SAFEGUARD SCIENTIFICS INC, 10-K filed on 3/6/2015
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2014
Mar. 4, 2015
Jun. 30, 2014
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, 2014 
 
 
Document Fiscal Year Focus
2014 
 
 
Document Fiscal Period Focus
FY 
 
 
Amendment Flag
false 
 
 
Entity Common Stock, Shares Outstanding
 
20,693,432 
 
Trading Symbol
SFE 
 
 
Entity Well-known Seasoned Issuer
No 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Public Float
 
 
$ 421,013,883 
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Current Assets:
 
 
Cash and cash equivalents
$ 111,897 
$ 139,318 
Marketable securities
25,263 
38,250 
Prepaid expenses and other current assets
1,684 
1,562 
Total current assets
138,844 
179,130 
Property and equipment, net
123 
138 
Ownership interests in and advances to partner companies (of which $0 and $20,057 are measured at fair value at December 31, 2014 and 2013, respectively)
154,192 
148,579 
Loan participations receivable
3,855 
8,135 
Long-term marketable securities
19,365 
6,088 
Other assets
2,075 
3,926 
Total Assets
318,454 
345,996 
Current Liabilities:
 
 
Convertible senior debentures—current
0 
470 
Accounts payable
226 
245 
Accrued compensation and benefits
3,997 
5,028 
Accrued expenses and other current liabilities
2,334 
2,431 
Total current liabilities
6,557 
8,174 
Other long-term liabilities
3,507 
3,683 
Convertible senior debentures—non-current
50,563 
49,478 
Total Liabilities
60,627 
61,335 
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 and 21,553 shares issued at December 31, 2014 and 2013, respectively
2,157 
2,155 
Additional paid-in capital
819,757 
822,103 
Treasury stock, at cost; 921 and 4 shares at December 31, 2014 and 2013, respectively
(19,341)
0 
Accumulated deficit
(544,746)
(539,597)
Total Equity
257,827 
284,661 
Total Liabilities and Equity
$ 318,454 
$ 345,996 
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Statement of Financial Position [Abstract]
 
 
Ownership interests in and advances, to partner companies and funds, fair value
$ 0 
$ 20,057 
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 
21,553,000 
Treasury Stock, Shares
921,000 
4,000 
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Statement [Abstract]
 
 
 
 
 
 
 
 
 
 
 
General and administrative expense
$ 4,485 
$ 4,177 
$ 5,069 
$ 5,239 
$ 4,720 
$ 4,835 
$ 6,715 
$ 5,374 
$ 18,970 
$ 21,644 
$ 19,473 
Operating loss
(4,485)
(4,177)
(5,069)
(5,239)
(4,720)
(4,835)
(6,715)
(5,374)
(18,970)
(21,644)
(19,473)
Other income (loss), net
77 
(246)
1,452 
30,374 
6,574 
(4,224)
(2,724)
757 
31,657 
383 
9,338 
Interest income
407 
482 
542 
470 
550 
572 
790 
734 
1,901 
2,646 
2,926 
Interest expense
(1,107)
(1,103)
(1,098)
(1,094)
(1,083)
(1,077)
(1,074)
(1,069)
(4,402)
(4,303)
(5,636)
Equity loss
(10,006)
(8,962)
(3,175)
6,808 
22,646 
(9,866)
(18,400)
(6,987)
(15,335)
(12,607)
(26,517)
Net loss before income taxes
(15,114)
(14,006)
(7,348)
31,319 
23,967 
(19,430)
(28,123)
(11,939)
(5,149)
(35,525)
(39,362)
Income tax benefit (expense)
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
Net loss
$ (15,114)
$ (14,006)
$ (7,348)
$ 31,319 
$ 23,967 
$ (19,430)
$ (28,123)
$ (11,939)
$ (5,149)
$ (35,525)
$ (39,362)
Net loss per share:
 
 
 
 
 
 
 
 
 
 
 
Basic (in dollars per share)
$ (0.73)1
$ (0.68)1
$ (0.35)1
$ 1.44 1
$ 1.10 1
$ (0.90)1
$ (1.33)1
$ (0.57)1
$ (0.25)
$ (1.66)
$ (1.88)
Diluted (in dollars per share)
$ (0.73)1
$ (0.68)1
$ (0.35)1
$ 1.29 1
$ 0.99 1
$ (0.90)1
$ (1.33)1
$ (0.57)1
$ (0.25)
$ (1.66)
$ (1.88)
Weighted average shares used in computing net loss per share:
 
 
 
 
 
 
 
 
 
 
 
Basic (in shares)
 
 
 
 
 
 
 
 
20,975 
21,362 
20,974 
Diluted (in shares)
 
 
 
 
 
 
 
 
20,975 
21,362 
20,974 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
 
 
 
Net loss
$ (5,149)
$ (35,525)
$ (39,362)
Other comprehensive income (loss), before taxes:
 
 
 
Unrealized net gain (loss) on available-for-sale securities
(14)
(43)
4,388 
Reclassification adjustment for gain from available-for-sale securities changed to fair value
0 
0 
(4,607)
Reclassification adjustment for other than temporary impairment of available-for-sale securities included in net loss
14 
43 
260 
Total comprehensive loss
$ (5,149)
$ (35,525)
$ (39,321)
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $)
In Thousands
Total
Accumulated Deficit [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Treasury Stock [Member]
Beginning Balance at Dec. 31, 2011
$ 348,280 
$ (464,710)
$ (41)
$ 2,075 
$ 810,956 
$ 0 
Beginning Balance (in shares) at Dec. 31, 2011
 
 
 
20,752 
 
0 
Net loss
(39,362)
(39,362)
 
 
 
 
Stock options exercised, net
1,741 
 
 
19 
1,722 
 
Stock options exercised, net (in shares)
 
 
 
181 
 
 
Issuance of restricted stock, net
94 
 
 
3 
91 
 
Issuance of restricted stock, net (in shares)
 
 
 
(35)
 
 
Stock-based compensation expense
2,014 
 
 
 
2,014 
 
Repurchase of common stock
(5,283)
 
 
 
(5,283)
 
Equity component of convertible senior debentures issued, net of issuance costs
6,446 
 
 
 
6,446 
 
Other comprehensive income
41 
 
41 
 
 
 
Ending Balance at Dec. 31, 2012
313,971 
(504,072)
0 
2,097 
815,946 
0 
Ending Balance (in shares) at Dec. 31, 2012
 
 
 
20,968 
 
0 
Net loss
(35,525)
(35,525)
 
 
 
 
Stock options exercised, net
4,417 
 
 
55 
4,261 
101 
Stock options exercised, net (in shares)
 
 
 
559 
 
7 
Issuance of restricted stock, net
99 
 
 
3 
75 
21 
Issuance of restricted stock, net (in shares)
 
 
 
(26)
 
(3)
Stock-based compensation expense
1,821 
 
 
 
1,821 
 
Repurchase of common stock
(122)
 
 
 
0 
 
Repurchase of common stock (in shares)
 
 
 
 
 
8 
Repurchase of common stock
 
 
 
 
 
(122)
Ending Balance at Dec. 31, 2013
284,661 
(539,597)
0 
2,155 
822,103 
0 
Ending 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 (in shares)
 
 
 
 
 
1,194 
Repurchase of common stock
(25,036)
 
 
 
 
(25,036)
Conversion of convertible senior debentures to common stock
29 
 
 
 
29 
 
Conversion of convertible senior debentures to common stock (in shares)
 
 
 
2 
 
 
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 
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash Flows from Operating Activities:
 
 
 
Net loss
$ (5,149)
$ (35,525)
$ (39,362)
Adjustments to reconcile to net cash used in operating activities:
 
 
 
Depreciation
74 
92 
108 
Amortization of debt discount
1,085 
995 
726 
Equity loss
15,335 
12,607 
26,517 
Other (income) loss, net
(31,657)
(383)
(9,338)
Stock-based compensation expense
1,935 
1,821 
2,014 
Changes in assets and liabilities:
 
 
 
Accounts receivable, net
(369)
(1,194)
(418)
Accounts payable, accrued expenses, and other
(1,443)
366 
3,228 
Net cash used in operating activities
(20,189)
(21,221)
(16,525)
Cash Flows from Investing Activities:
 
 
 
Acquisitions of ownership interests in companies
(59,476)
(41,838)
(46,100)
Proceeds from sales of and distributions from companies
82,822 
38,974 
17,596 
Advances and loans to companies
(10,968)
(10,464)
(13,665)
Repayment of advances and loans to companies
4,684 
1,651 
3,214 
Increase in marketable securities
(55,594)
(69,883)
(242,023)
Decrease in marketable securities
55,410 
165,379 
276,392 
Release of restricted cash equivalents for interest on convertible senior debentures
5 
0 
7,701 
Capital expenditures
(59)
(37)
(73)
Proceeds from sale of discontinued operations, net
0 
6,434 
0 
Other, net
132 
42 
74 
Net cash provided by investing activities
16,956 
90,258 
3,116 
Cash Flows from Financing Activities:
 
 
 
Proceeds from issuance of convertible senior debentures
0 
0 
55,000 
Repurchase of convertible senior debentures
(441)
(43)
(58,703)
Costs of issuance of convertible senior debentures
0 
0 
(1,790)
Issuance of Company common stock, net
1,289 
4,417 
1,744 
Repurchase of Company common stock
(25,036)
(122)
0 
Net cash provided by (used in) financing activities
(24,188)
4,252 
(3,749)
Net change in cash and cash equivalents
(27,421)
73,289 
(17,158)
Cash and cash equivalents at beginning of period
139,318 
66,029 
83,187 
Cash and cash equivalents at end of period
$ 111,897 
$ 139,318 
$ 66,029 
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, 2014 and for each of the three years in the period then ended, 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. The Company accounted for its holdings in NuPathe Inc., a former publicly traded partner company, under the fair value method of accounting. As of December 31, 2014, 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 and investments in marketable securities, 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, 2014, 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.
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.
Accounting for Participating Interests in Mezzanine Loans Receivable and Related Equity Interests
The Company’s participating interests in Penn Mezzanine loans are included in Loan participations receivable on the Consolidated Balance Sheets. On a periodic basis, but no less frequently than at the end of each quarter, the Company evaluates the carrying value of each loan participation receivable for impairment. A loan participation receivable is considered impaired when it is probable that the Company will be unable to collect all amounts (principal and interest) due according to the contractual terms of the participation agreement and related agreements with the borrowers. The Company maintains an allowance to provide for estimated loan losses based on evaluating known and inherent risks in the loans. The allowance is provided based upon management’s analysis of the pertinent factors underlying the quality of the loans. These factors include an analysis of the financial condition of the individual borrowers, delinquency levels, actual loan loss experience, current economic conditions and other relevant factors. The Company’s analysis includes methods to estimate the fair value of loan collateral and the existence of potential alternative sources of repayment. The Company does not accrue interest when a loan is considered impaired. All cash receipts from an impaired loan are applied to reduce the original principal amount of such loan until the principal has been fully recovered and would be recognized as interest income thereafter.
The Company’s participation in equity interests acquired by Penn Mezzanine is accounted for under the cost method of accounting. On a periodic basis, but no less frequently than at the end of each quarter, the Company evaluates the carrying value of its participation in these equity interests for possible impairment based on achievement of business plan objectives and milestones, the fair value of the equity interest relative to its carrying value, the financial condition and prospects of the underlying company and other relevant factors. The Company’s participating interests in equity interests acquired by Penn Mezzanine are included in Other assets on the Consolidated Balance Sheets.
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
The Company reports segment data based on the management approach which designates the internal reporting used by management for making operating decisions and assessing performance as the source of the Company’s reportable operating segments.
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, 2014
 
December 31, 2013
 
(In thousands)
Fair value
$
—

 
$
20,057

Equity Method:
 
 
 
Partner companies
134,861

 
108,872

Private equity funds
1,128

 
1,766

 
135,989

 
110,638

Cost Method:
 
 
 
Partner companies
6,774

 
13,480

Private equity funds
2,364

 
2,418

 
9,138

 
15,898

Advances to partner companies
9,065

 
1,986

 
$
154,192

 
$
148,579

Loan participations receivable
$
3,855

 
$
8,135



The Company’s share of the earnings or losses of partner companies, as well as any adjustments resulting from prior period finalizations of equity income or loss, are reflected in Equity income (loss) on the Consolidated Statements of Operations.  For the year ended December 31, 2014, adjustments at a partner company primarily related to revenue recognition amounted to $1.7 million, of which $1.4 million related to 2013 and $0.3 million related to 2012. Management evaluated the quantitative and qualitative impact of the corrections on previously reported periods as well as on the year ended December 31, 2014.  Based on this evaluation, management concluded that these adjustments were not material to the Company’s Consolidated Financial Statements.
The Company recognized impairment charges of $11.2 million and $5.0 million related to PixelOptics, Inc., formerly an equity method partner company, for the years ended December 31, 2013 and 2012, respectively, which are reflected in Equity income (loss) in the Consolidated Statements of Operations. The impairments were based on PixelOptics' inability to raise additional capital to continue its operations. On November 4, 2013, PixelOptics filed a voluntary petition for relief under Chapter 7 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The adjusted carrying value of PixelOptics is $0 and the Company believes it will not recover any of its capital.

The Company recognized an impairment charge of $1.8 million for the year ended December 31, 2013 related to its interest in the management company of Penn Mezzanine which is reflected in Equity income (loss) in the Consolidated Statements of Operations. The Company has determined that it will not be making any further new capital deployments in connection with Penn Mezzanine lending activities.
For the years ended December 31, 2014, 2013 and 2012, the Company received cash proceeds of $4.7 million, $1.3 million and $2.5 million, respectively, from the repayment of loan participations receivable initiated by Penn Mezzanine. For the years ended December 31, 2014 and 2013, the Company received cash proceeds of $1.3 million and $0.8 million, respectively, from the sale of equity interests initiated by Penn Mezzanine. The Company recognized impairment charges of $0.3 million and $2.5 million related to its Penn Mezzanine debt and equity participations for the years ended December 31, 2013 and 2012, respectively, which are reflected in Other income (loss), net in the Consolidated Statements of Operations.
The Company recognized impairment charges of $0.1 million, $0.3 million and $0.4 million related to its interest in a legacy private equity fund for the years ended December 31, 2014, 2013 and 2012, respectively, which are reflected in Other income (loss), net in the Consolidated Statement of Operations.

In April 2014, the Company sold its ownership interests in Sotera Wireless, Inc., formerly a cost method partner company. 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, Crescendo Bioscience, Inc., formerly a cost method partner company, was acquired by Myriad Genetics, Inc. The Company received $38.4 million in cash proceeds in connection with the transaction, excluding $2.9 million, net of claims paid through December 31, 2014, which will be held in escrow until approximately May 2015. The Company recognized a gain of $27.4 million on the transaction, which is included in Other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2014.
In February 2014, NuPathe, formerly a fair value method partner company, was acquired by Teva Pharmaceutical Industries Ltd. for $3.65 per share in cash. In addition to the upfront cash payment, NuPathe shareholders received rights to receive additional cash payments of up to $3.15 per share if specified milestones are achieved over time. The Company received initial net cash proceeds of $23.1 million as a result of the transaction. Depending on the achievement of certain milestones, the Company may receive up to an additional $24.2 million. 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. For the years ended December 31, 2013 and 2012, the Company recognized an unrealized loss of $0.9 million and an unrealized gain of $11.0 million, respectively, on the mark-to-market of its holdings in NuPathe, which are included in Other income (loss), net in the Consolidated Statements of Operations.

