INNOVATE (VATE) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	222 Lakeview Ave.
Entity Address, Address Line Two	Suite 1660
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	212
Local Phone Number	235-2691
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		79,049,423
Amendment Flag	false
Document Fiscal Year Focus	2023
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
Security Exchange Name	NYSE
No Trading Symbol	true
Former Address
Document Information [Line Items]
Entity Address, Address Line One	295 Madison Ave.
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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 317.9	$ 412.8
Cost of revenue	274.3	363
Gross profit	43.6	49.8
Operating expenses:
Selling, general and administrative	41.7	42.6
Depreciation and amortization	6.3	6.9
Other operating income	(0.4)	(0.4)
(Loss) income from operations	(4)	0.7
Other (expense) income:
Interest expense	(15.6)	(12.6)
Loss from equity investees	(4)	(0.5)
Other income (expense), net	16.5	(0.1)
Loss from operations before income taxes	(7.1)	(12.5)
Income tax expense	(0.9)	(1.6)
Net loss	(8)	(14.1)
Net (income) loss attributable to noncontrolling interest and redeemable noncontrolling interest	(1)	1.7
Net loss attributable to INNOVATE Corp.	(9)	(12.4)
Less: Preferred dividends	1.2	1.2
Net loss attributable to common stockholders	(10.2)	(13.6)
Net loss attributable to common stockholders	$ (10.2)	$ (13.6)
Loss per share - basic and diluted
Basic (in usd per share)	$ (0.13)	$ (0.18)
Diluted (in usd per share)	$ (0.13)	$ (0.18)
Weighted average common shares outstanding - basic and diluted
Basic (in shares)	77.7	77.3
Diluted (in shares)	77.7	77.3

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (8)	$ (14.1)
Other comprehensive (loss) income
Foreign currency translation adjustment, net of tax	(1)	0.7
Dispositions of investments, net of tax	(9.1)	0
Other comprehensive (loss) income	(10.1)	0.7
Comprehensive loss	(18.1)	(13.4)
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests	1.7	1.6
Comprehensive loss attributable to INNOVATE Corp.	$ (16.4)	$ (11.8)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 16.6	$ 80.4
Accounts receivable, net	253.7	254.9
Contract assets	180.2	165.1
Inventory	21.3	18.9
Restricted cash	0	0.3
Other current assets	14.7	16.8
Total current assets	486.5	536.4
Investments	7.7	59.5
Deferred tax asset	1.7	1.7
Property, plant and equipment, net	164	165
Goodwill	127	127.1
Intangibles, net	186.1	190.1
Other assets	71.1	71.9
Total assets	1,044.1	1,151.7
Current liabilities
Accounts payable	167	202.5
Accrued liabilities	45	65.4
Current portion of debt obligations	32.9	30.6
Contract liabilities	104.9	98.6
Other current liabilities	24.7	20.1
Total current liabilities	374.5	417.2
Deferred tax liability	3.7	9.1
Debt obligations	664.3	683.8
Other liabilities	107.6	71.2
Total liabilities	1,150.1	1,181.3
Commitments and contingencies
Temporary equity
Redeemable noncontrolling interest	(5.2)	43.4
Total temporary equity	12.1	61
Stockholders’ deficit
Common stock, $0.001 par value Shares authorized: 160,000,000 as of both March 31, 2023 and December 31, 2022 Shares issued: 80,537,415 and 80,216,028 as of March 31, 2023 and December 31, 2022, respectively Shares outstanding: 79,049,423 and 78,787,768 as of March 31, 2023 and December 31, 2022, respectively	0.1	0.1
Additional paid-in capital	326.8	330.1
Treasury stock, at cost: 1,487,992 and 1,428,260 shares as of March 31, 2023 and December 31, 2022, respectively	(5.4)	(5.3)
Accumulated deficit	(461.1)	(452.1)
Accumulated other comprehensive (loss) income	(1.5)	5.9
Total INNOVATE Corp. stockholders’ deficit	(141.1)	(121.3)
Noncontrolling interest	23	30.7
Total stockholders’ deficit	(118.1)	(90.6)
Total liabilities, temporary equity and stockholders’ deficit	1,044.1	1,151.7
Series A-3 and A-4 Preferred Stock
Temporary equity
Preferred stock Series A-3 and Series A-4, $0.001 par value Shares authorized: 20,000,000 as of both March 31, 2023 and December 31, 2022 Shares issued and outstanding: 6,125 of Series A-3 and 10,000 of Series A-4 as of both March 31, 2023 and December 31, 2022	$ 17.3	$ 17.6

