolidation Method. The Company generally accounts for partner companies in which it directly or indirectly owns more than 50% of the outstanding voting securities under the consolidation method of accounting. Under this method, the Company includes the partner companies’ financial statements within the Company’s Consolidated Financial Statements, and all significant intercompany accounts and transactions are eliminated. The Company reflects participation of other stockholders in the net assets and in the income or losses of these consolidated partner companies in Equity in the Consolidated Balance Sheets and in Net income (loss) attributable to non-controlling interest in the Statements of Operations. Net income (loss) attributable to non-controlling interest adjusts the Company’s consolidated operating results to reflect only the Company’s share of the earnings or losses of the consolidated partner company. The Company accounts for results of operations and cash flows of a consolidated partner company through the latest date in which it holds a controlling interest. If the Company subsequently relinquishes control but retains an interest in the partner company, the accounting method is adjusted to the equity, cost or fair value method of accounting, as appropriate. As of December 31, 2016, the Company did not hold a controlling interest in any of its partner companies.
Fair Value Method. Unrealized gains and losses on the mark-to-market of the Company's holdings in fair value method companies and realized gains and losses on the sale of any holdings in fair value method companies are recognized in Other income (loss), net in the Consolidated Statements of Operations. As of December 31, 2016, the Company did not account for any of its partner companies under the fair value method.
Equity Method. The Company accounts for partner companies whose results are not consolidated, but over which it exercises significant influence, under the equity method of accounting. Whether or not the Company exercises significant influence with respect to a partner company depends on an evaluation of several factors including, among others, representation of the Company on the partner company’s board of directors and the Company’s ownership level, which is generally a 20% to 50% interest in the voting securities of a partner company, including voting rights associated with the Company’s holdings in common, preferred and other convertible instruments in the company. Under the equity method of accounting, the Company does not reflect a partner company’s financial statements within the Company’s Consolidated Financial Statements; however, the Company’s share of the income or loss of such partner company is reflected in Equity income (loss) in the Consolidated Statements of Operations. The Company includes the carrying value of equity method partner companies in Ownership interests in and advances to partner companies on the Consolidated Balance Sheets. Any excess of the Company’s cost over its underlying interest in the net assets of equity method partner companies that is allocated to intangible assets is amortized over the estimated useful lives of the related intangible assets. The Company reflects its share of the income or loss of the equity method partner companies on a one quarter lag. This reporting lag could result in a delay in recognition of the impact of changes in the business or operations of these partner companies.
When the Company’s carrying value in an equity method partner company is reduced to zero, the Company records no further losses in its Consolidated Statements of Operations unless the Company has an outstanding guarantee obligation or has committed additional funding to such equity method partner company. When such equity method partner company subsequently reports income, the Company will not record its share of such income until it exceeds the amount of the Company’s share of losses not previously recognized.
Cost Method. The Company accounts for partner companies not consolidated or accounted for under the equity method or fair value method under the cost method of accounting. Under the cost method, the Company does not include its share of the income or losses of partner companies in the Company’s Consolidated Statements of Operations. The Company includes the carrying value of cost method partner companies in Ownership interests in and advances to partner companies on the Consolidated Balance Sheets.
Accounting Estimates
The preparation of the Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that affect amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. These estimates include the evaluation of the recoverability of the Company’s ownership interests in and advances to partner companies, income taxes, stock-based compensation and commitments and contingencies. Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances.
 
Certain amounts recorded to reflect the Company’s share of income or losses of partner companies accounted for under the equity method are based on unaudited results of operations of those companies and may require adjustments in the future when audits of these entities’ financial statements are completed.
It is reasonably possible that the Company’s accounting estimates with respect to the ultimate recoverability of the carrying value of the Company’s ownership interests in and advances to partner companies could change in the near term and that the effect of such changes on the financial statements could be material. At December 31, 2016, the Company believes the carrying value of the Company’s ownership interests in and advances to partner companies is not impaired, although there can be no assurance that the Company’s future results will confirm this assessment, that a significant write-down or write-off will not be required in the future or that a significant loss will not be recorded in the future upon the sale of a company.
Cash and Cash Equivalents and Marketable Securities
The Company considers all highly liquid instruments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist of deposits that are readily convertible into cash. The Company determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date. Held-to-maturity securities are carried at amortized cost, which approximates fair value. Marketable securities consist of held-to-maturity securities, primarily consisting of government agency bonds, commercial paper and certificates of deposits. Marketable securities with a maturity date greater than one year from the balance sheet date are considered long-term. The Company has not experienced any significant losses on cash equivalents and does not believe it is exposed to any significant credit risk on cash and cash equivalents.
Restricted Cash Equivalents
Restricted cash equivalents consist of certificates of deposit with various maturity dates. Amounts included in restricted cash equivalents represent those required to be set aside by a contractual agreement with a bank as collateral for a letter of credit. The restriction on the cash will lapse when the related letter of credit expires on March 19, 2019. The following table provides a reconciliation of cash, cash equivalents and restricted cash equivalents reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows:
 
December 31, 2016
 
December 31, 2015
 
(In thousands)
Cash and cash equivalents
$
22,058

 
$
32,838

Long-term restricted cash equivalents
6,336

 
—

Total cash, cash equivalents and restricted cash equivalents
$
28,394

 
$
32,838


Financial Instruments
The Company’s financial instruments (principally cash and cash equivalents, marketable securities, accounts receivable, notes receivable, accounts payable and accrued expenses) are carried at cost, which approximates fair value due to the short-term maturity of these instruments. The Company’s long-term debt is carried at cost.

Impairment of Ownership Interests In and Advances to Partner Companies
On a periodic basis, but no less frequently than quarterly, the Company evaluates the carrying value of its equity and cost method partner companies for possible impairment based on achievement of business plan objectives and milestones, the fair value of each partner company relative to its carrying value, the financial condition and prospects of the partner company and other relevant factors. The business plan objectives and milestones the Company considers include, among others, those related to financial performance, such as achievement of planned financial results or completion of capital raising activities, and those that are not primarily financial in nature, such as hiring of key employees or the establishment of strategic relationships. Management then determines whether there has been an other than temporary decline in the value of its ownership interest in the company. Impairment is measured as the amount by which the carrying value of an asset exceeds its fair value.
The fair value of privately held companies is generally determined based on the value at which independent third parties have invested or have committed to invest in these companies or based on other valuation methods, including discounted cash flows, valuation of comparable public companies and the valuation of acquisitions of similar companies.
Impairment charges related to equity method partner companies are included in Equity income (loss) in the Consolidated Statements of Operations. Impairment charges related to cost method partner companies and funds are included in Other income (loss), net in the Consolidated Statements of Operations.
The reduced cost basis of a previously impaired partner company is not written-up if circumstances suggest the value of the company has subsequently recovered.
Income Taxes
The Company accounts for income taxes under the asset and liability method whereby deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company measures deferred tax assets and liabilities using enacted tax rates in effect for the year in which the temporary differences are expected to be recovered or settled. The Company recognizes the effect on deferred tax assets and liabilities of a change in tax rates in income in the period of the enactment date. The Company provides a valuation allowance against the net deferred tax asset for amounts which are not considered more likely than not to be realized.
Net Income (Loss) Per Share
The Company computes net income (loss) per share using the weighted average number of common shares outstanding during each year. The Company includes in diluted net income (loss) per share common stock equivalents (unless anti-dilutive) which would arise from the exercise of stock options and conversion of other convertible securities and adjusted, if applicable, for the effect on net income (loss) of such transactions. Diluted net income (loss) per share calculations adjust net income (loss) for the dilutive effect of common stock equivalents and convertible securities issued by the Company’s consolidated or equity method partner companies.
Segment Information
Previously, the Company presented its operating results in two reportable segments - Healthcare and Technology. Recently, the Company shifted its focus to providing capital to technology companies within the fields of healthcare, financial services and digital media. Beginning in the third quarter of 2016, the Company has determined it operates as one operating segment based upon the similar nature of its technology-driven partner companies, the functional alignment of the organizational structure, and the reports that are regularly reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources.
Recent Accounting Pronouncements
Adoption of Accounting Standards Update No. 2016-18
In November 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18"). While the effective date of ASU 2016-18 is for fiscal years beginning after December 15, 2017, earlier adoption is permitted and the Company adopted the amendments in ASU 2016-18 during the fourth quarter of 2016. This standard requires that the Consolidated Statements of Cash Flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statements of Cash Flows. The amendments in this update were applied using a retrospective transition method to each period presented. There were no material impacts to the Company's results of operations or liquidity as a result of adopting ASU 2016-18.
Adoption of Accounting Standards Update No. 2016-09
In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). While the effective date of ASU 2016-09 is for fiscal years beginning after December 15, 2016, earlier adoption is permitted and the Company adopted the amendments in ASU 2016-09 during the second quarter of 2016. This standard simplifies or clarifies several aspects of the accounting for equity-based payment awards, including the income tax consequences, classification of awards as either equity or liabilities, and classification in the Consolidated Statements of Cash Flows. Certain of these changes are required to be applied retrospectively, while other changes are required to be applied prospectively. The impact of early adoption resulted in the following:
•
The Company recognizes share-based payment forfeitures as they occur. Prior to adoption, forfeitures were estimated in order to arrive at current period expense. There was a cumulative effect adjustment of $0.4 million to Accumulated deficit on the Consolidated Balance Sheet as of January 1, 2016 as a result of the adoption of this amendment on a modified retrospective basis.
•
The Company, upon election by an employee, withholds award shares with a fair value up to the amount of tax owed upon vesting or exercise using the maximum statutory tax rate in the employee's applicable jurisdiction while still qualifying for equity classification. Prior to adoption, the Company was only able to withhold award shares with a fair value up to the minimum statutory tax rate. There was no cumulative effect adjustment as a result of the adoption of this amendment on a modified retrospective basis.
•
The Company presents employee taxes paid by the Company through the withholding of award shares as a financing activity in the Consolidated Statements of Cash Flows. The effect of this retrospective change on the Company's Consolidated Statements of Cash Flows was not significant.
There were no other material impacts to the Company's results of operations or liquidity as a result of adopting ASU 2016-09.
Retrospective Adoption of Accounting Guidance
In the first quarter of 2016, the Company adopted accounting guidance that required retrospective adjustment to previously issued financial statements.  All prior period data presented in the Company's Consolidated Financial Statements reflect the retrospective adoption of this guidance.
In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). ASU 2015-03 specifies that debt issuance costs related to a note shall be reported in the balance sheet as a direct reduction from the face amount of the note. As a result of the adoption of ASU 2015-03, the Company reclassified its capitalized debt issuance costs previously recorded within Other assets to a contra-liability reducing Convertible senior debentures on the Consolidated Balance Sheets.  The reclassification was $0.8 million as of December 31, 2015.  ASU 2015-03 had no effect on the Company's results of operations or liquidity.
Adoption of Accounting Standards Update No. 2014-15
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern for a period of one year following the date its financial statements are issued. If such conditions or events exist, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate the substantial doubt. If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management’s plans, an entity should disclose that there is substantial doubt about the entity’s ability to continue as a going concern for a period of one year following the date its financial statements are issued. Disclosure should include the principal conditions or events that raise substantial doubt, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that are intended to mitigate those conditions or events. The Company adopted ASU 2014-15 effective December 31, 2016. The adoption had no impact on the Company's Consolidated Financial Statements.

Evaluation of Accounting Standards Update No. 2014-09
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 and related subsequent amendments outlines a single comprehensive model to use to account for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. For public companies, the guidance is effective for annual periods beginning after December 15, 2017 and any interim periods that fall within that reporting period. For nonpublic companies, the guidance is effective for annual periods beginning after December 15, 2018 and interim periods within annual periods beginning after December 15, 2019 with early adoption permitted. As the new standard will supersede most existing revenue guidance, it could impact revenue and cost recognition for partner companies. Any change in revenue or cost recognition for partner companies could affect the Company's recognition of its share of the results of its equity method partner companies. The Company has been closely monitoring the FASB activity related to the new standard and has begun work to conclude on specific interpretative issues.
Ownership Interests in and Advances to Partner Companies and Funds
Ownership Interests in and Advances to Partner Companies
Ownership Interests in and Advances to Partner Companies
The following summarizes the carrying value of the Company’s ownership interests in and advances to partner companies.
 
December 31, 2016
 
December 31, 2015
 
(In thousands)
Equity Method:
 
 
 
Partner companies
$
154,219

 
$
150,898

Private equity funds
447

 
942

 
154,666

 
151,840

Cost Method:
 
 
 
Partner companies
2,112

 
5,024

Private equity funds
1,550

 
1,966

 
3,662

 
6,990

Advances to partner companies
25,142

 
12,771

 
$
183,470

 
$
171,601


In April 2016, Putney, Inc. was acquired by Dechra Pharmaceuticals Plc. The Company received $58.6 million in cash proceeds in connection with the transaction, excluding $0.6 million which will be held in escrow until April 2017. The Company recognized a gain of $55.6 million on the transaction, which was included in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2016.
The Company recognized an impairment charge of $3.6 million related to Aventura, Inc. which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2016. The impairment was based on the decision of the Company and other shareholders of Aventura not to continue to fund Aventura's operations. The adjusted carrying value of the Company's interest in Aventura was $0.0 million at December 31, 2016.
The Company recognized an impairment charge of $2.4 million related to its Penn Mezzanine debt and equity participations which is reflected in Other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2016. The amount of the impairment was determined based on the difference between the carrying value of the Company's debt and equity participations and their estimated fair values. The Company has no remaining Penn Mezzanine debt participations and the adjusted carrying value of the Company's remaining Penn Mezzanine equity participation was $0.2 million at December 31, 2016.
The Company recognized an impairment charge of $1.7 million related to AppFirst, Inc. which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2016. The impairment was due to the shutdown of AppFirst's operations and the sale of its assets. The amount of the impairment was determined based on the difference between the carrying value of the Company's holdings in AppFirst and the proceeds received by the Company on the sale of AppFirst's assets in June 2016. The Company also recognized an impairment charge of $3.6 million related to AppFirst in the fourth quarter of 2015 which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2015. The impairment was due to lack of revenue growth.
In June 2016, the Company sold its ownership interests in Bridgevine, Inc. The Company received cash proceeds of $5.0 million and recognized a gain of $0.4 million on the transaction which is included in Other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2016.
In April 2015, DriveFactor, Inc. was acquired by CCC Information Services, Inc. The Company received $9.1 million in initial cash proceeds in connection with the transaction. The Company recognized a gain of $6.1 million on the transaction, which is included in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2015. In April 2016, the Company received an additional $1.1 million which was released from escrow resulting in a gain of $1.1 million which is included in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2016.
In April 2016, the Company received $3.3 million associated with the achievement of the final performance milestone related to the December 2013 sale of ThingWorx, Inc. to PTC, Inc., resulting in a gain of $3.3 million which is included in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2016. In January 2016, the Company received $4.1 million which was released from escrow resulting in a gain of $4.1 million which is included in Equity income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2015. In July 2015, the Company received $3.3 million associated with the achievement of performance milestones, resulting in a gain of $3.3 million which is included in Equity income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2015.
In July 2015, Quantia, Inc. was acquired by Physicians Interactive. The Company received $7.8 million in initial cash proceeds in connection with the transaction. In July 2016, the Company received an additional $0.6 million which was released from escrow resulting in a gain of $0.6 million which is included in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2016. The Company also recognized an impairment charge of $2.9 million related to Quantia in the second quarter of 2015 which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2015. The impairment was based on the difference between the Company's carrying value in Quantia and the initial net proceeds received in July 2015.
In July 2015, the Company received $1.7 million in connection with the expiration of the escrow period related to the January 2014 sale of Alverix, Inc. to Becton, Dickinson and Company, resulting in a gain of $1.7 million which is included in Equity income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2015. The Company received $15.7 million in initial cash proceeds in connection with the transaction resulting in a gain of $15.7 million, which is included in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2014.
In July and March 2015, the Company received an aggregate $2.9 million in connection with the expiration of the escrow period related to the February 2014 sale of Crescendo Bioscience, Inc. to Myriad Genetics, Inc., resulting in a gain of $2.9 million which is included in Other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2015. The Company received $38.4 million in initial cash proceeds in connection with the transaction resulting in a gain of $27.4 million, which is included in Other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2014.
The Company recognized an impairment charge of $3.2 million related to InfoBionic, Inc. in the second quarter of 2015 which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2015. The impairment was due to discontinuation of InfoBionic's first-generation product. The amount of the impairment was determined based on the value at which InfoBionic raised additional equity financing in July 2015 from the Company and other existing capital providers.
The Company recognized an impairment charge of $2.3 million related to Dabo Health, Inc. in the first quarter of 2015 which is reflected in Other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2015. The impairment was based on the decision of the Company and other shareholders not to continue to fund Dabo Health's operations.
In April 2014, the Company sold its ownership interests in Sotera Wireless, Inc. The Company received $4.2 million in cash proceeds in connection with the transaction and recognized a gain of $1.5 million, which is included in Other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2014.
In February 2014, NuPathe was acquired by Teva Pharmaceutical Industries Ltd. for $3.65 per share in cash. The Company received initial net cash proceeds of $23.1 million as a result of the transaction. The Company recognized a gain of $3.0 million, which is included in Other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2014.

