INNOVATE (VATE) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-35210
Entity Registrant Name	INNOVATE CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-1708481
Entity Address, Address Line One	295 Madison Avenue
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	235-2690
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		78,432,535
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001006837
Current Fiscal Year End Date	--12-31
Common Stock, par value $0.001 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	VATE
Security Exchange Name	NYSE
Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 412.8	$ 171.8
Cost of revenue	363	141.3
Gross profit	49.8	30.5
Operating expenses:
Selling, general and administrative	42.6	37.1
Depreciation and amortization	6.9	3.9
Other operating (gain) loss	(0.4)	0.4
Income (loss) from operations	0.7	(10.9)
Other (expense) income:
Interest expense	(12.6)	(21.4)
Loss on early extinguishment or restructuring of debt	0	(10.8)
Loss from equity investees	(0.5)	(2.1)
Other (loss) income	(0.1)	3.4
Loss from continuing operations before income taxes	(12.5)	(41.8)
Income tax expense	(1.6)	(1.1)
Loss from continuing operations	(14.1)	(42.9)
Income from discontinued operations (including gain on disposal of $40.4 million for the three months ended March 31, 2021)	0	51.9
Net (loss) income	(14.1)	9
Net income attributable to noncontrolling interest and redeemable noncontrolling interest	1.7	3.6
Net (loss) income attributable to INNOVATE Corp.	(12.4)	12.6
Less: Preferred dividends and deemed dividends from conversions	1.2	0.4
Net (loss) income attributable to common stock and participating preferred stockholders	$ (13.6)	$ 12.2
Loss per common share - continuing operations
Basic (in usd per share)	$ (0.18)	$ (0.51)
Diluted (in usd per share)	(0.18)	(0.51)
Income per common share - discontinued operations
Basic (in usd per share)	0	0.66
Diluted (in usd per share)	0	0.66
(Loss) income per share - Net loss attributable to common stock and participating preferred stockholders
Basic (in usd per share)	(0.18)	0.15
Diluted (in usd per share)	$ (0.18)	$ 0.15
Weighted average common shares outstanding:
Basic (in shares)	77.3	76.9
Diluted (in shares)	77.3	76.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Income Statement [Abstract]
Gain on sale of subsidiary	$ 40.4

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (14.1)	$ 9
Other comprehensive income (loss)
Foreign currency translation adjustment, net of tax	0.7	(0.8)
Unrealized loss on available-for-sale securities, net of tax	0	(181.2)
Other comprehensive income (loss)	0.7	(182)
Comprehensive loss	(13.4)	(173)
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests	(1.6)	(3.7)
Comprehensive loss attributable to INNOVATE Corp.	$ (15)	$ (176.7)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 26.4	$ 45.5
Accounts receivable, net	274.4	247.1
Contract assets	140.6	118.6
Inventory	19.5	17
Restricted cash	2	2
Assets held for sale	1.5	1.5
Other current assets	12.2	10.9
Total current assets	476.6	442.6
Investments	60.2	56
Deferred tax asset	3.1	3
Property, plant and equipment, net	165.8	169.9
Goodwill	127.5	127.4
Intangibles, net	204.2	208.4
Other assets	74.8	73.3
Total assets	1,112.2	1,080.6
Current liabilities
Accounts payable	200.4	179.2
Accrued liabilities	86.1	93.4
Current portion of debt obligations	80.1	69.5
Contract liabilities	55.1	79.1
Other current liabilities	19.8	18.3
Total current liabilities	441.5	439.5
Deferred tax liability	9.5	9.1
Debt obligations	601	556.8
Other liabilities	63.3	63.3
Total liabilities	1,115.3	1,068.7
Commitments and contingencies
Temporary equity
Preferred stock	18.5	18.8
Redeemable noncontrolling interest	47.7	49.3
Total temporary equity	66.2	68.1
Stockholders’ deficit
Common stock, $0.001 par value Shares authorized: 160,000,000 at March 31, 2022 and December 31, 2021, respectively Shares issued: 79,821,751 and 79,225,964 at March 31, 2022 and December 31, 2021, respectively Shares outstanding: 78,432,535 and 77,836,748 at March 31, 2022 and December 31, 2021, respectively	0.1	0.1
Additional paid-in capital	330.8	330.6
Treasury stock, at cost: 1,389,216 and 1,389,216 shares at March 31, 2022 and December 31, 2021, respectively	(5.2)	(5.2)
Accumulated deficit	(428.6)	(416.2)
Accumulated other comprehensive income	7	6.4
Total INNOVATE Corp. stockholders’ deficit	(95.9)	(84.3)
Noncontrolling interest	26.6	28.1
Total stockholders’ deficit	(69.3)	(56.2)
Total liabilities, temporary equity and stockholders’ deficit	$ 1,112.2	$ 1,080.6

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	79,821,751	79,225,964
Common stock, shares outstanding (in shares)	78,432,535	77,836,748
Treasury stock (in shares)	1,389,216	1,389,216

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders’ (Deficit) Equity - USD ($) shares in Millions, $ in Millions	Total	Total INNOVATE Stockholders' Equity (Deficit)	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interest	Temporary Equity
Beginning balance (in shares) at Dec. 31, 2020			76.7
Beginning balance at Dec. 31, 2020	$ 600.2	$ 559.8	$ 0.1	$ 355.7	$ (4.2)	$ (188.7)	$ 396.9	$ 40.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	0.7	0.7		0.7
Fair value adjustment of redeemable noncontrolling interest	(0.2)	(0.2)		(0.2)
Taxes paid in lieu of shares issued for share-based compensation	(1)	(1)			(1)
Preferred stock dividend	(0.2)	(0.2)		(0.2)
Issuance of common stock (in shares)			0.9
Issuance of common stock	0.2	0.2		0.2
Transactions with noncontrolling interests	(12.1)	2.4		2.4				(14.5)	$ 3.8
Other	(2.9)	(2.9)		(2.9)
Net income (loss)	10.7	12.6				12.6		(1.9)
Other comprehensive income	(181.9)	(181.8)					(181.8)	(0.1)
Ending balance (in shares) at Mar. 31, 2021			77.6
Ending balance at Mar. 31, 2021	413.5	389.6	$ 0.1	355.7	(5.2)	(176.1)	215.1	23.9
Beginning balance at Dec. 31, 2020									15.7
Temporary Equity
Fair value adjustment of redeemable noncontrolling interest									0.2
Preferred stock dividend	(0.2)	(0.2)		(0.2)
Transactions with noncontrolling interests	(12.1)	2.4		2.4				(14.5)	3.8
Net income (loss)									(1.7)
Ending balance at Mar. 31, 2021									18
Beginning balance (in shares) at Dec. 31, 2021			77.8
Beginning balance at Dec. 31, 2021	(56.2)	(84.3)	$ 0.1	330.6	(5.2)	(416.2)	6.4	28.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	0.8	0.8		0.8
Preferred stock dividend	(2.1)	(0.8)		(0.8)				(1.3)	(0.3)
Issuance of common stock (in shares)			0.6
Transactions with noncontrolling interests	(0.1)	0.1		0.1				(0.2)	0.1
Other	0.1	0.1		0.1
Net income (loss)	(12.4)	(12.4)				(12.4)
Other comprehensive income	0.6	0.6					0.6
Ending balance (in shares) at Mar. 31, 2022			78.4
Ending balance at Mar. 31, 2022	(69.3)	(95.9)	$ 0.1	330.8	$ (5.2)	$ (428.6)	$ 7	26.6
Beginning balance at Dec. 31, 2021	68.1								68.1
Temporary Equity
Preferred stock dividend	(2.1)	(0.8)		(0.8)				(1.3)	(0.3)
Transactions with noncontrolling interests	(0.1)	$ 0.1		$ 0.1				$ (0.2)	0.1
Net income (loss)									(1.7)
Ending balance at Mar. 31, 2022	$ 66.2								$ 66.2

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net (loss) income	$ (14.1)	$ 9
Less: Income from discontinued operations, net of tax	0	51.9
Loss from continuing operations	(14.1)	(42.9)
Adjustments to reconcile net (loss) income to cash provided by operating activities
Share-based compensation expense	0.8	0.5
Depreciation and amortization	10.6	6.2
Amortization of deferred financing costs and debt discount	1.2	7.4
Loss on extinguishment of debt	0	10.8
Loss from equity investees	0.5	2.1
Asset impairment expense	0.1	2.1
Deferred income taxes	0.4	0.6
Other operating activities	0.2	(2.6)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(25.8)	(0.8)
Contract assets	(22)	(8.6)
Other current assets	(1.2)	(1.3)
Other assets	2	(0.9)
Accounts payable	20.2	(1.3)
Accrued liabilities	(7.2)	1.9
Contract liabilities	(24)	4.1
Other current liabilities	(4.9)	(1.2)
Other liabilities	(0.2)	0.7
Cash used in continuing operating activities	(63.4)	(23.2)
Cash provided by discontinued operating activities	0	20.7
Cash used in operating activities	(63.4)	(2.5)
Cash flows from investing activities
Purchase of property, plant and equipment	(4.6)	(3.2)
Proceeds from disposal of property, plant and equipment	1.8	0
Purchase of investments	(4.5)	0
Cash received from dispositions, net of cash disposed	0	71.2
Other investing activities	(0.1)	(1.6)
Cash (used in) provided by continuing investing activities	(7.4)	66.4
Cash provided by discontinued investing activities	0	1.5
Cash (used in) provided by investing activities	(7.4)	67.9
Cash flows from financing activities
Proceeds from debt obligations	59.8	317.4
Principal payments on debt obligations	(6.2)	(356.5)
Cash received by subsidiary to issue preferred stock	0	10
Transactions with noncontrolling interests	0	(1.1)
Other financing activities	(2.4)	(1.4)
Cash provided by (used in) continuing financing activities	51.2	(31.6)
Cash used in discontinued financing activities	0	(4.3)
Cash provided by (used in) financing activities	51.2	(35.9)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	0.5	(0.3)
Net (decrease) increase in cash and cash equivalents, including restricted cash and cash classified within assets held for sale	(19.1)	29.2
Less: Net increase in cash and cash equivalents from discontinued operations	0	18.3
Net change in cash, cash equivalents and restricted cash	(19.1)	10.9
Cash, cash equivalents and restricted cash, beginning of period	47.5	45.3
Cash, cash equivalents and restricted cash, end of period	$ 28.4	$ 56.2

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	1. Organization and Business INNOVATE Corp. ("INNOVATE" and, together with its consolidated subsidiaries, the "Company", "we" and "our") is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. We seek to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. While the Company generally intends to acquire controlling equity interests in its operating subsidiaries, the Company may invest to a limited extent in a variety of debt instruments or noncontrolling equity interest positions. The Company’s shares of common stock trade on the NYSE under the symbol "VATE". The Company currently has three reportable segments, plus our Other segment, based on management’s organization of the enterprise: Infrastructure, Life Sciences, Spectrum, and Other which includes businesses that do not meet the separately reportable segment thresholds. 1. Our Infrastructure segment is comprised of DBM Global Inc. ("DBMG") and its wholly-owned subsidiaries. DBMG is a fully integrated Industrial Construction, Structural Steel and Facility Maintenance provider that provides fabrication and erection of structural steel and heavy steel plate services and also fabricates trusses and girders and specializes in the fabrication and erection of large-diameter water pipe and water storage tanks, as well as 3-D Building Information Modeling (“BIM”) and detailing. DBMG provides these services on commercial, industrial, and infrastructure construction projects such as high- and low-rise buildings and office complexes, hotels and casinos, convention centers, sports arenas and stadiums, shopping malls, hospitals, dams, bridges, mines, metal processing, refineries, pulp and paper mills and power plants. Through GrayWolf, DBMG provides integrated solutions for digital engineering, modeling and detailing, construction, heavy equipment installation and facility services including maintenance, repair, and installation to a diverse range of end markets. Through Aitken Manufacturing, DBMG manufactures pollution control scrubbers, tunnel liners, pressure vessels, strainers, filters, separators and a variety of customized products. Through the recently acquired Banker Steel, DBMG provides full-service fabricated structural steel and erection services primarily for the East Coast and Southeast commercial and industrial construction market, in addition to full design-assist services. The Company maintains an approximately 91% controlling interest in DBMG. 2. Our Life Sciences segment is comprised of Pansend Life Sciences, LLC ("Pansend"). Pansend maintains controlling interests of approximately 80% in Genovel Orthopedics, Inc. ("Genovel"), which seeks to develop products to treat early osteoarthritis of the knee and approximately 56% in R2 Technologies, Inc. ("R2"), which develops aesthetic and medical technologies for the skin. Pansend also invests in other early stage or developmental stage healthcare companies including an approximately 47% interest in MediBeacon Inc. ("MediBeacon"), a medical technology company specializing in the advances of fluorescent tracer agents and transdermal measurement, and an approximately 26% interest in Triple Ring Technologies, Inc ("Triple Ring"), a science and technology co-development company. 3. Our Spectrum segment is comprised of HC2 Broadcasting Holdings Inc. ("Broadcasting") and its subsidiaries. Broadcasting strategically acquires and operates over-the-air broadcasting stations across the United States. In addition, Broadcasting, through its wholly-owned subsidiary, HC2 Network Inc. ("Network"), operates Azteca America, a Spanish-language broadcast network offering high quality Hispanic content to a diverse demographic across the United States. The Company maintains a 98% controlling interest in Broadcasting and maintains a controlling interest of approximately 77%, inclusive of approximately 10% proxy and voting rights from minority holders of DTV America Corporation ("DTV"). 4. Our Other segment represents all other businesses or investments that do not meet the definition of a segment individually or in the aggregate. Included in the Other segment is the former Marine Services segment, which includes its holding company, Global Marine Holdings, LLC ("GMH"), in which the Company maintains approximately 73% controlling interest. GMH results include the current and prior year equity investment in HMN Technologies Co., Ltd. (“HMN”), its 19% equity method investment, and the discontinued operations of Global Marine Systems Limited ("GMSL"). Also included in the Other segment is the discontinued operations of Beyond6, Inc. ("Beyond6"), and Continental Insurance Group ("CIG").