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Preferred stock, shares authorized (in shares)		20,000,000
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)	80,537,415	80,216,028
Common stock, shares outstanding (in shares)	79,049,423	78,787,768
Treasury stock, common shares (in shares)	1,487,992	1,428,260
Series A-3 and A-4 Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Series A- 3 Preferred Stock
Preferred stock, shares issued (in shares)	6,125	6,125
Preferred stock, shares outstanding (in shares)	6,125	6,125
Series A- 4 Preferred Stock
Preferred stock, shares issued (in shares)	10,000	10,000
Preferred stock, shares outstanding (in shares)	10,000	10,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT - USD ($) shares in Millions, $ in Millions	Total	Total INNOVATE Stockholders' (Deficit) Equity	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	[1]	Non- controlling Interest	Temporary Equity
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 (loss) income	(12.4)	(12.4)				(12.4)
Other comprehensive (loss) 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
Increase (Decrease) in Temporary Equity [Roll Forward]
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 (loss) income										(1.7)
Other comprehensive (loss)	0.6	0.6					0.6
Ending balance at Mar. 31, 2022										66.2
Beginning balance (in shares) at Dec. 31, 2022			78.8
Beginning balance at Dec. 31, 2022	(90.6)	(121.3)	$ 0.1	330.1	(5.3)	(452.1)	5.9		30.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	0.5	0.5		0.5
Taxes paid in lieu of shares issued for share-based compensation (in shares)			(0.1)
Taxes paid in lieu of shares issued for share-based compensation	(0.1)	(0.1)			(0.1)
Preferred stock dividend	(0.9)	(0.9)		(0.9)						(0.3)
Issuance of common stock (in shares)			0.3
Distributions to noncontrolling interests	(10.7)								(10.7)	(5.2)
Transactions with noncontrolling interests	0.1	(2.9)		(2.9)					3	0.1
Net (loss) income	(6.8)	(9)				(9)			2.2
Other comprehensive (loss) income	(9.6)	(7.4)					(7.4)		(2.2)	(0.5)
Ending balance (in shares) at Mar. 31, 2023			79
Ending balance at Mar. 31, 2023	(118.1)	(141.1)	$ 0.1	326.8	$ (5.4)	$ (461.1)	(1.5)		23
Beginning balance at Dec. 31, 2022	61									61
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividend	(0.9)	(0.9)		(0.9)						(0.3)
Transactions with noncontrolling interests	0.1	(2.9)		$ (2.9)					3	0.1
DBMGi preferred stock liability reclass	(41.8)
Net (loss) income										(1.2)
Other comprehensive (loss)	(9.6)	$ (7.4)					$ (7.4)		$ (2.2)	(0.5)
Ending balance at Mar. 31, 2023	$ 12.1									$ 12.1
[1](a) Inclusive of other comprehensive (loss) income, foreign currency cumulative translation adjustments totaled a loss of $2.7 million and income of $5.8 million as of March 31, 2023 and 2022, respectively.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other comprehensive (loss) income	$ (9.6)	$ 0.6
Foreign Currency Cumulative Translation Adjustments
Other comprehensive (loss) income	$ (2.7)	$ 5.8