Summarized Financial Information for Partner Companies
The Company categorizes its partner companies into four stages based upon revenue generation—Development Stage, Initial Revenue Stage, Expansion Stage and, High Traction Stage. The Development Stage is made up of those companies that are pre-revenue businesses. The Company currently has no partner companies in the Development Stage. The Initial Revenue Stage is made up of businesses that have revenues of $5 million or less. The Expansion Stage is made up of companies that have revenue in the range of $5 million to $20 million. The High Traction Stage is made up of companies that have revenue in excess of $20 million per year. See Note 14 to the Consolidated Financial Statements for a listing of partner companies in which the Company held an ownership interest as of December 31, 2016 and their respective revenue stages.
The following summarized financial information by revenue stage for partner companies accounted for under the equity method for the periods presented has been compiled from respective partner company financial statements, reflect certain historical adjustments, and are reported on a one quarter lag. Results of operations of the partner companies are excluded for periods prior to their acquisition and subsequent to their disposition. Historical results are not adjusted when the Company exits or writes-off a partner company. 
High Traction Stage
 
As of December 31,
 
2016
 
2015
 
(In thousands)
Balance Sheets:
 
 
 
Current assets
$
229,756

 
$
213,884

Non-current assets
106,555

 
89,987

Total assets
$
336,311

 
$
303,871

Current liabilities
$
215,622

 
$
192,025

Non-current liabilities
110,315

 
74,208

Shareholders’ equity
10,374

 
37,638

Total liabilities and shareholders’ equity
$
336,311

 
$
303,871

Number of partner companies
5

 
6


 
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(In thousands)
Results of Operations:
 
 
 
 
 
Revenue
$
272,216

 
$
301,132

 
$
249,157

Gross profit
$
200,811

 
$
208,883

 
$
164,514

Net loss
$
(40,815
)
 
$
(46,558
)
 
$
(55,394
)

Expansion Stage
 
As of December 31,
 
2016
 
2015
 
(In thousands)
Balance Sheets:
 
 
 
Current assets
$
66,204

 
$
84,041

Non-current assets
17,756

 
16,762

Total assets
$
83,960

 
$
100,803

Current liabilities
$
40,660

 
$
40,268

Non-current liabilities
14,851

 
27,449

Shareholders’ equity
28,449

 
33,086

Total liabilities and shareholders’ equity
$
83,960

 
$
100,803

Number of partner companies
7

 
7


 
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(In thousands)
Results of Operations:
 
 
 
 
 
Revenue
$
61,293

 
$
53,002

 
$
39,391

Gross profit
$
34,682

 
$
30,928

 
$
26,158

Net loss
$
(52,111
)
 
$
(34,064
)
 
$
(30,012
)
Initial Revenue Stage
 
As of December 31,
 
2016
 
2015
 
(In thousands)
Balance Sheets:
 
 
 
Current assets
$
73,698

 
$
59,738

Non-current assets
4,915

 
2,705

Total assets
$
78,613

 
$
62,443

Current liabilities
$
29,431

 
$
21,399

Non-current liabilities
33,385

 
9,172

Shareholders’ equity
15,797

 
31,872

Total liabilities and shareholders’ equity
$
78,613

 
$
62,443

Number of partner companies
17

 
15


 
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(In thousands)
Results of Operations:
 
 
 
 
 
Revenue
$
31,172

 
$
15,071

 
$
9,661

Gross profit
$
18,777

 
$
10,234

 
$
6,008

Net loss
$
(93,440
)
 
$
(57,762
)
 
$
(23,588
)

As of December 31, 2016, the Company’s carrying value in equity method partner companies, in the aggregate, exceeded the Company’s share of the net assets of such companies by approximately $119.0 million. Of this excess, $98.2 million was allocated to goodwill and $20.8 million was allocated to intangible assets.
Acquisitions of Ownership Interests in Partner Companies and Funds
Acquisitions of Ownership Interests in Partner Companies
Acquisitions of Ownership Interests in Partner Companies
In December 2016, the Company funded $1.9 million of a convertible bridge loan to Trice Medical, Inc. The Company had previously deployed an aggregate of $6.1 million in Trice Medical. Trice Medical is a diagnostics company focused on micro invasive technologies. The Company accounts for its interest in Trice Medical under the equity method.
In December 2016, the Company funded $1.5 million of a convertible bridge loan to meQuilibrium. The Company had previously deployed $6.5 million in meQuilibrium. meQuilibrium is a digital coaching platform that delivers clinically validated and highly personalized resilience solutions to employers, health plans, wellness providers, and consumers increasing engagement, productivity and performance, as well as improving outcomes in managing stress, health and well-being. The Company accounts for its interest in meQuilibrium under the equity method.
In December, July and April 2016, the Company funded an aggregate of $5.2 million of convertible bridge loans to Good Start Genetics, Inc. The Company had previously deployed an aggregate of $12.0 million in Good Start Genetics. Good Start Genetics is an information solutions company delivering genetics offerings to growing families, including advanced clinical sequencing and individualized actionable information to promote successful pregnancies. The Company accounts for its interest in Good Start Genetics under the equity method.
In December and January 2016, the Company deployed an aggregate of $5.4 million into WebLinc, Inc. The Company had previously deployed an aggregate of $6.6 million in WebLinc. WebLinc is a commerce platform provider for fast growing online retailers. The Company accounts for its interest in WebLinc under the equity method.
In December, November, March and January 2016, the Company deployed an aggregate of $4.6 million into Full Measure Education, Inc. The Company had previously deployed $4.0 million in Full Measure. Full Measure designs next-generation, mobile-first technologies for community colleges throughout the United States. The Company accounts for its interest in Full Measure under the equity method.
In December, September and June 2016, the Company funded an aggregate of $0.7 million of convertible loans to Lumesis, Inc. The Company had previously deployed an aggregate of $5.6 million in Lumesis. Lumesis is a financial technology company focused on providing business efficiency, regulatory and data solutions to the municipal bond marketplace. The Company accounts for its interest in Lumesis under the equity method.
In November 2016, the Company acquired a 23.6% interest in T-REX Group, Inc. for $6.0 million. T-REX Group is a financial services software technology company that specializes in valuation, risk analysis, and structuring tools to unlock investment opportunities for various asset classes. The Company accounts for its interest in T-REX Group under the equity method.
In November 2016, the Company funded $0.6 million of a convertible bridge loan to CloudMine, Inc. The Company had previously deployed an aggregate of $4.9 million in CloudMine. CloudMine empowers payers, providers, and pharmaceutical organizations to mobilize patient information by building robust applications and driving actionable insights. The Company accounts for its interest in CloudMine under the equity method.
In November 2016, the Company funded $0.3 million of a convertible bridge loan to Aventura, Inc. The Company had previously deployed $6.0 million in Aventura. The Company impaired all of the carrying value of Aventura in the fourth quarter of 2016. The Company accounted for its interest in Aventura under the equity method.
In October 2016, the Company acquired a 20.3% interest in Brickwork for $4.2 million. Brickwork helps retailers inform, target, convert, and prepare for store shoppers online as the first scalable software-as-a-service platform powering a seamless customer path between online and in-store shopping. The Company accounts for its interest in Brickwork under the equity method.
In October 2016, the Company deployed an additional $5.0 million in Propeller Health, Inc. The Company had previously deployed $9.0 million in Propeller Health. Propeller Health provides digital solutions to measurably improve respiratory health. The Company accounts for its interest in Propeller Health under the equity method.
In October 2016, the Company funded $2.8 million of a convertible bridge loan to QuanticMind, Inc. The Company had previously deployed $7.0 million in QuanticMind. QuanticMind is a software-as-a-service company that provides enterprise-level predictive advertising management software for paid search, social and mobile. The Company accounts for its interest in QuanticMind under the equity method.
In October 2016, the Company deployed $2.7 million into Aktana, Inc. The Company had previously acquired a 23.4% interest in Aktana for $5.5 million in June 2016. Aktana leverages big data and machine learning to enable pharmaceutical brands to dynamically optimize their strategy and enhance sales execution. The Company accounts for its interest in Aktana under the equity method.
In September 2016, the Company acquired a 32.6% interest in Moxe Health Corporation for $4.5 million. Moxe Health connects payers to their provider networks, facilitating real-time data exchange through its electronic integration platform. The Company accounts for its interest in Moxe Health under the equity method.
In September, June and January 2016, the Company deployed an aggregate of $5.0 million into InfoBionic, Inc. The Company had previously deployed an aggregate of $9.5 million in InfoBionic. InfoBionic is an emerging digital health company focused on creating patient monitoring solutions for chronic disease management with an initial market focus on cardiac arrhythmias. The Company accounts for its interest in InfoBionic under the equity method.
In July and January 2016, the Company deployed an aggregate of $4.0 million into Clutch Holdings, Inc. The Company had previously deployed an aggregate of $12.3 million in Clutch. Clutch provides customer intelligence and personalized engagements that empower consumer-focused businesses to identify, understand and motivate each segment of their customer base. The Company accounts for its interest in Clutch under the equity method.
In July and January 2016, the Company funded an aggregate of $4.0 million of convertible loans to Spongecell, Inc. The Company had previously deployed an aggregate of $14.0 million in Spongecell. Spongecell helps advertisers enhance the power of digital brand creative by leveraging customer data and brand content to personalize ads for maximum relevance. The Company accounts for its interest in Spongecell under the equity method.
In June and January 2016, the Company funded an aggregate of $1.2 million of convertible bridge loans to AppFirst, Inc. The Company had previously deployed an aggregate of $11.6 million in AppFirst. The Company impaired its ownership interest in AppFirst in June 2016 due to the shutdown of AppFirst's operations and sale of its assets in June 2016, which generated cash proceeds to the Company of $0.9 million. The Company accounted for its interest in AppFirst under the equity method.
In April and March 2016, the Company funded an aggregate of $1.0 million of convertible loans to NovaSom, Inc. The Company had previously deployed an aggregate of $21.0 million in NovaSom. NovaSom is a medical device company focused on obstructive sleep apnea, specifically home testing with its FDA-cleared wireless device called AccuSom® Home Sleep Test. The Company accounts for its interest in NovaSom under the equity method.
In April 2016, the Company deployed an additional $5.0 million into Transactis, Inc. The Company had previously deployed $9.5 million in Transactis. Transactis provides electronic billing and payment solutions. The Company accounts for its interest in Transactis under the equity method.
In March 2016, the Company funded $1.0 million of a convertible bridge loan to Hoopla Software, Inc. The Company had previously deployed an aggregate of $3.8 million in Hoopla. Hoopla provides cloud-based software that helps sales organizations inspire and motivate sales team performance. The Company accounts for its interest in Hoopla under the equity method.
In January 2016, the Company deployed an additional $7.5 million into Syapse, Inc. The Company had previously deployed $5.8 million in Syapse. Syapse drives healthcare transformation through precision medicine, enabling provider systems to improve clinical outcomes, streamline operations, and shift to new payment models. The Company accounts for its interest in Syapse under the equity method.
In December 2015, the Company acquired a 26.3% interest in Zipnosis, Inc. for $7.0 million. Zipnosis provides health systems with a white-labeled, fully integrated virtual care platform. The Company accounts for its interest in Zipnosis under the equity method.
In October 2015, the Company acquired a 34.2% interest in Cask Data, Inc. for $11.0 million. Cask Data accelerates the development and deployment of production Hadoop applications. The Company accounts for its interest in Cask under the equity method.
In July 2015, the Company deployed an additional $10.0 million into Apprenda, Inc. The Company had previously deployed $12.1 million in Apprenda. Apprenda is an enterprise platform-as-a-service company powering the next generation of enterprise software development in public, private and hybrid clouds. The Company accounts for its interest in Apprenda under the equity method.
During the six months ended June 30, 2015, the Company funded an aggregate of $2.8 million of convertible bridge loans to Quantia, Inc. The Company had previously deployed an aggregate of $12.5 million in Quantia. The Company accounted for its interest in Quantia under the equity method. In July 2015, Quantia was acquired by Physicians Interactive.
In May 2015, the Company deployed an additional $3.5 million into Pneuron Corporation. The Company had previously deployed $5.0 million in Pneuron. Pneuron enables organizations to rapidly solve business problems through a distributed approach that cuts across data, applications and processes. The Company accounts for its interest in Pneuron under the equity method.
In May 2015, the Company acquired a 22.6% interest in Sonobi, Inc. for $5.4 million. Sonobi is an advertising technology developer that creates data-driven tools and solutions to meet the evolving needs of demand- and sell-side organizations within the digital media marketplace. The Company accounts for its interest in Sonobi under the equity method.
In April and March 2015, the Company funded an aggregate $1.0 million convertible bridge loan to AdvantEdge Healthcare Solutions, Inc. The Company had previously deployed an aggregate of $15.3 million in AdvantEdge. AdvantEdge is a technology-enabled provider of healthcare revenue cycle and business management solutions that improve decision-making, maximize financial performance, streamline operations and mitigate compliance risks for healthcare providers. The Company accounts for its interest in AdvantEdge under the equity method.
In March 2015, the Company deployed an additional $0.3 million into Dabo Health, Inc. The Company had previously deployed $2.0 million in Dabo Health. The Company impaired all of the carrying value of Dabo Health in the first quarter of 2015. The Company accounted for its interest in Dabo Health under the cost method.
In June and April 2014, the Company deployed an aggregate of $5.0 million into Putney, Inc. The Company had previously deployed $10.0 million in Putney. The Company accounted for its interest in Putney under the equity method. In April 2016, Putney was acquired by Dechra Pharmaceuticals Plc.
In May 2014, the Company deployed an additional $7.0 million into MediaMath, Inc. In connection with the May 2014 financing, the Company’s primary ownership interest decreased from 22.5% to 20.6%.  As a result, the Company recognized an unrealized gain of $7.0 million which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2014. The Company had previously deployed an aggregate of $18.6 million in MediaMath. MediaMath is a global technology company that is leading the movement to revolutionize traditional marketing and drive transformative results for marketers through its TerminalOne Marketing Operating System™. The Company accounts for its interest in MediaMath under the equity method.
In March 2014, the Company funded $0.2 million of a convertible bridge loan to Sotera Wireless, Inc. The Company previously deployed $1.3 million into Sotera Wireless and acquired additional shares from a previous investor for $1.2 million. In April 2014, the Company sold its equity and debt interests in Sotera Wireless for $4.2 million. The Company accounted for its interest in Sotera Wireless under the cost method.
Fair Value Measurements
Fair Value Measurements
Fair Value Measurements
The Company categorizes its financial instruments into a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Financial assets recorded at fair value on the Company’s Consolidated Balance Sheets are categorized as follows:
Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2—Include other inputs that are directly or indirectly observable in the marketplace.
Level 3—Unobservable inputs which are supported by little or no market activity.
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
The following table provides the carrying value and fair value of certain financial assets of the Company measured at fair value on a recurring basis as of December 31, 2016 and 2015: 
 
Carrying
Value
 
Fair Value Measurement at December 31, 2016
 
 
Level 1
 
Level 2
 
Level 3
 
(in thousands)
Cash and cash equivalents
$
22,058

 
$
22,058

 
$
—

 
$
—

Long-term restricted cash equivalents
6,336

 
6,336

 
—

 
—

Marketable securities—held-to-maturity:
 
 
 
 
 
 
 
Certificates of deposit
$
15,686

 
$
15,686

 
$
—

 
$
—

Total marketable securities
$
15,686

 
$
15,686

 
$
—

 
$
—

 
 
Carrying
Value
 
Fair Value Measurement at December 31, 2015
 
 
Level 1
 
Level 2
 
Level 3
 
(In thousands)
Cash and cash equivalents
$
32,838

 
$
32,838

 
$
—

 
$
—

Marketable securities—held-to-maturity:

 

 
 
 
 
Government agency bonds
$
1,329

 
$
1,329

 
$
—

 
$
—

Certificates of deposit
39,434

 
39,434

 
—

 
—

Total marketable securities
$
40,763

 
$
40,763

 
$
—

 
$
—


As of December 31, 2016, $8.4 million of marketable securities had contractual maturities which were less than one year and $7.3 million of marketable securities had contractual maturities greater than one year. Held-to-maturity securities are carried at amortized cost, which, due to the short-term maturity of these instruments, approximates fair value using quoted prices in active markets for identical assets or liabilities defined as Level 1 inputs under the fair value hierarchy.
Convertible Debentures and Credit Arrangements
Convertible Debentures and Credit Arrangements
Convertible Debentures and Credit Arrangements
Convertible Senior Debentures
In November 2012, the Company issued $55.0 million principal amount of its 5.25% convertible senior debentures due on May 15, 2018 (the “2018 Debentures”). Interest on the 2018 Debentures is payable semi-annually on May 15 and November 15. Holders of the 2018 Debentures may convert their notes prior to November 15, 2017 at their option only under the following circumstances:

•
during any calendar quarter commencing after the calendar quarter ending on December 31, 2012, if the last reported sale price of the common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•
during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on such trading day;

•
if the notes have been called for redemption; or

•
upon the occurrence of specified corporate events.
 
On or after November 15, 2017 until the close of business on the second business day immediately preceding the maturity date, holders may convert their notes at any time, regardless of whether any of the foregoing conditions have been met. Upon conversion, the Company will satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at the Company’s election.
The conversion rate of the 2018 Debentures is 55.17 shares of common stock per $1,000 principal amount of debentures, equivalent to a conversion price of approximately $18.13 per share of common stock. The closing price of the Company’s common stock at December 31, 2016 was $13.45.
On or after November 15, 2016, the Company may redeem for cash any of the 2018 Debentures if the last reported sale price of the Company’s common stock exceeds 140% of the conversion price for at least 20 trading days during the period of 30 consecutive trading days ending on the trading day before the date that notice of redemption is given, including the last trading day of such period. Upon any redemption of the 2018 Debentures, the Company will pay a redemption price of 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, and additional interest, if any.
The 2018 Debentures holders have the right to require the Company to repurchase the 2018 Debentures if the Company undergoes a fundamental change, which includes the sale of all or substantially all of the Company’s common stock or assets; liquidation; dissolution; a greater than 50% change in control; the delisting of the Company’s common stock from the New York Stock Exchange or the NASDAQ Global Market (or any of their respective successors); or a substantial change in the composition of the Company’s board of directors as defined in the governing agreement. Holders may require that the Company repurchase for cash all or part of their debentures at a fundamental change repurchase price equal to 100% of the principal amount of the debentures to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.
Because the 2018 Debentures may be settled in cash or partially in cash upon conversion, the Company separately accounts for the liability and equity components of the 2018 Debentures. The carrying amount of the liability component was determined at the transaction date by measuring the fair value of a similar liability that does not have an associated equity component. The carrying amount of the equity component represented by the embedded conversion option was determined by deducting the fair value of the liability component from the initial proceeds of the 2018 Debentures as a whole. At December 31, 2016, the fair value of the $55.0 million outstanding 2018 Debentures was approximately $57.7 million, based on the midpoint of the bid and ask prices as of such date. At December 31, 2016, the carrying amount of the equity component was $6.4 million, the principal amount of the liability component was $55.0 million, the unamortized discount was $2.0 million, unamortized debt issuance costs were $0.5 million, and the net carrying value of the liability component was $52.6 million. The Company is amortizing the excess of the face value of the 2018 Debentures over their carrying value over their term as additional interest expense using the effective interest method and recorded $1.6 million, $1.5 million and $1.3 million of such expense for the years ended December 31, 2016, 2015 and 2014, respectively. The effective interest rate on the 2018 Debentures is 8.7%. The Company anticipates refinancing all or a portion of the outstanding 2018 Debentures before the maturity date of May 15, 2018.