In January 2014, Alverix, Inc., formerly an equity method partner company, was acquired by Becton, Dickinson and Company. The Company received cash proceeds of $15.7 million, excluding $1.7 million which will be held in escrow until approximately July 2015. The Company recognized a gain of $15.7 million on the transaction, which is included in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2014.

In the second quarter of 2014, the Company’s primary ownership interest in Bridgevine, Inc. decreased from 22.7% to 17.3%.  As a result, the Company recognized an unrealized loss of $0.1 million which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2014.

In December 2013, ThingWorx, Inc., formerly an equity method partner company, was acquired by PTC, Inc. The Company received cash proceeds of $36.4 million, excluding $4.1 million which will be held in escrow until December 2015. Depending on the achievement of certain milestones, the Company may receive up to an additional $6.5 million in connection with the transaction. The Company recognized a gain of $32.7 million on the transaction which is recorded in Equity income (loss) in the Consolidated Statement of Operations for the year ended December 31, 2013.

The following unaudited summarized balance sheets for PixelOptics at June 30, 2013 and December 31, 2012 and the results of operations for the six months ended June 30, 2013 and 2012, have been compiled from the financial statements of PixelOptics.  The results of PixelOptics are reported on a one quarter lag basis.  
 
As of June 30,
 
As of December 31,
 
2013
 
2012
 
(In thousands)
Balance Sheets:
 
 
 
Current assets
$
285

 
$
323

Non-current assets
4,588

 
5,259

Total assets
$
4,873

 
$
5,582

Current liabilities
$
56,721

 
$
34,184

Non-current liabilities
1,818

 
10,228

Shareholders’ equity
(53,666
)
 
(38,830
)
Total liabilities and shareholders’ equity
$
4,873

 
$
5,582

 
Six Months Ended June 30,
 
Year Ended December 31,

 
2013
 
2012
 
(In thousands)
Results of Operations:
 
 
 
Revenue
$
800

 
$
1,092

Operating loss
$
(12,219
)
 
$
(32,225
)
Net loss
$
(14,838
)
 
$
(35,472
)

The following summarized balance sheets for NuPathe at September 30, 2013 and December 31, 2012 and the results of operations for the nine months ended September 30, 2013 and the year ended December 31, 2012, have been compiled from the financial statements of NuPathe. 
 
As of September 30,
 
As of December 31,
 
2013
 
2012
 
(In thousands)
Balance Sheets:
 
 
 
Current assets
$
11,281

 
$
23,020

Non-current assets
10,140

 
7,587

Total assets
$
21,421

 
$
30,607

Current liabilities
$
8,411

 
$
3,173

Non-current liabilities
5,802

 
24,421

Shareholders’ equity
7,208

 
3,013

Total liabilities and shareholders’ equity
$
21,421

 
$
30,607


 
Nine Months Ended September 30,
 
Year Ended December 31,

 
2013
 
2012
 
(In thousands)
Results of Operations:
 
 
 
Revenue
$
—

 
$
—

Operating loss
$
(17,238
)
 
$
(21,033
)
Net loss
$
(30,417
)
 
$
(37,784
)


The following summarized financial information for partner companies and funds accounted for under the equity method at December 31, 2014 and 2013 and for each of the three years ended December 31, 2014, 2013 and 2012 has been compiled from the financial statements of our respective partner companies and funds and reflects certain historical adjustments. Results of operations of the partner companies and funds are excluded for periods prior to their acquisition and subsequent to their disposition. The financial information below does not include information pertaining to PixelOptics or NuPathe.  
 
As of December 31,
 
2014
 
2013
 
(In thousands)
Balance Sheets:
 
 
 
Current assets
$
312,621

 
$
221,001

Non-current assets
90,469

 
90,042

Total assets
$
403,090

 
$
311,043

Current liabilities
$
163,016

 
$
153,398

Non-current liabilities
80,050

 
75,324

Shareholders’ equity
160,024

 
82,321

Total liabilities and shareholders’ equity
$
403,090

 
$
311,043


As of December 31, 2014, 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 $94.0 million. Of this excess, $70.7 million was allocated to goodwill and $23.3 million was allocated to intangible assets.
 
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(In thousands)
Results of Operations:
 
 
 
 
 
Revenue
$
320,702

 
$
273,764

 
$
191,928

Gross profit
$
102,803

 
$
123,234

 
$
90,876

Net loss
$
(108,458
)
 
$
(63,452
)
 
$
(79,662
)
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 2014, the Company funded $0.3 million of a convertible bridge loan to Noble Medical, LLC ("Noble"). The Company had previously deployed $0.5 million in Noble. Noble has developed a platform to change patient behaviors through digital health interventions at the point of care. The Company accounts for its interest in Noble under the cost method.
In November and May 2014, the Company deployed an aggregate of $1.3 million into Dabo Health, Inc. The Company had previously deployed $0.8 million in Dabo Health. Dabo Health provides the healthcare community with an online visualization platform to view and track improvement in key performance metrics, collaborate across hospitals and healthcare systems, and identify and share learnings. The Company accounts for its interest in Dabo Health under the cost method.
In November and March 2014, the Company acquired a 27.8% interest in InfoBionic, Inc. for an aggregate of $8.0 million. 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.
During 2014, the Company funded an aggregate of $5.1 million of convertible bridge loans to Quantia, Inc. The Company had previously deployed an aggregate of $7.5 million in Quantia. Quantia provides a mobile and web-based physician relationship management platform, QuantiaMD, which enables principal participants in healthcare to reach and engage high-value physicians in ways that ultimately reduce costs, save time, and improve quality of care. The Company accounts for its interest in Quantia under the equity method.
In September and July 2014, the Company acquired a 31.9% interest in Trice Medical™ for an aggregate of $5.0 million. 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 August 2014, the Company acquired a 24.6% interest in Propeller Health, Inc. for $9.0 million. Propeller Health provides digital solutions to improve respiratory health. The Company accounts for its interest in Propeller Health under the equity method.
In August 2014, the Company acquired a 24.8% interest in Transactis, Inc. for $9.5 million. Transactis is a provider of electronic billing and payment solutions. The Company accounts for its interest in Transactis under the equity method.
In August 2014, the Company acquired a 29.2% interest in WebLinc, Inc. for $6.0 million. WebLinc is a commerce platform provider for fast growing online retailers. The Company accounts for its interest in WebLinc under the equity method.
In June 2014, the Company acquired a 27.0% interest in Syapse, Inc. for $5.8 million. Syapse is a software company that enables healthcare providers to deploy precision medicine programs. The Company accounts for its interest in Syapse under the equity 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. Putney is a pet pharmaceutical company focused on developing high-quality generic prescription medicines for pets. The Company accounts for its interest in Putney under the equity method.
In May and January 2014, the Company deployed an aggregate of $1.7 million into Lumesis, Inc. The Company had previously deployed an aggregate of $3.9 million in Lumesis. Lumesis is a technology company focused on providing business efficiency, data and regulatory solutions to the municipal bond marketplace. The Company accounts for its interest in Lumesis under the equity method.
In May 2014, the Company funded $0.1 million into New York Digital Health Accelerator II in exchange for a 12.5% limited partnership interest in the fund which is run by the New York eHealth Collaborative and the New York City Investment Fund for early- and growth-stage digital health companies that are developing technology products in care coordination, patient engagement, analytics and message alerts for healthcare providers. The Company accounts for its interest in New York Digital Health Accelerator II under the equity method.
In May 2014, the Company deployed an additional $2.0 million into Clutch Holdings, Inc. ("Clutch"). The Company had previously deployed an aggregate of $5.5 million in Clutch. Clutch is a leading provider of Consumer Management technology that delivers customer intelligence and customer engagement solutions to premium brands. The Company accounts for its interest in Clutch under the equity method.
In May 2014, the Company funded $1.1 million of a convertible bridge loan to NovaSom, Inc. The Company had previously deployed $20.0 million in NovaSom. NovaSom is a medical device company that has developed an FDA-cleared wireless home sleep test for Obstructive Sleep Apnea called AccuSom® home sleep test. The Company accounts for its interest in NovaSom under the equity method.
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. 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 May 2014, the Company funded $2.1 million of a convertible bridge loan to AppFirst, Inc. The Company had previously deployed $6.5 million in AppFirst. AppFirst's technology provides global organizations the ability to achieve unmatched visibility into the real-time relationships between distributed applications and the global assets which support their execution. The Company accounts for its interest in AppFirst 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.
In January 2014, the Company deployed an additional $1.4 million into Hoopla Software, Inc. ("Hoopla"). The Company had previously deployed an aggregate of $1.8 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 November 2013, the Company acquired a 22.0% interest in Apprenda, Inc. for $12.1 million. 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 ownership interest in Apprenda under the equity method.
In September and June 2013, the Company funded an aggregate of $0.6 million of convertible bridge loans to Alverix, Inc. The Company had previously deployed an aggregate of $8.8 million in Alverix. In January 2014, the Company sold its equity and debt interests in Alverix for $15.7 million. The Company accounted for its interest in Alverix under the equity method.
In August 2013, the Company deployed an additional $1.1 million in DriveFactor, Inc. The Company previously deployed an aggregate of $3.5 million in DriveFactor. DriveFactor provides auto insurance companies and original equipment manufacturers with a SaaS platform for telematics-driven usage based insurance and rewards programs. The Company accounts for its interest in DriveFactor under the equity method.
In July 2013, the Company funded $1.0 million of a convertible bridge loan to Crescendo Bioscience, Inc. The Company previously had acquired an interest in Crescendo Bioscience in December 2012 for $10.0 million. In February 2014, the Company sold its equity interest in Crescendo Bioscience for $38.4 million. The Company accounted for its interest in Crescendo Bioscience under the cost method.
During the year ended December 31, 2013, the Company funded $2.3 million for participations in loan and equity interests initiated by Penn Mezzanine. Included in this funding were $2.2 million for participations in loans and $0.1 million for participations in equity of the borrower acquired by Penn Mezzanine. During the year ended December 31, 2012, the Company funded $4.2 million for participations in loan and equity interests initiated by Penn Mezzanine. Included in this funding was $3.8 million for participations in loans, $0.3 million for participations in equity of the borrowers, and $0.1 million for participations in warrants to acquire common stock of the borrowers.
During the year ended December 31, 2013, the Company funded an aggregate of $5.3 million of a convertible bridge loan to PixelOptics. The Company previously deployed an aggregate of $31.6 million in PixelOptics. The Company fully impaired its ownership interest in PixelOptics in 2013 based on PixelOptics' inability to raise additional capital to continue its operations. The adjusted carrying value of PixelOptics at December 31, 2014 was $0. The Company accounted for its interest in PixelOptics under the equity method.
In June 2013, the Company deployed an additional $5.3 million in Medivo, Inc. The Company had previously deployed $6.3 million in Medivo. Medivo's mission is to improve the health of patients by using lab data and analytics to enable better treatment decisions. The Company accounts for its interest in Medivo under the equity method.
In February 2013, the Company acquired a 27.6% interest in Pneuron Corporation for $5.0 million. Pneuron enables organizations to rapidly solve business problems through a distributed approach that cuts across data, applications and processes. The Company accounts for its ownership interest in Pneuron under the equity method.
 In October and March 2012, the Company deployed an additional $5.2 million in Good Start Genetics, Inc. The Company had previously deployed $6.8 million in Good Start Genetics. Good Start Genetics is a commercial-stage molecular genetic information company focused on transforming the standard of care in reproductive medicine by providing physicians and their patients with clinically relevant and actionable information concerning inherited genetic disorders. The Company accounts for its interest in Good Start Genetics under the equity method.
In October 2012, the Company purchased 2,500 preferred stock units and warrants to purchase 2.5 million shares of common stock from NuPathe for $5.0 million. The preferred stock was converted into 2.5 million shares of common stock of NuPathe in February 2013. The Company previously deployed $18.3 million in NuPathe. In February 2014, the Company sold its equity interest in NuPathe for $23.1 million. The Company accounted for its ownership interest in NuPathe under the fair value method.
In September 2012, the Company deployed an additional $5.0 million in ThingWorx. The Company previously deployed $5.0 million in ThingWorx in February 2011. In December 2013, the Company sold its equity interest in ThingWorx for $36.4 million. The Company accounted for its interest in ThingWorx under the equity method.

In August 2012, the Company funded $0.4 million into New York Digital Health Accelerator in exchange for a 9.4% limited partnership interest in the fund which is run by the New York eHealth Collaborative and the New York City Investment Fund for early- and growth-stage digital health companies that are developing technology products in care coordination, patient engagement, analytics and message alerts for healthcare providers. The Company accounts for its interest in New York Digital Health Accelerator under the equity method.
In February 2012, the Company acquired a 23.1% ownership interest in Spongecell, Inc. for $10.0 million. Spongecell is a programmatic creative solution that leverages data-driven technology to automate the production and delivery of high-quality ads at scale across display, mobile and video. The Company accounts for its ownership interest in Spongecell under the equity 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, 2014 and 2013: 
 
Carrying
Value
 
Fair Value Measurement at December 31, 2014
 
 
Level 1
 
Level 2
 
Level 3
 
(in thousands)
Cash and cash equivalents
$
111,897

 
$
111,897

 
$
—

 
$
—

Warrant participations
61

 
—

 
—

 
61

Marketable securities—held-to-maturity:
 
 
 
 
 
 
 
Commercial paper
$
6,596

 
$
6,596

 
$
—

 
$
—

U.S. Treasury Bills
1,503

 
1,503

 
—

 
—

Government agency bonds
503

 
503

 
—

 
—

Certificates of deposit
36,026

 
36,026

 
—

 
—

Total marketable securities
$
44,628

 
$
44,628

 
$
—

 
$
—

 
 
Carrying
Value
 
Fair Value Measurement at December 31, 2013
 
 
Level 1
 
Level 2
 
Level 3
 
(In thousands)
Cash and cash equivalents
$
139,318

 
$
139,318

 
$
—

 
$
—

Ownership interest in common stock of NuPathe
16,874

 
16,874

 
—

 
—

Ownership interest in warrants and options of NuPathe
3,183

 
—

 
—

 
3,183

Warrant participations
1,563

 
—

 
—

 
1,563

Marketable securities—held-to-maturity:

 

 
 
 
 