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (8)	$ (14.1)
Adjustments to reconcile net loss to cash (used in) provided by operating activities
Share-based compensation expense	0.5	0.8
Depreciation and amortization (including amounts in cost of revenue)	10.2	10.6
Amortization of deferred financing costs and debt discount	1.6	1.2
Loss from equity investees	4	0.5
Realized and unrealized gains on equity method investments	(16.1)	0
Asset impairment expense	0	0.1
Deferred income taxes	(5.4)	0.4
Other operating activities, net	(0.5)	0.2
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	1.6	(25.8)
Contract assets	(15.1)	(22)
Other current assets	(1.1)	(1.2)
Inventory	(2.4)	(2.5)
Other assets	2.5	4.5
Accounts payable	(36.3)	20.2
Accrued liabilities	(19)	(7.2)
Contract liabilities	6.3	(24)
Other current liabilities	(1.4)	(4.9)
Other liabilities	1.6	(0.2)
Cash used in operating activities	(77)	(63.4)
Cash flows from investing activities
Purchase of property, plant and equipment	(3.7)	(4.6)
Proceeds from disposal of property, plant and equipment	0.3	1.8
Loan to equity method investee	0	(4.5)
Proceeds from the sale of equity method investments	54.2	0
Other investing activities	0.4	(0.1)
Cash provided by (used in) investing activities	51.2	(7.4)
Cash flows from financing activities
Proceeds from debt obligations, net of deferred financing costs	0.9	0
Principal payments on debt obligations	(4.6)	(6.4)
Proceeds from line of credit	40	100
Payments on line of credit	(57)	(40)
Payments to noncontrolling interests and redeemable noncontrolling interests related to sale of equity method investment	(15.9)	0
Dividend payments	(1.2)	(2.4)
Other financing activities	(0.2)	0
Cash (used in) provided by financing activities	(38)	51.2
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(0.4)	0.5
Net decrease in cash and cash equivalents, including restricted cash	(64.2)	(19.1)
Cash, cash equivalents and restricted cash, beginning of period	82.2	47.5
Cash, cash equivalents and restricted cash, end of period	$ 18	$ 28.4

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2023
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 noncontrolling equity interest positions or debt instruments. 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 Industrial Inc. ("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, Inc., DBMG manufactures pollution control scrubbers, tunnel liners, pressure vessels, strainers, filters, separators and a variety of customized products. Through Banker Steel Holdco, LLC ("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"), its subsidiaries and equity method investments. 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 57% 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 46% interest in MediBeacon Inc. ("MediBeacon"), a medical technology company specializing in the advances of fluorescent tracer agents and transdermal measurement, potentially enabling real-time, direct monitoring of kidney function, 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 acquired and operates over-the-air broadcasting stations 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"). On a fully diluted basis, the Company would have an approximately 86% controlling interest in Broadcasting. 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's results include its subsidiary's 19% equity method investment in HMN International Co., Ltd., formerly known as Huawei Marine Networks Co. (“HMN”), until it was sold on March 6, 2023. Refer to Note 6. Investments for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying unaudited 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. 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 in these interim unaudited financial statements 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 audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 14, 2023. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2023. Use of Estimates and Assumptions The preparation of the Company’s 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 unaudited Condensed Consolidated Financial Statements through a combination of available cash, availability on our Revolving Credit Line, 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 debt or 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 and dilute holders of common stock. 