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries and all other subsidiaries over which the Company exerts control. All intercompany profits, transactions and balances have been eliminated in consolidation. For the three months ended March 31, 2022, the results of DBMG, Pansend, Genovel, R2, Broadcasting, and GMH have been consolidated into the Company’s results based on guidance from the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC" 810, Consolidation) . The remaining interests not owned by the Company are presented as a noncontrolling interest component of total equity. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information. All such adjustments are of a normal recurring nature. Certain information and note disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to such rules and regulations. Certain prior amounts have been reclassified or combined to conform to the current year presentation. These interim financial statements should be read in conjunction with the Company’s annual Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on March 9, 2022. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2022. Use of Estimates and Assumptions The preparation of the Company’s Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used. Liquidity At this time, we believe that we will be able to continue to meet our liquidity requirements and fund our fixed obligations (such as debt service and operating leases) and other cash needs for our operations for at least the next twelve months from the issuance of the Condensed Consolidated Financial Statements through a combination of available cash and distributions from our subsidiaries. The ability of INNOVATE’s subsidiaries to make distributions to INNOVATE is subject to numerous factors, including restrictions contained in each subsidiary’s financing agreements, availability of sufficient funds at each subsidiary and the approval of such payment by each subsidiary’s board of directors, which must consider various factors, including general economic and business conditions, tax considerations, strategic plans, financial results and condition, expansion plans, any contractual, legal or regulatory restrictions on the payment of dividends, and such other factors each subsidiary’s board of directors considers relevant. Although the Company believes, to the extent needed, that it will be able to raise additional equity capital, refinance indebtedness or preferred stock, enter into other financing arrangements or engage in asset sales and sales of certain investments sufficient to fund any cash needs that we are not able to satisfy with the funds on hand or expected to be provided by our subsidiaries, there can be no assurance that it will be able to do so on terms satisfactory to the Company, if at all. Such financing options, if pursued, may also ultimately have the effect of negatively impacting our liquidity profile and prospects over the long-term. Our ability to sell assets and certain of our investments to meet our existing financing needs may also be limited by our existing financing instruments. In addition, the sale of assets or the Company’s investments may also make the Company less attractive to potential investors or future financing partners. COVID-19 There are many uncertainties regarding the current coronavirus ("COVID-19") pandemic, and the Company continues to closely monitor the impact of the COVID-19 pandemic, including the effectiveness of the vaccine programs, on all aspects of its business, including how it will impact its customers, employees, suppliers, vendors, business partners and distribution channels and any potential prolonging or worsening of the pandemic due to COVID-19 variants. We are unable to predict the impact that COVID-19 will have on the Company's financial position and operating results due to numerous uncertainties. However, as the pandemic continues, it may have an adverse effect on the Company’s results of operations, financial condition, or liquidity. COVID-19 has continued to cause supply chain challenges related to labor shortages and supply chain disruptions, which may create significant delays in our ability to complete projects or deliver products. The receipt of material from impacted areas has been slowed or disrupted and our suppliers are expected to face similar challenges in fulfilling orders. In addition, reductions in the number of ocean carrier voyages, ocean freight capacity issues, congestion at major international gateways and other economic factors continue to persist worldwide due to COVID-19 and worldwide supply impacts as there is much greater demand for shipping and reduced capacity and equipment, which has resulted in recent price increases per shipping container. In addition, in the United States, trucking costs have risen dramatically due to driver shortages and increased labor costs, as well as new federal and state safety, environmental and labor regulations. These changes, as well as COVID-19 related state and local restrictions on domestic trucking and the operation of distribution centers, may disrupt our supply chain, which may result in a delay in the completion of our projects and cause us to incur significant additional costs. Although we may attempt to pass on certain of these increased costs to our customers, we may not be able to pass all of these cost increases on to our customers. As a result, our margins may be adversely impacted by such cost increases. These supply chain disruptions and transportation challenges could have a material adverse effect on our results of operations or financial condition. The Company expects to continue to assess the evolving impact of the COVID-19 pandemic. Statement of Cash Flows The following table provides a reconciliation of cash and cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows (in millions): March 31, 2022 2021 Cash and cash equivalents, beginning of period $ 45.5 $ 43.8 Restricted cash included in other assets 2.0 1.5 Total cash and cash equivalents and restricted cash $ 47.5 $ 45.3 Cash and cash equivalents, end of period $ 26.4 $ 54.2 Restricted cash included in other assets 2.0 2.0 Total cash and cash equivalents and restricted cash $ 28.4 $ 56.2 Cash and cash equivalents classified in Assets held for sale, beginning of period $ — $ 195.2 Restricted cash classified in Assets held for sale — 0.2 Total cash and cash equivalents and restricted cash classified in Assets held for sale $ — $ 195.4 Cash and cash equivalents classified in Assets held for sale, end of period $ — $ 213.7 Restricted cash classified in Assets held for sale — — Total cash and cash equivalents and restricted cash classified in Assets held for sale $ — $ 213.7 Supplemental cash flow information: Cash paid for interest $ 18.6 $ 10.5 Cash paid for taxes, net of refunds $ 0.4 $ 0.7 Non-cash investing and financing activities: Property, plant and equipment included in accounts payable $ — $ 0.2 Extinguishment of convertible note in exchange $ — $ 51.8 Issuance of convertible note in exchange $ — $ (51.8) Accounting Pronouncements Adopted in the Current Year There were no new accounting pronouncements adopted during the three months ended March 31, 2022. Accounting Pronouncements to be Adopted Subsequent to December 31, 2022 Credit Loss Standard ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) , Measurement of Credit Losses on Financial Instruments, was issued by FASB in June 2016. This standard is effective January 1, 2020 (with early adoption permitted). This new standard changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments, including trade receivables, from an incurred loss model to an expected loss model and adds certain new required disclosures. Under the expected loss model, entities will recognize estimated credit losses over the entire contractual term of the instrument rather than delaying recognition of credit losses until it is probable the loss has been incurred. The FASB has voted to delay the effective date of ASU 2016-13 to January 1, 2023 for smaller reporting companies with a revised ASU in the fourth quarter of 2019. The Company will not be required to adopt Topic 326 until January 1, 2023. Currently, the Company continues to evaluate the potential impact of the new standard on its financial results. Subsequent Events ASC 855, Subsequent Events requires the Company to evaluate events that occur after the balance sheet date as of which the financial statements are issued, and to determine whether adjustments to or additional disclosures in the financial statements are necessary. See Note 19. Subsequent Events for the summary of the subsequent events.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	3. Discontinued Operations The results of Beyond6 and CIG and the related expenses directly attributable to the entities were reported as discontinued operations. Summarized operating results of the discontinued operations are as follows (in millions): Three Months Ended March 31, 2022 2021 Revenue $ — $ 1.7 Life, accident and health earned premiums, net — 28.4 Net investment income — 43.9 Realized/unrealized gains on investments — 9.5 Total revenue — 83.5 Cost of revenue — 0.8 Policy benefits, changes in reserves, and commissions — 56.1 Selling, general and administrative — 12.4 Depreciation and amortization — (5.9) Income from operations — 20.1 Interest expense — (0.4) Gain on sale and liquidation of subsidiaries — 40.4 Other loss — (3.1) Pre-tax income from discontinued operations — 57.0 Income tax expense — (5.1) Income from discontinued operations $ — $ 51.9 Sale of CIG The sale of CIG closed on July 1, 2021 to Continental General Holdings LLC, an entity controlled by Michael Gorzynski, a director of the Company and, as of March 31, 2022, a beneficial owner of approximately 10.7% of the Company's outstanding common stock (including the convertible preferred stock, on an as-converted basis) who has also served as executive chairman of Continental since October 2020. The Insurance segment, which primarily consisted of a closed block of long-term care insurance, had a book value, inclusive of intercompany eliminations, at the time of the sale of $544.0 million, inclusive of $344.0 million of Accumulated other comprehensive income ("AOCI"). The carrying value of the Insurance segment at the time of sale excluded cash of $62.5 million and investments of $26.7 million which were distributed to the Company through an extraordinary dividend immediately prior to the sale. The extraordinary dividend was approved by our domestic regulator in connection with the approval of the sale. The amount included in AOCI was reversed from equity at the time of the sale and offset the loss recognized. While several factors impacted the fair value of the Insurance segment at the end of 2019, following discussions with our domestic regulator, changes in the asset management fee arrangement and expectations of future dividends primarily and ultimately resulted in the full impairment of the goodwill associated with the Insurance segment during the year ended December 31, 2019. While these factors did not have a major impact on the operations of the stand-alone business, they did have a significant impact on the economic benefit that could be realized by the Company. As a result of the factors described above, combined with the risks associated with the long-term care insurance industry, the Company exited the segment and sold the business resulting in a $200.8 million loss on the sale of CIG in the third quarter of 2021. Sale of Beyond6 On December 31, 2020, the Company announced a plan to sell Beyond6 to an affiliate of Mercuria Investments US, Inc., pursuant to an Agreement and Plan of Merger (the "Merger Agreement") among Beyond6, Greenfill, Inc., a Delaware corporation ("Parent"), Greenfill Merger Inc., a newly-formed Delaware corporation and wholly-owned subsidiary of Parent, and an affiliate of INNOVATE as the Stockholder Representative for the Beyond6 stockholders. The sale closed on January 15, 2021. During the first quarter of 2021, the Company recognized a $39.2 million gain on the sale. During the third quarter of 2021, as a result of releases of related escrows and hold backs, the Company recognized an additional $0.5 million gain on the sale. A portion of the proceeds from the sale of Beyond6 were used to repay $15.0 million of the then outstanding balance under the Revolving Credit Agreement and repay $27.9 million of the Company's 2021 Senior Secured Notes. Assets Held for Sale As of March 31, 2022 and December 31, 2021, the Company had approximately $1.5 million of other current assets classified in Assets held for sale on the Condensed Consolidated Balance Sheets.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	4. Revenue Revenue from contracts with customers consist of the following (in millions): Three Months Ended March 31, 2022 2021 Revenue Infrastructure $ 402.2 $ 161.3 Spectrum 9.8 10.5 Life Sciences 0.8 — Total revenue $ 412.8 $ 171.8 Accounts receivables, net from contracts with customers consist of the following (in millions): March 31, December 31, Accounts receivables with customers Infrastructure $ 255.3 $ 226.8 Spectrum 8.4 9.4 Life Sciences 0.5 0.3 Total accounts receivables with customers $ 264.2 $ 236.5 Infrastructure Segment The following table disaggregates DBMG's revenue by market (in millions): Three Months Ended March 31, 2022 2021 Commercial $ 238.2 $ 49.4 Industrial 89.2 40.3 Convention 19.6 9.4 Government 7.4 21.3 Healthcare 26.1 8.9 Transportation 10.0 13.9 Leisure 4.2 7.5 Other 7.2 10.6 Total revenue from contracts with customers 401.9 161.3 Other revenue 0.3 — Total Infrastructure segment revenue $ 402.2 $ 161.3 Contract assets and contract liabilities consisted of the following (in millions): March 31, December 31, Cost in excess of billings $ 68.6 $ 68.3 Conditional retainage 72.0 50.3 Contract assets $ 140.6 $ 118.6 Billings in excess of costs $ (101.3) $ (137.6) Conditional retainage 46.2 58.5 Contract liabilities $ (55.1) $ (79.1) The change in contract assets is a result of the recording of $96.5 million of contract assets driven by new commercial projects, offset by $74.5 million of contract assets transferred to receivables from contract assets recognized at the beginning of the period. The change in contract liabilities is a result of periodic contract liabilities of $40.7 million driven largely by new commercial projects, offset by revenue recognized that was included in the contract liability balance at the beginning of the period in the amount of $64.7 million. Transaction Price Allocated to Remaining Unsatisfied Performance Obligations The transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions): Within one year Within five years Total Commercial $ 503.4 $ 229.5 $ 732.9 Industrial 271.8 — 271.8 Transportation 31.6 2.1 33.7 Government 24.0 — 24.0 Leisure 16.3 — 16.3 Healthcare 135.9 4.1 140.0 Convention 127.8 17.9 145.7 Other 2.7 — 2.7 Remaining unsatisfied performance obligations $ 1,113.5 $ 253.6 $ 1,367.1 DBMG's remaining unsatisfied performance obligations increase with awards of new contracts and decrease as it performs work and recognizes revenue on existing contracts. DBMG includes a project within its remaining unsatisfied performance obligations at such time the project is awarded and agreement on contract terms has been reached. DBMG's remaining unsatisfied performance obligations include amounts related to contracts for which a fixed price contract value is not assigned when a reasonable estimate of total transaction price can be made. DBMG expects to recognize this revenue over the next thirty-six months. Remaining unsatisfied performance obligations include unrecognized revenues to be realized from uncompleted construction contracts. Although many of DBMG's contracts are subject to cancellation at the election of its customers, in accordance with industry practice, DBMG does not limit the amount of unrecognized revenue included within its remaining unsatisfied performance obligations due to the inherent substantial economic penalty that would be incurred by its customers upon cancellation. Life Sciences Segment The following table disaggregates the Life Sciences segment's revenue by type (in millions): Three Months Ended March 31, 2022 2021 Systems and consumables revenue $ 0.8 $ — Total Life Sciences segment revenue $ 0.8 $ — Spectrum Segment The following table disaggregates the Spectrum segment's revenue by type (in millions): Three Months Ended March 31, 2022 2021 Broadcast station $ 4.8 $ 4.4 Network advertising 3.9 4.7 Network distribution 0.7 0.9 Other 0.4 0.5 Total Spectrum segment revenue $ 9.8 $ 10.5 The transaction price allocated to remaining unsatisfied performance obligations consisted of $4.3 million of broadcast station revenues and $0.1 million of other revenues, of which $2.8 million is expected to be recognized within one year and $1.6 million is expected to be recognized within five years.

Acquisitions, Depositions, and

Acquisitions, Depositions, and Deconsolidations	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions, Dispositions, and Deconsolidations	5. Acquisitions, Dispositions, and Deconsolidations Infrastructure Segment Banker Steel Acquisition On March 15, 2021, the Company announced that DBMG entered into an agreement to acquire 100% of Banker Steel Holdco LLC ("Banker Steel") for $145.0 million, which closed on May 27, 2021. The acquisition was financed with $64.1 million from a partial draw on a new $110.0 million revolving credit facility, $49.6 million of sellers' notes, $6.3 million of assumed debt of Banker Steel, and $25.0 million in cash received from INNOVATE in the settlement of certain intercompany balances. Banker Steel provides full-service fabricated structural steel and erection services primarily for the East Coast and Southeast commercial and industrial construction market, in addition to full design-assist services. Banker Steel consists of six operating companies: Banker Steel Co., LLC; NYC Constructors, LLC; Memco LLC; Derr & Isbell Construction LLC; Innovative Detailing and Engineering Solutions; and Lynchburg Freight and Specialty LLC. Pro Forma Adjusted Summary The following schedule presents unaudited consolidated pro forma results of operations data as if the acquisition of Banker Steel had occurred on January 1, 2021. This information does not purport to be indicative of the actual results that would have occurred if the acquisitions had actually been completed on the date indicated, nor is it necessarily indicative of the future operating results or the financial position of the combined company (in millions): Three Months Ended March 31, 2021 Revenue $ 287.1 Loss from operations $ (8.6) Net income attributable to INNOVATE $ 13.1 Other Segment Sale of GMSL On January 30, 2020, the Company announced that, through its indirect subsidiary, GMH, in which the Company holds an approximately 73% controlling interest, the Company entered into a definitive agreement to sell 100% of the shares of GMSL to Trafalgar AcquisitionCo, Ltd. and an affiliate of J.F. Lehman & Company, LLC. The total base consideration was $250.0 million, subject to customary purchase price adjustments, working capital adjustments, and a potential earn-out of up to $12.5 million at such time, if any, if J.F. Lehman & Company, LLC and its investment affiliates achieve a specified multiple of their invested capital. The purchase price is subject to customary potential downward or upward post-closing adjustments based on net working capital, cash, unpaid transaction expenses, indebtedness and certain of the Company’s pre-closing paid capital expenditures. The Share Purchase Agreement contained customary representations, warranties and covenants for a transaction of this nature. The transaction closed on February 28, 2020. GMH received approximately $144.0 million of net proceeds from the sale, of which $36.8 million and $5.5 million were paid to noncontrolling interest holders and redeemable noncontrolling interest holders, respectively. INNOVATE received net proceeds of approximately $100.8 million. In connection with the closing of the transaction, the purchaser deposited (i) $1.25 million of the base price into an escrow fund for the purpose of securing certain indemnification obligations for losses payable in the first twelve months after closing and (ii) $1.91 million of the base price into an escrow fund for the purpose of securing a purchase price adjustment, if any, in favor of purchaser. Following the closing, the purchaser paid an amount equal to $2.4 million on the earlier of December 31, 2020 and the date on which a cash collateralized bonding facility was released. In the first quarter of 2020, the Company recorded a $39.3 million loss on the sale and recognized a $31.3 million of Accumulated other comprehensive loss, which was comprised of $17.2 million of actuarial losses on pension and $14.1 million of currency translation adjustments. During the fourth quarter of 2020, the Company recognized a gain on sale of $2.4 million as a result of the cash collateralized bonding facility release. During the first quarter of 2021, the Company recognized a gain of $1.2 million as a result of indemnity release. Sale of Beyond6 On December 31, 2020, the Company announced a plan to sell Beyond6 to an affiliate of Mercuria Investments US, Inc., pursuant to an Agreement and Plan of Merger (the "Merger Agreement") among Beyond6, Greenfill, Inc., a Delaware Corporation ("Parent"), Greenfill Merger Inc., a newly-formed Delaware corporation and wholly-owned subsidiary of the Parent, and an affiliate of INNOVATE as the Stockholder Representative for the Beyond6 stockholders, for a total purchase price, net of Beyond6's debt and transaction expenses, customary purchase price adjustments and escrow arrangements, of approximately $106.5 million. Net proceeds received by INNOVATE at closing was cash consideration of approximately $70.0 million. The sale closed on January 15, 2021. During the first quarter of 2021, the Company recognized a $39.2 million gain on the sale. During the third quarter of 2021, as a result of releases of related escrows and hold backs, the Company recognized an additional $0.5 million gain on the sale. Sale of CIG The sale of CIG closed on July 1, 2021 to Continental General Holdings LLC, an entity controlled by Michael Gorzynski, a director of the Company and, as of March 31, 2022, a beneficial owner of approximately 10.7% of the Company's outstanding common stock (including the convertible preferred stock, on an as-converted basis) who has also served as executive chairman of Continental since October 2020. The Insurance segment, which primarily consisted of a closed block of long-term care insurance, had a book value, inclusive of intercompany eliminations, at the time of the sale of $544.0 million, inclusive of $344.0 million of Accumulated other comprehensive income ("AOCI"). The carrying value of the Insurance segment at the time of sale excluded cash of $62.5 million and investments of $26.7 million which were distributed to the Company through an extraordinary dividend immediately prior to the sale. The extraordinary dividend was approved by our domestic regulator in connection with the approval of the sale. The amount included in AOCI was reversed from equity at the time of the sale and offset the loss recognized. While several factors impacted the fair value of the Insurance segment at the end of 2019, following discussions with our domestic regulator, changes in the asset management fee arrangement and expectations of future dividends primarily and ultimately resulted in the full impairment of the goodwill associated with the Insurance segment during the year ended December 31, 2019. While these factors did not have a major impact on the operations of the stand-alone business, they did have a significant impact on the economic benefit that could be realized by the Company. As a result of the factors described above, combined with the risks associated with the long-term care insurance industry, the Company exited the segment and sold the business resulting in a $200.8 million loss on the sale of CIG in the third quarter of 2021. See Note 3. Discontinued Operations for further details.

Accounts Receivable, net

Accounts Receivable, net	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Accounts Receivable, net	6. Accounts Receivable, net Accounts receivable, net consist of the following (in millions): March 31, December 31, Contracts in progress $ 255.3 $ 226.8 Unbilled retentions 0.5 0.4 Trade receivables 8.8 9.9 Other receivables 10.2 10.6 Allowance for doubtful accounts (0.4) (0.6) Total $ 274.4 $ 247.1

Property, Plant, and Equipment,

Property, Plant, and Equipment, net	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment, net	7. Property, Plant and Equipment, net Property, plant and equipment, net consists of the following (in millions): March 31, December 31, Equipment, furniture and fixtures, and software $ 184.6 $ 180.7 Building and leasehold improvements 42.0 43.0 Land 23.8 24.1 Construction in progress 8.8 8.9 Plant and transportation equipment 8.2 8.3 267.4 265.0 Less: Accumulated depreciation 101.6 95.1 Total $ 165.8 $ 169.9 Depreciation expense was $6.4 million and $4.7 million for the three months ended March 31, 2022 and 2021, respectively. These amounts included $3.7 million and $2.3 million of depreciation expense recognized within cost of revenue for the three months ended March 31, 2022 and 2021, respectively.

Goodwill and Intangibles, net

Goodwill and Intangibles, net	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles, net	8. Goodwill and Intangibles, net Goodwill The carrying amount of goodwill by segment was as follows (in millions): Infrastructure Spectrum Total Balance at December 31, 2021 $ 106.0 $ 21.4 $ 127.4 Translation 0.1 — 0.1 Balance at March 31, 2022 $ 106.1 $ 21.4 $ 127.5 Indefinite-lived Intangible Assets The carrying amount of indefinite-lived intangible assets was as follows (in millions): March 31, 2022 December 31, 2021 FCC licenses $ 106.4 $ 106.5 Total $ 106.4 $ 106.5 For the three months ended March 31, 2022 and 2021, the Company recorded impairment charges of $0.1 million and $2.1 million, respectively, in Other operating (gain) loss related to non-core FCC licenses which were sold in order to bring their carrying value equal to the agreed upon sales price prior to the execution of the sale. Definite Lived Intangible Assets The gross carrying amount and accumulated amortization of definite lived intangible assets by major intangible asset class were as follows (in millions): Weighted-Average Original Useful Life March 31, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Trade names 14 years $ 25.4 $ (6.7) $ 18.7 $ 25.4 $ (6.3) $ 19.1 Customer relationships and contracts 11 years 87.8 (25.1) 62.7 87.7 (21.6) 66.1 Channel sharing arrangements 35 years 12.6 (1.2) 11.4 12.6 (1.1) 11.5 Other 10 years 8.5 (3.5) 5.0 8.5 (3.3) 5.2 Total $ 134.3 $ (36.5) $ 97.8 $ 134.2 $ (32.3) $ 101.9 Amortization expense for definite lived intangible assets was $4.2 million and $1.5 million for the three months ended March 31, 2022 and 2021, respectively, and was included in Depreciation and amortization in our Condensed Consolidated Statements of Operations. Amortization The Company estimates the annual amortization expense of amortizable intangible assets for the next five fiscal years will be as follows (in millions): Estimated Amortization 2022 $ 12.9 2023 11.6 2024 8.0 2025 7.3 2026 6.8 Thereafter 51.2 Total $ 97.8

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt Obligations	9. Debt Obligations Debt obligations consist of the following (in millions): March 31, December 31, Infrastructure 3.25% Note due 2026 103.5 107.2 PRIME minus 1.10% Line of Credit 90.4 30.4 4.00% Note due 2024 22.5 25.0 8.00% Note due 2024 19.6 19.6 11.00% Note due 2024 6.3 6.3 Obligations under finance leases 0.1 0.1 Spectrum 8.50% Note due 2022 19.3 19.3 10.50% Note due 2022 32.9 32.9 Non-Operating Corporate 8.50% Senior Secured Notes, due 2026 330.0 330.0 7.50% Convertible Senior Notes, due 2022 3.2 3.2 7.50% Convertible Senior Notes, due 2026 51.8 51.8 LIBOR plus 5.75% Line of Credit 5.0 5.0 684.6 630.8 Unamortized issuance discount, issuance premium, and deferred financing costs (3.5) (4.5) Less: current portion of debt obligations (80.1) (69.5) Debt obligations $ 601.0 $ 556.8 Aggregate finance lease and debt payments, including interest are as follows (in millions): Finance Leases Debt Total 2022 $ 0.1 $ 107.8 $ 107.9 2023 — 57.9 57.9 2024 — 162.8 162.8 2025 — 42.2 42.2 2026 — 471.3 471.3 Thereafter — 0.1 0.1 Total minimum principal and interest payments 0.1 842.1 842.2 Less: Amount representing interest — (157.6) (157.6) Total aggregate finance lease and debt payments $ 0.1 $ 684.5 $ 684.6 The interest rates on the finance leases range from approximately 2.0% to 5.6%. Infrastructure In May 2021, DBMG repaid its LIBOR plus 1.50% revolving line of credit under the Credit and Security Agreement with Wells Fargo Bank and its term loan due 2023 under a financing agreement with TCW Asset Management Company LLC. In addition, DBMG entered into a new credit facility with UMB Bank ("UMB"). Under the terms of the agreement, UMB agreed to a $110.0 million term loan ("UMB Term Loan") and $110.0 million revolving credit agreement ("UMB Revolving Line"). The UMB Term loan expires in 2026 and will bear interest at a rate of 3.25% with an effective interest rate of 3.25%. The UMB Revolving Line expires in 2024 and will bear interest at a rate of Prime Rate minus 1.10%. The proceeds were used to fully repay DBMG's existing debt obligations, fund a portion of the Banker Steel acquisition, and provide additional working capital capacity to DBMG. Spectrum On October 24, 2019, Spectrum issued $78.7 million 364-day secured notes (the "2020 Notes"). The 2020 Notes were comprised of a $36.2 million, 8.50% tranche funded by an affiliate of MSD Partners, L.P. (the “8.50% Note”). The remaining $42.5 million, 10.50% tranche (the “10.50% Note”) was a modification of the existing Secured Note, with certain institutional investors. The 2020 Notes had an original maturity date of October 2020, and were amended multiple times during 2020 as further described below. The net proceeds from the financing were used to retire Broadcasting’s existing debt, as well as fund pending acquisitions, working capital and general corporate purposes. In connection with the issuance of the 10.50% Note due 2020, Spectrum issued warrants to the same institutional investors to purchase 50,000 shares of common stock at $176.4 per share for a total purchase price of $8.8 million, or net settled, if exercised as of the issuance date, and as may be adjusted at any future exercise of the warrant pursuant to its terms. The warrant has a five-year term and is immediately exercisable. In February 2020, Spectrum amended its agreement governing its 8.50% Note funded by MSD Partners, L.P., increasing the principal balance to $39.3 million. The proceeds were used to repay principal and interest on existing debt. In August 2020, Spectrum modified its agreement with MSD Partners, L.P. and Great American Life Insurance Company to extend the maturity on its 8.50% Note and 10.50% Note to October 2021. In September 2020, Spectrum further amended its agreement governing its 8.50% Note, increasing the principal balance by $4.0 million to $43.3 million. The proceeds were used to repay principal and interest on existing debt and for general business purposes. In November 2020, Spectrum paid down $2.9 million of its 8.50% Note and $3.0 million on other various notes. In December 2020, Spectrum paid down $21.0 million and $9.6 million of its 8.50% Note and 10.50% Note, respectively from the proceeds from the sale of stations. On August 30, 2021, Broadcasting repurchased $1.0 million of DTV's outstanding notes payable, inclusive of accrued interest, to certain institutional investors. Also on August 30, 2021, DTV extended its remaining outstanding notes by 60 days. On October 21, 2021, Broadcasting entered into the Fifth Omnibus Amendment to Secured Notes, Consent and Second Amendment to Asset Sale Under Secured Notes and Intercreditor Agreement (the “Amendment”), which, among other things, extended $52.2 million of its Senior Secured Notes, due October 21, 2021, through November 30, 2022. Concurrently, Broadcasting completed the last of a series of repurchases of all the outstanding secured notes, inclusive of accrued interest, of DTV America Corporation (“DTV”) for a total consideration of $6.2 million using a combination of cash on hand and proceeds from the sales on non-core assets. On October 26, 2021, Broadcasting repurchased the outstanding convertible promissory notes of DTV for a total consideration of $0.7 million using proceeds from the sales of non-core assets. Subsequent to these acquisitions, DTV’s debt is held by Broadcasting and eliminated in consolidation. Non-Operating Corporate On February 1, 2021, INNOVATE repaid its 2021 Senior Secured Notes and issued $330.0 million aggregate principal amount of 8.50% senior secured notes due 2026 (the "2026 Senior Secured Notes"). In addition, the Company entered into exchange agreements with certain holders of approximately $51.8 million aggregate principal amount of its existing $55.0 million 7.50% convertible senior notes due 2022 (the "2022 Convertible Notes"), pursuant to which the Company exchanged such holders' 2022 Convertible Notes for newly issued 7.50% convertible notes due 2026 (the "2026 Convertible Notes"). The 2026 Senior Secured Notes were issued in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Company accounted for the transactions under the debt extinguishment model as the present value of cash flows under the terms of the 2026 Senior Secured Notes and 2026 Convertible Notes was at least 10% different from the present value of the remaining cash flows under the 2021 Senior Secured Notes and the 2022 Convertible Notes. The extinguishment of the 2021 Senior Secured Notes yielded a loss on extinguishment of $4.5 million. The extinguishment of the $51.8 million of 2022 Convertible Notes yielded a loss on extinguishment of $5.5 million, an acceleration of the amortization of discount of $5.3 million, and extinguishment of the bifurcated conversion option classified as equity of $7.7 million. 2026 Senior Secured Notes The 2026 Senior Secured Notes were issued under an indenture dated February 1, 2021, by and among the Company, the guarantors party thereto and U.S. Bank National Association, a national banking association ("U.S. Bank"), as trustee (the "Secured Indenture"). The 2026 Senior Secured Notes were issued at 100% of par, with a stated interest rate of 8.50% and an effective interest rate of 9.26%, which reflects $2.7 million of deferred financing fees. For the three months ended March 31, 2022 and 2021, interest expense recognized for the period relating to both the contractual interest coupon and amortization of the deferred financing fees was $7.6 million and $4.9 million, respectively. 2022 Convertible Notes At March 31, 2022, the 2022 Convertible Notes had a net carrying value of $3.2 million and an unamortized discount of $0.1 million. Based on the closing price of our common stock of $3.69 on March 31, 2022, the if-converted value of the Convertible Notes did not exceed its principal value. For the three months ended March 31, 2022 and 2021, interest expense recognized for the period relating to both the contractual interest coupon and amortization of the discount on the Convertible Notes was $0.1 million. 2026 Convertible Notes At March 31, 2022, the 2026 Convertible Notes had a net carrying value of $60.7 million and an unamortized premium of $9.9 million. Based on the closing price of our common stock of $3.69 on March 31, 2022, the if-converted value of the 2026 Convertible Notes did not exceed its principal value. For the three months ended March 31, 2022 and 2021, interest expense recognized for the period relating to both the contractual interest coupon and amortization of discount net of premium was $0.5 million and $0.3 million, respectively. Line of Credit On February 23, 2021, the Company entered into a third amendment (the "Amendment") of the 6.75% line of credit with MSD PCOF Partners IX, LLC ("Revolving Credit Agreement"). Among other things, the Amendment (i) increases the aggregate principal amount of the Revolving Credit Agreement to $20.0 million, (ii) extends the maturity date of the Revolving Credit Amendment to February 23, 2024, (iii) updates the affirmative and negative covenants contained in the Amended Credit Agreement so that they are substantially consistent with the affirmative and negative covenants contained in the indenture that governs the 2026 Senior Secured Notes and (iv) reduces the interest rate margin applicable to loans borrowed under the Amended Credit Agreement to 5.75% from the 6.75% described above. Except as modified by the Amendment, the terms of the Revolving Credit Agreement remain in effect. In May 2021, INNOVATE drew $5.0 million under the Revolving Credit Agreement.