Commercial paper
$
13,599

 
$
13,599

 
$
—

 
$
—

U.S. Treasury Bills
8,014

 
8,014

 
—

 
—

Government agency bonds
9,945

 
9,945

 
—

 
—

Certificates of deposit
12,780

 
12,780

 
—

 
—

Total marketable securities
$
44,338

 
$
44,338

 
$
—

 
$
—


As of December 31, 2014, $25.3 million of marketable securities had contractual maturities which were less than one year and $19.4 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.
The Company recorded an impairment charge of $11.2 million related to PixelOptics, formerly an equity method partner company, for the year ended December 31, 2013 measured as the amount by which PixelOptics’ carrying value exceeded its estimated fair value.  On November 4, 2013, PixelOptics filed a voluntary petition for relief under Chapter 7 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The carrying value of the Company’s equity ownership in PixelOptics is $0 and the Company believes it will not recover any of its capital.
The Company’s Penn Mezzanine warrant participations are carried at fair value. The value of the Company’s holdings in warrant participations is measured by reference to Level 3 inputs. The inputs and valuation techniques used include discounted cash flows and valuation of comparable public companies. The Company recognized a gain of $1.1 million associated with mark-to-market adjustment related to its warrant participations with Penn Mezzanine for the year ended December 31, 2013, which is reflected in Other income (loss), net in the Consolidated Statements of Operations.
The Company recognized an impairment charge of $1.8 million related to its ownership interest in the management company of Penn Mezzanine for the year ended December 31, 2013. The inputs and valuation techniques used were primarily an evaluation of the future cash flows associated with the Company's interest in the management company of Penn Mezzanine.
The Company recorded an impairment charge of $0.3 million related to its Penn Mezzanine debt and equity participations for the year ended December 31, 2013 measured as the amount by which the carrying value of the Company’s participation in the debt and equity interests acquired by Penn Mezzanine exceeded their estimated fair values. The fair market values of the Company's participating interests in debt and equity acquired by Penn Mezzanine were determined based on Level 3 inputs as defined above. The inputs and valuation techniques used included discounted cash flows and valuations of comparable public companies.
The Company recognized impairment charges of $0.1 million and $0.3 million related to a legacy private equity fund for the years ended December 31, 2014 and 2013, respectively, measured as the amount by which the carrying value of the Company’s interest in the fund exceeded its estimated fair value. The fair market value of the Company’s interest in the fund was determined to be $1.6 million at December 31, 2014 based on the fair value of the Company’s pro rata portion of the fund’s net assets, which is a Level 3 input under the fair value hierarchy.
Convertible Debentures and Credit Arrangements
Convertible Debentures and Credit Arrangements
Convertible Debentures and Credit Arrangements
The carrying values of the Company’s convertible senior debentures were as follows: 
 
As of December 31,
 
2014
 
2013
 
(In thousands)
Convertible senior debentures due 2018
$
50,563

 
$
49,478

Convertible senior debentures due 2024
—

 
441

Convertible senior debentures due 2014
—

 
29

 
50,563

 
49,948

Less: current portion
—

 
(470
)
Convertible senior debentures — non-current
$
50,563

 
$
49,478


Convertible Senior Debentures due 2018
In November 2012, Safeguard issued $55.0 million principal amount of its 5.25% convertible senior debentures due 2018 (the “2018 Debentures”). Proceeds from the offering were used to repurchase substantially all of the Company's then outstanding 10.125% convertible senior debentures due 2014 (the “2014 Debentures”). The repurchase of the 2014 Debentures resulted in a loss on repurchase of $7.9 million which is reflected in Other income (loss), net in the Consolidated Statement of Operations for the year ended December 31, 2012. 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, 2014 was $19.82.
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, 2014, the fair value of the $55.0 million outstanding 2018 Debentures was approximately $70.8 million, based on the midpoint of the bid and ask prices as of such date. At December 31, 2014, 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 $4.4 million and the net carrying value of the liability component was $50.6 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 $1.1 million and $1.0 million of such expense for the years ended December 31, 2014 and 2013, respectively. The effective interest rate on the 2018 Debentures is 8.7%.
Convertible Senior Debentures due 2024
In 2004, the Company issued an aggregate of $150.0 million in face value of convertible senior debentures with a stated maturity date of March 15, 2024 (the "2024 Debentures"). The Company repurchased or redeemed all of the remaining 2024 Debentures in the second quarter of 2014.
Convertible Senior Debentures due 2014
In 2010, the Company issued an aggregate of $46.9 million of the 2014 Debentures. In November 2012, the Company repurchased substantially all of the 2014 Debentures for $58.7 million plus accrued interest. The remaining $29 thousand outstanding principal amount of the 2014 Debentures was converted into the Company's common stock in March 2014.

Credit Arrangements
The Company is party to a loan agreement with a commercial bank which provides 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, subject to a $20.0 million sublimit. Actual availability under the credit facility is based on the amount of cash maintained at the bank as well as the value of the Company’s public and private partner company interests. This credit facility bears interest at the prime rate for outstanding borrowings, subject to an increase in certain circumstances. Other than for limited exceptions, the Company is required to maintain all of its depository and operating accounts at the bank. The credit facility, as amended December 22, 2014, matures on December 21, 2015. Under the credit facility, 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 which has been required in connection with the sale of CompuCom Systems in 2004. Availability under the Company’s revolving credit facility at December 31, 2014 was $18.7 million.
Equity
Equity
Equity
In February 2014, 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, 2014, the Company repurchased 1.2 million shares at an aggregate cost of $25.0 million. This share repurchase program was completed in May 2014.
Stock-Based Compensation
Stock-Based Compensation
Stock-Based Compensation
Equity Compensation Plans
In May 2014, the Company’s shareholders approved an amendment and restatement of the 2004 Equity Compensation Plan to increase the number of shares of common stock reserved for issuance by 2.2 million shares, to rename the plan the 2014 Equity Compensation Plan, and to make certain other clarifying changes and updates to the plan. The 2014 Equity Compensation Plan has 4.1 million shares authorized for issuance. During 2013, the Company issued 70 thousand options 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, 2014, the Company had reserved 4.6 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,
 
2014
 
2013
 
2012
 
(In thousands)
General and administrative expense
$
1,935

 
$
1,821

 
$
2,014

 
$
1,935

 
$
1,821

 
$
2,014


At December 31, 2014, the Company had outstanding options that vest based on three different types of vesting schedules:
1) market-based;
2) performance-based; and
3) service-based.
Market-based awards entitle 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. The requisite service periods for the market-based awards are based on the Company’s estimate of the dates on which the market conditions will be met as determined using a Monte Carlo simulation model. Compensation expense is recognized over the requisite service periods using the straight-line method but is accelerated if market capitalization targets are achieved earlier than estimated. During the years ended December 31, 2014, 2013 and 2012, the Company did not issue any market-based awards to employees. During the year ended December 31, 2014, 22 thousand market-based awards vested. No market-based awards vested during 2013 or 2012. During the years ended December 31, 2014, 2013 and 2012, respectively, 155 thousand, 554 thousand and 6 thousand market-based awards were canceled or forfeited. The Company recorded compensation expense related to market-based awards of $0.0 million, $0.2 million and $0.4 million during the years ended December 31, 2014, 2013 and 2012, respectively. There is no further expense to be recognized related to market-based awards. Depending on the Company’s stock performance, the maximum number of unvested shares at December 31, 2014 attainable under these grants was 226 thousand shares.
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 years ended December 31, 2014, 2013 and 2012, respectively, the Company issued 8 thousand, 67 thousand and 180 thousand performance-based awards to employees. During the years ended December 31, 2014, 2013 and 2012, 7 thousand, 0 thousand and 14 thousand performance-based awards vested. During the years ended December 31, 2014, 2013 and 2012, respectively, 16 thousand, 398 thousand and 6 thousand performance-based awards were canceled or forfeited. The Company recorded compensation expense related to performance-based awards of $0.1 million, $0.0 million and $0.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. The maximum number of unvested shares at December 31, 2014 attainable under these grants was 462 thousand shares.
All other outstanding options are service-based awards that 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, 2014, 2013 and 2012, respectively, the Company issued 23 thousand, 52 thousand and 113 thousand service-based awards to employees. During the years ended December 31, 2014, 2013 and 2012, respectively, 8 thousand, 14 thousand and 1 thousand service-based awards were canceled or forfeited. The Company recorded compensation expense related to these awards of $0.3 million, $0.5 million and $0.7 million during the years ended December 31, 2014, 2013 and 2012, respectively.
The fair value of the Company’s stock-based 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,
 
2014
 
2013
 
2012
Service-Based Awards
 
 
 
 
 
Dividend yield
0
%
 
0
%
 
0
%
Expected volatility
32
%
 
52
%
 
56
%
Average expected option life
5 years

 
5 years

 
5 years

Risk-free interest rate
1.7
%
 
1.3
%
 
0.8
%
 
Year Ended December 31,
 
2014
 
2013
 
2012
Performance-Based Awards
 
 
 
 
 
Dividend yield
0
%
 
0
%
 
0
%
Expected volatility
32
%
 
46
%
 
55
%
Average expected option life
4.8 years

 
4.7 years

 
5.5 years

Risk-free interest rate
1.7
%
 
1.8
%
 
0.8
%

The weighted-average grant date fair value of options issued by the Company during the years ended December 31, 2014, 2013 and 2012 was $7.02, $6.83 and $7.45 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, 2011
3,218

 
$
10.32

 
 
 
 
Options granted
293

 
14.91

 
 
 
 
Options exercised
(211
)
 
10.22

 
 
 
 
Options canceled/forfeited
(13
)
 
13.48

 
 
 
 
Outstanding at December 31, 2012
3,287

 
10.72

 
 
 
 
Options granted
120

 
15.61

 
 
 
 
Options exercised
(612
)
 
8.44

 
 
 
 
Options canceled/forfeited
(967
)
 
9.38

 
 
 
 
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

 
3.99
 
$
9,402

Options exercisable at December 31, 2014
537

 
12.13

 
2.54
 
4,201

Options vested and expected to vest at December 31, 2014
964

 
12.33

 
2.65
 
7,350

Shares available for future grant
2,638

 
 
 
 
 
 

The total intrinsic value of options exercised for the years ended December 31, 2014, 2013 and 2012 was $2.4 million, $3.9 million and $1.2 million, respectively.
At December 31, 2014, total unrecognized compensation cost related to non-vested service-based stock options was $0.6 million. That cost is expected to be recognized over a weighted-average period of 2.6 years.
At December 31, 2014, the Company had recognized all compensation cost related to market-based stock options.
At December 31, 2014, total unrecognized compensation cost related to non-vested performance-based stock options was $0.5 million. That cost is expected to be recognized over a weighted-average period of 3.2 years but would be accelerated if stock price targets are achieved earlier than estimated.
During the years ended December 31, 2014, 2013 and 2012, respectively, the Company issued 119 thousand, 83 thousand and 90 thousand performance-based stock units to employees which 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 option 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, 2014, 2013 and 2012, respectively, the Company issued 59 thousand, 28 thousand and 30 thousand restricted shares to employees. The 2013 and 2012 restricted shares issued vest 25% on the first anniversary of grant and the remaining 75% thereafter in equal monthly installments over the next three years. The 2014 restricted shares vest 25% on March 1, 2016 and in twelve quarterly installments thereafter, commencing on March 15, 2016.
Under the 2014 performance-based award plan, once performance-based awards are fully vested, participants are entitled to receive cash payments equal to their performance grant values in excess of target capital returns described above.
During the years ended December 31, 2014, 2013, and 2012, respectively, the Company issued 46 thousand, 48 thousand and 25 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, 2014, 2013 and 2012, the Company granted 8 thousand, 8 thousand and 5 thousand shares, respectively, to members of its advisory boards, 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 approximately $1.5 million, $1.1 million and $0.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. Unrecognized compensation expense related to deferred stock units, performance stock units and restricted stock at December 31, 2014 was $4.1 million. The total fair value of deferred stock units, performance stock units and restricted stock vested during the years ended December 31, 2014, 2013 and 2012 was $1.4 million, $1.1 million and $0.9 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, 2012
347

 
$
13.85

Granted
167

 
17.45

Vested
(67
)
 
16.73

Forfeited
(130
)
 
13.35

Unvested at December 31, 2013
317

 
15.34

Granted
231

 
19.67

Vested
(78
)
 
17.91

Forfeited
(15
)
 
15.61

Unvested at December 31, 2014
455

 
17.09

Other Income (Loss), Net
Other Income (Loss), Net
Other Income (Loss), Net 
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(In thousands)
Loss on repurchase of convertible debentures
$
—

 
$
—

 
$
(7,895
)
Gain on sale of ownership interests in companies and funds, net
31,835

 
—

 
9,004

Gain (loss) on mark-to-market of holdings in fair value method partner companies
—

 
(915
)
 
11,035

Impairment charges on cost method partner companies and private equity funds
(54
)
 
(250
)
 
(350
)
Gain on mark-to-market of Penn Mezzanine warrants
—

 
1,146

 
264

Impairment charges on Penn Mezzanine loan and equity participations
—

 
(295
)
 
(2,489
)
Other than temporary impairment on available-for-sale securities
(14
)
 
(43
)
 
(260
)
Other
(110
)
 
740

 
29

 
$
31,657

 
$
383

 
$
9,338

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, 2014, 2013 and 2012.
The total income tax provision (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 35% to net income (loss) before income taxes as a result of the following:
 
Year Ended December 31,
 
2014
 
2013
 
2012
Statutory tax (benefit) expense
(35.0
)%
 
(35.0
)%
 
(35.0
)%
Increase (decrease) in taxes resulting from:
 
 
 
 
 
Stock-based compensation
1.5

 
0.2

 
0.2

Nondeductible expenses
2.9

 
0.1

 
0.1

Valuation allowance
30.6

 
34.7

 
34.7

 
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,
 
2014
 
2013
 
(In thousands)
Deferred tax asset:
 
 
 
Carrying values of partner companies and other holdings
$
68,557

 
$
59,045

Tax loss and credit carryforwards
76,766

 
82,403

Accrued expenses
1,484

 
2,043

Stock-based compensation
4,761

 
5,005

Other
1,353

 
1,560

 
152,921

 
150,056

Valuation allowance
(152,921
)
 
(150,056
)
Net deferred tax asset
$
—

 
$
—


As of December 31, 2014, the Company and its subsidiaries consolidated for tax purposes had federal net operating loss carryforwards of approximately $208.2 million. These carryforwards expire as follows: 
 
 
 
Total
 
(In thousands)
2015
$
—

2016
—

2017
—

2018
—

2019 and thereafter
208,201

 
$
208,201


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, 2014, 2013 and 2012.
The Company files income tax returns in the U.S. federal jurisdiction, and various state jurisdictions. Tax years 2011 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, 2014 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,
 
2014
 
2013
 
2012
 
(In thousands, except per share data)
Basic:
 
 
 
 
 
Net loss
$
(5,149
)
 
$
(35,525
)
 
$
(39,362
)
Weighted average common shares outstanding
20,975

 
21,362

 
20,974

Net loss per share
$
(0.25
)
 
$
(1.66
)
 
$
(1.88
)
Diluted:
 
 
 
 
 
Net loss
$
(5,149
)
 
$
(35,525
)
 
$
(39,362
)
Weighted average common shares outstanding
20,975

 
21,362

 
20,974

Net loss per share
$
(0.25
)
 
$
(1.66
)
 
$
(1.88
)

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, 2014, 2013 and 2012 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, 2014, 2013 and 2012, options to purchase 1.3 million, 1.8 million and 3.3 million shares of common stock, respectively, at prices ranging from $7.14 to $19.95 per share, $3.93 to $18.80 per share and $3.93 to $18.80 per share, respectively, were excluded from the calculation.

•
At December 31, 2014, unvested restricted stock units, performance-based stock units and DSUs convertible into 0.5 million shares of stock were excluded from the calculations. At December 31, 2013 and 2012, unvested restricted stock units, performance-based stock units and DSUs convertible into 0.3 million shares of stock were excluded from the calculations.