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. Recent Accounting Pronouncements Accounting Pronouncements Adopted in the Current Year Credit Loss Standard In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326) , Measurement of Credit Losses on Financial Instruments . This new standard and its related amendments change the impairment model for most financial assets that are measured at amortized cost and certain other instruments, including trade receivables and contract assets, from an incurred loss model to an expected loss model and adds certain new required disclosures. Under the new expected loss model, which is based on historical experience, current conditions and reasonable and supportable forecasts, entities 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 adoption of ASU 2016-13 and its related amendments on January 1, 2023, did not have any effect on the Company’s Condensed Consolidated Financial statements and did not record any effects through retained earnings. For the amounts calculated for the Current Expected Credit Loss (“CECL”) model for the three months ended March 31, 2023, subsequent to initial transition, the Company has recognized an expense in the unaudited Condensed Consolidated Statements of Operations. As the amount is immaterial, it is presented within general and administration costs rather than a separate line. The Company reviewed its entire portfolio of assets recognized on the balance sheet as of January 1, 2023, and identified Accounts Receivable and Contract Assets as the material impacted assets in-scope of Topic 326. The risk of credit losses from the remaining portfolio of assets was concluded to be immaterial. Accounts Receivable and Contract Assets are presented net of allowances for credit losses. Refer to Note 4. Accounts Receivable, Net. At each balance sheet date, all potentially uncollectible accounts are assessed individually for the purpose of determining the appropriate provision for doubtful accounts. Management has elected to use a risk-based, pool-level segmentation framework to calculate the expected loss rate. Management evaluates its experience with historical losses and then applies this historical loss ratio to financial assets with similar characteristics. The Company’s historical loss ratio or its determination of risk pools may be adjusted for changes in customer, economic, market or other circumstances. The Company may also establish an allowance for credit losses for specific receivables when it is probable that the receivable will not be collected and the loss can be reasonably estimated. Amounts are written off against the allowance when they are considered to be uncollectible, and reversals of previously reserved amounts are recognized if a specifically reserved item is settled for an amount exceeding the previous estimate. Other Recent Accounting Pronouncements On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) which contains optional practical expedients for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting for contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”). In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which extended the period for utilization of the practical expedients under ASU 2020-04 through December 31, 2024. The Company has instruments, including DBMGi's $41.8 million Series A Preferred Stock (Refer to Note 15. Preferred Stock and Equity) and INNOVATE's $5.0 million line of credit agreement (Refer to Note 11. Debt Obligations) that reference LIBOR. DBMGi's Series A Preferred Stock and INNOVATE's line of credit agreement, prior to its extension in April 2023, reference LIBOR and contain customary LIBOR replacement language, including, but not limited to, the use of replacement rates based on the secured overnight financing rate, and, consequently, these ASUs are not expected to have a material effect on the Company's Condensed Consolidated Financial Statements. Refer to Note 21. Subsequent Events for additional information on the extension of INNOVATE's line of credit and the change in benchmark from LIBOR-based rates to SOFR-based rates. 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. Refer to Note 21. Subsequent Events for any subsequent events.