Supplementary Financial Informa

Supplementary Financial Information	3 Months Ended
	Mar. 31, 2022
Offsetting [Abstract]
Supplementary Financial Information	10. Supplementary Financial Information Contracts in Progress Contract assets and contract liabilities and recognized earnings consist of the following (in millions): March 31, December 31, Costs incurred on contracts in progress $ 2,591.9 $ 2,161.5 Estimated earnings 368.1 316.4 Contract revenue earned on uncompleted contracts 2,960.0 2,477.9 Less: progress billings 2,874.5 2,438.4 $ 85.5 $ 39.5 The above is included in the accompanying consolidated balance sheet under the following line items: Contract assets $ 140.6 $ 118.6 Contract liabilities (55.1) (79.1) $ 85.5 $ 39.5 Inventory Inventory consists of the following (in millions): March 31, December 31, Raw materials and consumables $ 16.7 $ 14.3 Work in process 1.1 1.2 Finished goods 1.7 1.5 Total inventory $ 19.5 $ 17.0 Investments Carrying values of other invested assets were as follows (in millions): March 31, 2022 December 31, 2021 Measurement Alternative (1) Equity Total Measurement Alternative (1) Equity Total Common stock $ — $ 2.9 $ 2.9 $ — $ 2.1 $ 2.1 Preferred stock — 5.7 5.7 — 7.5 7.5 Fixed maturities 5.0 — 5.0 0.5 — 0.5 Put option 11.3 — 11.3 11.3 — 11.3 Equity method securities — 35.3 35.3 — 34.6 34.6 Total $ 16.3 $ 43.9 $ 60.2 $ 11.8 $ 44.2 $ 56.0 (1) The Company accounts for its equity securities without readily determinable fair values under the measurement alternative election of ASC 321, whereby the Company can elect to measure an equity security without a readily determinable fair value, that does not qualify for the practical expedient to estimate fair value (net asset value), at its cost minus impairment, if any . During the three months ended March 31, 2022, the Company's fixed maturities increased $4.5 million to $5.0 million from $0.5 million. The increase was due to Pansend's equity method investment, MediBeacon, which issued Pansend a $4.5 million 8.0% convertible note due March 2025. Fair Value of Financial Instruments Not Measured at Fair Value The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis. The table excludes carrying amounts for cash and cash equivalents, accounts receivable, accounts payable and other current liabilities, and other assets and liabilities that approximate fair value due to relatively short periods to maturity (in millions): March 31, 2022 Fair Value Measurement Using: Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Assets Other invested assets $ 11.3 $ 11.3 $ — $ — $ 11.3 Total assets not accounted for at fair value $ 11.3 $ 11.3 $ — $ — $ 11.3 Liabilities Debt obligations (1) $ 681.1 $ 692.0 $ — $ 692.0 $ — Total liabilities not accounted for at fair value $ 681.1 $ 692.0 $ — $ 692.0 $ — December 31, 2021 Fair Value Measurement Using: Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Assets Other invested assets $ 11.3 $ 11.3 $ — $ — $ 11.3 Total assets not accounted for at fair value $ 11.3 $ 11.3 $ — $ — $ 11.3 Liabilities Debt obligations (1) $ 626.3 $ 648.2 $ — $ 648.2 $ — Total liabilities not accounted for at fair value $ 626.3 $ 648.2 $ — $ 648.2 $ — (1) Excludes certain lease obligations accounted for under ASC 842, Leases . Debt Obligations. The fair value of the Company’s long-term obligations was determined using Bloomberg Valuation Service BVAL. The methodology combines direct market observations from contributed sources with quantitative pricing models to generate evaluated prices and classified as Level 2. Equity Method Investments For the three months ended March 31, 2022, certain investments subject to Regulation S-X Rule 4-08(g) held by the Company in aggregate have met the significance criteria as defined under SEC guidance. In accordance with Rule 8-03(b)(3) of Regulation S-X, the Company must assess whether its equity method investment is a significant equity method investment. In evaluating the significance of this investment, the Company performed the income, asset, and investment tests described in S-X 3-05 and S-X 1-02(w). Rule 8-03(b)(3) of Regulation S-X requires summarized financial information in a quarterly report if any of the three tests exceeds 20%. Under the assets test, the Company’s proportionate share of its equity method investee's aggregated assets exceeded the applicable threshold of 20%, and accordingly it is required to provide summarized balance sheet and income statement information for this investee for all periods presented. The Company's share of net loss from its equity method investment totaled $0.5 million and $2.1 million for the three months ended March 31, 2022 and 2021, respectively. The following tables provide summarized financial information for the Company's equity method investments (in millions): March 31, December 31, Assets $ 594.7 $ 604.5 Liabilities 469.6 481.5 Equity $ 125.1 $ 123.0 Three Months Ended March 31, 2022 2021 Total revenues $ 70.2 $ 80.3 Gross profit $ 17.6 $ 8.2 Loss from continuing operations $ (1.2) $ (6.7) Net income (loss) $ 1.9 $ (6.0) Other Non-Current Assets The following tables provide information relating to Other non-current assets (in millions): March 31, December 31, Right of use asset $ 71.2 $ 69.6 Other 3.6 3.7 Total other non-current assets $ 74.8 $ 73.3 Accrued Liabilities Accrued liabilities consist of the following (in millions): March 31, December 31, Accrued expenses and other current liabilities $ 27.2 $ 24.5 Accrued payroll and employee benefits 36.4 38.9 Accrued interest 22.5 29.6 Accrued income taxes — 0.4 Total accrued liabilities $ 86.1 $ 93.4 Other Non-Current Liabilities The following tables provide information relating to Other non-current liabilities (in millions): March 31, December 31, Lease liability, net of current portion $ 58.4 $ 58.5 Other 4.9 4.8 Total other non-current liabilities $ 63.3 $ 63.3

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	11. Leases Operating lease right-of-use-assets and finance leases are recognized in the Condensed Consolidated Balance Sheets within Other assets and Property, plant and equipment, net, respectively. Operating lease liability and finance lease liability are recognized in the Condensed Consolidated Balance Sheets within Other liabilities and Debt obligations, respectively. As of March 31, 2022 and December 31, 2021, lease right-of-use assets and lease liabilities consist of the following (in millions): March 31, December 31, Right-of-use assets: Operating lease (Other non-current assets) $ 71.2 $ 69.6 Finance lease (Property, plant and equipment, net) 0.1 0.2 Total right-of-use assets $ 71.3 $ 69.8 Lease liabilities: Current portion of operating lease (Other current liabilities) $ 17.1 $ 15.5 Non-current portion of operating lease (Other non-current liabilities) 58.4 58.5 Finance lease (Debt obligations) 0.1 0.1 Total lease liabilities $ 75.6 $ 74.1 The tables below present financial information associated with the Company's leases. This information is presented as of, and for the three months ended March 31, 2022 and 2021. The Company has entered into operating and finance lease agreements primarily for land, office space, equipment and vehicles, expiring between 2022 and 2045. The following table summarizes the components of lease expense for the three months ended March 31, 2022 and 2021 (in millions): Three Months Ended March 31, 2022 2021 Finance lease cost: Amortization of right-of-use assets $ — $ 0.3 Interest on lease liabilities — — Net finance lease cost — 0.3 Operating lease cost 5.9 3.5 Variable lease cost 0.1 0.1 Sublease income (0.2) — Total lease cost $ 5.8 $ 3.9 Cash flow information related to leases for the three months ended March 31, 2022 and 2021 is as follows (in millions): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ — $ — Financing cash flows from finance leases $ — $ 0.3 Operating cash flows from operating leases $ 6.2 $ 3.7 Right-of-use assets obtained in exchange for new lease liabilities Finance leases $ — $ — Operating leases $ 6.5 $ 3.9 As of March 31, 2022 and December 31, 2021, the weighted-average remaining lease term and the weighted-average discount rate for finance leases and operating leases are as follows: March 31, December 31, Weighted-average remaining lease term (years) - operating lease 7.5 7.5 Weighted-average remaining lease term (years) - finance lease 2.6 2.3 Weighted-average discount rate - operating lease 5.3 % 5.4 % Weighted-average discount rate - finance lease 3.7 % 4.2 % As of March 31, 2022, undiscounted cash flows for finance and operating leases are as follows (in millions): Operating Finance 2022 $ 15.2 $ 0.1 2023 18.3 — 2024 12.5 — 2025 9.2 — 2026 6.4 — Thereafter 31.2 — Total future lease payments 92.8 0.1 Less: Present values (17.3) — Total lease liability balance $ 75.5 $ 0.1 In November 2021, INNOVATE Corp. entered into a ten-year lease agreement for a special purpose space in Palm Beach, Florida. The new lease has not yet commenced, but will require future monthly lease payments of approximately $0.2 million over the entire lease term and yearly common area maintenance charges of $0.6 million, both of which are subject to 3% annual upward adjustments, with total square footage of 20,950. The new lease also provides for the Company to receive an allowance from the landlord of $2.1 million to be used toward costs to design, engineer, install, supply and construct improvements, payable at the end of the lease. The future lease payments and the allowance are not yet recorded on our consolidated balance sheet. We expect the accounting lease commencement date for this initial portion of the lease for financial reporting purposes to begin no later than November 2023. In December 2021, the Company entered into a five-year lease agreement with an option to extend the lease for another five years for office space in West Palm Beach, Florida. The new lease has not commenced yet, but will require future monthly lease payments of approximately $0.14 million over the entire lease term, subject to 3% annual upward adjustment, with total square footage of 15,786. The future lease payments are not yet recorded on our consolidated balance sheet, as the building is still under construction. We expect the accounting lease commencement date for this initial portion of the lease for financial reporting purposes to begin in the fourth quarter of 2023.
Leases	11. Leases Operating lease right-of-use-assets and finance leases are recognized in the Condensed Consolidated Balance Sheets within Other assets and Property, plant and equipment, net, respectively. Operating lease liability and finance lease liability are recognized in the Condensed Consolidated Balance Sheets within Other liabilities and Debt obligations, respectively. As of March 31, 2022 and December 31, 2021, lease right-of-use assets and lease liabilities consist of the following (in millions): March 31, December 31, Right-of-use assets: Operating lease (Other non-current assets) $ 71.2 $ 69.6 Finance lease (Property, plant and equipment, net) 0.1 0.2 Total right-of-use assets $ 71.3 $ 69.8 Lease liabilities: Current portion of operating lease (Other current liabilities) $ 17.1 $ 15.5 Non-current portion of operating lease (Other non-current liabilities) 58.4 58.5 Finance lease (Debt obligations) 0.1 0.1 Total lease liabilities $ 75.6 $ 74.1 The tables below present financial information associated with the Company's leases. This information is presented as of, and for the three months ended March 31, 2022 and 2021. The Company has entered into operating and finance lease agreements primarily for land, office space, equipment and vehicles, expiring between 2022 and 2045. The following table summarizes the components of lease expense for the three months ended March 31, 2022 and 2021 (in millions): Three Months Ended March 31, 2022 2021 Finance lease cost: Amortization of right-of-use assets $ — $ 0.3 Interest on lease liabilities — — Net finance lease cost — 0.3 Operating lease cost 5.9 3.5 Variable lease cost 0.1 0.1 Sublease income (0.2) — Total lease cost $ 5.8 $ 3.9 Cash flow information related to leases for the three months ended March 31, 2022 and 2021 is as follows (in millions): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ — $ — Financing cash flows from finance leases $ — $ 0.3 Operating cash flows from operating leases $ 6.2 $ 3.7 Right-of-use assets obtained in exchange for new lease liabilities Finance leases $ — $ — Operating leases $ 6.5 $ 3.9 As of March 31, 2022 and December 31, 2021, the weighted-average remaining lease term and the weighted-average discount rate for finance leases and operating leases are as follows: March 31, December 31, Weighted-average remaining lease term (years) - operating lease 7.5 7.5 Weighted-average remaining lease term (years) - finance lease 2.6 2.3 Weighted-average discount rate - operating lease 5.3 % 5.4 % Weighted-average discount rate - finance lease 3.7 % 4.2 % As of March 31, 2022, undiscounted cash flows for finance and operating leases are as follows (in millions): Operating Finance 2022 $ 15.2 $ 0.1 2023 18.3 — 2024 12.5 — 2025 9.2 — 2026 6.4 — Thereafter 31.2 — Total future lease payments 92.8 0.1 Less: Present values (17.3) — Total lease liability balance $ 75.5 $ 0.1 In November 2021, INNOVATE Corp. entered into a ten-year lease agreement for a special purpose space in Palm Beach, Florida. The new lease has not yet commenced, but will require future monthly lease payments of approximately $0.2 million over the entire lease term and yearly common area maintenance charges of $0.6 million, both of which are subject to 3% annual upward adjustments, with total square footage of 20,950. The new lease also provides for the Company to receive an allowance from the landlord of $2.1 million to be used toward costs to design, engineer, install, supply and construct improvements, payable at the end of the lease. The future lease payments and the allowance are not yet recorded on our consolidated balance sheet. We expect the accounting lease commencement date for this initial portion of the lease for financial reporting purposes to begin no later than November 2023. In December 2021, the Company entered into a five-year lease agreement with an option to extend the lease for another five years for office space in West Palm Beach, Florida. The new lease has not commenced yet, but will require future monthly lease payments of approximately $0.14 million over the entire lease term, subject to 3% annual upward adjustment, with total square footage of 15,786. The future lease payments are not yet recorded on our consolidated balance sheet, as the building is still under construction. We expect the accounting lease commencement date for this initial portion of the lease for financial reporting purposes to begin in the fourth quarter of 2023.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The Company used the Annual Effective Tax Rate ("ETR") approach of ASC 740-270, Interim Reporting, to calculate its 2022 interim tax provision. Income tax expense was $1.6 million and $1.1 million for the three months ended March 31, 2022 and 2021, respectively. The income tax expense recorded for the three months ended March 31, 2022 and 2021 relates to the projected expense as calculated under ASC 740 for taxpaying entities. Additionally, the tax benefits associated with losses generated by INNOVATE Corp.'s U.S. consolidated income tax return and certain other businesses have been reduced by a full valuation allowance as we do not believe it is more-likely-than-not that the losses will be utilized. Net Operating Losses At December 31, 2021, the Company had gross U.S. net operating loss carryforwards available to reduce future taxable income in the amount of $164.5 million, of which a portion is subject to annual limitation under IRC Sec. 382. Based on estimates as of March 31, 2022, the Company expects that approximately $95.7 million of the gross U.S. net operating loss carryforwards would be available to offset taxable income in 2022. This estimate may change based on changes to actual results reported on the 2021 U.S. tax return. The amount of U.S. net operating loss carryforwards reflected in the financial statements differs from the amounts reported on the U.S. tax return due to uncertain tax positions related to tax laws and regulations that are subject to varied interpretation by the IRS. Additionally, at December 31, 2021, the Company had $103.6 million of gross U.S. net operating loss carryforwards from its subsidiaries that do not qualify to be included in the INNOVATE Corp. U.S. consolidated income tax return, including $66.2 million from R2, $33.1 million from DTV America, and other entities of $4.3 million. Unrecognized Tax Benefits The Company follows the provision of ASC 740-10, Income Taxes, which prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on a tax return. The Company is subject to challenge from various taxing authorities relative to certain tax planning strategies, including certain intercompany transactions as well as regulatory taxes. The Company did not have any unrecognized tax benefits as of December 31, 2021 related to uncertain tax positions that would impact the effective income tax rate if recognized. The Company has reduced the net operating loss carryforward by $58.7 million for uncertain tax positions based on our interpretation of tax laws and regulations that are subject to varied interpretation by the IRS. Examinations The Company conducts business globally, and as a result, the Company or one or more of its subsidiaries files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. In the normal course of business the Company is subject to examination by taxing authorities throughout the world. The open tax years contain matters that could be subject to differing interpretations of applicable tax laws and regulations as they relate to the amount, character, timing or inclusion of revenue and expenses or the applicability of income tax credits for the relevant tax period. Given the nature of tax audits there is a risk that disputes may arise. Tax years 2002 - 2020 remain open for examination.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Litigation The Company is subject to claims and legal proceedings that arise in the ordinary course of business. Such matters are inherently uncertain, and there can be no guarantee that the outcome of any such matter will be decided favorably to the Company or that the resolution of any such matter will not have a material adverse effect upon the Company’s Condensed Consolidated Financial Statements. The Company does not believe that any of such pending claims and legal proceedings will have a material adverse effect on its Condensed Consolidated Financial Statements. The Company records a liability in its Condensed Consolidated Financial Statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amount of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary for its Condensed Consolidated Financial Statements not to be misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in the Company's Condensed Consolidated Financial Statements. Any legal or other expenses associated with the litigation are accrued for as the expenses are incurred. Based on a review of the current facts and circumstances with counsel in each of the matters disclosed, management has provided for what is believed to be a reasonable estimate of loss exposure. While acknowledging the uncertainties of litigation, management believes that the ultimate outcome of litigation will not have a material effect on its financial position and will defend itself vigorously. VAT assessment On February 20, 2017, and on August 15, 2017, the Company's subsidiary, PTGi International Carrier Services Ltd. (“PTGi-ICS Ltd”), received notices from Her Majesty’s Revenue and Customs office in the U.K. (the "HMRC") indicating that it was required to pay certain Value-Added Taxes ("VAT") for the 2015 and 2016 tax years. On February 15, 2022, the Upper Tribunal (Tax and Chancery) Chamber (the "Tax Tribunal") found in favor of PTGi-ICS Ltd. HMRC has acknowledged that it will not appeal the Tax Tribunal’s decision and it must pay reasonable legal fees incurred by PTGi-ICS Ltd. While repayment of the outstanding VAT payment is expected to be made soon, the Company shall separately pursue reimbursement of legal fees. Fair Value Investments Litigation On October 1, 2020, Fair Value Investments Incorporated (“FVI”) filed a putative stockholder class action and derivative complaint in the Delaware Court of Chancery (the "Court") against INNOVATE Corp. and certain of DBMG’s current and former officers and directors, including current and former INNOVATE officers and directors AJ Stahl, Kenneth S. Courtis, Robert V. Leffler, Jr., Philip A. Falcone, Michael J. Sena, and Paul Voigt (together with INNOVATE, the “INNOVATE Defendants”) styled Fair Value Investments Incorporated v. Roach, et al., C.A. No. 2020-0847-JTL (Del. Ch.) (the “FVI Action”). In the FVI Action, FVI alleges that the Company, in its capacity as DBMG’s controlling stockholder, and DBMG’s current and former officers and directors breached their fiduciary duties to DBMG and DBMG’s minority stockholders by approving certain transactions that allegedly provide disproportionate benefits to the Company. FVI challenges the following transactions: (i) DBMG’s payments to the Company from 2016–present pursuant to a Tax Sharing Agreement between DBMG and the Company; (ii) DBMG acting as a guarantor or providing collateral for loans taken on by the Company; (iii) DBMG’s issuance of dividends to its common and preferred stockholders in 2017–2020; (iv) DBMG’s issuance of preferred stock to the Company to finance DBMG’s 2018 acquisition of GrayWolf Industrial; and (v) the Company’s appointment of directors to DBMG’s board of directors by written consent in lieu of holding an annual stockholder meeting. On February 23, 2021, FVI filed an Amended Verified Stockholder Class Action Complaint (the "Amended Complaint"). In the Amended Complaint, FVI named two additional defendants: the Company’s Chief Executive Officer, Wayne Barr, and DBMG’s General Counsel, Scott D. Sherman. The Amended Complaint includes additional fact allegations in support of the largely similar claims raised in the original complaint. Defendants moved to dismiss the Amended Complaint on April 23, 2021. The Court heard argument on the motions to dismiss on January 21, 2022. Ruling from the bench, the Court granted Defendants’ motions to dismiss, in part. The Court dismissed all claims against all individual defendants other than Ronald Yagoda, including all claims against Messrs. Barr, Stahl, Courtis, Leffler, Falcone, Sena, and Voigt. As to the two remaining defendants - INNOVATE Corp. and Yagoda - the Court dismissed all claims regarding: (i) DBMG acting as a guarantor or providing collateral for loans by the Company; (ii) DBMG’s issuance of dividends to its common and preferred stockholders in 2017–2020; (iii) the Company’s appointment of directors to DBMG’s board of directors by written consent in lieu of holding an annual stockholder meeting; and (iv) DBMG’s payments to the Company in 2016 and May 2017 pursuant to a Tax Sharing Agreement between DBMG and the Company. The Company believes the surviving claims in the FVI Amended Complaint relating to (i) DBMG’s payments to the Company after May 2017 pursuant to a Tax Sharing Agreement between DBMG and the Company and (ii) DBMG’s issuance of preferred stock to the Company to finance DBMG’s 2018 acquisition of GrayWolf Industrial are without merit. Discovery on the two remaining claims is underway and, if necessary, trial in this action is expected to occur in the second quarter of 2023. The Company intends to vigorously defend this litigation. DTV Derivative Litigation On March 15, 2021, twenty-two DTV stockholders and eight holders of DTV stock options filed a stockholder class action and derivative complaint in the Delaware Court of Chancery in an action styled Bocock, et al., v. HC2 Holdings, Inc. et al., C.A. No. 2021-0224 (Del. Ch.). Plaintiffs named as defendants INNOVATE Corp. (f/k/a HC2 Holdings, Inc.), HC2 Broadcasting Holdings, Inc., HC2 Broadcasting Inc., and Continental General Insurance Corporation (the “INNOVATE Entities”) and certain current and former officers and directors of the INNOVATE Entities and DTV, including Philip Falcone, Michael Sena, Wayne Barr, Jr., Les Levi, Paul Voigt, Ivan Minkov, and Paul Robinson (the “Individual Defendants”). Plaintiffs principally allege that the defendants breached their fiduciary duties and/or aided and abetted breaches of fiduciary duty by participating in a “scheme” in which the INNOVATE Entities (i) acquired majority voting and operating control over DTV; (ii) exploited that control to misappropriate DTV’s assets and business opportunities for the benefit of the INNOVATE Entities; and (iii) purchased DTV stock at a discount to fair value and diminished the value of DTV stock options. Plaintiffs allege that the Individual Defendants (i) “prompted” the INNOVATE Entities to purchase more than 100 low-power television (“LPTV”) broadcast stations originally identified for potential acquisition by DTV, (ii) allowed the INNOVATE Entities to misappropriate DTV technology, known as “DTV Cast,” (iii) caused DTV to transfer unspecified LPTV broadcasting station licenses to INNOVATE affiliates “without paying any value,” and (iv) transferred to the INNOVATE Entities unspecified DTV broadcasting stations that had been “repacked” by the FCC. Defendants moved to dismiss the Complaint on May 19, 2021. On June 23, 2021, plaintiffs amended their complaint. In the amended complaint, plaintiffs assert the same claims they asserted in their initial complaint, added a claim for waste associated with DTV’s purported transfer of licenses and construction permits for less than fair value, and dropped Paul Robinson as a defendant. Defendants moved to dismiss the amended complaint in its entirety on August 25, 2021, and the parties completed briefing on the motions to dismiss on November 10, 2021. The Court heard argument on the motions to dismiss on March 29, 2022 and a decision is expected by the end of June 2022. The Company believes the allegations in the amended complaint are without merit and the Company intends to vigorously defend this litigation. Books and Records Demand