Credit Arrangements
The Company was party to a loan agreement with a commercial bank which provided it with a revolving credit facility in the maximum aggregate amount of $25.0 million in the form of borrowings, guarantees and issuances of letters of credit. The credit facility, as amended December 29, 2015, expired by its terms on December 19, 2016. Under the credit facility, the Company had provided a $6.3 million letter of credit expiring on March 19, 2019 to the landlord of CompuCom Systems, Inc.’s Dallas headquarters which has been required in connection with the sale of CompuCom Systems in 2004. Pursuant to the terms of the credit facility, upon its expiration, the letter of credit is now secured by cash which is classified as Long-term restricted cash equivalents on the Consolidated Balance Sheet. The restriction on the cash will lapse when the related letter of credit expires on March 19, 2019.
Equity
Equity
Equity
In July 2015, the Company's Board of Directors authorized the Company, from time to time and depending on market conditions, to repurchase up to $25.0 million of the Company's outstanding common stock. During the year ended December 31, 2016, the Company repurchased 0.4 million shares at an aggregate cost of $5.4 million with $14.6 million remaining for repurchase under the existing authorization.
Stock-Based Compensation
Stock-Based Compensation
Stock-Based Compensation
Equity Compensation Plans
The 2014 Equity Compensation Plan has 4.1 million shares authorized for issuance. During 2016, the Company issued 46 thousand stock-based awards outside of existing plans as inducement awards in accordance with New York Stock Exchange rules. To the extent allowable, service-based options are incentive stock options. Options granted under the plans are at prices equal to or greater than the fair market value at the date of grant. Upon exercise of stock options, the Company issues shares first from treasury stock, if available, then from authorized but unissued shares. At December 31, 2016, the Company had reserved 3.7 million shares of common stock for possible future issuance under its 2014 Equity Compensation Plan, and other previously expired equity compensation plans.
Classification of Stock-Based Compensation Expense
Stock-based compensation expense was recognized in the Consolidated Statements of Operations as follows: 
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(In thousands)
General and administrative expense
$
2,394

 
$
1,611

 
$
1,935

 
$
2,394

 
$
1,611

 
$
1,935


At December 31, 2016, the Company had outstanding options that vest based on two different types of vesting schedules:
1) performance-based; and
2) service-based.
Performance-based awards entitle participants to vest in a number of awards determined by achievement by the Company of target capital returns based on net cash proceeds received by the Company upon the sale, merger or other exit transaction of certain identified partner companies. Vesting may occur, if at all, once per year. The requisite service periods for the performance-based awards are based on the Company’s estimate of when the performance conditions will be met. Compensation expense is recognized for performance-based awards for which the performance condition is considered probable of achievement. Compensation expense is recognized over the requisite service periods using the straight-line method but is accelerated if capital return targets are achieved earlier than estimated. During the year ended December 31, 2014, the Company issued 8 thousand performance-based options to employees. No performance-based options were issued during the years ended December 31, 2016 or 2015. During the years ended December 31, 2016 and 2014, respectively, 4 thousand and 7 thousand performance-based options vested. No performance-based options vested during the year ended December 31, 2015. During the years ended December 31, 2016, 2015 and 2014, respectively, 106 thousand, 9 thousand and 16 thousand performance-based options were canceled or forfeited. The Company recorded compensation expense related to performance-based options of $0.2 million, $0.0 million and $0.1 million for the years ended December 31, 2016, 2015 and 2014, respectively. The maximum number of unvested options at December 31, 2016 attainable under these grants was 344 thousand shares.
Service-based awards generally vest over four years after the date of grant and expire eight years after the date of grant. Compensation expense is recognized over the requisite service period using the straight-line method. The requisite service period for service-based awards is the period over which the award vests. During the years ended December 31, 2016, 2015 and 2014, respectively, the Company issued 27 thousand, 31 thousand and 23 thousand service-based options to employees. During the years ended December 31, 2016, 2015 and 2014, respectively, 22 thousand, 8 thousand and 8 thousand service-based options were canceled or forfeited. The Company recorded compensation expense related to these options of $0.2 million, $0.3 million and $0.3 million during the years ended December 31, 2016, 2015 and 2014, respectively.
Market-based awards entitled participants to vest in a number of options determined by achievement by the Company of certain target market capitalization increases (measured by reference to stock price increases on a specified number of outstanding shares) over an eight-year period. During the years ended December 31, 2016, 2015 and 2014, the Company did not issue any market-based awards to employees. During the year ended December 31, 2014, 22 thousand market-based options vested. No market-based options vested during the years ended December 31, 2016 or 2015. During the years ended December 31, 2016, 2015 and 2014, respectively, 136 thousand, 91 thousand and 155 thousand market-based options were canceled or forfeited. The Company recorded compensation expense related to market-based options of $0.0 million during the years ended December 31, 2016, 2015 and 2014. There is no further expense to be recognized related to market-based options and there are no further unvested options attainable under these grants at December 31, 2016.
The fair value of the Company’s option awards to employees was estimated at the date of grant using the Black-Scholes option-pricing model. The risk-free rate is based on the U.S. Treasury yield curve in effect at the end of the quarter in which the grant occurred. The expected term of stock options granted was estimated using the historical exercise behavior of employees. Expected volatility was based on historical volatility measured using weekly price observations of the Company’s common stock for a period equal to the stock option’s expected term. Assumptions used in the valuation of options granted in each period were as follows: 
 
Year Ended December 31,
 
2016
 
2015
 
2014
Service-Based Options
 
 
 
 
 
Dividend yield
0
%
 
0
%
 
0
%
Expected volatility
25
%
 
26
%
 
32
%
Average expected option life
5 years

 
5 years

 
5 years

Risk-free interest rate
1.5
%
 
1.5
%
 
1.7
%
 
 
 
 
 
Year Ended December 31,
 
 
 
 
 
2014
Performance-Based Options
 
 
 
 
 
Dividend yield


 


 
0
%
Expected volatility


 


 
32
%
Average expected option life


 


 
4.8 years

Risk-free interest rate


 


 
1.7
%

The weighted-average grant date fair value of options issued by the Company during the years ended December 31, 2016, 2015 and 2014 was $3.29, $4.25 and $7.02 per share, respectively.
 









Option activity of the Company is summarized below: 
 
Shares
 
Weighted
Average
Exercise Price
 
Weighted Average
Remaining
Contractual Life
 
Aggregate
Intrinsic
Value
 
(In thousands)
 
 
 
(In years)
 
(In thousands)
Outstanding at December 31, 2013
1,828

 
$
12.51

 
 
 
 
Options granted
31

 
19.38

 
 
 
 
Options exercised
(365
)
 
11.48

 
 
 
 
Options canceled/forfeited
(178
)
 
13.58

 
 
 
 
Outstanding at December 31, 2014
1,316

 
12.81

 
 
 
 
Options granted
31

 
17.26

 
 
 
 
Options exercised
(155
)
 
13.12

 
 
 
 
Options canceled/forfeited
(107
)
 
13.06

 
 
 
 
Outstanding at December 31, 2015
1,085

 
12.86

 
 
 
 
Options granted
27

 
13.03

 
 
 
 
Options exercised
(170
)
 
7.56

 
 
 
 
Options canceled/forfeited
(264
)
 
11.06

 
 
 
 
Outstanding at December 31, 2016
678

 
14.90

 
4.37
 
$
314

Options exercisable at December 31, 2016
279

 
15.37

 
3.01
 
122

Options vested and expected to vest at December 31, 2016
678

 
14.90

 
4.37
 
314

Shares available for future grant
2,077

 
 
 
 
 
 

The total intrinsic value of options exercised for the years ended December 31, 2016, 2015 and 2014 was $0.9 million, $0.9 million and $2.4 million, respectively.
At December 31, 2016, total unrecognized compensation cost related to non-vested service-based options was $0.2 million. That cost is expected to be recognized over a weighted-average period of 2.7 years. At December 31, 2016, total unrecognized compensation cost related to non-vested performance-based options was $0.7 million. That cost is expected to be recognized over a weighted-average period of 1.9 years but would be accelerated if performance targets are achieved earlier than estimated.
Performance-based stock units vest based on achievement by the Company of target capital returns based on net cash proceeds received by the Company on the sale, merger or other exit transaction of certain identified partner companies, as described above related to performance-based awards. Performance-based stock units represent the right to receive shares of the Company’s common stock, on a one-for-one basis. During the years ended December 31, 2016, 2015 and 2014, respectively, the Company issued 226 thousand, 153 thousand and 119 thousand performance-based stock units to employees. Under the terms of the 2016, 2015 and 2014 performance-based awards, once performance-based stock units are fully vested, participants are entitled to receive cash payments based on their initial performance grant values as target capital returns described above are exceeded. At December 31, 2016, the liability associated with such potential cash payments was $0.0 million.
During the years ended December 31, 2016, 2015 and 2014, respectively, the Company issued 130 thousand, 81 thousand and 59 thousand restricted shares to employees. Restricted shares generally vest over a period of approximately four years.
During the years ended December 31, 2016, 2015, and 2014, respectively, the Company issued 47 thousand, 44 thousand and 46 thousand deferred stock units to non-employee directors for annual service grants or fees earned during the preceding quarter. Deferred stock units issued to directors in lieu of directors fees are 100% vested at the grant date; matching deferred stock units equal to 25% of directors’ fees deferred vest one year following the grant date or, if earlier, upon reaching age 65. Deferred stock units are payable in stock on a one-for-one basis. Payments related to the deferred stock units are generally distributable following termination of employment or service, death or permanent disability.
 
During the years ended December 31, 2016, 2015 and 2014, the Company granted 10 thousand, 9 thousand and 8 thousand shares, respectively, to members of its advisory board, now referred to as Safeguard's Advisor and Global Expert Network, and recorded compensation expense of $0.1 million in each year related to these awards.
Total compensation expense for deferred stock units, performance-based stock units and restricted stock was $1.9 million, $1.3 million and $1.5 million for the years ended December 31, 2016, 2015 and 2014, respectively. Unrecognized compensation expense related to deferred stock units, performance stock units and restricted stock at December 31, 2016 was $7.8 million. The total fair value of deferred stock units, performance stock units and restricted stock vested during the years ended December 31, 2016, 2015 and 2014 was $1.2 million, $1.1 million and $1.4 million, respectively.
Deferred stock unit, performance-based stock unit and restricted stock activity are summarized below: 
 
Shares
 
Weighted Average
Grant Date Fair
Value
 
(In thousands)
 
 
Unvested at December 31, 2014
455

 
$
17.09

Granted
286

 
15.02

Vested
(64
)
 
17.42

Forfeited
(7
)
 
18.76

Unvested at December 31, 2015
670

 
16.16

Granted
413

 
13.27

Vested
(89
)
 
16.46

Forfeited
(61
)
 
17.08

Unvested at December 31, 2016
933

 
14.79

Other Income (Loss), Net
Other Income (Loss), Net
Other Income (Loss), Net 
Year ended December 31, 2016:
 
Loss on impairment of Penn Mezzanine debt and equity participations
$
(2,360
)
Gain on sale of Bridgevine
424

Other
254

 
$
(1,682
)
Year ended December 31, 2015:
 
Gain on proceeds received from escrow related to sale of Crescendo
$
2,914

Loss on impairment of Dabo Health
(2,356
)
Loss on impairment of legacy private equity fund
(398
)
Other
57

 
$
217


Year ended December 31, 2014:
 
Gain on sale of Crescendo Bioscience
$
27,365

Gain on sale of NuPathe
3,017

Gain on sale of Sotera Wireless
1,453

Loss on sale of Penn Mezzanine equity participation
(255
)
Other
77

 
$
31,657

Income Taxes
Income Taxes
Income Taxes
The federal and state provision (benefit) for income taxes was $0.0 million for the years ended December 31, 2016, 2015 and 2014.
The total income tax provision (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 35.0% to net income (loss) before income taxes as a result of the following:
 
Year Ended December 31,
 
2016
 
2015
 
2014
Statutory tax (benefit) expense
(35.0
)%
 
(35.0
)%
 
(35.0
)%
Increase in taxes resulting from:
 
 
 
 
 
Stock-based compensation
0.2

 
0.1

 
1.5

Nondeductible expenses
0.4

 
0.2

 
2.9

Valuation allowance
34.4

 
34.7

 
30.6

 
0.0
 %
 
0.0
 %
 
0.0
 %

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows: 
 
As of December 31,
 
2016
 
2015
 
(In thousands)
Deferred tax asset:
 
 
 
Carrying values of partner companies and other holdings
$
95,134

 
$
83,042

Tax loss and credit carryforwards
82,775

 
84,493

Accrued expenses
1,183

 
1,391

Stock-based compensation
1,763

 
1,655

Other
1,310

 
1,369

 
182,165

 
171,950

Valuation allowance
(182,165
)
 
(171,950
)
Net deferred tax asset
$
—

 
$
—


As of December 31, 2016, the Company and its subsidiaries consolidated for tax purposes had federal net operating loss carryforwards of approximately $225.4 million. These carryforwards expire as follows: 
 
Total
 
(In thousands)
2017
$
—

2018
—

2019
—

2020
—

2021 and thereafter
225,369

 
$
225,369


In assessing the recoverability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company has determined that it is more likely than not that certain future tax benefits may not be realized as a result of current and future income. Accordingly, a valuation allowance has been recorded against substantially all of the Company’s deferred tax assets.

The Company recognizes in its Consolidated Financial Statements the impact of a tax position if that position is more likely than not to be sustained upon examination, based on the technical merits of the position. All uncertain tax positions relate to unrecognized tax benefits that would impact the effective tax rate when recognized.

The Company does not expect any material increase or decrease in its income tax expense, in the next twelve months, related to examinations or changes in uncertain tax positions.
 
There were no changes in the Company’s uncertain tax positions for the years ended December 31, 2016, 2015 and 2014.
The Company files income tax returns in the U.S. federal jurisdiction, and various state jurisdictions. Tax years 2013 and forward remain open for examination for federal tax purposes and the Company’s more significant state tax jurisdictions. To the extent utilized in future years’ tax returns, net operating loss carryforwards at December 31, 2016 will remain subject to examination until the respective tax year is closed. The Company recognizes penalties and interest accrued related to income tax liabilities in income tax benefit (expense) in the Consolidated Statements of Operations.
Net Income (Loss) Per Share
Net Loss Per Share
Net Loss Per Share
The calculations of net loss per share were: 
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(In thousands, except per share data)
Basic:
 
 
 
 
 
Net loss
$
(22,262
)
 
$
(59,524
)
 
$
(5,149
)
Weighted average common shares outstanding
20,343

 
20,874

 
20,975

Net loss per share
$
(1.09
)
 
$
(2.85
)
 
$
(0.25
)
Diluted:
 
 
 
 
 
Net loss
$
(22,262
)
 
$
(59,524
)
 
$
(5,149
)
Weighted average common shares outstanding
20,343

 
20,874

 
20,975

Net loss per share
$
(1.09
)
 
$
(2.85
)
 
$
(0.25
)

Basic and diluted average common shares outstanding for purposes of computing net income (loss) per share includes outstanding common shares and vested deferred stock units (DSUs).
If a consolidated or equity method partner company has dilutive stock options, unvested restricted stock, DSUs, or warrants, diluted net income (loss) per share is computed by first deducting from net income (loss) the income attributable to the potential exercise of the dilutive securities of the partner company from net income (loss). Any impact is shown as an adjustment to net income (loss) for purposes of calculating diluted net income (loss) per share.
Diluted loss per share for the years ended December 31, 2016, 2015 and 2014 do not reflect the following potential shares of common stock that would have an anti-dilutive effect or have unsatisfied performance or market conditions:

•
At December 31, 2016, 2015 and 2014, options to purchase 0.7 million, 1.1 million and 1.3 million shares of common stock, respectively, at prices ranging from $9.83 to $19.95 per share, $7.14 to $19.95 per share and $7.14 to $19.95 per share, respectively, were excluded from the calculation.

•
At December 31, 2016, 2015 and 2014 unvested restricted stock, performance-based stock units and DSUs convertible into 0.9 million, 0.7 million and 0.5 million shares of stock, respectively, were excluded from the calculations.