Revenue and Contracts in Proces

Revenue and Contracts in Process	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue and Contracts in Process	3. Revenue and Contracts in Process Revenue from contracts with customers consists of the following (in millions): Three Months Ended March 31, 2023 2022 Revenue Infrastructure $ 311.7 $ 402.2 Life Sciences 0.5 0.8 Spectrum 5.7 9.8 Total revenue $ 317.9 $ 412.8 Accounts receivables, net, from contracts with customers consist of the following (in millions): March 31, December 31, 2022 Accounts receivables with customers Infrastructure $ 245.4 $ 244.5 Life Sciences 0.9 0.8 Spectrum 3.1 5.1 Total accounts receivables with customers $ 249.4 $ 250.4 Infrastructure Segment The following table disaggregates DBMG's revenue by market (in millions): Three Months Ended March 31, 2023 2022 Commercial $ 112.5 $ 238.2 Industrial 91.3 89.2 Healthcare 31.4 26.1 Convention 25.4 19.6 Transportation 41.5 10.0 Leisure 3.2 4.2 Government 3.7 7.4 Other 2.7 7.2 Total revenue from contracts with customers 311.7 401.9 Other revenue — 0.3 Total Infrastructure segment revenue $ 311.7 $ 402.2 Contract assets and contract liabilities and recognized earnings consisted of the following (in millions): March 31, December 31, 2022 Costs incurred on contracts in progress $ 2,472.5 $ 2,503.3 Estimated earnings 405.9 378.9 Contract revenue earned on uncompleted contracts 2,878.4 2,882.2 Less: progress billings 2,803.1 2,815.7 $ 75.3 $ 66.5 The above is included in the accompanying Condensed Consolidated Balance Sheets under the following line items: Contract assets $ 180.2 $ 165.1 Contract liabilities (104.9) (98.6) $ 75.3 $ 66.5 March 31, December 31, 2022 Cost in excess of billings $ 103.8 $ 90.7 Conditional retainage 76.4 74.4 Contract assets $ 180.2 $ 165.1 Billings in excess of costs $ (163.5) $ (152.0) Conditional retainage 58.6 53.4 Contract liabilities $ (104.9) $ (98.6) The change in contract assets is a result of the recording of $101.2 million of contract assets driven by new commercial projects, offset by $86.1 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 $89.7 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 $83.4 million. Transaction Price Allocated to Remaining Unsatisfied Performance Obligations As of March 31, 2023, the transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions): Within One Year Within Five Years Total Commercial $ 269.8 $ 25.5 $ 295.3 Industrial 362.4 9.5 371.9 Transportation 332.5 57.1 389.6 Government 6.6 1.3 7.9 Leisure 2.1 — 2.1 Healthcare 127.7 287.5 415.2 Convention 93.8 — 93.8 Other 5.3 0.5 5.8 Remaining unsatisfied performance obligations $ 1,200.2 $ 381.4 $ 1,581.6 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 approximately within the next 3.75 years. 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, 2023 2022 Systems and consumables revenue $ 0.5 $ 0.8 Total Life Sciences segment revenue $ 0.5 $ 0.8 Spectrum Segment The following table disaggregates the Spectrum segment's revenue by type (in millions): Three Months Ended March 31, 2023 2022 Broadcast station $ 5.2 $ 4.8 Network advertising — 3.9 Network distribution — 0.7 Other 0.5 0.4 Total Spectrum segment revenue $ 5.7 $ 9.8 Transaction Price Allocated to Remaining Unsatisfied Performance Obligations As of March 31, 2023, the transaction price allocated to remaining unsatisfied performance obligations consisted of $7.8 million of broadcast station revenues of which $3.8 million is expected to be recognized within one year and $4.0 million is expected to be recognized within the next 3 years. On December 31, 2022, Broadcasting shut-down the operations and broadcasting of the Azteca America network and, had terminated both the PLA and BSA with TV Azteca. HC2 Network did not quality for discontinued operations presentation as HC2 Network was not significant to the Company, did not represent a strategic shift and will not have a major effect on the Company's operations and financial results. As a result of the cessation of the Azteca operations, the Company no longer has any unsatisfied performance obligations related to network advertising or network distribution.

Accounts Receivable, Net

Accounts Receivable, Net	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Accounts Receivable, Net	4. Accounts Receivable, Net Accounts receivable, net, consisted of the following (in millions): March 31, December 31, 2022 Contracts in progress $ 245.6 $ 244.8 Unbilled retentions 0.2 0.2 Trade receivables 4.0 5.9 Other receivables 4.3 4.5 Allowance for expected credit losses (1)(2) (0.4) (0.5) Total $ 253.7 $ 254.9 ( 1) Allowance for doubtful accounts as of December 31, 2022, prior to the adoption of ASU 2016-13. (2) There was no change to the allowance for expected credit losses as a result of the adoption of ASU 2016-13 on January 1, 2023. For the three months ended March 31, 2023, the Company recognized a $0.1 million reversal of provisions for expected credit losses and for the three months ended March 31, 2022, recognized provisions for doubtful accounts of $0.2 million.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventory	5. Inventory Inventory consisted of the following (in millions): March 31, December 31, 2022 Raw materials and consumables $ 18.5 $ 15.7 Work in process 0.8 1.2 Finished goods 2.0 2.0 Total inventory $ 21.3 $ 18.9