Share-based Compensation

Share-based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-based Compensation	14. Share-based Compensation Total share-based compensation expense recognized by the Company and its subsidiaries under all equity compensation arrangements was $0.8 million and $0.5 million for the three months ended March 31, 2022 and 2021, respectively. All grants are time based and vest either immediately or over a period established at grant, typically with a requisite service period of two Restricted Stock A summary of INNOVATE’s restricted stock activity is as follows: Shares Weighted Average Grant Date Fair Value Unvested - December 31, 2020 628,433 $ 3.93 Granted 593,458 $ 3.81 Vested (514,543) $ 3.89 Forfeited (151,469) $ 4.13 Unvested - December 31, 2021 555,879 $ 3.79 Granted 592,045 $ 3.58 Vested (163,028) $ 3.73 Forfeited — $ — Unvested - March 31, 2022 984,896 $ 3.67 At March 31, 2022, the total unrecognized stock-based compensation expense related to unvested restricted stock was $3.0 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted average period of 2.6 years. Stock Options A summary of INNOVATE’s stock option activity is as follows: Shares Weighted Average Exercise Price Outstanding - December 31, 2020 4,739,858 $ 5.13 Granted — $ — Exercised — $ — Forfeited — $ — Expired (23,999) $ 5.31 Outstanding - December 31, 2021 4,715,859 $ 5.13 Granted 280,791 $ 3.25 Exercised — $ — Forfeited — $ — Expired (1,500) $ 4.06 Outstanding - March 31, 2022 4,995,150 $ 5.02 Eligible for exercise 4,995,150 $ 5.02

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity	15. Equity Preferred Shares The Company’s preferred shares authorized, issued and outstanding consisted of the following: March 31, December 31, Preferred shares authorized, $0.001 par value 20,000,000 20,000,000 Series A-3 shares issued and outstanding 6,125 6,125 Series A-4 shares issued and outstanding 10,000 10,000 Preferred Share Activity Series A-3 and A-4 Share Issuance and Conversion On July 1, 2021 (the "Exchange Date") and as a part of the sale of CIG, INNOVATE entered into an exchange agreement (the "Exchange Agreement") with the now deconsolidated CGIC, who held the remaining shares of the Series A and Series A-2 Preferred Stock and was eliminated in consolidation prior to the sale of the Insurance segment on July 1, 2021. Per the Exchange Agreement, INNOVATE exchanged 6,125 shares of the Series A and 10,000 shares of the Series A-2 shares that CGIC held for an equivalent number of Series A-3 Convertible Participating Preferred Stock ("Series A-3") and Series A-4 Convertible Participating Preferred Stock ("Series A-4"), respectively. The terms remained substantially the same, except that the Series A-3 and Series A-4 will mature on July 1, 2026. A cash payment of $0.3 million was made as a part of the exchange for accrued and unpaid dividends on the Series A and Series A-2 being exchanged. Upon issuance of the Series A-3 and Series A-4 Preferred Stock on July 1, 2021, the Series A-3 and Series A-4 have been classified as temporary equity in the Company's Balance Sheet with a combined redemption value of $16.1 million with a current fair value as of March 31, 2022 of $18.5 million. Dividends. The Series A-3 and Series A-4 Preferred Stock accrues a cumulative quarterly cash dividend at an annualized rate of 7.50%. The accrued value of the Series A-3 and Series A-4 Preferred Stock will accrete quarterly at an annualized rate of 4.00% that is reduced to 2.00% or 0.0% if the Company achieves specified rates of growth measured by increases in its net asset value; provided, that the accreting dividend rate will be 7.25% in the event that (A) the daily volume weighted average price ("VWAP") of the Company's common stock is less than a certain threshold amount, (B) the Company's common stock is not registered under Section 12(b) of the Securities Exchange Act of 1934, as amended, (C) the Company's common stock is not listed on certain national securities exchanges or the Company is delinquent in the payment of any cash dividends. The Series A-3 and Series A-4 Preferred Stock is also entitled to participate in cash and in-kind distributions to holders of shares of Company's common stock on an as-converted basis. Subsequent Measurement. The Company has elected to account for the Series A-3 and Series A-4 Preferred Stock by immediately recognizing changes in the redemption value as they occur. The carrying value of the Series A-3 and Series A-4 Preferred Stock will be adjusted to equal what the redemption amount would be as if the redemption were to occur at the end of the reporting period as if it were also the redemption date for the Series A-3 and Series A-4 Preferred Stock. Any cash dividends paid will directly reduce the carrying value of the Series A-3 and Series A-4 Preferred Stock until the carrying value equals the redemption value. The Company has a history of paying dividends on its preferred stock and expects to continue to pay such dividends each quarter. Optional Conversion. Each share of Series A-3 and Series A-4 may be converted by the holder into shares of the Company's common stock at any time based on the then-applicable Conversion Price. Each share of Series A-3 is initially convertible at a conversion price of $4.25 (as it may be adjusted from time to time, the "Series A-3 Conversion Price"), and each share of Series A-4 is initially convertible at a conversion price of $8.25 (as it may be adjusted from time to time, the "Series A-4 Conversion Price") (“collectively the “Conversion Prices”). The Conversion Prices are subject to adjustment for dividends, certain distributions, stock splits, combinations, reclassifications, reorganizations, mergers, recapitalizations and similar events, as well as in connection with issuances of equity or equity-linked or other comparable securities by the Company at a price per share (or with a conversion or exercise price or effective issue price) that is below the Conversion Prices’ (which adjustment shall be made on a weighted average basis). Actual conversion prices at the time of the exchange were $3.52 for the Series A and $5.33 for the Series A-2. Redemption by the Holder / Automatic Conversion. On July 1, 2026, holders of the Series A-3 and Series A-4 shall be entitled to cause the Company to redeem the Series A-3 and Series A-4 at the accrued value per share plus accrued but unpaid dividends (to the extent not included in the accrued value of Series A-3 and Series A-4). Each share of Series A-3 and Series A-4 that is not so redeemed will be automatically converted into shares of the Company's common stock at the Conversion Price then in effect. Upon a change of control (as defined in each Certificate of Designation) holders of the Series A-3 and Series A-4 shall be entitled to cause the Company to redeem their shares of Series A-3 and Series A-4 at a price per share of Series A-3 and Series A-4 equal to the greater of (i) the accrued value of the Series A-3 and Series A-4, plus any accrued and unpaid dividends (to the extent not included in the accrued value of Series A-3 and Series A-4 Preferred Stock), and (ii) the value that would be received if the share of Series A-3 and Series A-4 were converted into shares of the Company's common stock immediately prior to the change of control. Redemption by the Company / "Company Call Option". At any time after the third anniversary of the Original Issue Date, the Company may redeem the Series A-3/Series A-4, in whole but not in part, at a price per share generally equal to 150% of the accrued value per share, plus accrued but unpaid dividends (to the extent not included in the accrued value of the Series A-3/Series A-4), subject to the holder's right to convert prior to such redemption. Forced Conversion . The Company may force conversion of the Series A-3 and Series A-4 into shares of the Company's common stock if the common stock's thirty-day VWAP exceeds 150% of the then-applicable Conversion Price and the Common Stock’s daily VWAP exceeds 150% of the then-applicable Conversion Price for at least twenty Liquidation Preference . In the event of any liquidation, dissolution or winding up of the Company (any such event, a “Liquidation Event”), the holders of Series A-3 and Series A-4 will be entitled to receive per share the greater of (i) the accrued value of the Series A-3 and Series A-4, plus any accrued and unpaid dividends (to the extent not included in the accrued value of Series A-3 and Series A-4), and (ii) the value that would be received if the share of Series A-4 and Series A-4 were converted into shares of the Company's common stock immediately prior to such occurrence. The Series A-3 and Series A-4 will rank junior to any existing or future indebtedness but senior to the Company's common stock and any future equity securities other than any future senior or pari passu preferred stock issued in compliance with each Certificate of Designation. The Series A-3 Preferred Stock and the Series A-4 Preferred Stock rank at parity. Voting Rights. Except as required by applicable law, the holders of the shares of the Series A-3 and Series A-4 will be entitled to vote on an as-converted basis with the holders of the Series A-3 Preferred Stock and the Series A-4 Preferred Stock (on an as-converted basis), as applicable, and the holders of the Company’s common stock on all matters submitted to a vote of the holders of the Company's common stock with the holders of New Preferred Stock on certain matters, and separately as a class on certain limited matters. Consent Rights. For so long as any of the Series A-3 and Series A-4 is outstanding, consent of the holders of shares representing at least 75% of certain of the Series A-3 and Series A-4 then outstanding is required for certain material actions. Participation Rights. Pursuant to the securities purchase agreements entered into with the initial purchasers of the Series A-3 Preferred Stock and the Series A-4 Preferred Stock, subject to meeting certain ownership thresholds, certain purchasers of the Series A-3 Preferred Stock and the Series A-4 Preferred Stock are entitled to participate, on a pro-rata basis in accordance with their ownership percentage, determined on an as-converted basis, in issuances of equity and equity linked securities by the Company. In addition, subject to meeting certain ownership thresholds, certain initial purchasers of the Series A-3 Preferred Stock and the Series A-4 Preferred Stock will be entitled to participate in issuances of preferred securities and in debt transactions of the Company. At March 31, 2022, Series A-3 Preferred Stock and Series A-4 Preferred Stock were convertible into 1,740,700 and 1,875,533 shares, respectively, of INNOVATE's common stock. Preferred Share Dividends During the three months ended March 31, 2022 and 2021, INNOVATE's Board of Directors (the "Board") declared cash dividends with respect to INNOVATE’s issued and outstanding Preferred Stock, excluding the Series A and Series A-2 Preferred Stock which was owned by CGIC and was eliminated in consolidation prior to the sale of the Insurance segment on July 1, 2021, as presented in the following table (in millions): 2022 Declaration Date March 31, 2022 Holders of Record Date March 31, 2022 Payment Date April 15, 2022 Total Dividend $ 0.3 2021 Declaration Date March 31, 2021 Holders of Record Date March 31, 2021 Payment Date April 15, 2021 Total Dividend $ 0.2 DBMGi Series A Preferred Stock Issuance On November 30, 2018, CGIC purchased 40,000 shares of DBMGi's Series A Preferred Stock, which was eliminated in consolidation. On July 1, 2021, as a part of the sale of CIG which resulted in the deconsolidation of the entity, INNOVATE was deemed to have issued $40.9 million of DBMGi Series A Preferred Stock to the now deconsolidated CGIC. Upon issuance of the DBMGi Series A Preferred Stock on July 1, 2021, the DBMGi Series A Preferred Stock has been classified as temporary equity in the Company's Balance Sheet. Redemption Option . The DBMGi Preferred Stock is redeemable at any time, in whole or in part, at the option of the Company, or at any time or by the holder prior to July 2026. Dividends. The DBMGi Series A Preferred Stock will accrue a cumulative quarterly cash or payment in kind dividend at a rate of (a) for the first five years following the date of issuance, (i) 9.00% per annum if dividends are paid in kind or (ii) 8.25% per annum if dividends are paid in cash and (b) starting on the fifth anniversary of the date of issuance, a rate per annum equal to (i) LIBOR (as defined in the Certificate of Designation) plus a spread of 5.85% (together, the “LIBOR Rate”) per annum, plus 0.75% if dividends are paid in kind or (ii) the LIBOR Rate per annum in the case of dividends paid in cash. Subsequent Measurement. The DBMGi Series A Preferred Stock will be subsequently measured each reporting period at its maximum redemption value, which is equal to the stated value plus all accrued, accumulated and unpaid dividends as of the end of each reporting period as they are currently redeemable. The Company pays accrued dividends quarterly in cash (with an option to PIK), and the Company does not expect to make any subsequent measurement adjustments recorded to the initial carrying amount. As such no accretion will be recognized until future dividend payments would otherwise reduce the carrying value below its redemption value. In such a case, the Company will adjust the carrying value to its maximum redemption amount. During the three months ending March 31, 2022, DBMGi's Board of Directors declared cash dividends with respect to DBMGi’s issued and outstanding Preferred Stock, as presented in the following table (in millions): 2022 Declaration Date March 31, 2022 Holders of Record Date March 31, 2022 Payment Date April 15, 2022 Total Dividend $ 0.9

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Parties	16. Related Parties Non-Operating Corporate In September 2018, the Company entered into a 75-month lease for office space. As part of the agreement, INNOVATE was able to pay a lower security deposit and lease payments, and received favorable lease terms as consideration for landlord required cross default language in the event of default of the shared space leased by Harbinger Capital Partners, formerly a related party, in the same building. With the adoption of ASC 842, as of January 1, 2019, this lease was recognized as a right of use asset and lease liability on the Condensed Consolidated Balance Sheets. Infrastructure Banker Steel, a subsidiary of DBMG, has leased two office spaces from 2940 Fulks St LLC, a related party that is owned by Donald Banker, CEO of Banker Steel and a related party, with monthly lease payments of $10 thousand and a total lease liability of $0.2 million. For the three months ended March 31, 2022 and 2021, DBMG incurred lease expense of $8 thousand and zero, respectively. Banker Steel has leased two planes from Banker Aviation LLC, a related party that is owned by Donald Banker, a related party, with monthly lease payments of $0.1 million and a total lease liability of $2.2 million. During the three months ended March 31, 2022, one of the two plane leases was terminated. For the three months ended March 31, 2022 and 2021, DBMG incurred lease expense of $0.1 million and zero, respectively. Banker Steel also has a subordinated note payable of $6.3 million to Donald Banker, a related party, that has a maturity date of June 30, 2024 at a 11.0% interest rate. For the three months ended March 31, 2022 and 2021, DBMG incurred interest expense of $0.2 million and zero, respectively. Refer to Note 9. Debt Obligations to our Condensed Consolidated Financial Statements for additional information. Life Sciences