•
For the years ended December 31, 2014, 2013, and 2012, 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, 2014, the Company recognized impairment charges against the loan of $15.7 million. Since 2001 and through December 31, 2014, the Company has received a total of $17.0 million in payments on the loan. The carrying value of the loan at December 31, 2014 was zero. The Company received payments of $0.1 million on this loan agreement in 2014 and did not receive any payments on this loan agreement in 2013 or 2012.
In the normal course of business, the Company’s directors, 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 2015 and office equipment under leases expiring at various dates to 2017. Total rental expense under operating leases was $0.6 million for each of the years ended December 31, 2014, 2013 and 2012. At December 31, 2014, the Company has future minimum lease payments of $0.4 million for the year ending December 31, 2015 under non-cancelable operating leases with initial or remaining terms of one year or more.
The Company had outstanding guarantees of $3.8 million at December 31, 2014 which related to one of the Company's private equity holdings.
The Company also has committed capital of approximately $0.2 million to other private equity funds. These commitments are expected to be funded during the next 12 months.
Under certain circumstances, the Company may be required to return a portion or all the distributions it received as a general partner of a private equity fund (“clawback”). The maximum clawback the Company could be required to return due to our general partner interest is approximately $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, 2014. The Company’s ownership in the fund is 19%. The clawback liability is joint and several; therefore 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.
 
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 $2.5 million was included in Other long-term liabilities on the Consolidated Balance Sheet at December 31, 2014.
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 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, 2014.
Supplemental Cash Flow Information
Supplemental Cash Flow Information
Supplemental Cash Flow Information
During the years ended December 31, 2014 and 2013, the Company converted $2.7 million and $1.8 million, respectively, of advances to partner companies into ownership interests in partner companies. Cash paid for interest in the years ended December 31, 2014 and 2013 was $2.9 million. Cash paid for interest in the year ended December 31, 2012 was $0.8 million. In addition, during the year ended December 31, 2012, interest payments of $4.8 million on the 2014 Debentures were made using restricted cash equivalents. Cash paid for taxes in the years ended December 31, 2014, 2013 and 2012 was $0.0 million in each year.
Operating Segments
Operating Segments
Operating Segments

Effective December 31, 2014, the Company operates in two reportable segments: Healthcare and Technology. The Company no longer presents the operations of Penn Mezzanine as a separate reportable operating segment because management of the Company does not separately evaluate Penn Mezzanine financial results for purposes of making operating decisions and assessing performance. The results of Penn Mezzanine are now reported within corporate operations under Other Items. The amounts, discussion, and presentation of the Company's reportable segments reflect this restatement for all years presented.
As of December 31, 2014, the Company held interests in 24 non-consolidated partner companies which are included in the Healthcare and Technology segments. The Company’s active partner companies as of December 31, 2014 by segment were as follows for the years ended December 31, 2014, 2013 and 2012:
 
Healthcare 
 
Safeguard Primary Ownership as of December 31,
 
 
Partner Company
2014
 
2013
 
2012
 
Accounting Method
AdvantEdge Healthcare Solutions, Inc.
40.1%
 
40.1%
 
40.2%
 
Equity
Dabo Health, Inc.
15.3%
 
8.0%
 
NA
 
Cost
Good Start Genetics, Inc.
29.9%
 
30.0%
 
30.0%
 
Equity
InfoBionic, Inc.
27.8%
 
NA
 
NA
 
Equity
Medivo, Inc.
34.5%
 
34.5%
 
30.0%
 
Equity
NovaSom, Inc.
31.7%
 
30.3%
 
30.3%
 
Equity
Propeller Health, Inc.
24.6%
 
NA
 
NA
 
Equity
Putney, Inc.
28.3%
 
27.6%
 
27.6%
 
Equity
Quantia, Inc.
42.3%
 
35.1%
 
NA
 
Equity
Syapse, Inc.
27.0%
 
NA
 
NA
 
Equity
Trice Medical™
31.9%
 
NA
 
NA
 
Equity
 
Technology 
 
Safeguard Primary Ownership as of December 31,
 
 
Partner Company
2014
 
2013
 
2012
 
Accounting Method
AppFirst, Inc.
34.3%
 
34.3%
 
35.0%
 
Equity
Apprenda, Inc.
21.6%
 
22.0%
 
NA
 
Equity
Beyond.com, Inc.
38.2%
 
38.2%
 
38.3%
 
Equity
Bridgevine, Inc.
17.2%
 
22.7%
 
21.7%
 
Cost (1)
Clutch Holdings, Inc.
29.6%
 
24.0%
 
NA
 
Equity
DriveFactor, Inc.
40.6%
 
40.6%
 
35.4%
 
Equity
Hoopla Software, Inc.
25.6%
 
25.3%
 
25.3%
 
Equity
Lumesis, Inc.
45.7%
 
44.2%
 
31.6%
 
Equity
MediaMath, Inc.
20.7%
 
22.5%
 
22.2%
 
Equity
Pneuron Corporation
27.6%
 
27.6%
 
NA
 
Equity
Spongecell, Inc.
23.0%
 
23.0%
 
23.1%
 
Equity
Transactis, Inc.
24.8%
 
NA
 
NA
 
Equity
WebLinc, Inc.
29.2%
 
NA
 
NA
 
Equity


(1) In the second quarter of 2014, the Company’s ownership interest in Bridgevine decreased from 22.7% to 17.3%, below the
threshold at which the Company believes it exercises significant influence. Accordingly, the Company changed its method of
accounting for Bridgevine from the equity method to the cost method.
 
Results of the Healthcare and Technology segments reflect the equity income (loss) of their respective equity method partner companies, other income (loss) associated with fair value method and cost method partner companies and the gains or losses on the sale of the interests in their respective partner companies.
Management evaluates the Healthcare and Technology segments’ performance based on net income (loss) which is impacted by the number of partner companies accounted for under the equity method, the Company’s voting ownership percentage in these partner companies and the net results of operations of these partner companies, any impairment charges and gain (loss) on the sale of the interests in equity and cost method partner companies.
Other Items include certain expenses which are not identifiable to the operations of the Company’s operating segments. Other Items primarily consist of general and administrative expenses related to corporate operations, including employee compensation, insurance and professional fees, including legal and finance, interest income, interest expense and other income (loss), equity income (loss) related to certain private equity fund ownership interests and income taxes. Other items also include interest earned on mezzanine loans, gain (loss) on the mark-to-market of our warrant participations, and impairment on debt and equity participation interests in which the Company participates with Penn Mezzanine as well as equity income (loss) associated with the Company's interest in the management company and general partner of Penn Mezzanine.
As of December 31, 2014 and 2013, all of the Company’s assets were located in the United States.
Segment assets in Other Items included primarily cash, cash equivalents, and marketable securities of $156.5 million and $183.7 million at December 31, 2014 and 2013, respectively.
The following represents segment data from operations:
 
 
For the Year Ended December 31, 2014

Healthcare

Technology

Total
Segments

Other
Items

Total
 
(In thousands)
Operating loss
$
—

 
$
—

 
$
—

 
$
(18,970
)
 
$
(18,970
)
Other income (loss), net
31,820

 
—

 
31,820

 
(163
)
 
31,657

Interest income
—

 
—

 
—

 
1,901

 
1,901

Equity loss
(3,944
)
 
(10,831
)
 
(14,775
)
 
(560
)
 
(15,335
)
Net income (loss)
27,876

 
(10,831
)
 
17,045

 
(22,194
)
 
(5,149
)
Segment Assets:
 
 
 
 
 
 
 
 
 
December 31, 2014
62,292

 
88,408

 
150,700

 
167,754

 
318,454

 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2013
 
Healthcare
 
Technology
 
Total
Segments
 
Other
Items
 
Total
 
(In thousands)
Operating loss
$
—

 
$
—

 
$
—

 
$
(21,644
)
 
$
(21,644
)
Other income (loss), net
(857
)
 
—

 
(857
)
 
1,240

 
383

Interest income
—

 
—

 
—

 
2,646

 
2,646

Equity income (loss)
(31,706
)
 
20,899

 
(10,807
)
 
(1,800
)
 
(12,607
)
Net income (loss)
(32,563
)
 
20,899

 
(11,664
)
 
(23,861
)
 
(35,525
)
Segment Assets:
 
 
 
 
 
 
 
 
 
December 31, 2013
74,939

 
69,471

 
144,410

 
201,586

 
345,996

 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2012
 
Healthcare
 
Technology
 
Total
Segments
 
Other
Items
 
Total
 
(In thousands)
Operating loss
$
—

 
$
—

 
$
—

 
$
(19,473
)
 
$
(19,473
)
Other income (loss), net
19,884

 
—

 
19,884

 
(10,546
)
 
9,338

Interest income
—

 
—

 
—

 
2,926

 
2,926

Equity income (loss)
(26,544
)
 
(119
)
 
(26,663
)
 
146

 
(26,517
)
Net loss
(6,660
)
 
(119
)
 
(6,779
)
 
(32,583
)
 
(39,362
)

  
Net loss from Other Items was as follows:
 
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(In thousands)
Corporate operations
$
(22,194
)
 
$
(23,861
)
 
$
(32,583
)
Income tax benefit (expense)
—

 
—

 
—

 
$
(22,194
)
 
$
(23,861
)
 
$
(32,583
)
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)
2014:
 
 
 
 
 
 
 
General and administrative expense
$
5,239

 
$
5,069

 
$
4,177

 
$
4,485

Operating loss
(5,239
)
 
(5,069
)
 
(4,177
)
 
(4,485
)
Other income (loss), net
30,374

 
1,452

 
(246
)
 
77

Interest income
470

 
542

 
482

 
407

Interest expense
(1,094
)
 
(1,098
)
 
(1,103
)
 
(1,107
)
Equity income (loss)
6,808

 
(3,175
)
 
(8,962
)
 
(10,006
)
Net income (loss) before income taxes
31,319

 
(7,348
)
 
(14,006
)
 
(15,114
)
Income tax benefit (expense)
—

 
—

 
—

 
—

Net income (loss)
$
31,319

 
$
(7,348
)
 
$
(14,006
)
 
$
(15,114
)
Net income (loss) per share (a)
 
 
 
 
 
 

Basic
$
1.44

 
$
(0.35
)
 
$
(0.68
)
 
$
(0.73
)
Diluted
$
1.29

 
$
(0.35
)
 
$
(0.68
)
 
$
(0.73
)
2013:
 
 
 
 
 
 
 
General and administrative expense
$
5,374

 
$
6,715

 
$
4,835

 
$
4,720

Operating loss
(5,374
)
 
(6,715
)
 
(4,835
)
 
(4,720
)
Other income (loss), net
757

 
(2,724
)
 
(4,224
)
 
6,574

Interest income
734

 
790

 
572

 
550

Interest expense
(1,069
)
 
(1,074
)
 
(1,077
)
 
(1,083
)
Equity income (loss)
(6,987
)
 
(18,400
)
 
(9,866
)
 
22,646

Net income (loss) before income taxes
(11,939
)
 
(28,123
)
 
(19,430
)
 
23,967

Income tax benefit (expense)
—

 
—

 
—

 
—

Net income (loss)
$
(11,939
)
 
$
(28,123
)
 
$
(19,430
)
 
$
23,967

Net income (loss) per share (a)
 
 
 
 
 
 

Basic
$
(0.57
)
 
$
(1.33
)
 
$
(0.90
)
 
$
1.10

Diluted
$
(0.57
)
 
$
(1.33
)
 
$
(0.90
)
 
$
0.99

 
(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

On February 11, 2015, the Company entered into an agreement effective as of February 2, 2015 for the lease of the Company’s new principal executive offices to be located at 170 Radnor Chester Road, Radnor, Pennsylvania. The term of the lease is estimated to commence on November 1, 2015, the date the Company expects to take possession of the leased property, and will extend through April 30, 2026.
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.
Accounting for Participating Interests in Mezzanine Loans Receivable and Related Equity Interests
The Company’s participating interests in Penn Mezzanine loans are included in Loan participations receivable on the Consolidated Balance Sheets. On a periodic basis, but no less frequently than at the end of each quarter, the Company evaluates the carrying value of each loan participation receivable for impairment. A loan participation receivable is considered impaired when it is probable that the Company will be unable to collect all amounts (principal and interest) due according to the contractual terms of the participation agreement and related agreements with the borrowers. The Company maintains an allowance to provide for estimated loan losses based on evaluating known and inherent risks in the loans. The allowance is provided based upon management’s analysis of the pertinent factors underlying the quality of the loans. These factors include an analysis of the financial condition of the individual borrowers, delinquency levels, actual loan loss experience, current economic conditions and other relevant factors. The Company’s analysis includes methods to estimate the fair value of loan collateral and the existence of potential alternative sources of repayment. The Company does not accrue interest when a loan is considered impaired. All cash receipts from an impaired loan are applied to reduce the original principal amount of such loan until the principal has been fully recovered and would be recognized as interest income thereafter.
The Company’s participation in equity interests acquired by Penn Mezzanine is accounted for under the cost method of accounting. On a periodic basis, but no less frequently than at the end of each quarter, the Company evaluates the carrying value of its participation in these equity interests for possible impairment based on achievement of business plan objectives and milestones, the fair value of the equity interest relative to its carrying value, the financial condition and prospects of the underlying company and other relevant factors. The Company’s participating interests in equity interests acquired by Penn Mezzanine are included in Other assets on the Consolidated Balance Sheets.
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, 2014 and for each of the three years in the period then ended, 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. The Company accounted for its holdings in NuPathe Inc., a former publicly traded partner company, under the fair value method of accounting. As of December 31, 2014, 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 and investments in marketable securities, 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, 2014, 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.
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
The Company reports segment data based on the management approach which designates the internal reporting used by management for making operating decisions and assessing performance as the source of the Company’s reportable operating segments.
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, 2014
 
December 31, 2013
 
(In thousands)
Fair value
$
—

 
$
20,057

Equity Method:
 
 
 
Partner companies
134,861

 
108,872

Private equity funds
1,128

 
1,766

 
135,989

 
110,638

Cost Method:
 
 
 
Partner companies
6,774

 
13,480

Private equity funds
2,364

 
2,418

 
9,138

 
15,898

Advances to partner companies
9,065

 
1,986

 
$
154,192

 
$
148,579

Loan participations receivable
$
3,855

 
$
8,135

Unaudited Financial Information 
 
As of December 31,
 
2014
 
2013
 
(In thousands)
Balance Sheets:
 
 
 
Current assets
$
312,621

 
$
221,001

Non-current assets
90,469

 
90,042

Total assets
$
403,090

 
$
311,043

Current liabilities
$
163,016

 
$
153,398

Non-current liabilities
80,050

 
75,324

Shareholders’ equity
160,024

 
82,321

Total liabilities and shareholders’ equity
$
403,090

 
$
311,043

Results of Operation 
As of December 31, 2014, 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 $94.0 million. Of this excess, $70.7 million was allocated to goodwill and $23.3 million was allocated to intangible assets.
 
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(In thousands)
Results of Operations:
 
 
 
 
 
Revenue
$
320,702

 
$
273,764

 
$
191,928

Gross profit
$
102,803

 
$
123,234

 
$
90,876

Net loss
$
(108,458
)
 
$
(63,452
)
 
$
(79,662
)
Unaudited Financial Information 
The following unaudited summarized balance sheets for PixelOptics at June 30, 2013 and December 31, 2012 and the results of operations for the six months ended June 30, 2013 and 2012, have been compiled from the financial statements of PixelOptics.  The results of PixelOptics are reported on a one quarter lag basis.  
 