•
For the years ended December 31, 2016, 2015, and 2014, 3.0 million shares of common stock representing the effect of assumed conversion of the 2018 Debentures were excluded from the calculations.
Related Party Transactions
Related Party Transactions
Related Party Transactions
In May 2001, the Company entered into a $26.5 million loan agreement with Warren V. Musser, a former Chairman and Chief Executive Officer of the Company. Through December 31, 2016, the Company recognized impairment charges against the loan of $15.7 million. Since 2001 and through December 31, 2016, the Company has received a total of $17.1 million in payments on the loan. The carrying value of the loan at December 31, 2016 was zero. The Company received payments of $0.1 million on this loan agreement in the years ended December 31, 2016 and 2014 and did not receive any payments on this loan agreement in the year ended December 31, 2015.
In the normal course of business, the Company’s officers and employees hold board positions with partner and other companies in which the Company has a direct or indirect ownership interest.
Commitments and Contingencies
Commitments and Contingencies
Commitments and Contingencies
The Company and its partner companies are involved in various claims and legal actions arising in the ordinary course of business. In the current opinion of the Company, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations, however, no assurance can be given as to the outcome of these actions, and one or more adverse rulings could have a material adverse effect on the Company’s consolidated financial position and results of operations or that of its partner companies. The Company records costs associated with legal fees as such services are rendered.
The Company leases its corporate headquarters under a lease expiring in 2026 and office equipment under leases expiring at various dates to 2020. Total rental expense under operating leases was $0.5 million, $0.5 million and $0.6 million for the years ended December 31, 2016, 2015 and 2014, respectively. At December 31, 2016, future minimum lease payments under non-cancelable operating leases with initial or remaining terms of one year or more are as follows:
 
Total
 
(In thousands)
2017
$
584

2018
591

2019
602

2020
601

2021 and thereafter
3,242

 
$
5,620

The Company had outstanding guarantees of $3.8 million at December 31, 2016 which related to one of the Company's private equity holdings.
The Company is required to return a portion or all the distributions it received as a general partner of a private equity fund for further distribution to such fund's limited partners (“clawback”). The maximum clawback the Company could be required to return related to its general partner interest is $1.3 million, of which $1.0 million was reflected in Accrued expenses and other current liabilities and $0.3 million was reflected in Other long-term liabilities on the Consolidated Balance Sheets at December 31, 2016. The Company’s ownership in the fund is 19%. The clawback liability is joint and several, such that the Company may be required to fund the clawback for other general partners should they default. The Company believes its potential liability due to the possibility of default by other general partners is remote. The Company has been notified by the fund's manager that the fund is being dissolved and $1.0 million of the Company's clawback liability is due in the first quarter of 2017.
 
In October 2001, the Company entered into an agreement with a former Chairman and Chief Executive Officer of the Company, to provide for annual payments of $0.65 million per year and certain health care and other benefits for life. The related current liability of $0.8 million was included in Accrued expenses and other current liabilities and the long-term portion of $1.9 million was included in Other long-term liabilities on the Consolidated Balance Sheet at December 31, 2016.
The Company provided a $6.3 million letter of credit expiring on March 19, 2019 to the landlord of CompuCom Systems, Inc.’s Dallas headquarters as required in connection with the sale of CompuCom Systems in 2004. The letter of credit is now secured by cash which is classified as Long-term restricted cash equivalents on the Consolidated Balance Sheet.
The Company has agreements with certain employees that provide for severance payments to the employee in the event the employee is terminated without cause or an employee terminates his employment for “good reason.” The maximum aggregate exposure under the agreements was approximately $3.0 million at December 31, 2016.
In June 2011, the Company's former partner company, Advanced BioHealing, Inc. (“ABH”) was acquired by Shire plc (“Shire”).  Prior to the expiration of the escrow period in March 2012, Shire filed a claim against all amounts held in escrow related to the sale based principally upon a United States Department of Justice (“DOJ”) false claims act investigation relating to ABH (the “Investigation”). In connection with the above-referenced investigation, in July 2015 the Company received a Civil Investigation Demand-Documentary Material (“CID”) from the DOJ regarding ABH and Safeguard’s relationship with ABH. Pursuant to the CID, the Company provided the requested materials and information.  To the Company’s knowledge, the CID was related to multiple qui tam (“whistleblower”) actions, one of which was filed in 2014 by an ex-employee of ABH that named the Company and one of the Company’s employees along with other entities and individuals as defendants.  At this time, the DOJ has declined to pursue the qui tam action as it relates to the Company and such Company employee. In addition, in connection with the above matters, the Company and other former equity holders in ABH recently entered into a settlement and release with Shire, which resulted in the release to Shire of all amounts held in escrow related to the sale of ABH.
Supplemental Cash Flow Information
Supplemental Cash Flow Information
Supplemental Cash Flow Information
During the years ended December 31, 2016 and 2015, the Company converted $3.9 million and $1.0 million, respectively, of advances to partner companies into ownership interests in partner companies. Cash paid for interest in each of the years ended December 31, 2016, 2015 and 2014 was $2.9 million. Cash paid for taxes in each of the years ended December 31, 2016, 2015 and 2014 was $0.0 million.
Operating Segments
Operating Segments
Previously, the Company presented its operating results in two reportable segments - Healthcare and Technology. Recently, the Company shifted its focus to providing capital to technology companies within the fields of healthcare, financial services and digital media. Beginning in the third quarter of 2016, the Company has determined it operates as one operating segment based upon the similar nature of its technology-driven partner companies, the functional alignment of the organizational structure, and the reports that are regularly reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources.
As of December 31, 2016, the Company held interests in 29 non-consolidated partner companies. The Company’s active partner companies as of December 31, 2016 were as follows for the years ended December 31, 2016, 2015 and 2014:
 
 
 
 
Safeguard Primary Ownership
as of December 31,
 
 
Partner Company
 
Revenue Stage
 
2016
 
2015
 
2014
 
Accounting Method
AdvantEdge Healthcare Solutions, Inc.
 
High Traction
 
40.1%
 
40.1%
 
40.1%
 
Equity
Aktana, Inc.
 
Initial Revenue
 
31.2%
 
NA
 
NA
 
Equity
Apprenda, Inc.
 
Expansion
 
29.4%
 
29.5%
 
21.6%
 
Equity
Beyond.com, Inc.
 
High Traction
 
38.2%
 
38.2%
 
38.2%
 
Equity
Brickwork
 
Initial Revenue
 
20.3%
 
NA
 
NA
 
Equity
Cask Data, Inc.
 
Initial Revenue
 
31.3%
 
34.2%
 
NA
 
Equity
CloudMine, Inc.
 
Initial Revenue
 
30.1%
 
30.1%
 
NA
 
Equity
Clutch Holdings, Inc.
 
Expansion
 
42.8%
 
39.3%
 
29.6%
 
Equity
Full Measure Education, Inc.
 
Initial Revenue
 
35.2%
 
25.4%
 
NA
 
Equity
Good Start Genetics, Inc.
 
High Traction
 
29.6%
 
29.6%
 
29.9%
 
Equity
Hoopla Software, Inc.
 
Initial Revenue
 
25.5%
 
25.6%
 
25.6%
 
Equity
InfoBionic, Inc.
 
Initial Revenue
 
39.7%
 
38.5%
 
27.8%
 
Equity
Lumesis, Inc.
 
Initial Revenue
 
44.1%
 
44.7%
 
45.7%
 
Equity
MediaMath, Inc.
 
High Traction
 
20.5%
 
20.6%
 
20.7%
 
Equity
meQuilibrium
 
Initial Revenue
 
31.5%
 
31.5%
 
NA
 
Equity
Moxe Health Corporation
 
Initial Revenue
 
32.4%
 
NA
 
NA
 
Equity
NovaSom, Inc.
 
High Traction
 
31.7%
 
31.7%
 
31.7%
 
Equity
Pneuron Corporation
 
Initial Revenue
 
35.4%
 
35.4%
 
27.6%
 
Equity
Prognos (formerly Medivo)
 
Expansion
 
35.2%
 
34.5%
 
34.5%
 
Equity
Propeller Health, Inc.
 
Initial Revenue
 
24.0%
 
24.6%
 
24.6%
 
Equity
QuanticMind, Inc.
 
Initial Revenue
 
23.2%
 
23.6%
 
NA
 
Equity
Sonobi, Inc.
 
Expansion
 
21.6%
 
22.6%
 
NA
 
Equity
Spongecell, Inc.
 
Expansion
 
23.0%
 
23.0%
 
23.0%
 
Equity
Syapse, Inc.
 
Initial Revenue
 
26.2%
 
24.4%
 
27.0%
 
Equity
T-REX Group, Inc.
 
Initial Revenue
 
23.6%
 
NA
 
NA
 
Equity
Transactis, Inc.
 
Expansion
 
24.2%
 
24.5%
 
24.8%
 
Equity
Trice Medical, Inc.
 
Initial Revenue
 
27.6%
 
27.7%
 
31.9%
 
Equity
WebLinc, Inc.
 
Expansion
 
38.0%
 
29.2%
 
29.2%
 
Equity
Zipnosis, Inc
 
Initial Revenue
 
25.4%
 
26.3%
 
NA
 
Equity

As of December 31, 2016 and 2015, all of the Company’s assets were located in the United States.
Selected Quarterly Financial Information (Unaudited)
Selected Quarterly Financial Information (Unaudited)
Selected Quarterly Financial Information (Unaudited) 
 
Three Months Ended
 
March 31
 
June 30
 
September 30
 
December 31
 
(In thousands, except per share data)
2016:
 
 
 
 
 
 
 
General and administrative expense
$
5,228

 
$
4,849

 
$
4,687

 
$
3,928

Operating loss
(5,228
)
 
(4,849
)
 
(4,687
)
 
(3,928
)
Other income (loss), net
—

 
659

 
(2,405
)
 
64

Interest income
420

 
527

 
513

 
615

Interest expense
(1,149
)
 
(1,155
)
 
(1,161
)
 
(1,169
)
Equity income (loss)
(9,495
)
 
43,794

 
(16,345
)
 
(17,283
)
Net income (loss) before income taxes
(15,452
)
 
38,976

 
(24,085
)
 
(21,701
)
Income tax benefit (expense)
—

 
—

 
—

 
—

Net income (loss)
$
(15,452
)
 
$
38,976

 
$
(24,085
)
 
$
(21,701
)
Net income (loss) per share (a)
 
 
 
 
 
 

Basic
$
(0.76
)
 
$
1.92

 
$
(1.18
)
 
$
(1.07
)
Diluted
$
(0.76
)
 
$
1.70

 
$
(1.18
)
 
$
(1.07
)
2015:
 
 
 
 
 
 
 
General and administrative expense
$
4,880

 
$
4,754

 
$
3,962

 
$
3,958

Operating loss
(4,880
)
 
(4,754
)
 
(3,962
)
 
(3,958
)
Other income (loss), net
(388
)
 
(15
)
 
704

 
(84
)
Interest income
449

 
640

 
398

 
448

Interest expense
(1,122
)
 
(1,128
)
 
(1,133
)
 
(1,140
)
Equity loss
(8,662
)
 
(13,765
)
 
(7,635
)
 
(9,537
)
Net loss before income taxes
(14,603
)
 
(19,022
)
 
(11,628
)
 
(14,271
)
Income tax benefit (expense)
—

 
—

 
—

 
—

Net loss
$
(14,603
)
 
$
(19,022
)
 
$
(11,628
)
 
$
(14,271
)
Net loss per share (a)
 
 
 
 
 
 

Basic
$
(0.70
)
 
$
(0.91
)
 
$
(0.56
)
 
$
(0.69
)
Diluted
$
(0.70
)
 
$
(0.91
)
 
$
(0.56
)
 
$
(0.69
)
 
(a)
Per share amounts for the quarters have each been calculated separately. Accordingly, quarterly amounts may not add to the annual amounts because of differences in the average common shares outstanding during each period. Additionally, in regard to diluted per share amounts only, quarterly amounts may not add to the annual amounts because of the inclusion of the effect of potentially dilutive securities only in the periods in which such effect would have been dilutive, and because of the adjustments to net income (loss) for the dilutive effect of partner company common stock equivalents and convertible securities.
Subsequent Events
Subsequent Events
Subsequent Events
In March 2017, the Company sold its interest in partner company Beyond.com back to Beyond.com for $26.0 million. The Company received $15.5 million in cash and a three-year, $10.5 million note for the balance due, which will accrue interest at a rate of 9.5% per annum.
Significant Accounting Policies (Policies)
Principles of Consolidation 
Principles of Consolidation
The consolidated financial statements include the accounts of Safeguard (the "Company") and all of its subsidiaries in which a controlling financial interest is maintained. All intercompany accounts and transactions are eliminated in consolidation.
Principles of Accounting for Ownership Interests in Companies 
Impairment of Ownership Interests In and Advances to Partner Companies
On a periodic basis, but no less frequently than quarterly, the Company evaluates the carrying value of its equity and cost method partner companies for possible impairment based on achievement of business plan objectives and milestones, the fair value of each partner company relative to its carrying value, the financial condition and prospects of the partner company and other relevant factors. The business plan objectives and milestones the Company considers include, among others, those related to financial performance, such as achievement of planned financial results or completion of capital raising activities, and those that are not primarily financial in nature, such as hiring of key employees or the establishment of strategic relationships. Management then determines whether there has been an other than temporary decline in the value of its ownership interest in the company. Impairment is measured as the amount by which the carrying value of an asset exceeds its fair value.
The fair value of privately held companies is generally determined based on the value at which independent third parties have invested or have committed to invest in these companies or based on other valuation methods, including discounted cash flows, valuation of comparable public companies and the valuation of acquisitions of similar companies.
Impairment charges related to equity method partner companies are included in Equity income (loss) in the Consolidated Statements of Operations. Impairment charges related to cost method partner companies and funds are included in Other income (loss), net in the Consolidated Statements of Operations.
The reduced cost basis of a previously impaired partner company is not written-up if circumstances suggest the value of the company has subsequently recovered.
Principles of Accounting for Ownership Interests in Companies
The Company accounts for its interests in its partner companies using one of the following methods: consolidation, fair value, equity or cost. The accounting method applied is generally determined by the degree of the Company's influence over the entity, primarily determined by our voting interest in the entity.
In addition to holding voting and non-voting equity and debt securities, the Company also periodically makes advances to its partner companies in the form of promissory notes which are included in the Ownership interests in and advances to partner companies line item in the Consolidated Balance Sheets.
Consolidation Method. The Company generally accounts for partner companies in which it directly or indirectly owns more than 50% of the outstanding voting securities under the consolidation method of accounting. Under this method, the Company includes the partner companies’ financial statements within the Company’s Consolidated Financial Statements, and all significant intercompany accounts and transactions are eliminated. The Company reflects participation of other stockholders in the net assets and in the income or losses of these consolidated partner companies in Equity in the Consolidated Balance Sheets and in Net income (loss) attributable to non-controlling interest in the Statements of Operations. Net income (loss) attributable to non-controlling interest adjusts the Company’s consolidated operating results to reflect only the Company’s share of the earnings or losses of the consolidated partner company. The Company accounts for results of operations and cash flows of a consolidated partner company through the latest date in which it holds a controlling interest. If the Company subsequently relinquishes control but retains an interest in the partner company, the accounting method is adjusted to the equity, cost or fair value method of accounting, as appropriate. As of December 31, 2016, the Company did not hold a controlling interest in any of its partner companies.
Fair Value Method. Unrealized gains and losses on the mark-to-market of the Company's holdings in fair value method companies and realized gains and losses on the sale of any holdings in fair value method companies are recognized in Other income (loss), net in the Consolidated Statements of Operations. As of December 31, 2016, the Company did not account for any of its partner companies under the fair value method.
Equity Method. The Company accounts for partner companies whose results are not consolidated, but over which it exercises significant influence, under the equity method of accounting. Whether or not the Company exercises significant influence with respect to a partner company depends on an evaluation of several factors including, among others, representation of the Company on the partner company’s board of directors and the Company’s ownership level, which is generally a 20% to 50% interest in the voting securities of a partner company, including voting rights associated with the Company’s holdings in common, preferred and other convertible instruments in the company. Under the equity method of accounting, the Company does not reflect a partner company’s financial statements within the Company’s Consolidated Financial Statements; however, the Company’s share of the income or loss of such partner company is reflected in Equity income (loss) in the Consolidated Statements of Operations. The Company includes the carrying value of equity method partner companies in Ownership interests in and advances to partner companies on the Consolidated Balance Sheets. Any excess of the Company’s cost over its underlying interest in the net assets of equity method partner companies that is allocated to intangible assets is amortized over the estimated useful lives of the related intangible assets. The Company reflects its share of the income or loss of the equity method partner companies on a one quarter lag. This reporting lag could result in a delay in recognition of the impact of changes in the business or operations of these partner companies.
When the Company’s carrying value in an equity method partner company is reduced to zero, the Company records no further losses in its Consolidated Statements of Operations unless the Company has an outstanding guarantee obligation or has committed additional funding to such equity method partner company. When such equity method partner company subsequently reports income, the Company will not record its share of such income until it exceeds the amount of the Company’s share of losses not previously recognized.
Cost Method. The Company accounts for partner companies not consolidated or accounted for under the equity method or fair value method under the cost method of accounting. Under the cost method, the Company does not include its share of the income or losses of partner companies in the Company’s Consolidated Statements of Operations. The Company includes the carrying value of cost method partner companies in Ownership interests in and advances to partner companies on the Consolidated Balance Sheets.
Accounting Estimates 
Accounting Estimates
The preparation of the Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that affect amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. These estimates include the evaluation of the recoverability of the Company’s ownership interests in and advances to partner companies, income taxes, stock-based compensation and commitments and contingencies. Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances.
 