Operating Segment and Related I

Operating Segment and Related Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Operating Segment and Related Information	17. Operating Segment and Related Information The Company currently has one primary reportable geographic segment - United States. The Company has three reportable operating segments, plus our Other segment, based on management’s organization of the enterprise - Infrastructure, Life Sciences, Spectrum, and Other. We also have included a Non-operating Corporate segment. All inter-segment revenues are eliminated. The Company's revenue concentration of 10% and greater are as follows: Three Months Ended March 31, Segment 2022 2021 Customer A Infrastructure 23.3% * Customer B Infrastructure 11.8% * *Less than 10% revenue concentration Summary information with respect to the Company’s operating segments is as follows (in millions): Three Months Ended March 31, 2022 2021 Revenue Infrastructure $ 402.2 $ 161.3 Life Sciences 0.8 — Spectrum 9.8 10.5 Total revenue $ 412.8 $ 171.8 Three Months Ended March 31, 2022 2021 Income (loss) from operations Infrastructure $ 11.9 $ 2.2 Life Sciences (5.0) (4.8) Spectrum (0.4) (1.2) Other (0.1) (0.4) Non-operating Corporate (5.7) (6.7) Total income (loss) from operations $ 0.7 $ (10.9) A reconciliation of the Company's consolidated segment operating income to consolidated earnings before income taxes is as follows (in millions): Three Months Ended March 31, 2022 2021 Income (loss) from operations $ 0.7 $ (10.9) Interest expense (12.6) (21.4) Loss on early extinguishment or restructuring of debt — (10.8) Loss from equity investees (0.5) (2.1) Other (loss) income (0.1) 3.4 Loss from continuing operations before income taxes (12.5) (41.8) Income tax expense (1.6) (1.1) Loss from continuing operations (14.1) (42.9) Income from discontinued operations (including gain on sale of $40.4 million for the three months ended March 31, 2021) — 51.9 Net (loss) income (14.1) 9.0 Net income attributable to noncontrolling interest and redeemable noncontrolling interest 1.7 3.6 Net (loss) income attributable to INNOVATE Corp. (12.4) 12.6 Less: Preferred dividends and deemed dividends from conversions 1.2 0.4 Net (loss) income attributable to common stock and participating preferred stockholders $ (13.6) $ 12.2 Three Months Ended March 31, 2022 2021 Depreciation and Amortization Infrastructure $ 5.3 $ 2.4 Infrastructure recognized within cost of revenue 3.7 2.3 Total Infrastructure 9.0 4.7 Life Sciences 0.1 — Spectrum 1.5 1.5 Total depreciation and amortization $ 10.6 $ 6.2 Three Months Ended March 31, 2022 2021 Capital Expenditures (*) Infrastructure $ 2.9 $ 1.6 Life Sciences 0.1 0.2 Spectrum 1.6 1.4 Total $ 4.6 $ 3.2 (*) The above capital expenditures exclude assets acquired under terms of capital lease and vendor financing obligations. March 31, December 31, Investments Infrastructure $ 1.0 $ 0.7 Life Sciences 13.5 10.2 Other 45.7 45.1 Total $ 60.2 $ 56.0 March 31, December 31, Equity Method Investees Infrastructure $ 1.0 $ 0.7 Life Sciences 8.6 9.6 Other 34.3 33.9 Total $ 43.9 $ 44.2 March 31, December 31, Total Assets Infrastructure $ 834.6 $ 786.4 Life Sciences 22.2 22.0 Spectrum 198.6 198.9 Other 48.4 48.0 Non-operating Corporate 8.4 25.3 Total $ 1,112.2 $ 1,080.6

Basic and Diluted Income (Loss)

Basic and Diluted Income (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Basic and Diluted Income (Loss) Per Common Share	18. Basic and Diluted Income (Loss) Per Common Share Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities. As such, shares of any unvested restricted stock of the Company are considered participating securities. The dilutive effect of options and their equivalents (including non-vested stock issued under stock-based compensation plans), is computed using the "if-converted method" as this measurement was determined to be more dilutive between the two available methods in each period. The Company had no dilutive common share equivalents during the three months ended March 31, 2022 and 2021 due to results from continuing operations being a loss, net of tax. The following table presents a reconciliation of net income (loss) used in basic and diluted EPS calculations (in millions, except per share amounts): Three Months Ended March 31, 2022 2021 Loss from continuing operations $ (14.1) $ (42.9) Income from continuing operations attributable to noncontrolling interest and redeemable noncontrolling interest 1.7 2.8 Loss from continuing operations attributable to the Company (12.4) (40.1) Less: Preferred dividends, deemed dividends and repurchase gains 1.2 0.4 Loss from continuing operations attributable to INNOVATE common stockholders (13.6) (40.5) Income from discontinued operations — 51.9 Income from discontinued operations attributable to noncontrolling interest and redeemable noncontrolling interest — 0.8 Income from discontinued operations, net of tax and noncontrolling interest — 52.7 Net (loss) income attributable to common stock and participating preferred stockholders $ (13.6) $ 12.2 Earnings allocable to common shares: Participating shares at end of period: Weighted-average common stock outstanding 77.3 76.9 Unvested restricted stock — 0.4 Preferred stock (as-converted basis) — 2.6 Total 77.3 79.9 Percentage of (loss) income allocated to: Common stock 100.0 % 96.2 % Unvested restricted stock — % 0.5 % Preferred stock — % 3.3 % Numerator for earnings per share, basic: Net loss from continuing operations attributable to common stock, basic $ (13.6) $ (39.0) Net income from discontinued operations attributable to common stock, basic $ — $ 50.7 Net (loss) income attributable to common stock, basic $ (13.6) $ 11.7 Earnings allocable to common shares, diluted: Numerator for earnings per share, diluted Effect of assumed shares under the if-converted method for convertible instruments $ — $ — Net loss from continuing operations attributable to common stock, basic $ (13.6) $ (39.0) Net income from discontinued operations attributable to common stock, basic $ — $ 50.7 Net (loss) income attributable to common stock, basic $ (13.6) $ 11.7 Denominator for basic and dilutive earnings per share Weighted average common shares outstanding - basic 77.3 76.9 Effect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments — — Weighted average common shares outstanding - diluted 77.3 76.9 Loss per share - continuing operations Basic $ (0.18) $ (0.51) Diluted $ (0.18) $ (0.51) Income per share - discontinued operations Basic $ — $ 0.66 Diluted $ — $ 0.66 (Loss) income per share - Net (loss) income attributable to common stock and participating preferred stockholders Basic $ (0.18) $ 0.15 Diluted $ (0.18) $ 0.15

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events None.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries and all other subsidiaries over which the Company exerts control. All intercompany profits, transactions and balances have been eliminated in consolidation. For the three months ended March 31, 2022, the results of DBMG, Pansend, Genovel, R2, Broadcasting, and GMH have been consolidated into the Company’s results based on guidance from the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC" 810, Consolidation) . The remaining interests not owned by the Company are presented as a noncontrolling interest component of total equity.
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information. All such adjustments are of a normal recurring nature. Certain information and note disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to such rules and regulations. Certain prior amounts have been reclassified or combined to conform to the current year presentation. These interim financial statements should be read in conjunction with the Company’s annual Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on March 9, 2022. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2022.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of the Company’s Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used.
Accounting Pronouncements	Accounting Pronouncements Adopted in the Current Year There were no new accounting pronouncements adopted during the three months ended March 31, 2022. Accounting Pronouncements to be Adopted Subsequent to December 31, 2022 Credit Loss Standard ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) , Measurement of Credit Losses on Financial Instruments, was issued by FASB in June 2016. This standard is effective January 1, 2020 (with early adoption permitted). This new standard changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments, including trade receivables, from an incurred loss model to an expected loss model and adds certain new required disclosures. Under the expected loss model, entities will recognize estimated credit losses over the entire contractual term of the instrument rather than delaying recognition of credit losses until it is probable the loss has been incurred. The FASB has voted to delay the effective date of ASU 2016-13 to January 1, 2023 for smaller reporting companies with a revised ASU in the fourth quarter of 2019. The Company will not be required to adopt Topic 326 until January 1, 2023. Currently, the Company continues to evaluate the potential impact of the new standard on its financial results. Subsequent Events ASC 855, Subsequent Events

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows (in millions): March 31, 2022 2021 Cash and cash equivalents, beginning of period $ 45.5 $ 43.8 Restricted cash included in other assets 2.0 1.5 Total cash and cash equivalents and restricted cash $ 47.5 $ 45.3 Cash and cash equivalents, end of period $ 26.4 $ 54.2 Restricted cash included in other assets 2.0 2.0 Total cash and cash equivalents and restricted cash $ 28.4 $ 56.2 Cash and cash equivalents classified in Assets held for sale, beginning of period $ — $ 195.2 Restricted cash classified in Assets held for sale — 0.2 Total cash and cash equivalents and restricted cash classified in Assets held for sale $ — $ 195.4 Cash and cash equivalents classified in Assets held for sale, end of period $ — $ 213.7 Restricted cash classified in Assets held for sale — — Total cash and cash equivalents and restricted cash classified in Assets held for sale $ — $ 213.7 Supplemental cash flow information: Cash paid for interest $ 18.6 $ 10.5 Cash paid for taxes, net of refunds $ 0.4 $ 0.7 Non-cash investing and financing activities: Property, plant and equipment included in accounts payable $ — $ 0.2 Extinguishment of convertible note in exchange $ — $ 51.8 Issuance of convertible note in exchange $ — $ (51.8)
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows (in millions): March 31, 2022 2021 Cash and cash equivalents, beginning of period $ 45.5 $ 43.8 Restricted cash included in other assets 2.0 1.5 Total cash and cash equivalents and restricted cash $ 47.5 $ 45.3 Cash and cash equivalents, end of period $ 26.4 $ 54.2 Restricted cash included in other assets 2.0 2.0 Total cash and cash equivalents and restricted cash $ 28.4 $ 56.2 Cash and cash equivalents classified in Assets held for sale, beginning of period $ — $ 195.2 Restricted cash classified in Assets held for sale — 0.2 Total cash and cash equivalents and restricted cash classified in Assets held for sale $ — $ 195.4 Cash and cash equivalents classified in Assets held for sale, end of period $ — $ 213.7 Restricted cash classified in Assets held for sale — — Total cash and cash equivalents and restricted cash classified in Assets held for sale $ — $ 213.7 Supplemental cash flow information: Cash paid for interest $ 18.6 $ 10.5 Cash paid for taxes, net of refunds $ 0.4 $ 0.7 Non-cash investing and financing activities: Property, plant and equipment included in accounts payable $ — $ 0.2 Extinguishment of convertible note in exchange $ — $ 51.8 Issuance of convertible note in exchange $ — $ (51.8)

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The results of Beyond6 and CIG and the related expenses directly attributable to the entities were reported as discontinued operations. Summarized operating results of the discontinued operations are as follows (in millions): Three Months Ended March 31, 2022 2021 Revenue $ — $ 1.7 Life, accident and health earned premiums, net — 28.4 Net investment income — 43.9 Realized/unrealized gains on investments — 9.5 Total revenue — 83.5 Cost of revenue — 0.8 Policy benefits, changes in reserves, and commissions — 56.1 Selling, general and administrative — 12.4 Depreciation and amortization — (5.9) Income from operations — 20.1 Interest expense — (0.4) Gain on sale and liquidation of subsidiaries — 40.4 Other loss — (3.1) Pre-tax income from discontinued operations — 57.0 Income tax expense — (5.1) Income from discontinued operations $ — $ 51.9

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Reconciliation of Revenue from Segments to Consolidated	Revenue from contracts with customers consist of the following (in millions): Three Months Ended March 31, 2022 2021 Revenue Infrastructure $ 402.2 $ 161.3 Spectrum 9.8 10.5 Life Sciences 0.8 — Total revenue $ 412.8 $ 171.8
Schedule of Accounts Receivable, net	Accounts receivables, net from contracts with customers consist of the following (in millions): March 31, December 31, Accounts receivables with customers Infrastructure $ 255.3 $ 226.8 Spectrum 8.4 9.4 Life Sciences 0.5 0.3 Total accounts receivables with customers $ 264.2 $ 236.5 Accounts receivable, net consist of the following (in millions): March 31, December 31, Contracts in progress $ 255.3 $ 226.8 Unbilled retentions 0.5 0.4 Trade receivables 8.8 9.9 Other receivables 10.2 10.6 Allowance for doubtful accounts (0.4) (0.6) Total $ 274.4 $ 247.1
Disaggregation of Revenue	The following table disaggregates DBMG's revenue by market (in millions): Three Months Ended March 31, 2022 2021 Commercial $ 238.2 $ 49.4 Industrial 89.2 40.3 Convention 19.6 9.4 Government 7.4 21.3 Healthcare 26.1 8.9 Transportation 10.0 13.9 Leisure 4.2 7.5 Other 7.2 10.6 Total revenue from contracts with customers 401.9 161.3 Other revenue 0.3 — Total Infrastructure segment revenue $ 402.2 $ 161.3 The following table disaggregates the Life Sciences segment's revenue by type (in millions): Three Months Ended March 31, 2022 2021 Systems and consumables revenue $ 0.8 $ — Total Life Sciences segment revenue $ 0.8 $ — The following table disaggregates the Spectrum segment's revenue by type (in millions): Three Months Ended March 31, 2022 2021 Broadcast station $ 4.8 $ 4.4 Network advertising 3.9 4.7 Network distribution 0.7 0.9 Other 0.4 0.5 Total Spectrum segment revenue $ 9.8 $ 10.5
Contract with Customer, Asset and Liability	Contract assets and contract liabilities consisted of the following (in millions): March 31, December 31, Cost in excess of billings $ 68.6 $ 68.3 Conditional retainage 72.0 50.3 Contract assets $ 140.6 $ 118.6 Billings in excess of costs $ (101.3) $ (137.6) Conditional retainage 46.2 58.5 Contract liabilities $ (55.1) $ (79.1)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	The transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions): Within one year Within five years Total Commercial $ 503.4 $ 229.5 $ 732.9 Industrial 271.8 — 271.8 Transportation 31.6 2.1 33.7 Government 24.0 — 24.0 Leisure 16.3 — 16.3 Healthcare 135.9 4.1 140.0 Convention 127.8 17.9 145.7 Other 2.7 — 2.7 Remaining unsatisfied performance obligations $ 1,113.5 $ 253.6 $ 1,367.1

Acquisitions, Dispositions, and

Acquisitions, Dispositions, and Deconsolidations (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Business Acquisition, Pro Forma Information	Pro Forma Adjusted Summary The following schedule presents unaudited consolidated pro forma results of operations data as if the acquisition of Banker Steel had occurred on January 1, 2021. This information does not purport to be indicative of the actual results that would have occurred if the acquisitions had actually been completed on the date indicated, nor is it necessarily indicative of the future operating results or the financial position of the combined company (in millions): Three Months Ended March 31, 2021 Revenue $ 287.1 Loss from operations $ (8.6) Net income attributable to INNOVATE $ 13.1

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of Accounts Receivable, net	Accounts receivables, net from contracts with customers consist of the following (in millions): March 31, December 31, Accounts receivables with customers Infrastructure $ 255.3 $ 226.8 Spectrum 8.4 9.4 Life Sciences 0.5 0.3 Total accounts receivables with customers $ 264.2 $ 236.5 Accounts receivable, net consist of the following (in millions): March 31, December 31, Contracts in progress $ 255.3 $ 226.8 Unbilled retentions 0.5 0.4 Trade receivables 8.8 9.9 Other receivables 10.2 10.6 Allowance for doubtful accounts (0.4) (0.6) Total $ 274.4 $ 247.1

Property, Plant, and Equipmen_2

Property, Plant, and Equipment, net (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Summary of Property, Plant, and Equipment, net	Property, plant and equipment, net consists of the following (in millions): March 31, December 31, Equipment, furniture and fixtures, and software $ 184.6 $ 180.7 Building and leasehold improvements 42.0 43.0 Land 23.8 24.1 Construction in progress 8.8 8.9 Plant and transportation equipment 8.2 8.3 267.4 265.0 Less: Accumulated depreciation 101.6 95.1 Total $ 165.8 $ 169.9

Goodwill and Intangibles, net (

Goodwill and Intangibles, net (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of the Changes in the Carrying Amount of Goodwill by Reporting Unit	The carrying amount of goodwill by segment was as follows (in millions): Infrastructure Spectrum Total Balance at December 31, 2021 $ 106.0 $ 21.4 $ 127.4 Translation 0.1 — 0.1 Balance at March 31, 2022 $ 106.1 $ 21.4 $ 127.5
Schedule of Indefinite-Lived Intangible Assets	The carrying amount of indefinite-lived intangible assets was as follows (in millions): March 31, 2022 December 31, 2021 FCC licenses $ 106.4 $ 106.5 Total $ 106.4 $ 106.5
Schedule of Intangible Assets Subject to Amortization	The gross carrying amount and accumulated amortization of definite lived intangible assets by major intangible asset class were as follows (in millions): Weighted-Average Original Useful Life March 31, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Trade names 14 years $ 25.4 $ (6.7) $ 18.7 $ 25.4 $ (6.3) $ 19.1 Customer relationships and contracts 11 years 87.8 (25.1) 62.7 87.7 (21.6) 66.1 Channel sharing arrangements 35 years 12.6 (1.2) 11.4 12.6 (1.1) 11.5 Other 10 years 8.5 (3.5) 5.0 8.5 (3.3) 5.2 Total $ 134.3 $ (36.5) $ 97.8 $ 134.2 $ (32.3) $ 101.9
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The Company estimates the annual amortization expense of amortizable intangible assets for the next five fiscal years will be as follows (in millions): Estimated Amortization 2022 $ 12.9 2023 11.6 2024 8.0 2025 7.3 2026 6.8 Thereafter 51.2 Total $ 97.8

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt and Finance Lease Obligations	Debt obligations consist of the following (in millions): March 31, December 31, Infrastructure 3.25% Note due 2026 103.5 107.2 PRIME minus 1.10% Line of Credit 90.4 30.4 4.00% Note due 2024 22.5 25.0 8.00% Note due 2024 19.6 19.6 11.00% Note due 2024 6.3 6.3 Obligations under finance leases 0.1 0.1 Spectrum 8.50% Note due 2022 19.3 19.3 10.50% Note due 2022 32.9 32.9 Non-Operating Corporate 8.50% Senior Secured Notes, due 2026 330.0 330.0 7.50% Convertible Senior Notes, due 2022 3.2 3.2 7.50% Convertible Senior Notes, due 2026 51.8 51.8 LIBOR plus 5.75% Line of Credit 5.0 5.0 684.6 630.8 Unamortized issuance discount, issuance premium, and deferred financing costs (3.5) (4.5) Less: current portion of debt obligations (80.1) (69.5) Debt obligations $ 601.0 $ 556.8
Schedule of Maturities of Debt and Finance Lease Obligations	Aggregate finance lease and debt payments, including interest are as follows (in millions): Finance Leases Debt Total 2022 $ 0.1 $ 107.8 $ 107.9 2023 — 57.9 57.9 2024 — 162.8 162.8 2025 — 42.2 42.2 2026 — 471.3 471.3 Thereafter — 0.1 0.1 Total minimum principal and interest payments 0.1 842.1 842.2 Less: Amount representing interest — (157.6) (157.6) Total aggregate finance lease and debt payments $ 0.1 $ 684.5 $ 684.6