As of June 30,
 
As of December 31,
 
2013
 
2012
 
(In thousands)
Balance Sheets:
 
 
 
Current assets
$
285

 
$
323

Non-current assets
4,588

 
5,259

Total assets
$
4,873

 
$
5,582

Current liabilities
$
56,721

 
$
34,184

Non-current liabilities
1,818

 
10,228

Shareholders’ equity
(53,666
)
 
(38,830
)
Total liabilities and shareholders’ equity
$
4,873

 
$
5,582

Results of Operation 
 
Six Months Ended June 30,
 
Year Ended December 31,

 
2013
 
2012
 
(In thousands)
Results of Operations:
 
 
 
Revenue
$
800

 
$
1,092

Operating loss
$
(12,219
)
 
$
(32,225
)
Net loss
$
(14,838
)
 
$
(35,472
)
Unaudited Financial Information 
The following summarized balance sheets for NuPathe at September 30, 2013 and December 31, 2012 and the results of operations for the nine months ended September 30, 2013 and the year ended December 31, 2012, have been compiled from the financial statements of NuPathe. 
 
As of September 30,
 
As of December 31,
 
2013
 
2012
 
(In thousands)
Balance Sheets:
 
 
 
Current assets
$
11,281

 
$
23,020

Non-current assets
10,140

 
7,587

Total assets
$
21,421

 
$
30,607

Current liabilities
$
8,411

 
$
3,173

Non-current liabilities
5,802

 
24,421

Shareholders’ equity
7,208

 
3,013

Total liabilities and shareholders’ equity
$
21,421

 
$
30,607

Results of Operation 
 
Nine Months Ended September 30,
 
Year Ended December 31,

 
2013
 
2012
 
(In thousands)
Results of Operations:
 
 
 
Revenue
$
—

 
$
—

Operating loss
$
(17,238
)
 
$
(21,033
)
Net loss
$
(30,417
)
 
$
(37,784
)
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, 2014 and 2013: 
 
Carrying
Value
 
Fair Value Measurement at December 31, 2014
 
 
Level 1
 
Level 2
 
Level 3
 
(in thousands)
Cash and cash equivalents
$
111,897

 
$
111,897

 
$
—

 
$
—

Warrant participations
61

 
—

 
—

 
61

Marketable securities—held-to-maturity:
 
 
 
 
 
 
 
Commercial paper
$
6,596

 
$
6,596

 
$
—

 
$
—

U.S. Treasury Bills
1,503

 
1,503

 
—

 
—

Government agency bonds
503

 
503

 
—

 
—

Certificates of deposit
36,026

 
36,026

 
—

 
—

Total marketable securities
$
44,628

 
$
44,628

 
$
—

 
$
—

 
 
Carrying
Value
 
Fair Value Measurement at December 31, 2013
 
 
Level 1
 
Level 2
 
Level 3
 
(In thousands)
Cash and cash equivalents
$
139,318

 
$
139,318

 
$
—

 
$
—

Ownership interest in common stock of NuPathe
16,874

 
16,874

 
—

 
—

Ownership interest in warrants and options of NuPathe
3,183

 
—

 
—

 
3,183

Warrant participations
1,563

 
—

 
—

 
1,563

Marketable securities—held-to-maturity:

 

 
 
 
 
Commercial paper
$
13,599

 
$
13,599

 
$
—

 
$
—

U.S. Treasury Bills
8,014

 
8,014

 
—

 
—

Government agency bonds
9,945

 
9,945

 
—

 
—

Certificates of deposit
12,780

 
12,780

 
—

 
—

Total marketable securities
$
44,338

 
$
44,338

 
$
—

 
$
—

Convertible Debentures and Credit Arrangements (Tables)
Convertible Senior Debentures
The carrying values of the Company’s convertible senior debentures were as follows: 
 
As of December 31,
 
2014
 
2013
 
(In thousands)
Convertible senior debentures due 2018
$
50,563

 
$
49,478

Convertible senior debentures due 2024
—

 
441

Convertible senior debentures due 2014
—

 
29

 
50,563

 
49,948

Less: current portion
—

 
(470
)
Convertible senior debentures — non-current
$
50,563

 
$
49,478

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,
 
2014
 
2013
 
2012
 
(In thousands)
General and administrative expense
$
1,935

 
$
1,821

 
$
2,014

 
$
1,935

 
$
1,821

 
$
2,014

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,
 
2014
 
2013
 
2012
Service-Based Awards
 
 
 
 
 
Dividend yield
0
%
 
0
%
 
0
%
Expected volatility
32
%
 
52
%
 
56
%
Average expected option life
5 years

 
5 years

 
5 years

Risk-free interest rate
1.7
%
 
1.3
%
 
0.8
%
 
Year Ended December 31,
 
2014
 
2013
 
2012
Performance-Based Awards
 
 
 
 
 
Dividend yield
0
%
 
0
%
 
0
%
Expected volatility
32
%
 
46
%
 
55
%
Average expected option life
4.8 years

 
4.7 years

 
5.5 years

Risk-free interest rate
1.7
%
 
1.8
%
 
0.8
%
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, 2011
3,218

 
$
10.32

 
 
 
 
Options granted
293

 
14.91

 
 
 
 
Options exercised
(211
)
 
10.22

 
 
 
 
Options canceled/forfeited
(13
)
 
13.48

 
 
 
 
Outstanding at December 31, 2012
3,287

 
10.72

 
 
 
 
Options granted
120

 
15.61

 
 
 
 
Options exercised
(612
)
 
8.44

 
 
 
 
Options canceled/forfeited
(967
)
 
9.38

 
 
 
 
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

 
3.99
 
$
9,402

Options exercisable at December 31, 2014
537

 
12.13

 
2.54
 
4,201

Options vested and expected to vest at December 31, 2014
964

 
12.33

 
2.65
 
7,350

Shares available for future grant
2,638

 
 
 
 
 
 
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, 2012
347

 
$
13.85

Granted
167

 
17.45

Vested
(67
)
 
16.73

Forfeited
(130
)
 
13.35

Unvested at December 31, 2013
317

 
15.34

Granted
231

 
19.67

Vested
(78
)
 
17.91

Forfeited
(15
)
 
15.61

Unvested at December 31, 2014
455

 
17.09

Other Income (Loss), Net (Tables)
Other Income (Loss), Net
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(In thousands)
Loss on repurchase of convertible debentures
$
—

 
$
—

 
$
(7,895
)
Gain on sale of ownership interests in companies and funds, net
31,835

 
—

 
9,004

Gain (loss) on mark-to-market of holdings in fair value method partner companies
—

 
(915
)
 
11,035

Impairment charges on cost method partner companies and private equity funds
(54
)
 
(250
)
 
(350
)
Gain on mark-to-market of Penn Mezzanine warrants
—

 
1,146

 
264

Impairment charges on Penn Mezzanine loan and equity participations
—

 
(295
)
 
(2,489
)
Other than temporary impairment on available-for-sale securities
(14
)
 
(43
)
 
(260
)
Other
(110
)
 
740

 
29

 
$
31,657

 
$
383

 
$
9,338

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% to net income (loss) before income taxes as a result of the following:
 
Year Ended December 31,
 
2014
 
2013
 
2012
Statutory tax (benefit) expense
(35.0
)%
 
(35.0
)%
 
(35.0
)%
Increase (decrease) in taxes resulting from:
 
 
 
 
 
Stock-based compensation
1.5

 
0.2

 
0.2

Nondeductible expenses
2.9

 
0.1

 
0.1

Valuation allowance
30.6

 
34.7

 
34.7

 
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,
 
2014
 
2013
 
(In thousands)
Deferred tax asset:
 
 
 
Carrying values of partner companies and other holdings
$
68,557

 
$
59,045

Tax loss and credit carryforwards
76,766

 
82,403

Accrued expenses
1,484

 
2,043

Stock-based compensation
4,761

 
5,005

Other
1,353

 
1,560

 
152,921

 
150,056

Valuation allowance
(152,921
)
 
(150,056
)
Net deferred tax asset
$
—

 
$
—

Carryforwards Expiration 
As of December 31, 2014, the Company and its subsidiaries consolidated for tax purposes had federal net operating loss carryforwards of approximately $208.2 million. These carryforwards expire as follows: 
 
 
 
Total
 
(In thousands)
2015
$
—

2016
—

2017
—

2018
—

2019 and thereafter
208,201

 
$
208,201

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,
 
2014
 
2013
 
2012
 
(In thousands, except per share data)
Basic:
 
 
 
 
 
Net loss
$
(5,149
)
 
$
(35,525
)
 
$
(39,362
)
Weighted average common shares outstanding
20,975

 
21,362

 
20,974

Net loss per share
$
(0.25
)
 
$
(1.66
)
 
$
(1.88
)
Diluted:
 
 
 
 
 
Net loss
$
(5,149
)
 
$
(35,525
)
 
$
(39,362
)
Weighted average common shares outstanding
20,975

 
21,362

 
20,974

Net loss per share
$
(0.25
)
 
$
(1.66
)
 
$
(1.88
)
Operating Segments (Tables)
Active Partner Companies by Segment 
The Company’s active partner companies as of December 31, 2014 by segment were as follows for the years ended December 31, 2014, 2013 and 2012:
 
Healthcare 
 
Safeguard Primary Ownership as of December 31,
 
 
Partner Company
2014
 
2013
 
2012
 
Accounting Method
AdvantEdge Healthcare Solutions, Inc.
40.1%
 
40.1%
 
40.2%
 
Equity
Dabo Health, Inc.
15.3%
 
8.0%
 
NA
 
Cost
Good Start Genetics, Inc.
29.9%
 
30.0%
 
30.0%
 
Equity
InfoBionic, Inc.
27.8%
 
NA
 
NA
 
Equity
Medivo, Inc.
34.5%
 
34.5%
 
30.0%
 
Equity
NovaSom, Inc.
31.7%
 
30.3%
 
30.3%
 
Equity
Propeller Health, Inc.
24.6%
 
NA
 
NA
 
Equity
Putney, Inc.
28.3%
 
27.6%
 
27.6%
 
Equity
Quantia, Inc.
42.3%
 
35.1%
 
NA
 
Equity
Syapse, Inc.
27.0%
 
NA
 
NA
 
Equity
Trice Medical™
31.9%
 
NA
 
NA
 
Equity
 
Technology 
 
Safeguard Primary Ownership as of December 31,
 
 
Partner Company
2014
 
2013
 
2012
 
Accounting Method
AppFirst, Inc.
34.3%
 
34.3%
 
35.0%
 
Equity
Apprenda, Inc.
21.6%
 
22.0%
 
NA
 
Equity
Beyond.com, Inc.
38.2%
 
38.2%
 
38.3%
 
Equity
Bridgevine, Inc.
17.2%
 
22.7%
 
21.7%
 
Cost (1)
Clutch Holdings, Inc.
29.6%
 
24.0%
 
NA
 
Equity
DriveFactor, Inc.
40.6%
 
40.6%
 
35.4%
 
Equity
Hoopla Software, Inc.
25.6%
 
25.3%
 
25.3%
 
Equity
Lumesis, Inc.
45.7%
 
44.2%
 
31.6%
 
Equity
MediaMath, Inc.
20.7%
 
22.5%
 
22.2%
 
Equity
Pneuron Corporation
27.6%
 
27.6%
 
NA
 
Equity
Spongecell, Inc.
23.0%
 
23.0%
 
23.1%
 
Equity
Transactis, Inc.
24.8%
 
NA
 
NA
 
Equity
WebLinc, Inc.
29.2%
 
NA
 
NA
 
Equity
Segment Data from Operations 
The following represents segment data from operations:
 
 
For the Year Ended December 31, 2014

Healthcare

Technology

Total
Segments

Other
Items

Total
 
(In thousands)
Operating loss
$
—

 
$
—

 
$
—

 
$
(18,970
)
 
$
(18,970
)
Other income (loss), net
31,820

 
—

 
31,820

 
(163
)
 
31,657

Interest income
—

 
—

 
—

 
1,901

 
1,901

Equity loss
(3,944
)
 
(10,831
)
 
(14,775
)
 
(560
)
 
(15,335
)
Net income (loss)
27,876

 
(10,831
)
 
17,045

 
(22,194
)
 
(5,149
)
Segment Assets:
 
 
 
 
 
 
 
 
 
December 31, 2014
62,292

 
88,408

 
150,700

 
167,754

 
318,454

 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2013
 
Healthcare
 
Technology
 
Total
Segments
 
Other
Items
 
Total
 
(In thousands)
Operating loss
$
—

 
$
—

 
$
—

 
$
(21,644
)
 
$
(21,644
)
Other income (loss), net
(857
)
 
—

 
(857
)
 
1,240

 
383

Interest income
—

 
—

 
—

 
2,646

 
2,646

Equity income (loss)
(31,706
)
 
20,899

 
(10,807
)
 
(1,800
)
 
(12,607
)
Net income (loss)
(32,563
)
 
20,899

 
(11,664
)
 
(23,861
)
 
(35,525
)
Segment Assets:
 
 
 
 
 
 
 
 
 
December 31, 2013
74,939

 
69,471

 
144,410

 
201,586

 
345,996

 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2012
 
Healthcare
 
Technology
 
Total
Segments
 
Other
Items
 
Total
 
(In thousands)
Operating loss
$
—

 
$
—

 
$
—

 
$
(19,473
)
 
$
(19,473
)
Other income (loss), net
19,884

 
—

 
19,884

 
(10,546
)
 
9,338

Interest income
—

 
—

 
—

 
2,926

 
2,926

Equity income (loss)
(26,544
)
 
(119
)
 
(26,663
)
 
146

 
(26,517
)
Net loss
(6,660
)
 
(119
)
 
(6,779
)
 
(32,583
)
 
(39,362
)
Net Loss from Other Items 
Net loss from Other Items was as follows:
 
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(In thousands)
Corporate operations
$
(22,194
)
 
$
(23,861
)
 
$
(32,583
)
Income tax benefit (expense)
—

 
—

 
—

 
$
(22,194
)
 
$
(23,861
)
 
$
(32,583
)
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)
2014:
 
 
 
 
 
 
 
General and administrative expense
$
5,239

 
$
5,069

 
$
4,177

 
$
4,485

Operating loss
(5,239
)
 
(5,069
)
 
(4,177
)
 
(4,485
)
Other income (loss), net
30,374

 
1,452

 
(246
)
 
77

Interest income
470

 
542

 
482

 
407

Interest expense
(1,094
)
 
(1,098
)
 
(1,103
)
 
(1,107
)
Equity income (loss)
6,808

 
(3,175
)
 
(8,962
)
 
(10,006
)
Net income (loss) before income taxes
31,319

 
(7,348
)
 
(14,006
)
 
(15,114
)
Income tax benefit (expense)
—

 
—

 
—

 
—

Net income (loss)
$
31,319

 
$
(7,348
)
 
$
(14,006
)
 
$
(15,114
)
Net income (loss) per share (a)
 
 
 
 
 
 

Basic
$
1.44

 
$
(0.35
)
 
$
(0.68
)
 
$
(0.73
)
Diluted
$
1.29

 
$
(0.35
)
 
$
(0.68
)
 
$
(0.73
)
2013:
 
 
 
 
 
 
 
General and administrative expense
$
5,374

 
$
6,715

 
$
4,835

 
$
4,720

Operating loss
(5,374
)
 