Certain amounts recorded to reflect the Company’s share of income or losses of partner companies accounted for under the equity method are based on unaudited results of operations of those companies and may require adjustments in the future when audits of these entities’ financial statements are completed.
It is reasonably possible that the Company’s accounting estimates with respect to the ultimate recoverability of the carrying value of the Company’s ownership interests in and advances to partner companies could change in the near term and that the effect of such changes on the financial statements could be material. At December 31, 2016, the Company believes the carrying value of the Company’s ownership interests in and advances to partner companies is not impaired, although there can be no assurance that the Company’s future results will confirm this assessment, that a significant write-down or write-off will not be required in the future or that a significant loss will not be recorded in the future upon the sale of a company.
Cash and Cash Equivalents and Marketable Securities 
Cash and Cash Equivalents and Marketable Securities
The Company considers all highly liquid instruments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist of deposits that are readily convertible into cash. The Company determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date. Held-to-maturity securities are carried at amortized cost, which approximates fair value. Marketable securities consist of held-to-maturity securities, primarily consisting of government agency bonds, commercial paper and certificates of deposits. Marketable securities with a maturity date greater than one year from the balance sheet date are considered long-term. The Company has not experienced any significant losses on cash equivalents and does not believe it is exposed to any significant credit risk on cash and cash equivalents.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] 
Restricted Cash Equivalents
Restricted cash equivalents consist of certificates of deposit with various maturity dates. Amounts included in restricted cash equivalents represent those required to be set aside by a contractual agreement with a bank as collateral for a letter of credit. The restriction on the cash will lapse when the related letter of credit expires on March 19, 2019. The following table provides a reconciliation of cash, cash equivalents and restricted cash equivalents reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows:
 
December 31, 2016
 
December 31, 2015
 
(In thousands)
Cash and cash equivalents
$
22,058

 
$
32,838

Long-term restricted cash equivalents
6,336

 
—

Total cash, cash equivalents and restricted cash equivalents
$
28,394

 
$
32,838

Financial Instruments 
Financial Instruments
The Company’s financial instruments (principally cash and cash equivalents, marketable securities, accounts receivable, notes receivable, accounts payable and accrued expenses) are carried at cost, which approximates fair value due to the short-term maturity of these instruments. The Company’s long-term debt is carried at cost.
Income Taxes 
Income Taxes
The Company accounts for income taxes under the asset and liability method whereby deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company measures deferred tax assets and liabilities using enacted tax rates in effect for the year in which the temporary differences are expected to be recovered or settled. The Company recognizes the effect on deferred tax assets and liabilities of a change in tax rates in income in the period of the enactment date. The Company provides a valuation allowance against the net deferred tax asset for amounts which are not considered more likely than not to be realized.
Net Income (Loss) Per Share 
Net Income (Loss) Per Share
The Company computes net income (loss) per share using the weighted average number of common shares outstanding during each year. The Company includes in diluted net income (loss) per share common stock equivalents (unless anti-dilutive) which would arise from the exercise of stock options and conversion of other convertible securities and adjusted, if applicable, for the effect on net income (loss) of such transactions. Diluted net income (loss) per share calculations adjust net income (loss) for the dilutive effect of common stock equivalents and convertible securities issued by the Company’s consolidated or equity method partner companies.
Segment Information 
Segment Information
Previously, the Company presented its operating results in two reportable segments - Healthcare and Technology. Recently, the Company shifted its focus to providing capital to technology companies within the fields of healthcare, financial services and digital media. Beginning in the third quarter of 2016, the Company has determined it operates as one operating segment based upon the similar nature of its technology-driven partner companies, the functional alignment of the organizational structure, and the reports that are regularly reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources.
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] 
Recent Accounting Pronouncements
Adoption of Accounting Standards Update No. 2016-18
In November 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18"). While the effective date of ASU 2016-18 is for fiscal years beginning after December 15, 2017, earlier adoption is permitted and the Company adopted the amendments in ASU 2016-18 during the fourth quarter of 2016. This standard requires that the Consolidated Statements of Cash Flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statements of Cash Flows. The amendments in this update were applied using a retrospective transition method to each period presented. There were no material impacts to the Company's results of operations or liquidity as a result of adopting ASU 2016-18.
Adoption of Accounting Standards Update No. 2016-09
In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). While the effective date of ASU 2016-09 is for fiscal years beginning after December 15, 2016, earlier adoption is permitted and the Company adopted the amendments in ASU 2016-09 during the second quarter of 2016. This standard simplifies or clarifies several aspects of the accounting for equity-based payment awards, including the income tax consequences, classification of awards as either equity or liabilities, and classification in the Consolidated Statements of Cash Flows. Certain of these changes are required to be applied retrospectively, while other changes are required to be applied prospectively. The impact of early adoption resulted in the following:
•
The Company recognizes share-based payment forfeitures as they occur. Prior to adoption, forfeitures were estimated in order to arrive at current period expense. There was a cumulative effect adjustment of $0.4 million to Accumulated deficit on the Consolidated Balance Sheet as of January 1, 2016 as a result of the adoption of this amendment on a modified retrospective basis.
•
The Company, upon election by an employee, withholds award shares with a fair value up to the amount of tax owed upon vesting or exercise using the maximum statutory tax rate in the employee's applicable jurisdiction while still qualifying for equity classification. Prior to adoption, the Company was only able to withhold award shares with a fair value up to the minimum statutory tax rate. There was no cumulative effect adjustment as a result of the adoption of this amendment on a modified retrospective basis.
•
The Company presents employee taxes paid by the Company through the withholding of award shares as a financing activity in the Consolidated Statements of Cash Flows. The effect of this retrospective change on the Company's Consolidated Statements of Cash Flows was not significant.
There were no other material impacts to the Company's results of operations or liquidity as a result of adopting ASU 2016-09.
Retrospective Adoption of Accounting Guidance
In the first quarter of 2016, the Company adopted accounting guidance that required retrospective adjustment to previously issued financial statements.  All prior period data presented in the Company's Consolidated Financial Statements reflect the retrospective adoption of this guidance.
In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). ASU 2015-03 specifies that debt issuance costs related to a note shall be reported in the balance sheet as a direct reduction from the face amount of the note. As a result of the adoption of ASU 2015-03, the Company reclassified its capitalized debt issuance costs previously recorded within Other assets to a contra-liability reducing Convertible senior debentures on the Consolidated Balance Sheets.  The reclassification was $0.8 million as of December 31, 2015.  ASU 2015-03 had no effect on the Company's results of operations or liquidity.
Adoption of Accounting Standards Update No. 2014-15
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern for a period of one year following the date its financial statements are issued. If such conditions or events exist, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate the substantial doubt. If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management’s plans, an entity should disclose that there is substantial doubt about the entity’s ability to continue as a going concern for a period of one year following the date its financial statements are issued. Disclosure should include the principal conditions or events that raise substantial doubt, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that are intended to mitigate those conditions or events. The Company adopted ASU 2014-15 effective December 31, 2016. The adoption had no impact on the Company's Consolidated Financial Statements.

Evaluation of Accounting Standards Update No. 2014-09
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 and related subsequent amendments outlines a single comprehensive model to use to account for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. For public companies, the guidance is effective for annual periods beginning after December 15, 2017 and any interim periods that fall within that reporting period. For nonpublic companies, the guidance is effective for annual periods beginning after December 15, 2018 and interim periods within annual periods beginning after December 15, 2019 with early adoption permitted. As the new standard will supersede most existing revenue guidance, it could impact revenue and cost recognition for partner companies. Any change in revenue or cost recognition for partner companies could affect the Company's recognition of its share of the results of its equity method partner companies. The Company has been closely monitoring the FASB activity related to the new standard and has begun work to conclude on specific interpretative issues.
Ownership Interests in and Advances to Partner Companies and Funds (Tables)
Summary of the carrying value of the Company's ownership interests in and advances to partner companies and private equity funds 
The following summarizes the carrying value of the Company’s ownership interests in and advances to partner companies.
 
December 31, 2016
 
December 31, 2015
 
(In thousands)
Equity Method:
 
 
 
Partner companies
$
154,219

 
$
150,898

Private equity funds
447

 
942

 
154,666

 
151,840

Cost Method:
 
 
 
Partner companies
2,112

 
5,024

Private equity funds
1,550

 
1,966

 
3,662

 
6,990

Advances to partner companies
25,142

 
12,771

 
$
183,470

 
$
171,601

Results of Operation 
High Traction Stage
 
As of December 31,
 
2016
 
2015
 
(In thousands)
Balance Sheets:
 
 
 
Current assets
$
229,756

 
$
213,884

Non-current assets
106,555

 
89,987

Total assets
$
336,311

 
$
303,871

Current liabilities
$
215,622

 
$
192,025

Non-current liabilities
110,315

 
74,208

Shareholders’ equity
10,374

 
37,638

Total liabilities and shareholders’ equity
$
336,311

 
$
303,871

Number of partner companies
5

 
6


 
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(In thousands)
Results of Operations:
 
 
 
 
 
Revenue
$
272,216

 
$
301,132

 
$
249,157

Gross profit
$
200,811

 
$
208,883

 
$
164,514

Net loss
$
(40,815
)
 
$
(46,558
)
 
$
(55,394
)

Expansion Stage
 
As of December 31,
 
2016
 
2015
 
(In thousands)
Balance Sheets:
 
 
 
Current assets
$
66,204

 
$
84,041

Non-current assets
17,756

 
16,762

Total assets
$
83,960

 
$
100,803

Current liabilities
$
40,660

 
$
40,268

Non-current liabilities
14,851

 
27,449

Shareholders’ equity
28,449

 
33,086

Total liabilities and shareholders’ equity
$
83,960

 
$
100,803

Number of partner companies
7

 
7


 
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(In thousands)
Results of Operations:
 
 
 
 
 
Revenue
$
61,293

 
$
53,002

 
$
39,391

Gross profit
$
34,682

 
$
30,928

 
$
26,158

Net loss
$
(52,111
)
 
$
(34,064
)
 
$
(30,012
)
Initial Revenue Stage
 
As of December 31,
 
2016
 
2015
 
(In thousands)
Balance Sheets:
 
 
 
Current assets
$
73,698

 
$
59,738

Non-current assets
4,915

 
2,705

Total assets
$
78,613

 
$
62,443

Current liabilities
$
29,431

 
$
21,399

Non-current liabilities
33,385

 
9,172

Shareholders’ equity
15,797

 
31,872

Total liabilities and shareholders’ equity
$
78,613

 
$
62,443

Number of partner companies
17

 
15


 
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(In thousands)
Results of Operations:
 
 
 
 
 
Revenue
$
31,172

 
$
15,071

 
$
9,661

Gross profit
$
18,777

 
$
10,234

 
$
6,008

Net loss
$
(93,440
)
 
$
(57,762
)
 
$
(23,588
)
Fair Value Measurements (Tables)
Carrying Value and Fair Value of Certain Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table provides the carrying value and fair value of certain financial assets of the Company measured at fair value on a recurring basis as of December 31, 2016 and 2015: 
 
Carrying
Value
 
Fair Value Measurement at December 31, 2016
 
 
Level 1
 
Level 2
 
Level 3
 
(in thousands)
Cash and cash equivalents
$
22,058

 
$
22,058

 
$
—

 
$
—

Long-term restricted cash equivalents
6,336

 
6,336

 
—

 
—

Marketable securities—held-to-maturity:
 
 
 
 
 
 
 
Certificates of deposit
$
15,686

 
$
15,686

 
$
—

 
$
—

Total marketable securities
$
15,686

 
$
15,686

 
$
—

 
$
—

 
 
Carrying
Value
 
Fair Value Measurement at December 31, 2015
 
 
Level 1
 
Level 2
 
Level 3
 
(In thousands)
Cash and cash equivalents
$
32,838

 
$
32,838

 
$
—

 
$
—

Marketable securities—held-to-maturity:

 

 
 
 
 
Government agency bonds
$
1,329

 
$
1,329

 
$
—

 
$
—

Certificates of deposit
39,434

 
39,434

 
—

 
—

Total marketable securities
$
40,763

 
$
40,763

 
$
—

 
$
—

Stock-Based Compensation (Tables)
Stock-Based Compensation Expense 
Stock-based compensation expense was recognized in the Consolidated Statements of Operations as follows: 
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(In thousands)
General and administrative expense
$
2,394

 
$
1,611

 
$
1,935

 
$
2,394

 
$
1,611

 
$
1,935

Assumptions Used in Valuation of Option Granted 
Assumptions used in the valuation of options granted in each period were as follows: 
 
Year Ended December 31,
 
2016
 
2015
 
2014
Service-Based Options
 
 
 
 
 
Dividend yield
0
%
 
0
%
 
0
%
Expected volatility
25
%
 
26
%
 
32
%
Average expected option life
5 years

 
5 years

 
5 years

Risk-free interest rate
1.5
%
 
1.5
%
 
1.7
%
 
 
 
 
 
Year Ended December 31,
 
 
 
 
 
2014
Performance-Based Options
 
 
 
 
 
Dividend yield


 


 
0
%
Expected volatility


 


 
32
%
Average expected option life


 


 
4.8 years

Risk-free interest rate


 


 
1.7
%
Option Activity 
Option activity of the Company is summarized below: 
 
Shares
 
Weighted
Average
Exercise Price
 
Weighted Average
Remaining
Contractual Life
 
Aggregate
Intrinsic
Value
 
(In thousands)
 
 
 
(In years)
 
(In thousands)
Outstanding at December 31, 2013
1,828

 
$
12.51

 
 
 
 
Options granted
31

 
19.38

 
 
 
 
Options exercised
(365
)
 
11.48

 
 
 
 
Options canceled/forfeited
(178
)
 
13.58

 
 
 
 
Outstanding at December 31, 2014
1,316

 
12.81

 
 
 
 
Options granted
31

 
17.26

 
 
 
 
Options exercised
(155
)
 
13.12

 
 
 
 
Options canceled/forfeited
(107
)
 
13.06

 
 
 
 
Outstanding at December 31, 2015
1,085

 
12.86

 
 
 
 
Options granted
27

 
13.03

 
 
 
 
Options exercised
(170
)
 
7.56

 
 
 
 
Options canceled/forfeited
(264
)
 
11.06

 
 
 
 
Outstanding at December 31, 2016
678

 
14.90

 
4.37
 
$
314

Options exercisable at December 31, 2016
279

 
15.37

 
3.01
 
122

Options vested and expected to vest at December 31, 2016
678

 
14.90

 
4.37
 
314

Shares available for future grant
2,077

 
 
 
 
 
 
Deferred Stock Unit, Performance-Based Stock Unit and Restricted Stock Activity 
Deferred stock unit, performance-based stock unit and restricted stock activity are summarized below: 
 
Shares
 
Weighted Average
Grant Date Fair
Value
 
(In thousands)
 
 
Unvested at December 31, 2014
455

 
$
17.09

Granted
286

 
15.02

Vested
(64
)
 
17.42

Forfeited
(7
)
 
18.76

Unvested at December 31, 2015
670

 
16.16

Granted
413

 
13.27

Vested
(89
)
 
16.46

Forfeited
(61
)
 
17.08

Unvested at December 31, 2016
933

 
14.79

Other Income (Loss), Net (Tables)
Other Income (Loss), Net
Year ended December 31, 2016:
 
Loss on impairment of Penn Mezzanine debt and equity participations
$
(2,360
)
Gain on sale of Bridgevine
424

Other
254

 
$
(1,682
)
Year ended December 31, 2015:
 
Gain on proceeds received from escrow related to sale of Crescendo
$
2,914

Loss on impairment of Dabo Health
(2,356
)
Loss on impairment of legacy private equity fund
(398
)
Other
57

 
$
217


Year ended December 31, 2014:
 
Gain on sale of Crescendo Bioscience
$
27,365

Gain on sale of NuPathe
3,017

Gain on sale of Sotera Wireless
1,453

Loss on sale of Penn Mezzanine equity participation
(255
)
Other
77

 
$
31,657

Income Taxes (Tables)
Differences Between United States Federal Income Tax Rate and Effective Income Tax Rate 
The total income tax provision (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 35.0% to net income (loss) before income taxes as a result of the following:
 
Year Ended December 31,
 
2016
 
2015
 
2014
Statutory tax (benefit) expense
(35.0
)%
 
(35.0
)%
 
(35.0
)%
Increase in taxes resulting from:
 
 
 
 
 
Stock-based compensation
0.2

 
0.1

 
1.5

Nondeductible expenses
0.4

 
0.2

 
2.9

Valuation allowance
34.4

 
34.7

 
30.6

 
0.0
 %
 
0.0
 %
 
0.0
 %
Deferred Tax Assets and Deferred Tax Liabilities 
The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows: 
 
As of December 31,
 
2016
 
2015
 
(In thousands)
Deferred tax asset:
 
 
 
Carrying values of partner companies and other holdings
$
95,134

 
$
83,042

Tax loss and credit carryforwards
82,775

 
84,493

Accrued expenses
1,183

 
1,391

Stock-based compensation
1,763

 
1,655

Other
1,310

 
1,369

 
182,165

 
171,950

Valuation allowance
(182,165
)
 
(171,950
)
Net deferred tax asset
$
—

 
$
—

Carryforwards Expiration 
As of December 31, 2016, the Company and its subsidiaries consolidated for tax purposes had federal net operating loss carryforwards of approximately $225.4 million. These carryforwards expire as follows: 
 
Total
 
(In thousands)
2017
$
—

2018
—

2019
—

2020
—

2021 and thereafter
225,369

 
$
225,369

Net Income (Loss) Per Share (Tables)
Calculations of Net Income (Loss) Per Share
The calculations of net loss per share were: 
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(In thousands, except per share data)
Basic:
 
 
 
 
 
Net loss
$
(22,262
)
 
$
(59,524
)
 
$
(5,149
)
Weighted average common shares outstanding
20,343

 
20,874

 
20,975

Net loss per share
$
(1.09
)
 
$
(2.85
)
 
$
(0.25
)
Diluted:
 
 
 
 
 
Net loss
$
(22,262
)
 
$
(59,524
)
 
$
(5,149
)
Weighted average common shares outstanding
20,343

 
20,874

 
20,975

Net loss per share
$
(1.09
)
 
$
(2.85
)
 
$
(0.25
)
Operating Segments (Tables)
Active Partner Companies by Segment
The Company’s active partner companies as of December 31, 2016 were as follows for the years ended December 31, 2016, 2015 and 2014:
 
 
 
 
Safeguard Primary Ownership
as of December 31,
 
 
Partner Company
 
Revenue Stage
 
2016
 
2015
 
2014
 
Accounting Method
AdvantEdge Healthcare Solutions, Inc.
 
High Traction
 
40.1%
 
40.1%
 
40.1%
 
Equity
Aktana, Inc.
 