Supplementary Financial Infor_2

Supplementary Financial Information (Tables)	3 Months Ended
	Mar. 31, 2022
Offsetting [Abstract]
Schedule of Costs and Recognized Earnings in Excess of Billings and Billings in Excess of Costs and Recognized Earnings on Uncompleted Contracts	Contract assets and contract liabilities and recognized earnings consist of the following (in millions): March 31, December 31, Costs incurred on contracts in progress $ 2,591.9 $ 2,161.5 Estimated earnings 368.1 316.4 Contract revenue earned on uncompleted contracts 2,960.0 2,477.9 Less: progress billings 2,874.5 2,438.4 $ 85.5 $ 39.5 The above is included in the accompanying consolidated balance sheet under the following line items: Contract assets $ 140.6 $ 118.6 Contract liabilities (55.1) (79.1) $ 85.5 $ 39.5
Schedule of Inventory	Inventory consists of the following (in millions): March 31, December 31, Raw materials and consumables $ 16.7 $ 14.3 Work in process 1.1 1.2 Finished goods 1.7 1.5 Total inventory $ 19.5 $ 17.0
Schedule of Other Invested Assets	Carrying values of other invested assets were as follows (in millions): March 31, 2022 December 31, 2021 Measurement Alternative (1) Equity Total Measurement Alternative (1) Equity Total Common stock $ — $ 2.9 $ 2.9 $ — $ 2.1 $ 2.1 Preferred stock — 5.7 5.7 — 7.5 7.5 Fixed maturities 5.0 — 5.0 0.5 — 0.5 Put option 11.3 — 11.3 11.3 — 11.3 Equity method securities — 35.3 35.3 — 34.6 34.6 Total $ 16.3 $ 43.9 $ 60.2 $ 11.8 $ 44.2 $ 56.0 (1) The Company accounts for its equity securities without readily determinable fair values under the measurement alternative election of ASC 321, whereby the Company can elect to measure an equity security without a readily determinable fair value, that does not qualify for the practical expedient to estimate fair value (net asset value), at its cost minus impairment, if any .
Schedule of Financial Instruments Measured at Fair Value on Nonrecurring Basis	The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis. The table excludes carrying amounts for cash and cash equivalents, accounts receivable, accounts payable and other current liabilities, and other assets and liabilities that approximate fair value due to relatively short periods to maturity (in millions): March 31, 2022 Fair Value Measurement Using: Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Assets Other invested assets $ 11.3 $ 11.3 $ — $ — $ 11.3 Total assets not accounted for at fair value $ 11.3 $ 11.3 $ — $ — $ 11.3 Liabilities Debt obligations (1) $ 681.1 $ 692.0 $ — $ 692.0 $ — Total liabilities not accounted for at fair value $ 681.1 $ 692.0 $ — $ 692.0 $ — December 31, 2021 Fair Value Measurement Using: Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Assets Other invested assets $ 11.3 $ 11.3 $ — $ — $ 11.3 Total assets not accounted for at fair value $ 11.3 $ 11.3 $ — $ — $ 11.3 Liabilities Debt obligations (1) $ 626.3 $ 648.2 $ — $ 648.2 $ — Total liabilities not accounted for at fair value $ 626.3 $ 648.2 $ — $ 648.2 $ — (1) Excludes certain lease obligations accounted for under ASC 842, Leases .
Summarized Information for Equity Method Investments	The following tables provide summarized financial information for the Company's equity method investments (in millions): March 31, December 31, Assets $ 594.7 $ 604.5 Liabilities 469.6 481.5 Equity $ 125.1 $ 123.0 Three Months Ended March 31, 2022 2021 Total revenues $ 70.2 $ 80.3 Gross profit $ 17.6 $ 8.2 Loss from continuing operations $ (1.2) $ (6.7) Net income (loss) $ 1.9 $ (6.0)
Schedule of Other Non-Current Assets	The following tables provide information relating to Other non-current assets (in millions): March 31, December 31, Right of use asset $ 71.2 $ 69.6 Other 3.6 3.7 Total other non-current assets $ 74.8 $ 73.3
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in millions): March 31, December 31, Accrued expenses and other current liabilities $ 27.2 $ 24.5 Accrued payroll and employee benefits 36.4 38.9 Accrued interest 22.5 29.6 Accrued income taxes — 0.4 Total accrued liabilities $ 86.1 $ 93.4
Schedule of Other Noncurrent Liabilities	The following tables provide information relating to Other non-current liabilities (in millions): March 31, December 31, Lease liability, net of current portion $ 58.4 $ 58.5 Other 4.9 4.8 Total other non-current liabilities $ 63.3 $ 63.3

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Lease ROUs and Lease Liabilities	As of March 31, 2022 and December 31, 2021, lease right-of-use assets and lease liabilities consist of the following (in millions): March 31, December 31, Right-of-use assets: Operating lease (Other non-current assets) $ 71.2 $ 69.6 Finance lease (Property, plant and equipment, net) 0.1 0.2 Total right-of-use assets $ 71.3 $ 69.8 Lease liabilities: Current portion of operating lease (Other current liabilities) $ 17.1 $ 15.5 Non-current portion of operating lease (Other non-current liabilities) 58.4 58.5 Finance lease (Debt obligations) 0.1 0.1 Total lease liabilities $ 75.6 $ 74.1
Schedule of Leases, Cost	The following table summarizes the components of lease expense for the three months ended March 31, 2022 and 2021 (in millions): Three Months Ended March 31, 2022 2021 Finance lease cost: Amortization of right-of-use assets $ — $ 0.3 Interest on lease liabilities — — Net finance lease cost — 0.3 Operating lease cost 5.9 3.5 Variable lease cost 0.1 0.1 Sublease income (0.2) — Total lease cost $ 5.8 $ 3.9 Cash flow information related to leases for the three months ended March 31, 2022 and 2021 is as follows (in millions): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ — $ — Financing cash flows from finance leases $ — $ 0.3 Operating cash flows from operating leases $ 6.2 $ 3.7 Right-of-use assets obtained in exchange for new lease liabilities Finance leases $ — $ — Operating leases $ 6.5 $ 3.9 As of March 31, 2022 and December 31, 2021, the weighted-average remaining lease term and the weighted-average discount rate for finance leases and operating leases are as follows: March 31, December 31, Weighted-average remaining lease term (years) - operating lease 7.5 7.5 Weighted-average remaining lease term (years) - finance lease 2.6 2.3 Weighted-average discount rate - operating lease 5.3 % 5.4 % Weighted-average discount rate - finance lease 3.7 % 4.2 %
Schedule of Finance Lease, Liability, Maturity	As of March 31, 2022, undiscounted cash flows for finance and operating leases are as follows (in millions): Operating Finance 2022 $ 15.2 $ 0.1 2023 18.3 — 2024 12.5 — 2025 9.2 — 2026 6.4 — Thereafter 31.2 — Total future lease payments 92.8 0.1 Less: Present values (17.3) — Total lease liability balance $ 75.5 $ 0.1
Schedule of Operating Lease, Liability, Maturity	As of March 31, 2022, undiscounted cash flows for finance and operating leases are as follows (in millions): Operating Finance 2022 $ 15.2 $ 0.1 2023 18.3 — 2024 12.5 — 2025 9.2 — 2026 6.4 — Thereafter 31.2 — Total future lease payments 92.8 0.1 Less: Present values (17.3) — Total lease liability balance $ 75.5 $ 0.1

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of Company's Restricted Stock Activity	A summary of INNOVATE’s restricted stock activity is as follows: Shares Weighted Average Grant Date Fair Value Unvested - December 31, 2020 628,433 $ 3.93 Granted 593,458 $ 3.81 Vested (514,543) $ 3.89 Forfeited (151,469) $ 4.13 Unvested - December 31, 2021 555,879 $ 3.79 Granted 592,045 $ 3.58 Vested (163,028) $ 3.73 Forfeited — $ — Unvested - March 31, 2022 984,896 $ 3.67
Summary of Company's Stock Option Activity	A summary of INNOVATE’s stock option activity is as follows: Shares Weighted Average Exercise Price Outstanding - December 31, 2020 4,739,858 $ 5.13 Granted — $ — Exercised — $ — Forfeited — $ — Expired (23,999) $ 5.31 Outstanding - December 31, 2021 4,715,859 $ 5.13 Granted 280,791 $ 3.25 Exercised — $ — Forfeited — $ — Expired (1,500) $ 4.06 Outstanding - March 31, 2022 4,995,150 $ 5.02 Eligible for exercise 4,995,150 $ 5.02

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Stock by Class	The Company’s preferred shares authorized, issued and outstanding consisted of the following: March 31, December 31, Preferred shares authorized, $0.001 par value 20,000,000 20,000,000 Series A-3 shares issued and outstanding 6,125 6,125 Series A-4 shares issued and outstanding 10,000 10,000
Summary of Cash, PIK and Special Cash Dividends	During the three months ended March 31, 2022 and 2021, INNOVATE's Board of Directors (the "Board") declared cash dividends with respect to INNOVATE’s issued and outstanding Preferred Stock, excluding the Series A and Series A-2 Preferred Stock which was owned by CGIC and was eliminated in consolidation prior to the sale of the Insurance segment on July 1, 2021, as presented in the following table (in millions): 2022 Declaration Date March 31, 2022 Holders of Record Date March 31, 2022 Payment Date April 15, 2022 Total Dividend $ 0.3 2021 Declaration Date March 31, 2021 Holders of Record Date March 31, 2021 Payment Date April 15, 2021 Total Dividend $ 0.2 During the three months ending March 31, 2022, DBMGi's Board of Directors declared cash dividends with respect to DBMGi’s issued and outstanding Preferred Stock, as presented in the following table (in millions): 2022 Declaration Date March 31, 2022 Holders of Record Date March 31, 2022 Payment Date April 15, 2022 Total Dividend $ 0.9

Operating Segment and Related_2

Operating Segment and Related Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedules of Concentration of Risk, by Risk Factor	The Company's revenue concentration of 10% and greater are as follows: Three Months Ended March 31, Segment 2022 2021 Customer A Infrastructure 23.3% * Customer B Infrastructure 11.8% * *Less than 10% revenue concentration
Summary of Company's Operating Segments	Summary information with respect to the Company’s operating segments is as follows (in millions): Three Months Ended March 31, 2022 2021 Revenue Infrastructure $ 402.2 $ 161.3 Life Sciences 0.8 — Spectrum 9.8 10.5 Total revenue $ 412.8 $ 171.8 Three Months Ended March 31, 2022 2021 Income (loss) from operations Infrastructure $ 11.9 $ 2.2 Life Sciences (5.0) (4.8) Spectrum (0.4) (1.2) Other (0.1) (0.4) Non-operating Corporate (5.7) (6.7) Total income (loss) from operations $ 0.7 $ (10.9) A reconciliation of the Company's consolidated segment operating income to consolidated earnings before income taxes is as follows (in millions): Three Months Ended March 31, 2022 2021 Income (loss) from operations $ 0.7 $ (10.9) Interest expense (12.6) (21.4) Loss on early extinguishment or restructuring of debt — (10.8) Loss from equity investees (0.5) (2.1) Other (loss) income (0.1) 3.4 Loss from continuing operations before income taxes (12.5) (41.8) Income tax expense (1.6) (1.1) Loss from continuing operations (14.1) (42.9) Income from discontinued operations (including gain on sale of $40.4 million for the three months ended March 31, 2021) — 51.9 Net (loss) income (14.1) 9.0 Net income attributable to noncontrolling interest and redeemable noncontrolling interest 1.7 3.6 Net (loss) income attributable to INNOVATE Corp. (12.4) 12.6 Less: Preferred dividends and deemed dividends from conversions 1.2 0.4 Net (loss) income attributable to common stock and participating preferred stockholders $ (13.6) $ 12.2 Three Months Ended March 31, 2022 2021 Depreciation and Amortization Infrastructure $ 5.3 $ 2.4 Infrastructure recognized within cost of revenue 3.7 2.3 Total Infrastructure 9.0 4.7 Life Sciences 0.1 — Spectrum 1.5 1.5 Total depreciation and amortization $ 10.6 $ 6.2 Three Months Ended March 31, 2022 2021 Capital Expenditures (*) Infrastructure $ 2.9 $ 1.6 Life Sciences 0.1 0.2 Spectrum 1.6 1.4 Total $ 4.6 $ 3.2 (*) The above capital expenditures exclude assets acquired under terms of capital lease and vendor financing obligations.
Segment Reporting for Long-term investments, Property and Equipment - Net and Assets	March 31, December 31, Investments Infrastructure $ 1.0 $ 0.7 Life Sciences 13.5 10.2 Other 45.7 45.1 Total $ 60.2 $ 56.0 March 31, December 31, Equity Method Investees Infrastructure $ 1.0 $ 0.7 Life Sciences 8.6 9.6 Other 34.3 33.9 Total $ 43.9 $ 44.2 March 31, December 31, Total Assets Infrastructure $ 834.6 $ 786.4 Life Sciences 22.2 22.0 Spectrum 198.6 198.9 Other 48.4 48.0 Non-operating Corporate 8.4 25.3 Total $ 1,112.2 $ 1,080.6

Basic and Diluted Income (Los_2

Basic and Diluted Income (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Calculation of Basic Income (Loss) Per Common Share to Diluted Income (Loss) Per Common Share	The following table presents a reconciliation of net income (loss) used in basic and diluted EPS calculations (in millions, except per share amounts): Three Months Ended March 31, 2022 2021 Loss from continuing operations $ (14.1) $ (42.9) Income from continuing operations attributable to noncontrolling interest and redeemable noncontrolling interest 1.7 2.8 Loss from continuing operations attributable to the Company (12.4) (40.1) Less: Preferred dividends, deemed dividends and repurchase gains 1.2 0.4 Loss from continuing operations attributable to INNOVATE common stockholders (13.6) (40.5) Income from discontinued operations — 51.9 Income from discontinued operations attributable to noncontrolling interest and redeemable noncontrolling interest — 0.8 Income from discontinued operations, net of tax and noncontrolling interest — 52.7 Net (loss) income attributable to common stock and participating preferred stockholders $ (13.6) $ 12.2 Earnings allocable to common shares: Participating shares at end of period: Weighted-average common stock outstanding 77.3 76.9 Unvested restricted stock — 0.4 Preferred stock (as-converted basis) — 2.6 Total 77.3 79.9 Percentage of (loss) income allocated to: Common stock 100.0 % 96.2 % Unvested restricted stock — % 0.5 % Preferred stock — % 3.3 % Numerator for earnings per share, basic: Net loss from continuing operations attributable to common stock, basic $ (13.6) $ (39.0) Net income from discontinued operations attributable to common stock, basic $ — $ 50.7 Net (loss) income attributable to common stock, basic $ (13.6) $ 11.7 Earnings allocable to common shares, diluted: Numerator for earnings per share, diluted Effect of assumed shares under the if-converted method for convertible instruments $ — $ — Net loss from continuing operations attributable to common stock, basic $ (13.6) $ (39.0) Net income from discontinued operations attributable to common stock, basic $ — $ 50.7 Net (loss) income attributable to common stock, basic $ (13.6) $ 11.7 Denominator for basic and dilutive earnings per share Weighted average common shares outstanding - basic 77.3 76.9 Effect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments — — Weighted average common shares outstanding - diluted 77.3 76.9 Loss per share - continuing operations Basic $ (0.18) $ (0.51) Diluted $ (0.18) $ (0.51) Income per share - discontinued operations Basic $ — $ 0.66 Diluted $ — $ 0.66 (Loss) income per share - Net (loss) income attributable to common stock and participating preferred stockholders Basic $ (0.18) $ 0.15 Diluted $ (0.18) $ 0.15

Organization and Business (Deta

Organization and Business (Details)	3 Months Ended
	Mar. 31, 2022segment
Business And Organization [Line Items]
Number of reportable segments	3
DBMG
Business And Organization [Line Items]
Parents interest, controlling (approximately)	91.00%
Genoval Orthopedics inc.
Business And Organization [Line Items]
Parents interest, controlling (approximately)	80.00%
R2 Technologies, Inc.
Business And Organization [Line Items]
Parents interest, controlling (approximately)	56.00%
MediBeacon Inc.
Business And Organization [Line Items]
Parents interest, controlling (approximately)	47.00%
Triple Ring
Business And Organization [Line Items]
Parents interest, controlling (approximately)	26.00%
HC2 Broadcasting Holdings, Inc
Business And Organization [Line Items]
Parents interest, controlling (approximately)	98.00%
DTV America
Business And Organization [Line Items]
Parents interest, controlling (approximately)	77.00%
Minority Holders
Business And Organization [Line Items]
Percentage of proxy and voting rights from minority holders	10.00%
GMSL
Business And Organization [Line Items]
Parents interest, controlling (approximately)	73.00%
HMN
Business And Organization [Line Items]
Parents interest, controlling (approximately)	19.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 26.4	$ 54.2	$ 45.5	$ 43.8
Restricted cash included in other assets	2	2	2	1.5
Total cash and cash equivalents and restricted cash	28.4	56.2	47.5	45.3
Supplemental cash flow information:
Cash paid for interest	18.6	10.5
Cash paid for taxes, net of refunds	0.4	0.7
Non-cash investing and financing activities:
Property, plant and equipment included in accounts payable	0	0.2
Extinguishment of convertible note in exchange	0	51.8
Issuance of convertible note in exchange	0	(51.8)
Discontinued Operations
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents classified in assets held for sale	0	213.7	0	195.2
Restricted cash classified in Assets held for sale	0	0	0	0.2
Total cash and cash equivalents and restricted cash classified in Assets held for sale	$ 0	$ 213.7	$ 0	$ 195.4

Discontinued Operations - Summa

Discontinued Operations - Summarized Operating Results of the Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale and liquidation of subsidiaries		$ 40.4
Income from discontinued operations	$ 0	51.9
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	0	1.7
Life, accident and health earned premiums, net	0	28.4
Net investment income	0	43.9
Realized/unrealized gains on investments	0	9.5
Total revenue	0	83.5
Cost of revenue	0	0.8
Policy benefits, changes in reserves, and commissions	0	56.1
Selling, general and administrative	0	12.4
Depreciation and amortization	0	(5.9)
Income from operations	0	20.1
Interest expense	0	(0.4)
Gain on sale and liquidation of subsidiaries	0	40.4
Other loss	0	(3.1)
Pre-tax income from discontinued operations	0	57
Income tax expense	0	(5.1)
Income from discontinued operations	$ 0	$ 51.9

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions	Jan. 15, 2021	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Jul. 01, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accumulated other comprehensive income		$ 7			$ 6.4
Cash and cash equivalents		26.4		$ 54.2	45.5		$ 43.8
Investments		60.2			56
Gain (loss) on sale of subsidiary				40.4
Repayments of long-term debt		6.2		356.5
Beyond6 | 2020 Revolving Credit Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of long-term debt	$ 15
Beyond6 | 2021 Senior Secured Notes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of long-term debt	27.9
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of subsidiary		0		40.4
Other current assets classified in assets held for sale		$ 1.5			$ 1.5
Discontinued Operations | CIG
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beneficial ownership interest		10.70%
Gain (loss) on sale of subsidiary			$ (200.8)
Discontinued Operations | CIG | Insurance Services
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Segment book value						$ 544
Accumulated other comprehensive income						344
Cash and cash equivalents						62.5
Investments						$ 26.7
Discontinued Operations | Beyond6
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of subsidiary	$ 39.2		$ 0.5	$ 39.2

Revenue - Reconciliation of Rev

Revenue - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 412.8	$ 171.8
Infrastructure
Segment Reporting Information [Line Items]
Revenue	401.9	161.3
Spectrum
Segment Reporting Information [Line Items]
Revenue	9.8	10.5
Life Sciences
Segment Reporting Information [Line Items]
Revenue	0.8	0
Operating Segments | Infrastructure
Segment Reporting Information [Line Items]
Revenue	402.2	161.3
Operating Segments | Spectrum
Segment Reporting Information [Line Items]
Revenue	9.8	10.5
Operating Segments | Life Sciences
Segment Reporting Information [Line Items]
Revenue	$ 0.8	$ 0

Revenue - Schedule of Accounts

Revenue - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total accounts receivables with customers	$ 264.2	$ 236.5
Infrastructure
Segment Reporting Information [Line Items]
Total accounts receivables with customers	255.3	226.8
Spectrum
Segment Reporting Information [Line Items]
Total accounts receivables with customers	8.4	9.4
Life Sciences
Segment Reporting Information [Line Items]
Total accounts receivables with customers	$ 0.5	$ 0.3

Revenue - Infrastructure Segmen

Revenue - Infrastructure Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 412.8	$ 171.8
Total revenue	412.8	171.8
Infrastructure
Disaggregation of Revenue [Line Items]
Revenue	401.9	161.3
Other revenue	0.3	0
Total revenue	402.2	161.3
Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue	238.2	49.4
Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue	89.2	40.3
Infrastructure | Convention
Disaggregation of Revenue [Line Items]
Revenue	19.6	9.4
Infrastructure | Government
Disaggregation of Revenue [Line Items]
Revenue	7.4	21.3
Infrastructure | Healthcare
Disaggregation of Revenue [Line Items]
Revenue	26.1	8.9
Infrastructure | Transportation
Disaggregation of Revenue [Line Items]
Revenue	10	13.9
Infrastructure | Leisure
Disaggregation of Revenue [Line Items]
Revenue	4.2	7.5
Infrastructure | Other
Disaggregation of Revenue [Line Items]
Revenue	$ 7.2	$ 10.6

Revenue - Infrastructure Segm_2

Revenue - Infrastructure Segment Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Contract assets	$ 140.6	$ 118.6
Contract liabilities	(55.1)	(79.1)
Infrastructure
Segment Reporting Information [Line Items]
Cost in excess of billings	68.6	68.3
Conditional retainage	72	50.3
Contract assets	140.6	118.6
Billings in excess of costs	(101.3)	(137.6)
Conditional retainage	46.2	58.5
Contract liabilities	$ (55.1)	$ (79.1)

Revenue - Narrative (Details)

Revenue - Narrative (Details) - Infrastructure $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Revenue from External Customer [Line Items]
Contract assets, increase due to new projects	$ 96.5
Contract assets, reclassified to receivables	74.5
Contract liabilities, increase due to new projects	40.7
Contract liabilities, revenue recognized	$ 64.7