(6,715
)
 
(4,835
)
 
(4,720
)
Other income (loss), net
757

 
(2,724
)
 
(4,224
)
 
6,574

Interest income
734

 
790

 
572

 
550

Interest expense
(1,069
)
 
(1,074
)
 
(1,077
)
 
(1,083
)
Equity income (loss)
(6,987
)
 
(18,400
)
 
(9,866
)
 
22,646

Net income (loss) before income taxes
(11,939
)
 
(28,123
)
 
(19,430
)
 
23,967

Income tax benefit (expense)
—

 
—

 
—

 
—

Net income (loss)
$
(11,939
)
 
$
(28,123
)
 
$
(19,430
)
 
$
23,967

Net income (loss) per share (a)
 
 
 
 
 
 

Basic
$
(0.57
)
 
$
(1.33
)
 
$
(0.90
)
 
$
1.10

Diluted
$
(0.57
)
 
$
(1.33
)
 
$
(0.90
)
 
$
0.99

 
(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.
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 $)
Dec. 31, 2014
Dec. 31, 2013
Investments in and Advances to Affiliates [Line Items]
 
 
Fair value
$ 0 
$ 20,057,000 
Equity method investments
135,989,000 
110,638,000 
Cost method investments
9,138,000 
15,898,000 
Advances to partner companies
9,065,000 
1,986,000 
Total
154,192,000 
148,579,000 
Loan participations receivable
3,855,000 
8,135,000 
Partner companies [Member]
 
 
Investments in and Advances to Affiliates [Line Items]
 
 
Equity method investments
134,861,000 
108,872,000 
Cost method investments
6,774,000 
13,480,000 
Private equity funds [Member]
 
 
Investments in and Advances to Affiliates [Line Items]
 
 
Equity method investments
1,128,000 
1,766,000 
Cost method investments
$ 2,364,000 
$ 2,418,000 
Ownership Interests in and Advances to Partner Companies and Funds - Narrative (Detail) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2014
Goodwill [Member]
Dec. 31, 2014
Intangible Assets [Member]
Dec. 31, 2014
Private equity funds [Member]
Dec. 31, 2013
Private equity funds [Member]
Dec. 31, 2012
Private equity funds [Member]
Dec. 31, 2013
Penn Mezzanine [Member]
Dec. 31, 2012
Penn Mezzanine [Member]
Dec. 31, 2013
PixelOptics, Inc. [Member]
Dec. 31, 2012
PixelOptics, Inc. [Member]
Dec. 31, 2014
PixelOptics, Inc. [Member]
Dec. 31, 2014
Penn Mezzanine [Member]
Dec. 31, 2013
Penn Mezzanine [Member]
Dec. 31, 2012
Penn Mezzanine [Member]
Apr. 30, 2014
Sotera [Member]
Dec. 31, 2014
Sotera [Member]
Feb. 28, 2014
Crescendo [Member]
Dec. 31, 2014
Crescendo [Member]
Feb. 28, 2014
Nupathe [Member]
Dec. 31, 2014
Nupathe [Member]
Dec. 31, 2013
Nupathe [Member]
Dec. 31, 2012
Nupathe [Member]
Jan. 31, 2014
Alverix Inc [Member]
Dec. 31, 2014
Alverix Inc [Member]
Dec. 31, 2014
Bridgevine, Inc. [Member]
Jun. 30, 2014
Bridgevine, Inc. [Member]
Mar. 31, 2014
Bridgevine, Inc. [Member]
Dec. 31, 2013
ThingWorx, Inc. [Member]
Dec. 31, 2014
ThingWorx, Inc. [Member]
Dec. 31, 2014
Equity loss [Member]
Dec. 31, 2013
Equity loss [Member]
Dec. 31, 2012
Equity loss [Member]
Dec. 31, 2013
Equity loss [Member]
Penn Mezzanine [Member]
Investment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Immaterial prior period adjustment made in current period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 1,700,000 
$ 1,400,000 
$ 300,000 
 
Asset Impairment Charges
 
 
 
 
 
 
 
 
 
 
11,200,000 
5,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted carrying value of capital
135,989,000 
110,638,000 
 
 
 
1,128,000 
1,766,000 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impairment charges
 
 
 
 
 
100,000 
300,000 
400,000 
300,000 
2,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,800,000 
Proceeds from Collection of Notes Receivable
 
 
 
 
 
 
 
 
 
 
 
 
 
4,700,000 
1,300,000 
2,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from Sale, Maturity and Collection of Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
1,300,000 
800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from sale of business
82,822,000 
38,974,000 
17,596,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,200,000 
 
38,400,000 
 
23,100,000 
 
 
 
15,700,000 
 
 
 
 
36,400,000 
 
 
 
 
 
Cost-method Investments, Realized Gains
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,500,000 
 
27,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount held in escrow
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,900,000 
 
 
 
 
1,700,000 
 
 
 
 
 
4,100,000 
 
 
 
 
Proceeds From Divestiture of Businesses and Interests in Affiliates per Share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 3.65 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from Milestone Payments per Share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 3.15 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from Milestone Payments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
24,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain on sale of business
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,000,000 
 
 
 
15,700,000 
 
 
 
32,700,000 
 
 
 
 
 
Unrealized Loss on Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
900,000 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain on securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11,000,000 
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17.30% 
22.70% 
 
 
 
 
 
 
Equity Method Investment, Unrealized Gain (Loss) from Change in Ownership
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100,000 
 
 
 
 
 
 
 
 
Proceeds from milestone payments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6,500,000 
 
 
 
 
 
Equity method investment assets exceed carrying value of investment
94,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity method investment allocation of excess fair value
 
 
 
$ 70,700,000 
$ 23,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ownership Interests in and Advances to Partner Companies and Funds - Unaudited Summarized Balance sheets for PixelOptics (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Jun. 30, 2013
PixelOptics, Inc. [Member]
Dec. 31, 2012
PixelOptics, Inc. [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
 
 
 
Current assets
$ 312,621 
$ 221,001 
$ 285 
$ 323 
Non-current assets
90,469 
90,042 
4,588 
5,259 
Total assets
403,090 
311,043 
4,873 
5,582 
Current liabilities
163,016 
153,398 
56,721 
34,184 
Non-current liabilities
80,050 
75,324 
1,818 
10,228 
Shareholders’ equity
160,024 
82,321 
(53,666)
(38,830)
Total liabilities and shareholders’ equity
$ 403,090 
$ 311,043 
$ 4,873 
$ 5,582 
Ownership Interests in and Advances to Partner Companies and Funds - Results of Operations for PixelOptics (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Jun. 30, 2013
PixelOptics, Inc. [Member]
Dec. 31, 2012
PixelOptics, Inc. [Member]
Results of Operations:
 
 
 
 
 
Revenue
$ 320,702 
$ 273,764 
$ 191,928 
$ 800 
$ 1,092 
Operating loss
 
 
 
(12,219)
(32,225)
Net loss
$ (108,458)
$ (63,452)
$ (79,662)
$ (14,838)
$ (35,472)
Ownership Interests in and Advances to Partner Companies and Funds - Summarized Balance Sheets for NuPathe (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Nupathe [Member]
Dec. 31, 2012
Nupathe [Member]
Schedule of Equity Method Investments [Line Items]
 
 
 
 
Current assets
$ 312,621 
$ 221,001 
$ 11,281 
$ 23,020 
Non-current assets
90,469 
90,042 
10,140 
7,587 
Total assets
403,090 
311,043 
21,421 
30,607 
Current liabilities
163,016 
153,398 
8,411 
3,173 
Non-current liabilities
80,050 
75,324 
5,802 
24,421 
Shareholders’ equity
160,024 
82,321 
7,208 
3,013 
Total liabilities and shareholders’ equity
$ 403,090 
$ 311,043 
$ 21,421 
$ 30,607 
Ownership Interests in and Advances to Partner Companies and Funds - Results of Operations for NuPathe (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Sep. 30, 2013
Nupathe [Member]
Dec. 31, 2012
Nupathe [Member]
Investment [Line Items]
 
 
 
 
 
Revenue
$ 320,702 
$ 273,764 
$ 191,928 
$ 0 
$ 0 
Operating loss
 
 
 
(17,238)
(21,033)
Net loss
$ (108,458)
$ (63,452)
$ (79,662)
$ (30,417)
$ (37,784)
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, 2014
Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]
 
 
Current assets
$ 312,621 
$ 221,001 
Non-current assets
90,469 
90,042 
Total assets
403,090 
311,043 
Current liabilities
163,016 
153,398 
Non-current liabilities
80,050 
75,324 
Shareholders’ equity
160,024 
82,321 
Total liabilities and shareholders’ equity
$ 403,090 
$ 311,043 
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, 2014
Dec. 31, 2013
Dec. 31, 2012
Equity Method Investments and Joint Ventures [Abstract]
 
 
 
Revenue
$ 320,702 
$ 273,764 
$ 191,928 
Gross profit
102,803 
123,234 
90,876 
Net loss
$ (108,458)
$ (63,452)
$ (79,662)
Acquisitions of Ownership Interests in Partner Companies and Funds (Detail) (USD $)
12 Months Ended 1 Months Ended 49 Months Ended 1 Months Ended 3 Months Ended 1 Months Ended 24 Months Ended 1 Months Ended 5 Months Ended 7 Months Ended 1 Months Ended 24 Months Ended 1 Months Ended 10 Months Ended 1 Months Ended 12 Months Ended 18 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 13 Months Ended 8 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 53 Months Ended 1 Months Ended 3 Months Ended 27 Months Ended 5 Months Ended 23 Months Ended 1 Months Ended 30 Months Ended 1 Months Ended 1 Months Ended 1 Months Ended 1 Months Ended 2 Months Ended 7 Months Ended 9 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Jul. 31, 2013
Crescendo [Member]
Dec. 31, 2012
Crescendo [Member]
Feb. 28, 2013
Nupathe [Member]
Oct. 23, 2012
Nupathe [Member]
Aug. 31, 2010
Nupathe [Member]
Dec. 31, 2014
Noble [Member]
Nov. 30, 2013
Noble [Member]
May 31, 2014
New York Digital Health Accelerator II [Member]
Sep. 30, 2014
Trice [Member]
Nov. 30, 2013
Apprenda, Inc. [Member]
Jan. 31, 2014
Hoopla Software, Inc. [Member]
Dec. 31, 2013
Hoopla Software, Inc. [Member]
Sep. 30, 2013
Alverix [Member]
Jan. 31, 2014
Alverix Inc [Member]
Dec. 31, 2013
Quantia [Member]
Oct. 31, 2014
Quantia [Member]
Aug. 31, 2013
DriveFactor Inc. [Member]
Dec. 31, 2012
DriveFactor Inc. [Member]
May 31, 2014
Clutch [Member]
Dec. 31, 2013
Clutch [Member]
Feb. 28, 2014
Crescendo [Member]
Dec. 31, 2013
Penn Mezzanine [Member]
Dec. 31, 2012
Penn Mezzanine [Member]
Dec. 31, 2013
PixelOptics, Inc. [Member]
Sep. 30, 2012
PixelOptics, Inc. [Member]
Dec. 31, 2014
PixelOptics, Inc. [Member]
Jun. 30, 2013
Medivo, Inc. [Member]
Nov. 30, 2011
Medivo, Inc. [Member]
Feb. 28, 2013
Pneuron [Member]
Apr. 30, 2014
Sotera [Member]
Mar. 31, 2014
Sotera [Member]
Dec. 31, 2013
Sotera [Member]
May 31, 2014
Appfirst [Member]
Dec. 31, 2013
Appfirst [Member]
Oct. 31, 2012
Good Start Genetics, Inc. [Member]
Dec. 31, 2010
Good Start Genetics, Inc. [Member]
Feb. 28, 2014
Nupathe [Member]
Dec. 31, 2013
ThingWorx, Inc. [Member]
Sep. 30, 2012
ThingWorx, Inc. [Member]
Feb. 28, 2011
ThingWorx, Inc. [Member]
May 31, 2014
MediaMath, Inc. [Member]
Dec. 31, 2014
MediaMath, Inc. [Member]
Dec. 31, 2013
MediaMath, Inc. [Member]
Apr. 30, 2014
MediaMath, Inc. [Member]
Aug. 31, 2012
New York Digital Health Accelerator [Member]
Feb. 29, 2012
Spongecell [Member]
Jun. 30, 2014
Putney, Inc. [Member]
Dec. 31, 2013
Putney, Inc. [Member]
May 31, 2014
Lumesis, Inc. [Member]
Dec. 31, 2013
Lumesis, Inc. [Member]
May 31, 2014
NovaSom, Inc. [Member]
Dec. 31, 2013
NovaSom, Inc. [Member]
Aug. 31, 2014
Propeller [Member]
Sep. 30, 2014
Propeller [Member]
Aug. 31, 2014
Transactis [Member]
Sep. 30, 2014
Transactis [Member]
Aug. 31, 2014
WebLinc [Member]
Sep. 30, 2014
WebLinc [Member]
Jun. 30, 2014
Syapse, Inc. [Member]
Dec. 31, 2013
Dabo [Member]
Nov. 30, 2014
Dabo [Member]
Nov. 30, 2014
InfoBionic [Member]
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible bridge loan
 
 
 
$ 1,000,000 
 
 
 
 
$ 300,000 
$ 500,000 
 
 
 
 
 
$ 600,000 
 
 
$ 5,100,000 
 
 
 
 
 
 
 
$ 5,300,000 
 
 
 
 
 
 
$ 200,000 
 
$ 2,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 1,100,000 
 
 
 
 
 
 
 
 
 
 
 
Payments to Acquire Other Investments
 
 
 
 
10,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
800,000 
1,300,000 
 
Ownership interest under equity method, percentage
 
 
 
 
 
 
 
 
 
 
12.50% 
31.90% 
22.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
27.60% 
 
 
 
 
 
 
 
 
 
 
 
20.60% 
 
 
22.50% 
9.40% 
23.10% 
 
 
 
 
 
 
 
24.60% 
 
24.80% 
 
29.20% 
27.00% 
 
 
27.80% 
Acquisitions of ownership interests in companies and funds, net of cash acquired
59,476,000 
41,838,000 
46,100,000 
 
 
 
 
 
 
 
100,000 
5,000,000 
12,100,000 
1,400,000 
1,800,000 
8,800,000 
 
7,500,000 
 
1,100,000 
3,500,000 
2,000,000 
5,500,000 
 
 
 
 
31,600,000 
 
5,300,000 
6,300,000 
5,000,000 
 
 
 
 
6,500,000 
5,200,000 
6,800,000 
 
 
5,000,000 
5,000,000 
7,000,000 
 
18,600,000 
 
400,000 
10,000,000 
5,000,000 
10,000,000 
1,700,000 
3,900,000 
 
20,000,000 
9,000,000 
 
9,500,000 
 
6,000,000 
 
5,800,000 
 
 
8,000,000 
Equity Method Investment, Unrealized Gain (Loss) from Change in Ownership
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of shares acquired from previous investor
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from sale of business
82,822,000 
38,974,000 
17,596,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
15,700,000 
 
 
 
 
 
 
38,400,000 
 
 
 
 
 
 
 
 
4,200,000 
 
 
 
 
 