Initial Revenue
 
31.2%
 
NA
 
NA
 
Equity
Apprenda, Inc.
 
Expansion
 
29.4%
 
29.5%
 
21.6%
 
Equity
Beyond.com, Inc.
 
High Traction
 
38.2%
 
38.2%
 
38.2%
 
Equity
Brickwork
 
Initial Revenue
 
20.3%
 
NA
 
NA
 
Equity
Cask Data, Inc.
 
Initial Revenue
 
31.3%
 
34.2%
 
NA
 
Equity
CloudMine, Inc.
 
Initial Revenue
 
30.1%
 
30.1%
 
NA
 
Equity
Clutch Holdings, Inc.
 
Expansion
 
42.8%
 
39.3%
 
29.6%
 
Equity
Full Measure Education, Inc.
 
Initial Revenue
 
35.2%
 
25.4%
 
NA
 
Equity
Good Start Genetics, Inc.
 
High Traction
 
29.6%
 
29.6%
 
29.9%
 
Equity
Hoopla Software, Inc.
 
Initial Revenue
 
25.5%
 
25.6%
 
25.6%
 
Equity
InfoBionic, Inc.
 
Initial Revenue
 
39.7%
 
38.5%
 
27.8%
 
Equity
Lumesis, Inc.
 
Initial Revenue
 
44.1%
 
44.7%
 
45.7%
 
Equity
MediaMath, Inc.
 
High Traction
 
20.5%
 
20.6%
 
20.7%
 
Equity
meQuilibrium
 
Initial Revenue
 
31.5%
 
31.5%
 
NA
 
Equity
Moxe Health Corporation
 
Initial Revenue
 
32.4%
 
NA
 
NA
 
Equity
NovaSom, Inc.
 
High Traction
 
31.7%
 
31.7%
 
31.7%
 
Equity
Pneuron Corporation
 
Initial Revenue
 
35.4%
 
35.4%
 
27.6%
 
Equity
Prognos (formerly Medivo)
 
Expansion
 
35.2%
 
34.5%
 
34.5%
 
Equity
Propeller Health, Inc.
 
Initial Revenue
 
24.0%
 
24.6%
 
24.6%
 
Equity
QuanticMind, Inc.
 
Initial Revenue
 
23.2%
 
23.6%
 
NA
 
Equity
Sonobi, Inc.
 
Expansion
 
21.6%
 
22.6%
 
NA
 
Equity
Spongecell, Inc.
 
Expansion
 
23.0%
 
23.0%
 
23.0%
 
Equity
Syapse, Inc.
 
Initial Revenue
 
26.2%
 
24.4%
 
27.0%
 
Equity
T-REX Group, Inc.
 
Initial Revenue
 
23.6%
 
NA
 
NA
 
Equity
Transactis, Inc.
 
Expansion
 
24.2%
 
24.5%
 
24.8%
 
Equity
Trice Medical, Inc.
 
Initial Revenue
 
27.6%
 
27.7%
 
31.9%
 
Equity
WebLinc, Inc.
 
Expansion
 
38.0%
 
29.2%
 
29.2%
 
Equity
Zipnosis, Inc
 
Initial Revenue
 
25.4%
 
26.3%
 
NA
 
Equity

Selected Quarterly Financial Information (Unaudited) (Tables)
Selected Quarterly Financial Information
 
Three Months Ended
 
March 31
 
June 30
 
September 30
 
December 31
 
(In thousands, except per share data)
2016:
 
 
 
 
 
 
 
General and administrative expense
$
5,228

 
$
4,849

 
$
4,687

 
$
3,928

Operating loss
(5,228
)
 
(4,849
)
 
(4,687
)
 
(3,928
)
Other income (loss), net
—

 
659

 
(2,405
)
 
64

Interest income
420

 
527

 
513

 
615

Interest expense
(1,149
)
 
(1,155
)
 
(1,161
)
 
(1,169
)
Equity income (loss)
(9,495
)
 
43,794

 
(16,345
)
 
(17,283
)
Net income (loss) before income taxes
(15,452
)
 
38,976

 
(24,085
)
 
(21,701
)
Income tax benefit (expense)
—

 
—

 
—

 
—

Net income (loss)
$
(15,452
)
 
$
38,976

 
$
(24,085
)
 
$
(21,701
)
Net income (loss) per share (a)
 
 
 
 
 
 

Basic
$
(0.76
)
 
$
1.92

 
$
(1.18
)
 
$
(1.07
)
Diluted
$
(0.76
)
 
$
1.70

 
$
(1.18
)
 
$
(1.07
)
2015:
 
 
 
 
 
 
 
General and administrative expense
$
4,880

 
$
4,754

 
$
3,962

 
$
3,958

Operating loss
(4,880
)
 
(4,754
)
 
(3,962
)
 
(3,958
)
Other income (loss), net
(388
)
 
(15
)
 
704

 
(84
)
Interest income
449

 
640

 
398

 
448

Interest expense
(1,122
)
 
(1,128
)
 
(1,133
)
 
(1,140
)
Equity loss
(8,662
)
 
(13,765
)
 
(7,635
)
 
(9,537
)
Net loss before income taxes
(14,603
)
 
(19,022
)
 
(11,628
)
 
(14,271
)
Income tax benefit (expense)
—

 
—

 
—

 
—

Net loss
$
(14,603
)
 
$
(19,022
)
 
$
(11,628
)
 
$
(14,271
)
Net loss per share (a)
 
 
 
 
 
 

Basic
$
(0.70
)
 
$
(0.91
)
 
$
(0.56
)
 
$
(0.69
)
Diluted
$
(0.70
)
 
$
(0.91
)
 
$
(0.56
)
 
$
(0.69
)
 
(a)
Per share amounts for the quarters have each been calculated separately. Accordingly, quarterly amounts may not add to the annual amounts because of differences in the average common shares outstanding during each period. Additionally, in regard to diluted per share amounts only, quarterly amounts may not add to the annual amounts because of the inclusion of the effect of potentially dilutive securities only in the periods in which such effect would have been dilutive, and because of the adjustments to net income (loss) for the dilutive effect of partner company common stock equivalents and convertible securities.
Significant Accounting Policies Cash Reconciliation (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Reconciliation [Abstract]
 
 
 
 
Cash and cash equivalents
$ 22,058 
$ 32,838 
 
 
Long-term restricted cash equivalents
6,336 
0 
 
 
Total cash, cash equivalents and restricted cash equivalents
$ 28,394 
$ 32,838 
$ 111,897 
$ 139,318 
Significant Accounting Policies New Accounting Pronouncements (Details) (USD $)
Jan. 1, 2016
Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
Cumulative Effect of New Accounting Principle in Period of Adoption
$ 0 1
 
Debt Issuance Costs, Noncurrent, Net
 
800,000 
Retained Earnings [Member]
 
 
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
Cumulative Effect of New Accounting Principle in Period of Adoption
$ 372,000 1
 
Ownership Interests in and Advances to Partner Companies and Funds - Summary of the carrying value of the Company's ownership interests in and advances to partner companies and private equity funds (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Investments in and Advances to Affiliates [Line Items]
 
 
Equity method investments
$ 154,666 
$ 151,840 
Cost method investments
3,662 
6,990 
Advances to partner companies
25,142 
12,771 
Total
183,470 
171,601 
Partner companies [Member]
 
 
Investments in and Advances to Affiliates [Line Items]
 
 
Equity method investments
154,219 
150,898 
Cost method investments
2,112 
5,024 
Private equity funds [Member]
 
 
Investments in and Advances to Affiliates [Line Items]
 
 
Equity method investments
447 
942 
Cost method investments
$ 1,550 
$ 1,966 
Ownership Interests in and Advances to Partner Companies and Funds - Narrative (Detail) (USD $)
12 Months Ended 1 Months Ended 5 Months Ended 12 Months Ended 1 Months Ended 3 Months Ended 1 Months Ended 3 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 3 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2016
Initial Revenue Stage [Member]
Maximum [Member]
Dec. 31, 2016
Expansion Stage [Member]
Maximum [Member]
Dec. 31, 2016
Expansion Stage [Member]
Minimum [Member]
Dec. 31, 2016
High Traction Stage [Member]
Minimum [Member]
Dec. 31, 2016
Goodwill [Member]
Dec. 31, 2016
Intangible Assets [Member]
Apr. 30, 2016
Putney, Inc. [Member]
Apr. 30, 2016
Thing Worx Inc [Member]
Jan. 31, 2016
Thing Worx Inc [Member]
Jul. 31, 2015
Thing Worx Inc [Member]
Jul. 31, 2015
Alverix Inc [Member]
Jan. 31, 2014
Alverix Inc [Member]
Feb. 28, 2014
Crescendo [Member]
Jul. 31, 2015
Crescendo [Member]
Dec. 31, 2015
Crescendo [Member]
Dec. 31, 2014
Crescendo [Member]
Jul. 31, 2015
Quantia [Member]
Jun. 30, 2015
Quantia [Member]
Jul. 31, 2016
Quantia Inc. [Member]
Apr. 30, 2016
DriveFactor Inc. [Member]
Apr. 30, 2015
DriveFactor Inc. [Member]
Jun. 30, 2015
InfoBionic [Member]
Mar. 31, 2015
Dabo [Member]
Dec. 31, 2015
Dabo [Member]
May 31, 2014
Sotera [Member]
Apr. 30, 2014
Sotera [Member]
Dec. 31, 2014
Sotera [Member]
Feb. 28, 2014
Nupathe [Member]
Dec. 31, 2014
Nupathe [Member]
Jun. 30, 2016
Appfirst [Member]
Dec. 31, 2015
Appfirst [Member]
Dec. 31, 2016
Appfirst [Member]
Jun. 30, 2016
Bridgevine Inc [Member]
Dec. 31, 2016
Bridgevine Inc [Member]
Dec. 31, 2016
Aventura [Member]
Dec. 31, 2016
Penn Mezzanine Assets [Member]
Dec. 31, 2014
Penn Mezzanine Assets [Member]
Investment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from sale of business
$ 73,965,000 
$ 25,058,000 
$ 82,822,000 
 
 
 
 
 
 
$ 58,600,000 
$ 3,300,000 
$ 4,100,000 
$ 3,300,000 
$ 1,700,000 
$ 15,700,000 
$ 38,400,000 
$ 2,900,000 
 
 
$ 7,800,000 
 
$ 600,000 
$ 1,100,000 
$ 9,100,000 
 
 
 
$ 4,200,000 
$ 4,200,000 
 
$ 23,100,000 
 
$ 900,000 
 
 
$ 5,000,000 
 
 
 
 
Gain on sale of business
 
 
 
 
 
 
 
 
 
55,600,000 
3,300,000 
4,100,000 
3,300,000 
1,700,000 
15,700,000 
 
2,900,000 
2,914,000 
 
 
 
600,000 
1,100,000 
6,100,000 
 
 
 
 
 
 
3,000,000 
3,017,000 
 
 
 
400,000 
424,000 
 
 
 
Cost-method Investments, realized gains
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
27,400,000 
 
 
27,365,000 
 
 
 
 
 
 
 
 
 
1,500,000 
1,453,000 
 
 
 
 
 
 
 
 
 
 
Amount held in escrow
 
 
 
 
 
 
 
 
 
600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset impairment charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,900,000 
 
 
 
3,200,000 
2,300,000 
2,356,000 
 
 
 
 
 
 
3,600,000 
1,700,000 
 
 
3,600,000 
2,400,000 
255,000 
Other Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200,000 
 
Adjusted carrying value of capital
154,666,000 
151,840,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
 
 
Proceeds from divestiture of businesses and interests in affiliates (in dollars per share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 3.65 
 
 
 
 
 
 
 
 
 
Equity method investment assets exceed carrying value of investment
119,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity method investment allocation of excess fair value
 
 
 
 
 
 
 
20,800,000 
98,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue stage threshold
 
 
 
$ 5,000,000 
$ 20,000,000 
$ 5,000,000 
$ 20,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ownership Interests in and Advances to Partner Companies and Funds - Summarized Balance Sheets for Equity Method Investments (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
partner_company
Dec. 31, 2015
partner_company
High Traction Stage [Member]
 
 
Summarized Equity Method Investee Disclosures [Line Items]
 
 
Current assets
$ 229,756 
$ 213,884 
Non-current assets
106,555 
89,987 
Total assets
336,311 
303,871 
Current liabilities
215,622 
192,025 
Non-current liabilities
110,315 
74,208 
Shareholders’ equity
10,374 
37,638 
Total liabilities and shareholders’ equity
336,311 
303,871 
Number of partner companies
5 
6 
Expansion Stage [Member]
 
 
Summarized Equity Method Investee Disclosures [Line Items]
 
 
Current assets
66,204 
84,041 
Non-current assets
17,756 
16,762 
Total assets
83,960 
100,803 
Current liabilities
40,660 
40,268 
Non-current liabilities
14,851 
27,449 
Shareholders’ equity
28,449 
33,086 
Total liabilities and shareholders’ equity
83,960 
100,803 
Number of partner companies
7 
7 
Initial Revenue Stage [Member]
 
 
Summarized Equity Method Investee Disclosures [Line Items]
 
 
Current assets
73,698 
59,738 
Non-current assets
4,915 
2,705 
Total assets
78,613 
62,443 
Current liabilities
29,431 
21,399 
Non-current liabilities
33,385 
9,172 
Shareholders’ equity
15,797 
31,872 
Total liabilities and shareholders’ equity
$ 78,613 
$ 62,443 
Number of partner companies
17 
15 
Ownership Interests in and Advances to Partner Companies and Funds - Results of Operations for Equity Method Investments (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Initial Revenue Stage [Member]
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
Revenue
$ 31,172 
$ 15,071 
$ 9,661 
Gross profit
18,777 
10,234 
6,008 
Net loss
(93,440)
(57,762)
(23,588)
Expansion Stage [Member]
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
Revenue
61,293 
53,002 
39,391 
Gross profit
34,682 
30,928 
26,158 
Net loss
(52,111)
(34,064)
(30,012)
High Traction Stage [Member]
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
Revenue
272,216 
301,132 
249,157 
Gross profit
200,811 
208,883 
164,514 
Net loss
$ (40,815)
$ (46,558)
$ (55,394)
Acquisitions of Ownership Interests in Partner Companies and Funds (Detail) (USD $)
12 Months Ended 1 Months Ended 10 Months Ended 1 Months Ended 48 Months Ended 1 Months Ended 12 Months Ended 17 Months Ended 1 Months Ended 1 Months Ended 6 Months Ended 37 Months Ended 1 Months Ended 14 Months Ended 9 Months Ended 21 Months Ended 1 Months Ended 6 Months Ended 16 Months Ended 1 Months Ended 22 Months Ended 7 Months Ended 34 Months Ended 1 Months Ended 2 Months Ended 97 Months Ended 1 Months Ended 9 Months Ended 7 Months Ended 47 Months Ended 1 Months Ended 14 Months Ended 1 Months Ended 11 Months Ended 1 Months Ended 1 Months Ended 7 Months Ended 1 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 18 Months Ended 1 Months Ended 16 Months Ended 1 Months Ended 17 Months Ended 1 Months Ended 18 Months Ended 1 Months Ended 3 Months Ended 27 Months Ended 7 Months Ended 47 Months Ended 1 Months Ended 2 Months Ended 54 Months Ended 1 Months Ended 53 Months Ended 1 Months Ended 11 Months Ended 9 Months Ended 64 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Nov. 30, 2016
CloudMine [Member]
Dec. 31, 2015
CloudMine [Member]
Dec. 31, 2016
CloudMine [Member]
Mar. 31, 2016
Hoopla Software, Inc. [Member]
Dec. 31, 2015
Hoopla Software, Inc. [Member]
Dec. 31, 2016
Hoopla Software, Inc. [Member]
Dec. 31, 2014
Hoopla Software, Inc. [Member]
Dec. 31, 2015
Zipnosis [Member]
Dec. 31, 2016
Zipnosis [Member]
Dec. 31, 2016
WebLinc [Member]
Dec. 31, 2015
WebLinc [Member]
Dec. 31, 2014
WebLinc [Member]
Oct. 31, 2015
Cask Data [Member]
Dec. 31, 2016
Cask Data [Member]
Dec. 31, 2015
Cask Data [Member]
Jun. 30, 2016
Appfirst [Member]
Jun. 30, 2016
Appfirst [Member]
Dec. 31, 2015
Appfirst [Member]
Jul. 31, 2015
Apprenda [Member]
Dec. 31, 2014
Apprenda [Member]
Dec. 31, 2016
Apprenda [Member]
Dec. 31, 2015
Apprenda [Member]
Sep. 30, 2016
InfoBionic [Member]
Dec. 31, 2015
InfoBionic [Member]
Dec. 31, 2016
InfoBionic [Member]
Dec. 31, 2014
InfoBionic [Member]
Jul. 31, 2015
Quantia [Member]
Jun. 30, 2015
Quantia [Member]
Dec. 31, 2014
Quantia [Member]
May 31, 2015
Pneuron [Member]
Dec. 31, 2014
Pneuron [Member]
Dec. 31, 2016
Pneuron [Member]
Dec. 31, 2015
Pneuron [Member]
Jul. 31, 2016
Clutch [Member]
Dec. 31, 2015
Clutch [Member]
Dec. 31, 2016
Clutch [Member]
Dec. 31, 2014
Clutch [Member]
May 31, 2015
Sonobi [Member]
Dec. 31, 2016
Sonobi [Member]
Dec. 31, 2015
Sonobi [Member]
Apr. 30, 2016
Advantedge [Member]
Dec. 31, 2014
Advantedge [Member]
Dec. 31, 2016
meQuilibrium [Member]
Dec. 31, 2015
meQuilibrium [Member]
Jul. 31, 2016
Spongecell [Member]
Dec. 31, 2015
Spongecell [Member]
Dec. 31, 2016
Spongecell [Member]
Dec. 31, 2014
Spongecell [Member]
Mar. 31, 2015
Dabo [Member]
Dec. 31, 2014
Dabo [Member]
Nov. 30, 2016
Aventura [Member]
Dec. 31, 2015
Aventura [Member]
Oct. 31, 2016
BrickWork [Member]
Dec. 31, 2016
BrickWork [Member]
Oct. 31, 2016
QuanticMind, Inc. [Member]
Dec. 31, 2015
QuanticMind, Inc. [Member]
Dec. 31, 2016
QuanticMind, Inc. [Member]
Oct. 31, 2016
Aktana, Inc. [Member]
Jun. 30, 2016
Aktana, Inc. [Member]
Dec. 31, 2016
Aktana, Inc. [Member]
Sep. 30, 2016
Moxe Health [Member]
Dec. 31, 2016
Moxe Health [Member]
Dec. 31, 2016
Full Measure [Member]
Dec. 31, 2015
Full Measure [Member]
Dec. 31, 2016
Trice [Member]
Dec. 31, 2015
Trice [Member]
Dec. 31, 2014
Trice [Member]
Oct. 31, 2016
Propeller [Member]
Dec. 31, 2015
Propeller [Member]
Dec. 31, 2016
Propeller [Member]
Dec. 31, 2014
Propeller [Member]
Apr. 30, 2016
Transactis [Member]
Dec. 31, 2015
Transactis [Member]
Dec. 31, 2016
Transactis [Member]
Dec. 31, 2014
Transactis [Member]
Jan. 31, 2016
Syapse, Inc. [Member]
Dec. 31, 2015
Syapse, Inc. [Member]
Dec. 31, 2016
Syapse, Inc. [Member]
Dec. 31, 2014
Syapse, Inc. [Member]
Apr. 30, 2016
Putney, Inc. [Member]
Jun. 30, 2014
Putney, Inc. [Member]
Dec. 31, 2013
Putney, Inc. [Member]
Dec. 31, 2016
Lumesis, Inc. [Member]
Dec. 31, 2015
Lumesis, Inc. [Member]
Dec. 31, 2014
Lumesis, Inc. [Member]
Nov. 30, 2016
T-REX Group, Inc. [Member]
Dec. 31, 2016
T-REX Group, Inc. [Member]
Apr. 30, 2016
NovaSom, Inc. [Member]
Dec. 31, 2015
NovaSom, Inc. [Member]
Dec. 31, 2016
NovaSom, Inc. [Member]
Dec. 31, 2014
NovaSom, Inc. [Member]
May 31, 2014
MediaMath, Inc. [Member]
Dec. 31, 2013
MediaMath, Inc. [Member]
Dec. 31, 2016
MediaMath, Inc. [Member]
Dec. 31, 2015
MediaMath, Inc. [Member]
Dec. 31, 2014
MediaMath, Inc. [Member]
Apr. 30, 2014
MediaMath, Inc. [Member]
May 31, 2014
Sotera [Member]
Apr. 30, 2014
Sotera [Member]
Dec. 31, 2013
Sotera [Member]
Dec. 31, 2016
Good Start Genetics, Inc. [Member]
Dec. 31, 2015
Good Start Genetics, Inc. [Member]
Dec. 31, 2014
Good Start Genetics, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible bridge loan
 