Revenue - Schedule of Infrastru

Revenue - Schedule of Infrastructure Segment Revenue (Details) - Infrastructure $ in Millions	Mar. 31, 2022USD ($)
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 1,367.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | DBMG
Segment Reporting Information [Line Items]
Remaining performance obligation period	36 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Within one year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 1,113.5
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within five years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 253.6
Remaining performance obligation period	5 years
Commercial
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 732.9
Commercial | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Within one year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 503.4
Remaining performance obligation period	1 year
Commercial | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within five years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 229.5
Remaining performance obligation period	5 years
Industrial
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 271.8
Industrial | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Within one year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 271.8
Remaining performance obligation period	1 year
Industrial | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within five years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 0
Remaining performance obligation period	5 years
Transportation
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 33.7
Transportation | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Within one year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 31.6
Remaining performance obligation period	1 year
Transportation | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within five years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 2.1
Remaining performance obligation period	5 years
Government
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 24
Government | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Within one year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 24
Remaining performance obligation period	1 year
Government | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within five years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 0
Remaining performance obligation period	5 years
Leisure
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 16.3
Leisure | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Within one year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 16.3
Remaining performance obligation period	1 year
Leisure | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within five years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 0
Remaining performance obligation period	5 years
Healthcare
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 140
Healthcare | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Within one year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 135.9
Remaining performance obligation period	1 year
Healthcare | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within five years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 4.1
Remaining performance obligation period	5 years
Convention
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 145.7
Convention | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Within one year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 127.8
Remaining performance obligation period	1 year
Convention | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within five years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 17.9
Remaining performance obligation period	5 years
Other
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 2.7
Other | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Within one year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 2.7
Remaining performance obligation period	1 year
Other | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within five years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 0
Remaining performance obligation period	5 years

Revenue - Life Sciences Segment

Revenue - Life Sciences Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 412.8	$ 171.8
Life Sciences
Segment Reporting Information [Line Items]
Revenue	0.8	0
Systems and consumables revenue | Life Sciences
Segment Reporting Information [Line Items]
Revenue	$ 0.8	$ 0

Revenue - Spectrum Segment Disa

Revenue - Spectrum Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 412.8	$ 171.8
Spectrum
Segment Reporting Information [Line Items]
Revenue	9.8	10.5
Broadcast station | Spectrum
Segment Reporting Information [Line Items]
Revenue	4.8	4.4
Network advertising | Spectrum
Segment Reporting Information [Line Items]
Revenue	3.9	4.7
Network distribution | Spectrum
Segment Reporting Information [Line Items]
Revenue	0.7	0.9
Other | Spectrum
Segment Reporting Information [Line Items]
Revenue	$ 0.4	$ 0.5

Revenue - Remaining Unsatisfied

Revenue - Remaining Unsatisfied Performance Obligations (Details) - Spectrum $ in Millions	Mar. 31, 2022USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Within one year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 2.8
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within five years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1.6
Remaining performance obligation period	5 years
Broadcast station | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 4.3
Other | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 0.1

Acquisitions, Dispositions, a_2

Acquisitions, Dispositions, and Deconsolidations - Infrastructure Segment Narrative (Details)	May 27, 2021USD ($)company	Mar. 31, 2022segment
Business Acquisition [Line Items]
Number of reportable operating segments | segment		3
Banker Steel Acquisition
Business Acquisition [Line Items]
Percentage of business acquired	100.00%
Consideration transferred	$ 145,000,000
Bankers Steel debt - assumed	6,300,000
Cash acquired from acquisition	$ 25,000,000
Number of reportable operating segments | company	6
Banker Steel Acquisition | Sellers' Notes
Business Acquisition [Line Items]
Face amount	$ 49,600,000
Banker Steel Acquisition | Revolving Credit Facility
Business Acquisition [Line Items]
Face amount	64,100,000
Banker Steel Acquisition | Term Loan
Business Acquisition [Line Items]
Face amount	$ 110,000,000

Acquisitions, Dispositions, a_3

Acquisitions, Dispositions, and Deconsolidations - Business Acquisition, Pro Forma Information (Details) - Banker Steel Acquisition $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Business Acquisition [Line Items]
Revenue	$ 287.1
Loss from operations	(8.6)
Net income attributable to INNOVATE	$ 13.1

Acquisitions, Dispositions, a_4

Acquisitions, Dispositions, and Deconsolidations - Other Segments (Details) - USD ($) $ in Thousands	Jan. 15, 2021	Feb. 28, 2020	Jan. 30, 2020	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Jul. 01, 2021
Business Acquisition [Line Items]
Cash received from dispositions, net of cash disposed				$ 0		$ 71,200
Gain (loss) on sale of subsidiary						40,400
Accumulated other comprehensive income				7,000					$ 6,400
Cash and cash equivalents				26,400		54,200	$ 43,800		45,500
Investments				60,200					$ 56,000
Discontinued Operations
Business Acquisition [Line Items]
Gain (loss) on sale of subsidiary				$ 0		40,400
GMSL
Business Acquisition [Line Items]
Ownership percentage before sale of stock			100.00%
Consideration to be received			$ 250,000
Potential earn-out, maximum			$ 12,500
Proceeds from divestiture of businesses		$ 144,000
Cash received from dispositions, net of cash disposed		100,800
Consideration held in escrow for future losses payable		1,250
Consideration held of escrow for purchase price adjustment		1,910
Consideration paid on the earlier of December 31, 2020 or the date on which a cash collateralized bond in connection with Company's bonding facility is released		2,400
Gain (loss) on sale of subsidiary						1,200	$ 2,400	$ (39,300)
Loss on disposal of subsidiary								31,300
Actuarial losses on pension								17,200
Currency translation adjustments								$ 14,100
GMSL | Non- controlling Interest
Business Acquisition [Line Items]
Cash divested from deconsolidation		36,800
GMSL | Noncontrolling Interest Redeemable
Business Acquisition [Line Items]
Cash divested from deconsolidation		$ 5,500
Beyond6
Business Acquisition [Line Items]
Consideration to be received	$ 106,500
Proceeds from divestiture of businesses	70,000
Beyond6 | Discontinued Operations
Business Acquisition [Line Items]
Gain (loss) on sale of subsidiary	$ 39,200				$ 500	$ 39,200
CIG | Discontinued Operations
Business Acquisition [Line Items]
Gain (loss) on sale of subsidiary					$ (200,800)
Beneficial ownership interest				10.70%
CIG | Discontinued Operations | Insurance Services
Business Acquisition [Line Items]
Segment book value										$ 544,000
Accumulated other comprehensive income										344,000
Cash and cash equivalents										62,500
Investments										$ 26,700
New Saxon 2019 Limited
Business Acquisition [Line Items]
Parents interest, controlling (approximately)			73.00%

Accounts Receivable, net (Detai

Accounts Receivable, net (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Contracts in progress	$ 255.3	$ 226.8
Unbilled retentions	0.5	0.4
Trade receivables	8.8	9.9
Other receivables	10.2	10.6
Allowance for doubtful accounts	(0.4)	(0.6)
Total	$ 274.4	$ 247.1

Property, Plant, and Equipmen_3

Property, Plant, and Equipment, net - Summary of Property, Plant, and Equipment, net (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 267.4	$ 265
Less: Accumulated depreciation	101.6	95.1
Property, plant, and equipment and finance lease right-of-use asset, net	165.8	169.9
Equipment, furniture and fixtures, and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	184.6	180.7
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	42	43
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	23.8	24.1
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	8.8	8.9
Plant and transportation equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 8.2	$ 8.3

Property, Plant, and Equipmen_4

Property, Plant, and Equipment, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 6.4	$ 4.7
Net book value of equipment under capital leases	0.1		$ 0.2
Operating Segments
Property, Plant and Equipment [Line Items]
Depreciation expense with cost of revenue	$ 3.7	$ 2.3

Goodwill and Intangibles, net -

Goodwill and Intangibles, net - Changes in the Carrying Amount of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 127.4
Translation	0.1
Ending balance	127.5
Infrastructure
Goodwill [Roll Forward]
Beginning balance	106
Translation	0.1
Ending balance	106.1
Spectrum
Goodwill [Roll Forward]
Beginning balance	21.4
Translation	0
Ending balance	$ 21.4

Goodwill and Intangibles, net_2

Goodwill and Intangibles, net - Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 106.4	$ 106.5
FCC licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 106.4	$ 106.5

Goodwill and Intangibles, net_3

Goodwill and Intangibles, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 4.2	$ 1.5
Non-core FCC Licenses
Finite-Lived Intangible Assets [Line Items]
Intangible assets, impairment charges	$ 0.1	$ 2.1

Goodwill and Intangibles, net_4

Goodwill and Intangibles, net - Definite Lived Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 134.3	$ 134.2
Accumulated Amortization	(36.5)	(32.3)
Net	$ 97.8	101.9
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	14 years
Gross Carrying Amount	$ 25.4	25.4
Accumulated Amortization	(6.7)	(6.3)
Net	$ 18.7	19.1
Customer relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	11 years
Gross Carrying Amount	$ 87.8	87.7
Accumulated Amortization	(25.1)	(21.6)
Net	$ 62.7	66.1
Channel sharing arrangements
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	35 years
Gross Carrying Amount	$ 12.6	12.6
Accumulated Amortization	(1.2)	(1.1)
Net	$ 11.4	11.5
Other
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	10 years
Gross Carrying Amount	$ 8.5	8.5
Accumulated Amortization	(3.5)	(3.3)
Net	$ 5	$ 5.2

Goodwill and Intangibles, net_5

Goodwill and Intangibles, net - Estimated Amortization Expense (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Estimated Amortization
2022	$ 12.9
2023	11.6
2024	8
2025	7.3
2026	6.8
Thereafter	51.2
Net	$ 97.8	$ 101.9

Debt Obligations - Schedule of

Debt Obligations - Schedule of Debt (Details) - USD ($) $ in Millions	Feb. 23, 2021	Mar. 31, 2022	Dec. 31, 2021	Feb. 01, 2021
Debt Instrument [Line Items]
Obligations under finance leases		$ 0.1	$ 0.1
Total aggregate finance lease and debt payments		684.6	630.8
Unamortized issuance discount, issuance premium, and deferred financing costs		(3.5)	(4.5)
Less: current portion of debt obligations		(80.1)	(69.5)
Debt obligations		601	556.8
8.50% Senior Secured Notes, due 2026
Debt Instrument [Line Items]
Interest rate				100.00%
Infrastructure
Debt Instrument [Line Items]
Obligations under finance leases		0.1	0.1
Infrastructure | 3.25% Note due 2026 | Real Estate Term Advance
Debt Instrument [Line Items]
Outstanding debt		$ 103.5	107.2
Infrastructure | 3.25% Note due 2026 | Real Estate Term Advance | DBM Global Credit Facilities | Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate		3.25%
Infrastructure | PRIME minus 1.10% Line of Credit | Real Estate Term Advance
Debt Instrument [Line Items]
Outstanding debt		$ 90.4	30.4
Infrastructure | 4.00% Note due 2024 | Real Estate Term Advance
Debt Instrument [Line Items]
Interest rate		4.00%
Outstanding debt		$ 22.5	25
Infrastructure | 8.00% Note due 2024 | Real Estate Term Advance
Debt Instrument [Line Items]
Interest rate		8.00%
Outstanding debt		$ 19.6	19.6
Infrastructure | 11.00% Note due 2024 | Real Estate Term Advance
Debt Instrument [Line Items]
Interest rate		11.00%
Outstanding debt		$ 6.3	6.3
Infrastructure | Prime Rate | PRIME minus 1.10% Line of Credit | Real Estate Term Advance | DBM Global Credit Facilities | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.10%
Spectrum | 8.50% Note due 2022
Debt Instrument [Line Items]
Interest rate		8.50%
Outstanding debt		$ 19.3	19.3
Spectrum | 10.50% Note due 2022
Debt Instrument [Line Items]
Interest rate		10.50%
Outstanding debt		$ 32.9	32.9
Non-Operating Corporate | 8.50% Senior Secured Notes, due 2026
Debt Instrument [Line Items]
Interest rate		8.50%		8.50%
Outstanding debt		$ 330	330
Non-Operating Corporate | 7.50% Convertible Senior Notes, due 2022
Debt Instrument [Line Items]
Interest rate		7.50%		7.50%
Outstanding debt		$ 3.2	3.2
Non-Operating Corporate | 7.50% Convertible Senior Notes, due 2026
Debt Instrument [Line Items]
Interest rate		7.50%
Outstanding debt		$ 51.8	51.8
Non-Operating Corporate | LIBOR plus 5.75% Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	6.75%
Outstanding debt		$ 5	$ 5
Non-Operating Corporate | LIBOR | LIBOR plus 5.75% Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate		5.75%

Debt Obligations - Schedule o_2

Debt Obligations - Schedule of Aggregate Debt Maturities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Finance Leases
2022	$ 0.1
2023	0
2024	0
2025	0
2026	0
Thereafter	0
Total minimum principal and interest payments	0.1
Less: Amount representing interest	0
Total lease liability balance	0.1	$ 0.1
Debt
2022	107.8
2023	57.9
2024	162.8
2025	42.2
2026	471.3
Thereafter	0.1
Total minimum principal and interest payments	842.1
Less: Amount representing interest	(157.6)
Total aggregate finance lease and debt payments	684.5
Total
2022	107.9
2023	57.9
2024	162.8
2025	42.2
2026	471.3
Thereafter	0.1
Total aggregate finance lease and debt payments	842.2
Less: Amount representing interest	(157.6)
Total aggregate finance lease and debt payments	$ 684.6	$ 630.8

Debt Obligations - Infrastructu

Debt Obligations - Infrastructure and Spectrum Narrative (Details) - USD ($)

Oct. 26, 2021

Oct. 21, 2021

Aug. 30, 2021

Oct. 24, 2019

May 31, 2021

Dec. 31, 2020

Nov. 30, 2020

Sep. 30, 2020

Mar. 31, 2022

Mar. 31, 2021

Dec. 31, 2021

Aug. 31, 2020

Feb. 29, 2020

Debt Instrument [Line Items]

Number of warrants outstanding (in shares)

50,000

Exercise price of warrants (in usd per share)

$ 176.4

Value of warrants issued

$ 8,800,000

Term of warrants outstanding

5 years

Proceeds from debt obligations

$ 59,800,000

$ 317,400,000

Repayments of long-term debt

$ 6,200,000

$ 356,500,000

Minimum

Debt Instrument [Line Items]

Finance leases rate

2.00%

Maximum

Debt Instrument [Line Items]

Finance leases rate

5.60%

Senior Notes Due October2020 8.5% | Spectrum

Debt Instrument [Line Items]

Short-term loan

$ 78,700,000

Debt instrument, term

364 days

Tranche A Senior Notes Due October2020 | Spectrum

Debt Instrument [Line Items]

Face amount

$ 43,300,000

$ 39,300,000

Interest rate

8.50%

8.50%

8.50%

8.50%

8.50%

8.50%

Short-term loan

$ 36,200,000

Proceeds from debt obligations

$ 4,000,000

Repayments of long-term debt

21,000,000

$ 2,900,000

Tranche B Senior Notes Due October2020 | Spectrum

Debt Instrument [Line Items]

Interest rate

10.50%

10.50%

10.50%

Short-term loan

$ 42,500,000

Repayments of long-term debt

$ 9,600,000

Other, various maturity dates | Spectrum

Debt Instrument [Line Items]

Repayments of long-term debt

$ 3,000,000

DTV America’s Secured Notes

Debt Instrument [Line Items]

Repurchased outstanding notes payable

$ 6,200,000

DTV America’s Secured Notes | Sellers' Notes

Debt Instrument [Line Items]

Repurchased outstanding notes payable

$ 1,000,000

Term extension period

60 days

Senior Secured Notes Due November 30, 2022 | Senior Notes

Debt Instrument [Line Items]

Face amount

$ 52,200,000

DTV America’s Convertible Promissory Notes | Convertible Notes Payable

Debt Instrument [Line Items]

Repurchased outstanding notes payable

$ 700,000

Revolving Credit Facility | UMB Bank

Debt Instrument [Line Items]

Face amount

$ 110,000,000

Interest rate

3.25%

Interest rate, effective percentage

3.25%

Revolving Credit Facility | Prime Rate | UMB Bank

Debt Instrument [Line Items]

Basis spread on variable rate

1.10%

Revolving Credit Facility | LIBOR plus 1.50% Line of Credit | Real Estate Term Advance | Infrastructure | LIBOR | DBM Global Credit Facilities

Debt Instrument [Line Items]

Basis spread on variable rate

1.50%

Term Loan | UMB Bank

Debt Instrument [Line Items]

Face amount

$ 110,000,000

Debt Obligations - Non-Operatin

Debt Obligations - Non-Operating Corporate Narrative (Details) - USD ($)	Feb. 23, 2021	Feb. 01, 2021	Mar. 31, 2022	Mar. 31, 2021	May 31, 2021
Debt Instrument [Line Items]
Repayments of long-term debt			$ 6,200,000	$ 356,500,000
Loss on extinguishment of debt			0	10,800,000
8.50% Senior Secured Notes, due 2026
Debt Instrument [Line Items]
Interest rate		100.00%
Interest rate, effective percentage		9.26%
Deferred financing cost		$ 2,700,000
8.50% Senior Secured Notes, due 2026 | Convertible Debt
Debt Instrument [Line Items]
Amortization of discount (premium) on investments, net			7,600,000
Interest cost relating to contractual interest coupon			$ 7,600,000	4,900,000
8.50% Senior Secured Notes, due 2026 | Non-Operating Corporate
Debt Instrument [Line Items]
Repayments of long-term debt		$ 330,000,000
Interest rate		8.50%	8.50%
7.50% Convertible Senior Notes, due 2022 | Convertible Debt
Debt Instrument [Line Items]
Amortization of discount (premium) on investments, net			$ 100,000	100,000
Long-term debt, gross			3,200,000
Debt discount			$ 100,000
Share price (in usd per share)			$ 3.69
Interest cost relating to contractual interest coupon			$ 100,000	100,000
7.50% Convertible Senior Notes, due 2022 | Non-Operating Corporate
Debt Instrument [Line Items]
Repayments of long-term debt		$ 55,000,000
Interest rate		7.50%	7.50%
Face amount		$ 51,800,000
Loss on extinguishment of debt		5,500,000
Amortization of discount (premium) on investments, net		5,300,000
Extinguishment of the bifurcated conversion option equity		7,700,000
Senior Notes Due 2021, 11.5% | Non-Operating Corporate
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 4,500,000
7.50% Convertible Senior Notes, due 2026
Debt Instrument [Line Items]
Amortization of discount (premium) on investments, net			$ 500,000	(300,000)
Long-term debt, gross			$ 60,700,000
Share price (in usd per share)			$ 3.69
Interest cost relating to contractual interest coupon			$ 500,000	$ 300,000
Unamortized premium			$ 9,900,000
7.50% Convertible Senior Notes, due 2026 | Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate			7.50%
LIBOR plus 5.75% Line of Credit | Non-Operating Corporate
Debt Instrument [Line Items]
Basis spread on variable rate	6.75%
Revolving Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Face amount	$ 20,000,000				$ 5,000,000
Minimum | LIBOR plus 5.75% Line of Credit | Non-Operating Corporate
Debt Instrument [Line Items]
Basis spread on variable rate	5.75%
Maximum | LIBOR plus 5.75% Line of Credit | Non-Operating Corporate
Debt Instrument [Line Items]
Basis spread on variable rate	6.75%

Supplementary Financial Infor_3

Supplementary Financial Information - Contract in Progress (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Offsetting [Abstract]
Costs incurred on contracts in progress	$ 2,591.9	$ 2,161.5
Estimated earnings	368.1	316.4
Contract revenue earned on uncompleted contracts	2,960	2,477.9
Less: progress billings	2,874.5	2,438.4
Net of cost earned on uncompleted contracts	85.5	39.5
Contract assets	140.6	118.6
Contract liabilities	(55.1)	(79.1)
Contract with customer, net asset	$ 85.5	$ 39.5

Supplementary Financial Infor_4

Supplementary Financial Information - Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Offsetting [Abstract]
Raw materials and consumables	$ 16.7	$ 14.3
Work in process	1.1	1.2
Finished goods	1.7	1.5
Total inventory	$ 19.5	$ 17