 
23,100,000 
36,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund amount for participations in loan and equity interests
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,300,000 
4,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund amount for participations in loan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,200,000 
3,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund amount for participations in equity interests
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100,000 
300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund amount for participations in warrants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity method investments
135,989,000 
110,638,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of preferred stock units and warrants purchased
 
 
 
 
 
 
2,500 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Warrants exercisable for common shares
 
 
 
 
 
 
2,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchase price of preferred stock and warrants
 
 
 
 
 
 
5,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares of common stock to be purchased with preferred stock units and warrants
 
 
 
 
 
2,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisitions of ownership interests in companies as available-for-sale securities
 
 
 
 
 
 
 
$ 18,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Measurements - Carrying Value and Fair Value of Certain Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
$ 111,897 
$ 139,318 
Warrant participations
0 
0 
Marketable securities - held-to-maturity
44,628 
44,338 
Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
0 
0 
Warrant participations
0 
0 
Marketable securities - held-to-maturity
0 
0 
Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
0 
0 
Warrant participations
61 
1,563 
Marketable securities - held-to-maturity
0 
0 
Nupathe [Member] |
Common Stock [Member] |
Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Ownership interest
 
16,874 
Nupathe [Member] |
Common Stock [Member] |
Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Ownership interest
 
0 
Nupathe [Member] |
Common Stock [Member] |
Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Ownership interest
 
0 
Nupathe [Member] |
Preferred stock, warrants and options [Member] |
Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Ownership interest
 
0 
Nupathe [Member] |
Preferred stock, warrants and options [Member] |
Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Ownership interest
 
0 
Nupathe [Member] |
Preferred stock, warrants and options [Member] |
Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Ownership interest
 
3,183 
Commercial Paper [Member] |
Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
6,596 
13,599 
Commercial Paper [Member] |
Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
0 
0 
Commercial Paper [Member] |
Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
0 
0 
U.S. Treasury Bills [Member] |
Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
1,503 
8,014 
U.S. Treasury Bills [Member] |
Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
0 
0 
U.S. Treasury Bills [Member] |
Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
0 
0 
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
503 
9,945 
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 
0 
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 
0 
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
36,026 
12,780 
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 
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 
Carrying Value [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
111,897 
139,318 
Warrant participations
61 
1,563 
Marketable securities - held-to-maturity
44,628 
44,338 
Carrying Value [Member] |
Nupathe [Member] |
Common Stock [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Ownership interest
 
16,874 
Carrying Value [Member] |
Nupathe [Member] |
Preferred stock, warrants and options [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Ownership interest
 
3,183 
Carrying Value [Member] |
Commercial Paper [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
6,596 
13,599 
Carrying Value [Member] |
U.S. Treasury Bills [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Marketable securities - held-to-maturity
1,503 
8,014 
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
503 
9,945 
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
$ 36,026 
$ 12,780 
Fair Value Measurements - Narrative (Detail) (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
 
 
 
Marketable securities, current
$ 25,263,000 
$ 38,250,000 
 
Marketable securities, non current
19,365,000 
6,088,000 
 
Equity method investments
135,989,000 
110,638,000 
 
Private equity funds [Member]
 
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
 
Equity method investments
1,128,000 
1,766,000 
 
Impairment charges
100,000 
300,000 
400,000 
Private equity funds [Member] |
Level 3 [Member]
 
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
 
Fair market value of investment
1,600,000 
 
 
Penn Mezzanine [Member]
 
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
 
Amount of gain associated with mark-to-market adjustments
 
1,100,000 
 
Impairment charges
 
300,000 
2,500,000 
Penn Mezzanine [Member] |
Equity loss [Member]
 
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
 
Impairment charges
 
1,800,000 
 
PixelOptics, Inc. [Member]
 
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
 
Asset Impairment Charges
 
11,200,000 
5,000,000 
Equity method investments
$ 0 
 
 
Convertible Debentures and Credit Arrangements - Schedule of Convertible Senior Debentures (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Debt Instrument [Line Items]
 
 
Convertible senior debentures
$ 50,563 
$ 49,948 
Less: current portion
0 
(470)
Convertible senior debentures—non-current
50,563 
49,478 
Convertible Senior Debentures due 2018 [Member]
 
 
Debt Instrument [Line Items]
 
 
Convertible senior debentures
50,563 
49,478 
Convertible Senior Debentures due 2024 [Member]
 
 
Debt Instrument [Line Items]
 
 
Convertible senior debentures
0 
441 
Convertible Senior Debentures due 2014 [Member]
 
 
Debt Instrument [Line Items]
 
 
Convertible senior debentures
$ 0 
$ 29 
Convertible Debentures and Credit Arrangements - Convertible Senior Debentures due 2018 Narrative (Detail) (USD $)
12 Months Ended 12 Months Ended 1 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2014
Convertible Senior Debentures due 2018 [Member]
Dec. 31, 2013
Convertible Senior Debentures due 2018 [Member]
Nov. 30, 2012
Convertible Senior Debentures due 2018 [Member]
Dec. 31, 2014
Convertible Senior Debentures due 2018 [Member]
Minimum [Member]
Nov. 30, 2012
Convertible Senior Debentures due 2014 [Member]
Dec. 31, 2010
Convertible Senior Debentures due 2014 [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
Aggregate principal amount of convertible senior debentures
 
 
 
 
 
$ 55,000,000.0 
 
 
$ 46,900,000.0 
Interest rate on debentures
 
 
 
 
 
5.25% 
 
10.125% 
 
Loss on retirement of debt
 
 
 
 
 
 
 
7,900,000 
 
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 
 
 
 
 
 
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% 
 
 
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
 
 
 
$ 19.82 
 
 
 
 
 
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
 
 
 
70,800,000 
 
 
 
 
 
Gross carrying amount of equity component
 
 
 
6,400,000 
 
 
 
 
 
Principal amount of liability component
 
 
 
55,000,000 
 
 
 
 
 
Unamortized discount
 
 
 
4,400,000 
 
 
 
 
 
Carrying value of liability component
 
 
 
50,600,000 
 
 
 
 
 
Amortization of debt discount
$ 1,085,000 
$ 995,000 
$ 726,000 
$ 1,100,000 
$ 1,000,000 
 
 
 
 
Debt Instrument, Interest Rate, Effective Percentage
 
 
 
8.70% 
 
 
 
 
 
Convertible Debentures and Credit Arrangements - Convertible Senior Debentures due 2024 Narrative (Details) (Convertible Senior Debentures due 2024 [Member], USD $)
Dec. 31, 2004
Convertible Senior Debentures due 2024 [Member]
 
Debt Instrument [Line Items]
 
Face amount
$ 150,000,000.0 
Convertible Debentures and Credit Arrangements - Convertible Senior Debentures due 2014 Narrative (Details) (Convertible Senior Debentures due 2014 [Member], USD $)
Mar. 31, 2014
Nov. 30, 2012
Dec. 31, 2010
Convertible Senior Debentures due 2014 [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Face amount
 
 
$ 46,900,000.0 
Repurchase amount
 
58,700,000 
 
Debt Instrument, Convertible, Principal Converted to Common Stock
$ 29,000 
 
 
Convertible Debentures and Credit Arrangements - Credit Arrangements Narrative (Details) (Credit Arrangements [Member], USD $)
12 Months Ended
Dec. 31, 2014
Line of Credit Facility [Line Items]
 
Maximum borrowing capacity
$ 25,000,000.0 
Sublimit facility attached on revolving credit facility
20,000,000.0 
Remaining borrowing capacity
18,700,000 
After Amendment [Member]
 
Line of Credit Facility [Line Items]
 
Maturity date
Dec. 21, 2015 
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
9 Months Ended 12 Months Ended
Sep. 30, 2014
Dec. 31, 2014
Feb. 1, 2014
Stock Repurchase [Line Items]
 
 
 
Stock Repurchased During Period, Value
 
$ 25,036,000 
 
Common Stock [Member]
 
 
 
Stock Repurchase [Line Items]
 
 
 
Stock Repurchase Program, Authorized Amount
 
 
25,000,000 
Repurchase of common stock (in shares)
 
1,200 
 
Stock Repurchased During Period, Value
$ 25,000,000 
 
 
Stock-Based Compensation - Equity Compensation Plans Narrative (Details)
12 Months Ended 1 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Employee stock options [Member]
May 31, 2014
2004 Equity Compensation Plan [Member]
Dec. 31, 2014
2004 Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Shares, Period Increase (Decrease)
 
 
2,200,000 
 
Number of shares authorized for issuance
 
 
 
4,100,000 
Options issued
 
70,000 
 
 
Reserved shares of common stock for possible future issuance
4,600,000 
 
 
 
Stock-Based Compensation - Stock-Based Compensation Expense (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
Stock-based compensation expense
$ 1,935 
$ 1,821 
$ 2,014 
General and Administrative Expense [Member]
 
 
 
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
Stock-based compensation expense
$ 1,935 
$ 1,821 
$ 2,014 
Stock-Based Compensation - Classification of Stock-Based Compensation Expense Narrative (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
vesting_type
Dec. 31, 2013
Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Number of award vesting types
3 
 
 
Weighted-average grant date fair value of options issued
$ 7.02 
$ 6.83 
$ 7.45 
Total intrinsic value of options exercised
$ 2.4 
$ 3.9 
$ 1.2 
Market-based awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Vesting period
8 years 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
22,000 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations
155,000 
554,000 
6,000 
Stock-based compensation expense
0 
0.2 
0.4 
Stock-based compensation, maximum number of unvested shares
226,000 
 
 
Performance-based awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
7,000 
0 
14,000 
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations
16,000 
398,000 
6,000 
Stock-based compensation expense
0.1 
0 
0.2 
Stock-based compensation, maximum number of unvested shares
462,000 
 
 
Options issued
8,000 
67,000 
180,000 
Total unrecognized compensation cost related to non-vested stock options granted
0.5 
 
 
Total unrecognized compensation cost, weighted-average period for recognition
3 years 2 months 12 days 
 
 
Service-based awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Vesting period
4 years 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations
8,000 
14,000 
1,000 
Stock-based compensation expense
0.3 
0.5 
0.7 
Options issued
23,000 
52,000 
113,000 
Expiration term
8 years 
 
 
Service Based Awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Total unrecognized compensation cost related to non-vested stock options granted
0.6 
 
 
Total unrecognized compensation cost, weighted-average period for recognition
2 years 7 months 12 days 
 
 
Performance Stock Unit [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Options issued
119,000 
83,000 
90,000 
Restricted Stock [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Vesting period
3 years 
 
 
Options issued
59,000 
28,000 
30,000 
Percentage of shares vesting on the first anniversary of grant
25.00% 
 
 
Percentage of shares vesting after the first anniversary of grant
75.00% 
 
 
Deferred Stock Units [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Options issued
46,000 
48,000 
25,000 
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
1 year 
 
 
Deferred stock units, performance-based stock units and restricted stock [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
78,000 
67,000 
 
Stock-based compensation expense
1.5 
1.1 
0.7 
Total unrecognized compensation cost related to non-vested stock options granted
4.1 
 
 
Granted to restricted shares to members of its advisory boards
231,000 
167,000 
 
Total fair value of stock-based compensation vested
1.4 
1.1 
0.9 
Non Employees [Member] |
Restricted Stock [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Stock-based compensation expense
 
$ 0.1 
 
Granted to restricted shares to members of its advisory boards
8,000 
8,000 
5,000 
Stock-Based Compensation - Assumptions used in Valuation of Options Granted (Detail)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
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
32.00% 
52.00% 
56.00% 
Average expected option life
5 years 
5 years 
5 years 
Risk-free interest rate
1.70% 
1.30% 
0.80% 
Performance-based awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Dividend yield
0.00% 
0.00% 
0.00% 
Expected volatility
32.00% 
46.00% 
55.00% 
Average expected option life
4 years 9 months 18 days 
4 years 8 months 12 days 
5 years 6 months 
Risk-free interest rate
1.70% 
1.80% 
0.80% 
Stock-Based Compensation - Option Activity (Detail) (Stock Option [Member], USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Stock Option [Member]
 
 
 
Shares
 
 
 
Outstanding, Beginning Balance
1,828 
3,287 
3,218 
Options granted
31 
120 
293 
Options exercised
(365)
(612)
(211)
Options canceled/forfeited
(178)
(967)
(13)
Outstanding, Ending Balance
1,316 
1,828 
3,287 
Options exercisable
537 
 
 
Options vested and expected to vest
964 
 
 
Shares available for future grant
2,638 
 
 
Weighted Average Exercise Price
 
 
 
Outstanding, Beginning Balance
$ 12.51 
$ 10.72 
$ 10.32 
Options granted
$ 19.38 
$ 15.61 
$ 14.91 
Options exercised
$ 11.48 
$ 8.44 
$ 10.22 
Options canceled/forfeited
$ 13.58 
$ 9.38 
$ 13.48 
Outstanding, Ending Balance
$ 12.81 
$ 12.51 
$ 10.72 
Options exercisable
$ 12.13 
 
 
Options vested and expected to vest
$ 12.33 
 
 
Weighted Average Remaining Contractual Life
 
 
 
Outstanding, Contractual life
3 years 11 months 27 days 
 
 
Options exercisable
2 years 6 months 15 days 
 
 
Options vested and expected to vest
2 years 7 months 24 days 
 
 
Aggregate Intrinsic Value
 
 
 
Outstanding intrinsic value
$ 9,402 
 
 
Options exercisable
4,201 
 
 
Options vested and expected to vest
$ 7,350 
 
 
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, 2014
Dec. 31, 2013
Deferred stock units, performance-based stock units and restricted stock [Member]
 
 
Unvested, shares
 
 
Unvested, Beginning Balance
317 
347 
Granted
231 
167 
Vested
(78)
(67)
Forfeited
(15)
(130)
Unvested, Ending Balance
455 
317 
Weighted Average Grant Date Fair Value
 
 
Unvested, Beginning Balance
$ 15.34 
$ 13.85 
Granted
$ 19.67 
$ 17.45 
Vested
$ 17.91 
$ 16.73 
Forfeited
$ 15.61 
$ 13.35 
Unvested ,Ending Balance
$ 17.09 
$ 15.34 
Other Income (Loss), Net (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Other Income and Expense [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Gain on sale of ownership interests in companies and funds, net
 
 
 
 
 
 
 
 
$ 31,835 
$ 0 
$ 9,004 
Other than temporary impairment on available-for-sale securities
(14)
 
 
 
(43)
 
 
 
(14)
(43)
(260)
Other
 
 
 
 
 
 
 
 
(110)
740 
29 
Other income (loss), net
77 
(246)
1,452 
30,374 
6,574 
(4,224)
(2,724)
757 
31,657 
383 
9,338 
Debt Repurchase [Member]
 
 
 
 
 
 
 
 
 
 
 
Other Income and Expense [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Loss on repurchase of convertible debentures
 
 
 
 
 
 
 
 
0 
0 
(7,895)
Nupathe [Member]
 
 
 
 
 
 
 
 
 
 
 
Other Income and Expense [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Unrealized Gain (Loss) on Investments
 
 
 
 
 
 
 
 
0 
(915)
11,035 
Cost-method Investments [Member]
 
 
 
 
 
 
 
 
 
 
 
Other Income and Expense [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Impairment charges
 
 
 
 
 
 
 
 
(54)
(250)
(350)
Penn Mezzanine [Member]
 
 
 
 
 
 
 
 
 
 
 