 
 
$ 600,000 
 
 
$ 1,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
$ 1,200,000 
 
 
 
 
 
 
 
 
 
 
$ 2,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
$ 1,000,000 
 
$ 1,500,000 
 
$ 4,000,000 
 
 
 
$ 300,000 
 
$ 300,000 
 
 
 
$ 2,800,000 
 
 
 
 
 
 
 
 
 
$ 1,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 700,000 
 
 
 
 
$ 1,000,000 
 
 
 
 
 
 
 
 
 
$ 200,000 
 
 
$ 5,200,000 
 
 
Ownership interest under equity method, percentage
 
 
 
 
30.10% 
30.10% 
 
25.60% 
25.50% 
25.60% 
26.30% 
25.40% 
38.00% 
29.20% 
29.20% 
34.20% 
31.30% 
34.20% 
 
 
 
 
21.60% 
29.40% 
29.50% 
 
38.50% 
39.70% 
27.80% 
 
 
 
 
27.60% 
35.40% 
35.40% 
 
39.30% 
42.80% 
29.60% 
22.60% 
21.60% 
22.60% 
 
 
31.50% 
31.50% 
 
23.00% 
23.00% 
23.00% 
 
 
 
 
20.30% 
20.30% 
 
23.60% 
23.20% 
 
23.40% 
31.20% 
32.60% 
32.40% 
35.20% 
25.40% 
27.60% 
27.70% 
31.90% 
 
24.60% 
24.00% 
24.60% 
 
24.50% 
24.20% 
24.80% 
 
24.40% 
26.20% 
27.00% 
 
 
 
44.10% 
44.70% 
45.70% 
23.60% 
23.60% 
 
31.70% 
31.70% 
31.70% 
20.60% 
 
20.50% 
20.60% 
20.70% 
22.50% 
 
 
 
29.60% 
29.60% 
29.90% 
Acquisitions of ownership interests in companies and funds, net of cash acquired
52,431,000 
70,186,000 
59,476,000 
 
4,900,000 
 
 
3,800,000 
 
 
7,000,000 
 
5,400,000 
6,600,000 
 
11,000,000 
 
 
 
 
11,600,000 
10,000,000 
12,100,000 
 
 
5,000,000 
9,500,000 
 
 
 
 
12,500,000 
3,500,000 
5,000,000 
 
 
4,000,000 
12,300,000 
 
 
5,400,000 
 
 
 
15,300,000 
 
6,500,000 
 
14,000,000 
 
 
 
 
 
6,000,000 
4,200,000 
 
 
7,000,000 
 
2,700,000 
5,500,000 
 
4,500,000 
 
4,600,000 
4,000,000 
 
6,100,000 
 
5,000,000 
9,000,000 
 
 
5,000,000 
9,500,000 
 
 
7,500,000 
5,800,000 
 
 
 
5,000,000 
10,000,000 
 
5,600,000 
 
6,000,000 
 
 
21,000,000 
 
 
7,000,000 
18,600,000 
 
 
 
 
 
 
 
 
12,000,000 
 
Unrealized gain (loss) from change in ownership
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7,000,000 
 
 
 
 
 
 
 
 
 
 
 
Payments to Acquire Other Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,300,000 
 
 
 
Cost of shares acquired from previous investor
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,200,000 
 
 
 
Proceeds from sale of business
$ 73,965,000 
$ 25,058,000 
$ 82,822,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 900,000 
 
 
 
 
 
 
 
 
 
 
$ 7,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 58,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 4,200,000 
$ 4,200,000 
 
 
 
 
Fair Value Measurements - Carrying Value and Fair Value of Certain Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Long-term restricted cash equivalents
$ 6,336 
$ 0 
Fair Value, Measurements, Recurring [Member] |
Carrying Value [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
22,058 
32,838 
Long-term restricted cash equivalents
6,336 
 
Marketable securities - held-to-maturity
15,686 
40,763 
Fair Value, Measurements, Recurring [Member] |
Carrying Value [Member] |
US Government Agencies Debt Securities [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
 
1,329 
Fair Value, Measurements, Recurring [Member] |
Carrying Value [Member] |
Certificates of deposit [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
15,686 
39,434 
Fair Value, Measurements, Recurring [Member] |
Estimate of Fair Value Measurement [Member] |
Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
22,058 
32,838 
Long-term restricted cash equivalents
6,336 
 
Marketable securities - held-to-maturity
15,686 
40,763 
Fair Value, Measurements, Recurring [Member] |
Estimate of Fair Value Measurement [Member] |
Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
0 
0 
Long-term restricted cash equivalents
0 
 
Marketable securities - held-to-maturity
0 
0 
Fair Value, Measurements, Recurring [Member] |
Estimate of Fair Value Measurement [Member] |
Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
0 
0 
Long-term restricted cash equivalents
0 
 
Marketable securities - held-to-maturity
0 
0 
Fair Value, Measurements, Recurring [Member] |
Estimate of Fair Value Measurement [Member] |
US Government Agencies Debt Securities [Member] |
Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
 
1,329 
Fair Value, Measurements, Recurring [Member] |
Estimate of Fair Value Measurement [Member] |
US Government Agencies Debt Securities [Member] |
Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
 
0 
Fair Value, Measurements, Recurring [Member] |
Estimate of Fair Value Measurement [Member] |
US Government Agencies Debt Securities [Member] |
Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
 
0 
Fair Value, Measurements, Recurring [Member] |
Estimate of Fair Value Measurement [Member] |
Certificates of deposit [Member] |
Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
15,686 
39,434 
Fair Value, Measurements, Recurring [Member] |
Estimate of Fair Value Measurement [Member] |
Certificates of deposit [Member] |
Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
0 
0 
Fair Value, Measurements, Recurring [Member] |
Estimate of Fair Value Measurement [Member] |
Certificates of deposit [Member] |
Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
$ 0 
$ 0 
Fair Value Measurements - Narrative (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Fair Value Disclosures [Abstract]
 
 
Marketable securities, current
$ 8,384 
$ 31,020 
Marketable securities, non current
$ 7,302 
$ 9,743 
Convertible Debentures and Credit Arrangements - Convertible Senior Debentures due 2018 Narrative (Detail) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Nov. 30, 2012
Debt Instrument [Line Items]
 
 
 
 
Debt Issuance Costs, Noncurrent, Net
 
$ 800,000 
 
 
Amortization of debt discount
1,604,000 
1,472,000 
1,349,000 
 
Convertible Senior Debentures due 2018 [Member]
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
Aggregate principal amount of convertible senior debentures
55,000,000 
 
 
55,000,000.0 
Interest rate on debentures
 
 
 
5.25% 
Number of days within 30 consecutive trading days in which the closing price of the entity's common stock exceeded the conversion price giving the holders of the debentures an option (in days)
20 days 
 
 
 
Number of consecutive trading days during which the closing price of the entity's common stock exceeded the conversion price for at least 20 days giving the holders of the debentures an option (in days)
30 days 
 
 
 
Number of days after five consecutive trading days in which the trading price per $1,000 principal amount was less than 98% of the product of the closing sale price per share of Company common stock multiplied by the conversion rate on each such trading day (in days)
5 days 
 
 
 
Number of consecutive trading days during which the trading price per $1,000 principal amount for at least five days was less than 98% of the product of the closing sale price per share of Company common stock multiplied by the conversion rate on each such trading day (in days)
5 days 
 
 
 
Principal amount of convertible debentures
1,000 
 
 
 
Closing price is percentage of conversion price
98.00% 
 
 
 
Conversion rate of common stock
55.17 
 
 
 
Conversion price (in dollars per share)
$ 18.13 
 
 
 
Closing price for common stock
$ 13.45 
 
 
 
Sales price of common stock to conversion price
140.00% 
 
 
 
Debentures redemption price
100.00% 
 
 
 
Change in control due to debentures redemption
50.00% 
 
 
 
Percentage of principal amount and accrued and unpaid interest for repurchase of debt
100.00% 
 
 
 
Outstanding debentures
55,000,000 
 
 
 
Fair value of Debentures outstanding
57,700,000 
 
 
 
Gross carrying amount of equity component
6,400,000 
 
 
 
Unamortized discount
2,000,000 
 
 
 
Debt Issuance Costs, Noncurrent, Net
500,000 
 
 
 
Carrying value of liability component
52,600,000 
 
 
 
Amortization of debt discount
$ 1,600,000 
$ 1,500,000 
$ 1,300,000 
 
Debt instrument effective rate
8.70% 
 
 
 
Convertible Senior Debentures due 2018 [Member] |
Minimum [Member]
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
Percentage of the closing sales price of the entity's common stock that the conversion price exceeded giving the holders of the debentures an option (as a percent)
130.00% 
 
 
 
Convertible Debentures and Credit Arrangements - Credit Arrangements Narrative (Details) (Credit Arrangements [Member], USD $)
12 Months Ended
Dec. 31, 2016
Line of Credit Facility [Line Items]
 
Maximum borrowing capacity
$ 25,000,000.0 
After Amendment [Member]
 
Line of Credit Facility [Line Items]
 
Maturity date
Dec. 19, 2016 
Landlord Of Compu Com Systems Incs Dallas Headquarters [Member]
 
Line of Credit Facility [Line Items]
 
Letters of credit outstanding
$ 6,300,000 
Letter of credit expiration date
Mar. 19, 2019 
Equity (Detail) (USD $)
Share data in Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2016
Common Stock [Member]
Jul. 1, 2015
Common Stock [Member]
Stock Repurchase [Line Items]
 
 
 
 
 
Stock repurchase program, authorized amount (in shares)
 
 
 
 
$ 25,000,000 
Repurchase of common stock (in shares)
 
 
 
400 
 
Repurchase of common stock
5,389,000 
4,997,000 
25,036,000 
5,400,000 
 
Stock Repurchase Program, Remaining Authorized Repurchase Amount
 
 
 
$ 14,600,000 
 
Stock-Based Compensation - Equity Compensation Plans Narrative (Details)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2014
Employee stock options [Member]
Dec. 31, 2016
2004 Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Number of shares authorized for issuance
 
 
4,100,000 
Options issued (in shares)
 
46,000 
 
Reserved shares of common stock for possible future issuance
3,700,000 
 
 
Stock-Based Compensation - Stock-Based Compensation Expense (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
Stock-based compensation expense
$ 2,394 
$ 1,611 
$ 1,935 
General and Administrative Expense [Member]
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
Stock-based compensation expense
$ 2,394 
$ 1,611 
$ 1,935 
Stock-Based Compensation - Classification of Stock-Based Compensation Expense Narrative (Detail) (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
vesting_type
Dec. 31, 2015
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Number of award vesting types
2 
 
 
Weighted-average grant date fair value of options issued (in dollars per share)
$ 3.29 
$ 4.25 
$ 7.02 
Total intrinsic value of options exercised
$ 0.9 
$ 0.9 
$ 2.4 
Cash liability for performance-based units
0 
 
 
Performance-based awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Options granted (in shares)
 
 
8 
Options vested (in shares)
4 
 
7 
Options forfeited in period (in shares)
106 
9 
16 
Stock-based compensation expense
0.2 
0 
0.1 
Options, nonvested, number of shares (in shares)
344 
 
 
Total unrecognized compensation cost related to non-vested stock options granted
0.7 
 
 
Weighted-average period for recognition (in years)
1 year 10 months 24 days 
 
 
Market-based awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Options vested (in shares)
 
 
22 
Options forfeited in period (in shares)
136 
91 
155 
Stock-based compensation expense
0 
0 
0 
Service-based awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Options granted (in shares)
27 
31 
23 
Options forfeited in period (in shares)
22 
8 
8 
Stock-based compensation expense
0.2 
0.3 
0.3 
Vesting period (in years)
4 years 
 
 
Expiration term (in years)
8 years 
 
 
Total unrecognized compensation cost related to non-vested stock options granted
0.2 
 
 
Weighted-average period for recognition (in years)
2 years 8 months 16 days 
 
 
Performance Stock Unit [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Options issued (in shares)
226 
153 
119 
Restricted Stock [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Options issued (in shares)
130 
81 
59 
Restricted Stock [Member] |
Non Employees [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Stock-based compensation expense
0.1 
0.1 
0 
Options issued (in shares)
10 
9 
8 
Deferred Stock Units [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Options issued (in shares)
47 
44 
46 
Percentage of shares vested in lieu of directors fees at the grant date
100.00% 
 
 
Portion of Director fees matched to deferred stock units
25.00% 
 
 
Vesting period of deferred stock (in years)
1 year 
 
 
Deferred stock units, performance-based stock units and restricted stock [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Stock-based compensation expense
1.9 
1.3 
1.5 
Compensation cost not yet recognized
7.8 
 
 
Total fair value of stock-based compensation vested
$ 1.2 
$ 1.1 
$ 1.4 
Stock-Based Compensation - Assumptions used in Valuation of Options Granted (Detail)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Service-based awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Dividend yield
0.00% 
0.00% 
0.00% 
Expected volatility
25.00% 
26.00% 
32.00% 
Average expected option life
5 years 
5 years 
5 years 
Risk-free interest rate
1.50% 
1.50% 
1.70% 
Performance-based awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Dividend yield
 
 
0.00% 
Expected volatility
 
 
32.00% 
Average expected option life
 
 
4 years 9 months 18 days 
Risk-free interest rate
 
 
1.70% 
Stock-Based Compensation - Option Activity (Detail) (Stock Option [Member], USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Stock Option [Member]
 
 
 
Shares
 
 
 
Outstanding, Beginning Balance
1,085 
1,316 
1,828 
Options granted
27 
31 
31 
Options exercised
(170)
(155)
(365)
Options canceled/forfeited
(264)
(107)
(178)
Outstanding, Ending Balance
678 
1,085 
1,316 
Options exercisable
279 
 
 
Options vested and expected to vest
678 
 
 
Shares available for future grant
2,077 
 
 
Weighted Average Exercise Price
 
 
 
Outstanding, Beginning Balance
$ 12.86 
$ 12.81 
$ 12.51 
Options granted
$ 13.03 
$ 17.26 
$ 19.38 
Options exercised
$ 7.56 
$ 13.12 
$ 11.48 
Options canceled/forfeited
$ 11.06 
$ 13.06 
$ 13.58 
Outstanding, Ending Balance
$ 14.90 
$ 12.86 
$ 12.81 
Options exercisable
$ 15.37 
 
 
Options vested and expected to vest
$ 14.90 
 
 
Weighted Average Remaining Contractual Life
 
 
 
Outstanding, contractual life (in years)
4 years 4 months 13 days 
 
 
Options exercisable (in years)
3 years 0 months 4 days 
 
 
Options vested and expected to vest (in years)
4 years 4 months 13 days 
 
 
Aggregate Intrinsic Value
 
 
 