Supplementary Financial Infor_5

Supplementary Financial Information - Schedule of Other Invested Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Summary of Investment Holdings [Line Items]
Measurement Alternative	$ 16.3	$ 11.8
Equity Method	43.9	44.2
Total	60.2	56
Convertible Debt | Life Sciences | MediBeacon Inc.
Summary of Investment Holdings [Line Items]
Face amount	$ 4.5
Interest rate	8.00%
Common stock
Summary of Investment Holdings [Line Items]
Measurement Alternative	$ 0	0
Equity Method	2.9	2.1
Total	2.9	2.1
Preferred stock
Summary of Investment Holdings [Line Items]
Measurement Alternative	0	0
Equity Method	5.7	7.5
Total	5.7	7.5
Fixed maturities
Summary of Investment Holdings [Line Items]
Measurement Alternative	5	0.5
Equity Method	0	0
Total	5	0.5
Increase in fixed maturities	4.5
Put option
Summary of Investment Holdings [Line Items]
Measurement Alternative	11.3	11.3
Equity Method	0	0
Total	11.3	11.3
Equity method securities
Summary of Investment Holdings [Line Items]
Measurement Alternative	0	0
Equity Method	35.3	34.6
Total	$ 35.3	$ 34.6

Supplementary Financial Infor_6

Supplementary Financial Information - Schedule of Financial Instruments Measured on Not Measured at Fair Value (Details) - Nonrecurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Level 1
Assets
Other invested assets	$ 0	$ 0
Total assets not accounted for at fair value	0	0
Liabilities
Debt obligations	0	0
Total liabilities not accounted for at fair value	0	0
Level 2
Assets
Other invested assets	0	0
Total assets not accounted for at fair value	0	0
Liabilities
Debt obligations	692	648.2
Total liabilities not accounted for at fair value	692	648.2
Level 3
Assets
Other invested assets	11.3	11.3
Total assets not accounted for at fair value	11.3	11.3
Liabilities
Debt obligations	0	0
Total liabilities not accounted for at fair value	0	0
Carrying Value
Assets
Other invested assets	11.3	11.3
Total assets not accounted for at fair value	11.3	11.3
Liabilities
Debt obligations	681.1	626.3
Total liabilities not accounted for at fair value	681.1	626.3
Estimated Fair Value
Assets
Other invested assets	11.3	11.3
Total assets not accounted for at fair value	11.3	11.3
Liabilities
Debt obligations	692	648.2
Total liabilities not accounted for at fair value	$ 692	$ 648.2

Supplementary Financial Infor_7

Supplementary Financial Information - Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Loss from equity investees	$ 0.5	$ 2.1
Assets	1,112.2		$ 1,080.6
Liabilities	1,115.3		1,068.7
Equity	(69.3)	413.5	(56.2)	$ 600.2
Total revenue	412.8	171.8
Gross profit	49.8	30.5
Loss from continuing operations	(12.4)	(40.1)
Net income (loss)	(12.4)	12.6
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Assets	594.7		604.5
Liabilities	469.6		481.5
Equity	125.1		$ 123
Total revenue	70.2	80.3
Gross profit	17.6	8.2
Loss from continuing operations	(1.2)	(6.7)
Net income (loss)	$ 1.9	$ (6)

Supplementary Financial Infor_8

Supplementary Financial Information - Schedule of Other Non-Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Offsetting [Abstract]
Right of use asset	$ 71.2	$ 69.6
Other	3.6	3.7
Total other non-current assets	$ 74.8	$ 73.3

Supplementary Financial Infor_9

Supplementary Financial Information - Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Offsetting [Abstract]
Accrued expenses and other current liabilities	$ 27.2	$ 24.5
Accrued payroll and employee benefits	36.4	38.9
Accrued interest	22.5	29.6
Accrued income taxes	0	0.4
Total accrued liabilities	$ 86.1	$ 93.4

Supplementary Financial Info_10

Supplementary Financial Information - Other Non-Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Offsetting [Abstract]
Lease liability, net of current portion	$ 58.4	$ 58.5
Other	4.9	4.8
Total other non-current liabilities	$ 63.3	$ 63.3

Leases - Right-of-use Assets an

Leases - Right-of-use Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Right-of-use assets:
Operating lease (Other non-current assets)	$ 71.2	$ 69.6
Finance lease (Property, plant and equipment, net)	0.1	0.2
Total right-of-use assets	71.3	69.8
Lease liabilities:
Current portion of operating lease (Other current liabilities)	17.1	15.5
Non-current portion of operating lease (Other non-current liabilities)	58.4	58.5
Finance lease (Debt obligations)	0.1	0.1
Total lease liabilities	$ 75.6	$ 74.1
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Debt obligations	Debt obligations

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Finance lease cost:
Amortization of right-of-use assets	$ 0	$ 0.3
Interest on lease liabilities	0	0
Net finance lease cost	0	0.3
Operating lease cost	5.9	3.5
Variable lease cost	0.1	0.1
Sublease income	(0.2)	0
Total lease cost	$ 5.8	$ 3.9

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 0	$ 0
Financing cash flows from finance leases	0	0.3
Operating cash flows from operating leases	6.2	3.7
Right-of-use assets obtained in exchange for new lease liabilities
Finance leases	0	0
Operating leases	$ 6.5	$ 3.9

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term (years) - operating lease	7 years 6 months	7 years 6 months
Weighted-average remaining lease term (years) - finance lease	2 years 7 months 6 days	2 years 3 months 18 days
Weighted-average discount rate - operating lease	5.30%	5.40%
Weighted-average discount rate - finance lease	3.70%	4.20%

Leases - Future Payments of Lea

Leases - Future Payments of Lease Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Operating Leases
2022	$ 15.2
2023	18.3
2024	12.5
2025	9.2
2026	6.4
Thereafter	31.2
Total future lease payments	92.8
Less: Present values	(17.3)
Total lease liability balance	75.5
Finance Leases
2022	0.1
2023	0
2024	0
2025	0
2026	0
Thereafter	0
Total minimum principal and interest payments	0.1
Less: Present values	0
Total lease liability balance	$ 0.1	$ 0.1

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	1 Months Ended
	Dec. 31, 2021USD ($)ft²	Nov. 30, 2021USD ($)ft²
West Palm Beach, Florida, Lease Commencing November 2023
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term of contract		10 years
Monthly lease payments		$ 200
Maintenance charges		$ 600
Percentage of annual adjustment in lease payment and charges		3.00%
Area of land leased, not yet commenced | ft²		20,950
Lease not yet commenced allowance receivable		$ 2,100
West Palm Beach, Florida, Lease Commencing Fourth Quarter 2023
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term of contract	5 years
Monthly lease payments	$ 140
Percentage of annual adjustment in lease payment and charges	3.00%
Area of land leased, not yet commenced | ft²	15,786
Lease not yet commenced, option to extend term	five years

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 1.6	$ 1.1
Operating loss carryforwards, US	$ 95.7
Reduced deferred tax asset carryforward			$ 58.7
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards			164.5
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Foreign operating loss carryforward			103.6
Foreign Tax Authority | R2 Technologies
Operating Loss Carryforwards [Line Items]
Foreign operating loss carryforward			66.2
Foreign Tax Authority | DTV America
Operating Loss Carryforwards [Line Items]
Foreign operating loss carryforward			33.1
Foreign Tax Authority | Other Entities
Operating Loss Carryforwards [Line Items]
Foreign operating loss carryforward			$ 4.3

Commitments and Contingencies (

Commitments and Contingencies (Details)	Mar. 15, 2021plaintiff	Mar. 31, 2022claim
Fair Value Investments Incorporated
Loss Contingencies [Line Items]
Number Of Remaining Claims In Discovery | claim		2
DTV America Corporation Stockholders
Loss Contingencies [Line Items]
Number of plaintiffs	22
DTV America Corporation Stock Option Holders
Loss Contingencies [Line Items]
Number of plaintiffs	8

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 800,000	$ 500,000
Intrinsic value of options outstanding	$ 300,000
Average remaining life of option outstanding	2 years 7 months 6 days
Intrinsic value of exercisable options	$ 300,000
Average remaining life of exercisable options	2 years 7 months 6 days
Maximum contractual term of company's exercisable options	10 years
Unvested stock options (in shares)	0
Unrecognized stock-based compensation expenses related to unvested stock options	$ 0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 3,000,000
Unrecognized compensation expense, period for recognition	2 years 7 months 6 days

Share-based Compensation - Summ

Share-based Compensation - Summary of Company's Restricted Stock Activity (Details) - Restricted Stock - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Shares
Unvested at beginning of period (in shares)	555,879	628,433
Granted (in shares)	592,045	593,458
Vested (in shares)	(163,028)	(514,543)
Forfeited (in shares)	0	(151,469)
Unvested at end of period (in shares)	984,896	555,879
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in usd per share)	$ 3.79	$ 3.93
Granted (in usd per share)	3.58	3.81
Vested (in usd per share)	3.73	3.89
Forfeited (in usd per share)	0	4.13
Unvested at end of period (in usd per share)	$ 3.67	$ 3.79

Share-based Compensation - Su_2

Share-based Compensation - Summary of Company's Stock Option Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Shares
Outstanding at beginning of period (in shares)	4,715,859	4,739,858
Granted (in shares)	280,791	0
Exercised (in shares)	0	0
Forfeited (in shares)	0	0
Expired (in shares)	(1,500)	(23,999)
Outstanding at end of period (in shares)	4,995,150	4,715,859
Shares, Eligible for exercise (in shares)	4,995,150
Weighted Average Exercise Price
Outstanding at beginning of period (in usd per share)	$ 5.13	$ 5.13
Granted (in usd per share)	3.25	0
Exercised (in usd per share)	0	0
Forfeited (in usd per share)	0	0
Expired (in usd per share)	4.06	5.31
Outstanding at end of period (in usd per share)	5.02	$ 5.13
Weighted average exercise price, Eligible for exercise (in usd per share)	$ 5.02

Equity - Preferred Stock (Detai

Equity - Preferred Stock (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Par value (in usd per share)	$ 0.001	$ 0.001
Preferred shares authorized (in shares)	20,000,000	20,000,000
Series A- 3 Preferred Stock
Class of Stock [Line Items]
Shares issued (in shares)	6,125	6,125
Shares outstanding (in shares)	6,125	6,125
Series A- 4 Preferred Stock
Class of Stock [Line Items]
Shares issued (in shares)	10,000	10,000
Shares outstanding (in shares)	10,000	10,000

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 01, 2021	Nov. 30, 2018	Mar. 31, 2022
Class of Warrant or Right [Line Items]
Proceed from exchange for accrued and unpaid dividend	$ 0.3
Preferred stock cumulative cash dividend rate			7.50%
Preferred stock dividend rate			4.00%
Accreting dividend threshold rate			7.25%
Volume weighted average price threshold percentage			150.00%
Preferred stock force conversion, trading days to calculate volume weighted average price			30 days
Preferred stock trading days to calculate volume weighted average price (at least)			20 days
Consent rights percentage (at least)			75.00%
Maximum
Class of Warrant or Right [Line Items]
Preferred stock dividend rate			2.00%
Minimum
Class of Warrant or Right [Line Items]
Preferred stock dividend rate			0.00%
Series A shares issued and outstanding
Class of Warrant or Right [Line Items]
Preferred stock conversion price (in usd per share)			$ 3.52
Series A-2 shares issued and outstanding
Class of Warrant or Right [Line Items]
Preferred stock conversion price (in usd per share)			5.33
Series A-3 Preferred Stock
Class of Warrant or Right [Line Items]
Preferred stock conversion price (in usd per share)			$ 4.25
Number of shares to be issued upon conversion of preferred stock (in shares)			1,740,700
Series A-4 Preferred Stock
Class of Warrant or Right [Line Items]
Preferred stock conversion price (in usd per share)			$ 8.25
Number of shares to be issued upon conversion of preferred stock (in shares)			1,875,533
CGI
Class of Warrant or Right [Line Items]
Stock repurchase program, expected to be redemption	$ 16.1
Stock repurchase program, expected to be redemption current fair value			$ 18.5
CGI | Series A shares issued and outstanding
Class of Warrant or Right [Line Items]
Shares issued (in shares)	6,125
CGI | Series A-2 shares issued and outstanding
Class of Warrant or Right [Line Items]
Issuance and sale of common stock (in shares)	10,000
DBMGi
Class of Warrant or Right [Line Items]
Preferred stock, dividend, paid in kind percentage			9.00%
Preferred stock, dividend paid in cash, percentage			8.25%
DBMGi | LIBOR
Class of Warrant or Right [Line Items]
Preferred stock, dividend, basis spread on variable rate			5.85%
DBMGi | Paid In Kind
Class of Warrant or Right [Line Items]
Preferred stock, dividend, basis spread on variable rate			0.75%
DBMGi | Series A shares issued and outstanding | Discontinued Operations | CIG
Class of Warrant or Right [Line Items]
Issued in disposal group	$ 40.9
DBMGi | Series A shares issued and outstanding | Consolidation, Eliminations
Class of Warrant or Right [Line Items]
Issuance and sale of common stock (in shares)		40,000

Equity - Summary of Cash Divide

Equity - Summary of Cash Dividends (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class of Stock [Line Items]
Total Dividend	$ 0.3	$ 0.2
DBMGi
Class of Stock [Line Items]
Total Dividend	$ 0.9

Related Parties (Details)

Related Parties (Details)	1 Months Ended	3 Months Ended
	Sep. 30, 2018	Mar. 31, 2022USD ($)securityoffice_spaceplane	Mar. 31, 2021USD ($)	May 27, 2021USD ($)
Related Party Transaction [Line Items]
Lease term	75 months
Operating cash flows from operating leases		$ 6,200,000	$ 3,700,000
Total lease liability balance		75,500,000
Share-based compensation expense		800,000	500,000
Banker Steel Acquisition
Related Party Transaction [Line Items]
Bankers Steel debt - assumed				$ 6,300,000
Affiliated Entity | Subordinated Debt
Related Party Transaction [Line Items]
Interest expense		200,000	0
Affiliated Entity | Banker Steel Acquisition | Subordinated Debt
Related Party Transaction [Line Items]
Bankers Steel debt - assumed		$ 6,300,000
Subordinated borrowing, interest rate		11.00%
Planes | Affiliated Entity
Related Party Transaction [Line Items]
Number of plane leases terminated | security		1
Banker Steel | Office Space | Affiliated Entity
Related Party Transaction [Line Items]
Number of office spaces | office_space		2
Operating cash flows from operating leases		$ 10,000
Total lease liability balance		200,000
Lease expense		8,000	0
Banker Steel | Planes | Affiliated Entity
Related Party Transaction [Line Items]
Operating cash flows from operating leases		100,000
Total lease liability balance		2,200,000
Lease expense		$ 100,000	$ 0
Number of planes leased | plane		2
R2 Technologies | Affiliated Entity
Related Party Transaction [Line Items]
Share-based compensation expense		$ 100,000
Royalty expense		$ 100,000

Operating Segment and Related_3

Operating Segment and Related Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2022segment
Segment Reporting [Abstract]
Number of reportable geographic segments	1
Number of reportable operating segments	3

Operating Segment and Related_4

Operating Segment and Related Information - Concentration of Risk, by Risk Factor (Details) - Sales Revenue, Net - Customer Concentration Risk - Infrastructure	3 Months Ended
	Mar. 31, 2022
Customer A
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	23.30%
Customer B
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	11.80%

Operating Segment and Related_5

Operating Segment and Related Information - Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 412.8	$ 171.8
Total revenue	412.8	171.8
Income (loss) from operations	0.7	(10.9)
Interest expense	(12.6)	(21.4)
Loss on early extinguishment or restructuring of debt	0	(10.8)
Loss from equity investees	(0.5)	(2.1)
Other (loss) income	(0.1)	3.4
Loss from continuing operations before income taxes	(12.5)	(41.8)
Income tax expense	(1.6)	(1.1)
Loss from continuing operations	(14.1)	(42.9)
Gain (loss) on sale of subsidiary		40.4
Income from discontinued operations (including gain on sale of $40.4 million for the three months ended March 31, 2021)	0	51.9
Net (loss) income	(14.1)	9
Net income attributable to noncontrolling interest and redeemable noncontrolling interest	1.7	3.6
Net (loss) income attributable to INNOVATE Corp.	(12.4)	12.6
Less: Preferred dividends and deemed dividends from conversions	1.2	0.4
Net (loss) income attributable to common stock and participating preferred stockholders	(13.6)	12.2
Depreciation and Amortization	6.9	3.9
Total depreciation and amortization	10.6	6.2
Capital Expenditures	4.6	3.2
Discontinued Operations
Revenues from External Customers and Long-Lived Assets [Line Items]
Gain (loss) on sale of subsidiary	0	40.4
Income from discontinued operations (including gain on sale of $40.4 million for the three months ended March 31, 2021)	0	51.9
Infrastructure
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	401.9	161.3
Total revenue	402.2	161.3
Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	0.8	0
Spectrum
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	9.8	10.5
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Depreciation and Amortization	9	4.7
Infrastructure recognized within cost of revenue	3.7	2.3
Operating Segments | Infrastructure
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	402.2	161.3
Income (loss) from operations	11.9	2.2
Depreciation and Amortization	5.3	2.4
Capital Expenditures	2.9	1.6
Operating Segments | Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	0.8	0
Income (loss) from operations	(5)	(4.8)
Depreciation and Amortization	0.1	0
Capital Expenditures	0.1	0.2
Operating Segments | Spectrum
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	9.8	10.5
Income (loss) from operations	(0.4)	(1.2)
Depreciation and Amortization	1.5	1.5
Capital Expenditures	1.6	1.4
Operating Segments | Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Income (loss) from operations	(0.1)	(0.4)
Non-operating Corporate
Revenues from External Customers and Long-Lived Assets [Line Items]
Income (loss) from operations	$ (5.7)	$ (6.7)

Operating Segment and Related_6

Operating Segment and Related Information - Long-term investments, Property and Equipment and Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	$ 60.2	$ 56
Equity Method Investees	43.9	44.2
Total Assets	1,112.2	1,080.6
Operating Segments | Infrastructure
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	1	0.7
Equity Method Investees	1	0.7
Total Assets	834.6	786.4
Operating Segments | Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	13.5	10.2
Equity Method Investees	8.6	9.6
Total Assets	22.2	22
Operating Segments | Spectrum
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	198.6	198.9
Operating Segments | Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	45.7	45.1
Equity Method Investees	34.3	33.9
Total Assets	48.4	48
Non-operating Corporate
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	$ 8.4	$ 25.3

Basic and Diluted Income (Los_3

Basic and Diluted Income (Loss) Per Common Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Antidilutive securities (in shares)	0	0

Basic and Diluted Income (Los_4

Basic and Diluted Income (Loss) Per Common Share - Basic Income (Loss) Per Common Share to Diluted Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Loss from continuing operations	$ (14.1)	$ (42.9)
Income from continuing operations attributable to noncontrolling interest and redeemable noncontrolling interest	1.7	2.8
Loss from continuing operations attributable to the Company	(12.4)	(40.1)
Less: Preferred dividends, deemed dividends and repurchase gains	1.2	0.4
Loss from continuing operations attributable to INNOVATE common stockholders	(13.6)	(40.5)
Less: Income from discontinued operations, net of tax	0	51.9
Income from discontinued operations attributable to noncontrolling interest and redeemable noncontrolling interest	0	0.8
Income from discontinued operations, net of tax and noncontrolling interest	0	52.7
Net (loss) income attributable to common stock and participating preferred stockholders	$ (13.6)	$ 12.2
Participating shares at end of period:
Weighted-average common stock outstanding (in shares)	77.3	76.9
Unvested restricted stock (in shares)	0	0.4
Preferred stock (as-converted basis) (in shares)	0	2.6
Total (in shares)	77.3	79.9
Percentage of (loss) income allocated to:
Common stock	100.00%	96.20%
Unvested restricted stock	0.00%	0.50%
Preferred stock	0.00%	3.30%
Net loss from continuing operations attributable to common stock, basic	$ (13.6)	$ (39)
Net income from discontinued operations attributable to common stock, basic	0	50.7
Net (loss) income attributable to common stock, basic	(13.6)	11.7
Earnings allocable to common shares, diluted:
Effect of assumed shares under the if-converted method for convertible instruments	0	0
Net loss from continuing operations attributable to common stock, basic	(13.6)	(39)
Net income from discontinued operations attributable to common stock, basic	0	50.7
Net (loss) income attributable to common stock, basic	$ (13.6)	$ 11.7
Denominator for basic and dilutive earnings per share
Weighted average common shares outstanding - basic (in shares)	77.3	76.9
Effect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments (in shares)	0	0
Weighted average common shares outstanding - diluted (in shares)	77.3	76.9
Loss per share - continuing operations
Basic (in usd per share)	$ (0.18)	$ (0.51)
Diluted (in usd per share)	(0.18)	(0.51)
Income per share - discontinued operations
Basic (in usd per share)	0	0.66
Diluted (in usd per share)	0	0.66
(Loss) income per share - Net (loss) income attributable to common stock and participating preferred stockholders
Basic (in usd per share)	(0.18)	0.15
Diluted (in usd per share)	$ (0.18)	$ 0.15