Other Income and Expense [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Unrealized Gain (Loss) on Investments
 
 
 
 
 
 
 
 
0 
1,146 
264 
Impairment charges
 
 
 
 
 
 
 
 
$ 0 
$ (295)
$ (2,489)
Income Taxes - Narrative (Detail) (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Tax Disclosure [Abstract]
 
 
 
Federal income tax expense (benefit)
$ 0 
$ 0 
$ 0 
State and local income tax expense (benefit)
0 
0 
0 
Statutory tax (benefit) expense
35.00% 
35.00% 
35.00% 
Net operating loss carryforwards
$ 208,201,000 
 
 
Income Taxes - Differences Between United States Federal Income Tax Rate and Effective Income Tax Rate (Detail)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Tax Disclosure [Abstract]
 
 
 
Statutory tax (benefit) expense
(35.00%)
(35.00%)
(35.00%)
Increase (decrease) in taxes resulting from:
 
 
 
Share based compensation
1.50% 
0.20% 
0.20% 
Nondeductible expenses
2.90% 
0.10% 
0.10% 
Valuation allowance
30.60% 
34.70% 
34.70% 
Effective Income Tax Rate, Continuing Operations, Total
0.00% 
0.00% 
0.00% 
Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Deferred tax asset:
 
 
Carrying values of partner companies and other holdings
$ 68,557 
$ 59,045 
Tax loss and credit carryforwards
76,766 
82,403 
Accrued expenses
1,484 
2,043 
Stock-based compensation
4,761 
5,005 
Other
1,353 
1,560 
Deferred tax assets, gross
152,921 
150,056 
Valuation allowance
(152,921)
(150,056)
Net deferred tax asset
$ 0 
$ 0 
Income Taxes - Carryforwards Expiration (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Income Tax Disclosure [Abstract]
 
2015
$ 0 
2016
0 
2017
0 
2018
0 
2019 and thereafter
208,201 
Total
$ 208,201 
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, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Basic:
 
 
 
 
 
 
 
 
 
 
 
Net loss
$ (15,114)
$ (14,006)
$ (7,348)
$ 31,319 
$ 23,967 
$ (19,430)
$ (28,123)
$ (11,939)
$ (5,149)
$ (35,525)
$ (39,362)
Basic (in shares)
 
 
 
 
 
 
 
 
20,975 
21,362 
20,974 
Net income (loss) per share (in dollars per share)
$ (0.73)1
$ (0.68)1
$ (0.35)1
$ 1.44 1
$ 1.10 1
$ (0.90)1
$ (1.33)1
$ (0.57)1
$ (0.25)
$ (1.66)
$ (1.88)
Diluted:
 
 
 
 
 
 
 
 
 
 
 
Net loss
$ (15,114)
$ (14,006)
$ (7,348)
$ 31,319 
$ 23,967 
$ (19,430)
$ (28,123)
$ (11,939)
$ (5,149)
$ (35,525)
$ (39,362)
Diluted (in shares)
 
 
 
 
 
 
 
 
20,975 
21,362 
20,974 
Net income (loss) per share (in dollars per share)
$ (0.73)1
$ (0.68)1
$ (0.35)1
$ 1.29 1
$ 0.99 1
$ (0.90)1
$ (1.33)1
$ (0.57)1
$ (0.25)
$ (1.66)
$ (1.88)
Net Income (Loss) Per Share - Narrative (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
 
Shares of common stock at prices ranging, lower limit
$ 7.14 
$ 3.93 
$ 3.93 
Shares of common stock at prices ranging, upper limit
$ 19.95 
$ 18.80 
$ 18.80 
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
1.3 
1.8 
3.3 
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
0.5 
0.3 
0.3 
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
3.0 
3.0 
3.0 
Related Party Transactions (Detail) (USD $)
1 Months Ended 12 Months Ended 168 Months Ended
May 31, 2001
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2014
Related Party Transactions [Abstract]
 
 
 
 
 
Loan agreement
$ 26,500,000 
 
 
 
 
Impairment charges against loan
 
 
 
 
15,700,000 
Receipt in payments on loan
 
100,000 
0 
0 
17,000,000 
Loan, carrying value
 
$ 0 
 
 
$ 0 
Commitments and Contingencies (Detail) (USD $)
1 Months Ended 12 Months Ended
Oct. 31, 2001
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Commitment Contingencies And Guarantees [Line Items]
 
 
 
 
Total rental expense under operating leases
 
$ 600,000 
$ 600,000 
$ 600,000 
Future minimum lease payments under non-cancelable operating leases 2014
 
400,000 
 
 
Company outstanding guarantees
 
3,800,000 
 
 
Accrued expenses
 
2,334,000 
2,431,000 
 
Other long-term liabilities
 
3,507,000 
3,683,000 
 
Annual payments
650,000 
 
 
 
Employee Severance [Member]
 
 
 
 
Commitment Contingencies And Guarantees [Line Items]
 
 
 
 
Restructuring and Related Cost, Expected Cost
 
3,000,000 
 
 
Letter of credit [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
 
2,500,000 
 
 
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% 
 
 
Private equity funds [Member]
 
 
 
 
Commitment Contingencies And Guarantees [Line Items]
 
 
 
 
Committed capital of private equity funds
 
$ 200,000 
 
 
Funding period
 
12 months 
 
 
Supplemental Cash Flow Information (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash Flow Supplemental Disclosures [Line Items]
 
 
 
Converted instrument amount
$ 2.7 
$ 1.8 
 
Interest payments
2.9 
2.9 
0.8 
Cash paid for taxes
0 
0 
0 
Convertible Senior Debentures due 2014 [Member]
 
 
 
Cash Flow Supplemental Disclosures [Line Items]
 
 
 
Interest payments
 
$ 4.8 
 
Operating Segments - Narrative (Detail) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
partner_company
Dec. 31, 2014
Other Segments [Member]
Dec. 31, 2013
Other Segments [Member]
Jun. 30, 2014
Bridgevine, Inc. [Member]
Mar. 31, 2014
Bridgevine, Inc. [Member]
Segment Reporting Information [Line Items]
 
 
 
 
 
Non-consolidated partner companies
24 
 
 
 
 
Ownership interest under equity method, percentage
 
 
 
17.30% 
22.70% 
Total assets included cash, cash equivalents, cash held in escrow and marketable securities
 
$ 156.5 
$ 183.7 
 
 
Operating Segments - Active Partner Companies by Segment (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating loss
$ (4,485)
$ (4,177)
$ (5,069)
$ (5,239)
$ (4,720)
$ (4,835)
$ (6,715)
$ (5,374)
$ (18,970)
$ (21,644)
$ (19,473)
Other income (loss), net
77 
(246)
1,452 
30,374 
6,574 
(4,224)
(2,724)
757 
31,657 
383 
9,338 
Interest income
407 
482 
542 
470 
550 
572 
790 
734 
1,901 
2,646 
2,926 
Equity loss
(10,006)
(8,962)
(3,175)
6,808 
22,646 
(9,866)
(18,400)
(6,987)
(15,335)
(12,607)
(26,517)
Net loss
(15,114)
(14,006)
(7,348)
31,319 
23,967 
(19,430)
(28,123)
(11,939)
(5,149)
(35,525)
(39,362)
Assets
318,454 
 
 
 
345,996 
 
 
 
318,454 
345,996 
 
Net loss before income taxes
(15,114)
(14,006)
(7,348)
31,319 
23,967 
(19,430)
(28,123)
(11,939)
(5,149)
(35,525)
(39,362)
Income tax benefit (expense)
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
Healthcare [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating loss
 
 
 
 
 
 
 
 
0 
0 
0 
Other income (loss), net
 
 
 
 
 
 
 
 
31,820 
(857)
19,884 
Interest income
 
 
 
 
 
 
 
 
0 
0 
0 
Equity loss
 
 
 
 
 
 
 
 
(3,944)
(31,706)
(26,544)
Net loss
 
 
 
 
 
 
 
 
27,876 
(32,563)
(6,660)
Assets
62,292 
 
 
 
74,939 
 
 
 
62,292 
74,939 
 
Healthcare [Member] |
AdvantEdge Healthcare Solutions, Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
40.10% 
 
 
 
40.10% 
 
 
 
40.10% 
40.10% 
40.20% 
Healthcare [Member] |
Dabo Health, Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under cost method, percentage
15.30% 
 
 
 
8.00% 
 
 
 
15.30% 
8.00% 
 
Healthcare [Member] |
Good Start Genetics, Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
29.90% 
 
 
 
30.00% 
 
 
 
29.90% 
30.00% 
30.00% 
Healthcare [Member] |
InfoBionic [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
27.80% 
 
 
 
 
 
 
 
27.80% 
 
 
Healthcare [Member] |
Medivo, Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
34.50% 
 
 
 
34.50% 
 
 
 
34.50% 
34.50% 
30.00% 
Healthcare [Member] |
NovaSom, Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
31.70% 
 
 
 
30.30% 
 
 
 
31.70% 
30.30% 
30.30% 
Healthcare [Member] |
Propeller [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
24.60% 
 
 
 
 
 
 
 
24.60% 
 
 
Healthcare [Member] |
Putney, Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
28.30% 
 
 
 
27.60% 
 
 
 
28.30% 
27.60% 
27.60% 
Healthcare [Member] |
Quantia, Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
42.30% 
 
 
 
35.10% 
 
 
 
42.30% 
35.10% 
 
Healthcare [Member] |
Syapse, Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
27.00% 
 
 
 
 
 
 
 
27.00% 
 
 
Healthcare [Member] |
Trice [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
31.90% 
 
 
 
 
 
 
 
31.90% 
 
 
Technology [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating loss
 
 
 
 
 
 
 
 
0 
0 
0 
Other income (loss), net
 
 
 
 
 
 
 
 
0 
0 
0 
Interest income
 
 
 
 
 
 
 
 
0 
0 
0 
Equity loss
 
 
 
 
 
 
 
 
(10,831)
20,899 
(119)
Net loss
 
 
 
 
 
 
 
 
(10,831)
20,899 
(119)
Assets
88,408 
 
 
 
69,471 
 
 
 
88,408 
69,471 
 
Technology [Member] |
Appfirst [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
34.30% 
 
 
 
34.30% 
 
 
 
34.30% 
34.30% 
35.00% 
Technology [Member] |
Apprenda, Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
21.60% 
 
 
 
22.00% 
 
 
 
21.60% 
22.00% 
 
Technology [Member] |
Beyond.com, Inc [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
38.20% 
 
 
 
38.20% 
 
 
 
38.20% 
38.20% 
38.30% 
Technology [Member] |
Bridgevine, Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under cost method, percentage
17.20% 1
 
 
 
22.70% 
 
 
 
17.20% 1
22.70% 
21.70% 
Technology [Member] |
Clutch [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
29.60% 
 
 
 
24.00% 
 
 
 
29.60% 
24.00% 
 
Technology [Member] |
DriveFactor Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
40.60% 
 
 
 
40.60% 
 
 
 
40.60% 
40.60% 
35.40% 
Technology [Member] |
Hoopla Software, Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
25.60% 
 
 
 
25.30% 
 
 
 
25.60% 
25.30% 
25.30% 
Technology [Member] |
Lumesis, Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
45.70% 
 
 
 
44.20% 
 
 
 
45.70% 
44.20% 
31.60% 
Technology [Member] |
MediaMath, Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
20.70% 
 
 
 
22.50% 
 
 
 
20.70% 
22.50% 
22.20% 
Technology [Member] |
Pneuron [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
27.60% 
 
 
 
27.60% 
 
 
 
27.60% 
27.60% 
 
Technology [Member] |
Spongecell, Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
23.00% 
 
 
 
23.00% 
 
 
 
23.00% 
23.00% 
23.10% 
Technology [Member] |
Transactis [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
24.80% 
 
 
 
 
 
 
 
24.80% 
 
 
Technology [Member] |
WebLinc [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
29.20% 
 
 
 
 
 
 
 
29.20% 
 
 
Reportable Subsegments [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating loss
 
 
 
 
 
 
 
 
0 
0 
0 
Other income (loss), net
 
 
 
 
 
 
 
 
31,820 
(857)
19,884 
Interest income
 
 
 
 
 
 
 
 
0 
0 
0 
Equity loss
 
 
 
 
 
 
 
 
(14,775)
(10,807)
(26,663)
Net loss
 
 
 
 
 
 
 
 
17,045 
(11,664)
(6,779)
Assets
150,700 
 
 
 
144,410 
 
 
 
150,700 
144,410 
 
Other Segments [Member]
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Operating loss
 
 
 
 
 
 
 
 
(18,970)
(21,644)
(19,473)
Other income (loss), net
 
 
 
 
 
 
 
 
(163)
1,240 
(10,546)
Interest income
 
 
 
 
 
 
 
 
1,901 
2,646 
2,926 
Equity loss
 
 
 
 
 
 
 
 
(560)
(1,800)
146 
Net loss
 
 
 
 
 
 
 
 
(22,194)
(23,861)
(32,583)
Assets
167,754 
 
 
 
201,586 
 
 
 
167,754 
201,586 
 
Net loss before income taxes
 
 
 
 
 
 
 
 
(22,194)
(23,861)
(32,583)
Income tax benefit (expense)
 
 
 
 
 
 
 
 
$ 0 
$ 0 
$ 0 
Selected Quarterly Financial Information (Unaudited) (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
General and administrative expense
$ 4,485 
$ 4,177 
$ 5,069 
$ 5,239 
$ 4,720 
$ 4,835 
$ 6,715 
$ 5,374 
$ 18,970 
$ 21,644 
$ 19,473 
Operating loss
(4,485)
(4,177)
(5,069)
(5,239)
(4,720)
(4,835)
(6,715)
(5,374)
(18,970)
(21,644)
(19,473)
Other income (loss), net
77 
(246)
1,452 
30,374 
6,574 
(4,224)
(2,724)
757 
31,657 
383 
9,338 
Interest income
407 
482 
542 
470 
550 
572 
790 
734 
1,901 
2,646 
2,926 
Interest expense
(1,107)
(1,103)
(1,098)
(1,094)
(1,083)
(1,077)
(1,074)
(1,069)
(4,402)
(4,303)
(5,636)
Equity loss
(10,006)
(8,962)
(3,175)
6,808 
22,646 
(9,866)
(18,400)
(6,987)
(15,335)
(12,607)
(26,517)
Net loss before income taxes
(15,114)
(14,006)
(7,348)
31,319 
23,967 
(19,430)
(28,123)
(11,939)
(5,149)
(35,525)
(39,362)
Income tax benefit (expense)
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
Net loss
$ (15,114)
$ (14,006)
$ (7,348)
$ 31,319 
$ 23,967 
$ (19,430)
$ (28,123)
$ (11,939)
$ (5,149)
$ (35,525)
$ (39,362)
Net loss per share
 
 
 
 
 
 
 
 
 
 
 
Basic (in dollars per share)
$ (0.73)1
$ (0.68)1
$ (0.35)1
$ 1.44 1
$ 1.10 1
$ (0.90)1
$ (1.33)1
$ (0.57)1
$ (0.25)
$ (1.66)
$ (1.88)
Diluted (in dollars per share)
$ (0.73)1
$ (0.68)1
$ (0.35)1
$ 1.29 1
$ 0.99 1
$ (0.90)1
$ (1.33)1
$ (0.57)1
$ (0.25)
$ (1.66)
$ (1.88)