Outstanding intrinsic value
$ 314 
 
 
Options exercisable
122 
 
 
Options vested and expected to vest
$ 314 
 
 
Stock-Based Compensation - Deferred Stock Unit, Performance-Based Stock Unit and Restricted Stock Activity (Detail) (Deferred stock units, performance-based stock units and restricted stock [Member], USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Deferred stock units, performance-based stock units and restricted stock [Member]
 
 
Unvested, shares
 
 
Unvested, Beginning Balance
670 
455 
Granted
413 
286 
Vested
(89)
(64)
Forfeited
(61)
(7)
Unvested, Ending Balance
933 
670 
Weighted Average Grant Date Fair Value
 
 
Unvested, Beginning Balance
$ 16.16 
$ 17.09 
Granted
$ 13.27 
$ 15.02 
Vested
$ 16.46 
$ 17.42 
Forfeited
$ 17.08 
$ 18.76 
Unvested ,Ending Balance
$ 14.79 
$ 16.16 
Other Income (Loss), Net (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 5 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2016
Penn Mezzanine Assets [Member]
Dec. 31, 2014
Penn Mezzanine Assets [Member]
Jun. 30, 2016
Bridgevine Inc [Member]
Dec. 31, 2016
Bridgevine Inc [Member]
Feb. 28, 2014
Crescendo [Member]
Jul. 31, 2015
Crescendo [Member]
Dec. 31, 2015
Crescendo [Member]
Dec. 31, 2014
Crescendo [Member]
Mar. 31, 2015
Dabo [Member]
Dec. 31, 2015
Dabo [Member]
Dec. 31, 2015
Legacy Private Equity Funds [Member]
Feb. 28, 2014
Nupathe [Member]
Dec. 31, 2014
Nupathe [Member]
Apr. 30, 2014
Sotera [Member]
Dec. 31, 2014
Sotera [Member]
Other Income and Expense [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost-method Investments, realized gains
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 27,400 
 
 
$ 27,365 
 
 
 
 
 
$ 1,500 
$ 1,453 
Loss on impairment
 
 
 
 
 
 
 
 
 
 
 
(2,400)
(255)
 
 
 
 
 
 
(2,300)
(2,356)
(398)
 
 
 
 
Gain on sale of business
 
 
 
 
 
 
 
 
 
 
 
 
 
400 
424 
 
2,900 
2,914 
 
 
 
 
3,000 
3,017 
 
 
Other
 
 
 
 
 
 
 
 
254 
57 
77 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income (loss), net
$ 64 
$ (2,405)
$ 659 
$ 0 
$ (84)
$ 704 
$ (15)
$ (388)
$ (1,682)
$ 217 
$ 31,657 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Taxes - Narrative (Detail) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Tax Disclosure [Abstract]
 
 
 
Federal income tax expense (benefit)
$ 0 
$ 0 
$ 0 
State income tax expense (benefit), continuing operationsi
0 
0 
0 
Statutory tax (benefit) expense
(35.00%)
(35.00%)
(35.00%)
Net operating loss carryforwards
$ 225,369,000 
 
 
Income Taxes - Differences Between United States Federal Income Tax Rate and Effective Income Tax Rate (Detail)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Tax Disclosure [Abstract]
 
 
 
Statutory tax (benefit) expense
35.00% 
35.00% 
35.00% 
Increase (decrease) in taxes resulting from:
 
 
 
Stock-based compensation
0.20% 
0.10% 
1.50% 
Nondeductible expenses
0.40% 
0.20% 
2.90% 
Valuation allowance
34.40% 
34.70% 
30.60% 
Effective income tax rate, percent
0.00% 
0.00% 
0.00% 
Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Deferred tax asset:
 
 
Carrying values of partner companies and other holdings
$ 95,134 
$ 83,042 
Tax loss and credit carryforwards
82,775 
84,493 
Accrued expenses
1,183 
1,391 
Stock-based compensation
1,763 
1,655 
Other
1,310 
1,369 
Deferred tax assets, gross
182,165 
171,950 
Valuation allowance
(182,165)
(171,950)
Net deferred tax asset
$ 0 
$ 0 
Income Taxes - Carryforwards Expiration (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2016
Income Tax Disclosure [Abstract]
 
2017
$ 0 
2018
0 
2019
0 
2020
0 
2021 and thereafter
225,369 
Total
$ 225,369 
Net Income (Loss) Per Share - Calculations of Net Income (Loss) Per Share (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Basic:
 
 
 
 
 
 
 
 
 
 
 
Net loss
$ (21,701)
$ (24,085)
$ 38,976 
$ (15,452)
$ (14,271)
$ (11,628)
$ (19,022)
$ (14,603)
$ (22,262)
$ (59,524)
$ (5,149)
Basic (in shares)
 
 
 
 
 
 
 
 
20,343 
20,874 
20,975 
Net income (loss) per share (in dollars per share)
$ (1.07)1
$ (1.18)1
$ 1.92 1
$ (0.76)1
$ (0.69)1
$ (0.56)1
$ (0.91)1
$ (0.70)1
$ (1.09)
$ (2.85)
$ (0.25)
Diluted:
 
 
 
 
 
 
 
 
 
 
 
Net loss
$ (21,701)
$ (24,085)
$ 38,976 
$ (15,452)
$ (14,271)
$ (11,628)
$ (19,022)
$ (14,603)
$ (22,262)
$ (59,524)
$ (5,149)
Diluted (in shares)
 
 
 
 
 
 
 
 
20,343 
20,874 
20,975 
Net income (loss) per share (in dollars per share)
$ (1.07)1
$ (1.18)1
$ 1.70 1
$ (0.76)1
$ (0.69)1
$ (0.56)1
$ (0.91)1
$ (0.70)1
$ (1.09)
$ (2.85)
$ (0.25)
Net Income (Loss) Per Share - Narrative (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
 
Shares of common stock at prices ranging, lower limit
$ 9.83 
$ 7.14 
$ 7.14 
Shares of common stock at prices ranging, upper limit
$ 19.95 
$ 19.95 
$ 19.95 
Employee stock options [Member]
 
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
 
Share of common stock excluded from diluted net loss per share calculation (in shares)
0.7 
1.1 
1.3 
Deferred stock units, performance-based stock units and restricted stock [Member]
 
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
 
Share of common stock excluded from diluted net loss per share calculation (in shares)
0.9 
0.7 
0.5 
Convertible Senior Debentures due 2018 [Member]
 
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
 
Share of common stock excluded from diluted net loss per share calculation (in shares)
3.0 
3.0 
3.0 
Related Party Transactions (Detail) (USD $)
1 Months Ended 12 Months Ended 192 Months Ended
May 31, 2001
Dec. 31, 2016
Dec. 31, 2014
Dec. 31, 2016
Related Party Transactions [Abstract]
 
 
 
 
Loan agreement
$ 26,500,000 
 
 
 
Impairment charges against loan
 
 
 
15,700,000 
Receipt in payments on loan
 
100,000 
100,000 
17,100,000 
Loan, carrying value
 
$ 0 
 
$ 0 
Commitments and Contingencies (Detail) (USD $)
1 Months Ended 12 Months Ended
Oct. 31, 2001
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Commitment Contingencies And Guarantees [Line Items]
 
 
 
 
Total rental expense under operating leases
 
$ 500,000 
$ 500,000 
$ 600,000 
2017
 
584,000 
 
 
2018
 
591,000 
 
 
2019
 
602,000 
 
 
2020
 
601,000 
 
 
2021 and thereafter
 
3,242,000 
 
 
Future minimum payments
 
5,620,000 
 
 
Company outstanding guarantees
 
3,800,000 
 
 
Accrued expenses
 
2,223,000 
2,789,000 
 
Other long-term liabilities
 
3,630,000 
3,965,000 
 
Annual payments
650,000 
 
 
 
Employee Severance [Member]
 
 
 
 
Commitment Contingencies And Guarantees [Line Items]
 
 
 
 
Restructuring and related cost, expected cost
 
3,000,000 
 
 
Credit Arrangements [Member] |
Landlord Of Compu Com Systems Incs Dallas Headquarters [Member]
 
 
 
 
Commitment Contingencies And Guarantees [Line Items]
 
 
 
 
Letters of credit outstanding
 
6,300,000 
 
 
Letter of credit expiration date
 
Mar. 19, 2019 
 
 
Accrued expenses and other current liabilities [Member]
 
 
 
 
Commitment Contingencies And Guarantees [Line Items]
 
 
 
 
Liability to former chairman and chief executive officer, current
 
800,000 
 
 
Other long-term liabilities [Member]
 
 
 
 
Commitment Contingencies And Guarantees [Line Items]
 
 
 
 
Liability to former chairman and chief executive officer, non-current
 
1,900,000 
 
 
Clawback Liability [Member]
 
 
 
 
Commitment Contingencies And Guarantees [Line Items]
 
 
 
 
Accrued expenses and other current liabilities
 
1,300,000 
 
 
Accrued expenses
 
1,000,000 
 
 
Other long-term liabilities
 
$ 300,000 
 
 
Company's ownership in the funds
 
19.00% 
 
 
Supplemental Cash Flow Information (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Supplemental Cash Flow Information [Abstract]
 
 
 
Converted instrument amount
$ 3.9 
$ 1.0 
 
Interest payments
2.9 
2.9 
2.9 
Cash paid for taxes
$ 0 
$ 0 
$ 0 
Operating Segments - Narrative (Detail)
Dec. 31, 2016
partner_company
Segment Reporting [Abstract]
 
Non-consolidated partner companies
29 
Operating Segments - Active Partner Companies by Segment (Detail)
Dec. 31, 2016
Advantedge Healthcare Solutions Inc [Member]
Dec. 31, 2015
Advantedge Healthcare Solutions Inc [Member]
Dec. 31, 2014
Advantedge Healthcare Solutions Inc [Member]
Dec. 31, 2016
Aktana, Inc. [Member]
Jun. 30, 2016
Aktana, Inc. [Member]
Dec. 31, 2016
Apprenda [Member]
Dec. 31, 2015
Apprenda [Member]
Dec. 31, 2014
Apprenda [Member]
Dec. 31, 2016
Beyond Com Inc [Member]
Dec. 31, 2015
Beyond Com Inc [Member]
Dec. 31, 2014
Beyond Com Inc [Member]
Dec. 31, 2016
BrickWork [Member]
Oct. 31, 2016
BrickWork [Member]
Dec. 31, 2016
Cask Data [Member]
Dec. 31, 2015
Cask Data [Member]
Oct. 31, 2015
Cask Data [Member]
Dec. 31, 2016
CloudMine [Member]
Dec. 31, 2015
CloudMine [Member]
Dec. 31, 2016
Clutch [Member]
Dec. 31, 2015
Clutch [Member]
Dec. 31, 2014
Clutch [Member]
Dec. 31, 2016
Full Measure [Member]
Dec. 31, 2015
Full Measure [Member]
Dec. 31, 2016
Good Start Genetics, Inc. [Member]
Dec. 31, 2015
Good Start Genetics, Inc. [Member]
Dec. 31, 2014
Good Start Genetics, Inc. [Member]
Dec. 31, 2016
Hoopla Software, Inc. [Member]
Dec. 31, 2015
Hoopla Software, Inc. [Member]
Dec. 31, 2014
Hoopla Software, Inc. [Member]
Dec. 31, 2016
InfoBionic [Member]
Dec. 31, 2015
InfoBionic [Member]
Dec. 31, 2014
InfoBionic [Member]
Dec. 31, 2016
Lumesis, Inc. [Member]
Dec. 31, 2015
Lumesis, Inc. [Member]
Dec. 31, 2014
Lumesis, Inc. [Member]
Dec. 31, 2016
MediaMath, Inc. [Member]
Dec. 31, 2015
MediaMath, Inc. [Member]
Dec. 31, 2014
MediaMath, Inc. [Member]
May 31, 2014
MediaMath, Inc. [Member]
Apr. 30, 2014
MediaMath, Inc. [Member]
Dec. 31, 2016
meQuilibrium [Member]
Dec. 31, 2015
meQuilibrium [Member]
Dec. 31, 2016
Moxe Health [Member]
Sep. 30, 2016
Moxe Health [Member]
Dec. 31, 2016
NovaSom, Inc. [Member]
Dec. 31, 2015
NovaSom, Inc. [Member]
Dec. 31, 2014
NovaSom, Inc. [Member]
Dec. 31, 2016
Pneuron [Member]
Dec. 31, 2015
Pneuron [Member]
Dec. 31, 2014
Pneuron [Member]
Dec. 31, 2016
Medivo Inc [Member]
Dec. 31, 2015
Medivo Inc [Member]
Dec. 31, 2014
Medivo Inc [Member]
Dec. 31, 2016
Propeller [Member]
Dec. 31, 2015
Propeller [Member]
Dec. 31, 2014
Propeller [Member]
Dec. 31, 2016
QuanticMind, Inc. [Member]
Dec. 31, 2015
QuanticMind, Inc. [Member]
Dec. 31, 2016
Sonobi [Member]
Dec. 31, 2015
Sonobi [Member]
May 31, 2015
Sonobi [Member]
Dec. 31, 2016
Spongecell [Member]
Dec. 31, 2015
Spongecell [Member]
Dec. 31, 2014
Spongecell [Member]
Dec. 31, 2016
Syapse, Inc. [Member]
Dec. 31, 2015
Syapse, Inc. [Member]
Dec. 31, 2014
Syapse, Inc. [Member]
Dec. 31, 2016
T-REX Group, Inc. [Member]
Nov. 30, 2016
T-REX Group, Inc. [Member]
Dec. 31, 2016
Transactis [Member]
Dec. 31, 2015
Transactis [Member]
Dec. 31, 2014
Transactis [Member]
Dec. 31, 2016
Trice [Member]
Dec. 31, 2015
Trice [Member]
Dec. 31, 2014
Trice [Member]
Dec. 31, 2016
WebLinc [Member]
Dec. 31, 2015
WebLinc [Member]
Dec. 31, 2014
WebLinc [Member]
Dec. 31, 2016
Zipnosis [Member]
Dec. 31, 2015
Zipnosis [Member]
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
40.10% 
40.10% 
40.10% 
31.20% 
23.40% 
29.40% 
29.50% 
21.60% 
38.20% 
38.20% 
38.20% 
20.30% 
20.30% 
31.30% 
34.20% 
34.20% 
30.10% 
30.10% 
42.80% 
39.30% 
29.60% 
35.20% 
25.40% 
29.60% 
29.60% 
29.90% 
25.50% 
25.60% 
25.60% 
39.70% 
38.50% 
27.80% 
44.10% 
44.70% 
45.70% 
20.50% 
20.60% 
20.70% 
20.60% 
22.50% 
31.50% 
31.50% 
32.40% 
32.60% 
31.70% 
31.70% 
31.70% 
35.40% 
35.40% 
27.60% 
35.20% 
34.50% 
34.50% 
24.00% 
24.60% 
24.60% 
23.20% 
23.60% 
21.60% 
22.60% 
22.60% 
23.00% 
23.00% 
23.00% 
26.20% 
24.40% 
27.00% 
23.60% 
23.60% 
24.20% 
24.50% 
24.80% 
27.60% 
27.70% 
31.90% 
38.00% 
29.20% 
29.20% 
25.40% 
26.30% 
Selected Quarterly Financial Information (Unaudited) (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
General and administrative expense
$ 3,928 
$ 4,687 
$ 4,849 
$ 5,228 
$ 3,958 
$ 3,962 
$ 4,754 
$ 4,880 
$ 18,692 
$ 17,554 
$ 18,970 
Operating loss
(3,928)
(4,687)
(4,849)
(5,228)
(3,958)
(3,962)
(4,754)
(4,880)
(18,692)
(17,554)
(18,970)
Other income (loss), net
64 
(2,405)
659 
0 
(84)
704 
(15)
(388)
(1,682)
217 
31,657 
Interest income
615 
513 
527 
420 
448 
398 
640 
449 
2,075 
1,935 
1,901 
Interest expense
(1,169)
(1,161)
(1,155)
(1,149)
(1,140)
(1,133)
(1,128)
(1,122)
(4,634)
(4,523)
(4,402)
Equity income (loss)
(17,283)
(16,345)
43,794 
(9,495)
(9,537)
(7,635)
(13,765)
(8,662)
671 
(39,599)
(15,335)
Net loss before income taxes
(21,701)
(24,085)
38,976 
(15,452)
(14,271)
(11,628)
(19,022)
(14,603)
(22,262)
(59,524)
(5,149)
Income tax benefit (expense)
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
Net loss
$ (21,701)
$ (24,085)
$ 38,976 
$ (15,452)
$ (14,271)
$ (11,628)
$ (19,022)
$ (14,603)
$ (22,262)
$ (59,524)
$ (5,149)
Net loss per share
 
 
 
 
 
 
 
 
 
 
 
Basic (in dollars per share)
$ (1.07)1
$ (1.18)1
$ 1.92 1
$ (0.76)1
$ (0.69)1
$ (0.56)1
$ (0.91)1
$ (0.70)1
$ (1.09)
$ (2.85)
$ (0.25)
Diluted (in dollars per share)
$ (1.07)1
$ (1.18)1
$ 1.70 1
$ (0.76)1
$ (0.69)1
$ (0.56)1
$ (0.91)1
$ (0.70)1
$ (1.09)
$ (2.85)
$ (0.25)
Subsequent Events Subsequent Events (Details) (USD $)
12 Months Ended 1 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Mar. 31, 2017
Beyond Com Inc [Member]
Subsequent Event [Member]
Mar. 3, 2017
Beyond Com Inc [Member]
Subsequent Event [Member]
Subsequent Event [Line Items]
 
 
 
 
 
Consideration received
 
 
 
$ 26,000,000 
 
Proceeds from sale of business
73,965,000 
25,058,000 
82,822,000 
15,500,000 
 
Term of note receivable (in years)
 
 
 
3 years 
 
Amount of non-cash consideration received
 
 
 
$ 10,500,000 
 
Interest rate on note receivable
 
 
 
 
9.50%