Investments

Investments	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	6. Investments The carrying values of the Company's investments were as follows (in millions): March 31, 2023 Measurement Alternative (1) Equity Fair Value Total Common stock $ — $ 3.1 $ — $ 3.1 Preferred stock and fixed maturities — — 4.6 4.6 Total $ — $ 3.1 $ 4.6 $ 7.7 December 31, 2022 Measurement Alternative (1) Equity Fair Value Total Common stock $ — $ 3.0 $ — $ 3.0 Preferred stock and fixed maturities — — 4.6 4.6 Put option 11.3 — — 11.3 Investment in securities — 40.6 — 40.6 Total $ 11.3 $ 43.6 $ 4.6 $ 59.5 (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 . Equity Method Investments The Company's equity method investments as of March 31, 2023 are comprised of investments in MediBeacon and Triple Ring, and, as of December 31, 2022 were comprised of investments in MediBeacon, Triple Ring and HMN. The Company's share of net losses from its equity method investments totaled $4.0 million and $0.5 million for the three months ended March 31, 2023 and 2022, respectively. The Company accounts for its Triple Ring equity method investment results on a one-month lag basis. MediBeacon Pansend accounts for MediBeacon's preferred stock as an equity method investment, inclusive of any fixed maturity securities (notes) issued by Pansend to MediBeacon. On March 15, 2022, Pansend issued MediBeacon a $4.5 million 8.0% convertible note due March 2025, increasing the total outstanding principal to $5.0 million. On February 23, 2023, pursuant to its amended commercial partnership with Huadong Medicine Co. Ltd ("Huadong"), a publicly traded company on the Shenzhen Stock Exchange, MediBeacon issued $7.5 million of its preferred stock to Huadong in exchange for additional shares of preferred stock, which decreased Pansend's ownership in MediBeacon from approximately 47% as of December 31, 2022 to approximately 46% subsequent to the transaction. As a result of this equity transaction, Pansend recognized a gain of $3.8 million in Other income (expense), net in the Condensed Consolidated Statements of Operations, which increased Pansend's basis in MediBeacon. Concurrently, Pansend recognized additional equity method losses of $3.8 million which were previously unrecognized because Pansend's carrying amount of its investment in MediBeacon had been previously reduced to zero. Therefore, as of March 31, 2023, Pansend's carrying amount of its investment in MediBeacon remains at zero inclusive of the $5.0 million 8.0% convertible note due March 2025. HMN On March 6, 2023, the Company, through New Saxon 2019 Limited (“New Saxon”), an indirect subsidiary of GMH, closed on the sale of its remaining 19% interest in HMN to subsidiaries and an affiliate of Hengtong Optic-Electric Co Ltd. The sale was consummated pursuant to the terms of a supplemental agreement entered into by the parties in June 2022. New Saxon received gross proceeds of $54.2 million and interest income of $0.5 million, of which $4.4 million was withheld for a foreign tax payment. Refer to Note 12. Income Taxes for additional information. As of March 31, 2023, $15.9 million had been paid to GMH's non-controlling interest holders and redeemable noncontrolling interest holders pursuant to the partnership agreement, and $0.1 million was paid in April 2023. New Saxon recognized a gain on sale of $12.3 million, which is reflected in Other income (expense), net in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2023. The following tables provide combined summarized unaudited financial information for the Company's equity method investments (1) (in millions): March 31, December 31, 2022 Assets $ 65.9 $ 786.4 Liabilities 100.2 670.2 Equity $ (34.3) $ 116.2 Three Months Ended March 31, 2023 2022 Total revenues $ 39.0 $ 70.2 Gross profit $ 11.3 $ 17.6 Operating loss $ (6.0) $ (1.2) Net (loss) income $ (6.6) $ 1.9 (1) Excludes the Assets and Liabilities of HMN as of March 31, 2023, and only includes the results of operations of HMN until the date of sale in the first quarter of 2023.

Property, Plant and Equipment,

Property, Plant and Equipment, Net	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	7. Property, Plant and Equipment, Net Property, plant and equipment, net, ("PP&E") consisted of the following (in millions): March 31, December 31, 2022 Equipment, furniture and fixtures, and software $ 202.7 $ 196.0 Building and leasehold improvements 45.5 44.8 Land 26.1 26.1 Construction in progress 6.0 8.4 Plant and transportation equipment 8.0 8.2 $ 288.3 $ 283.5 Less: Accumulated depreciation 124.3 118.5 Total $ 164.0 $ 165.0 Depreciation expense was $6.3 million and $6.4 million for the three months ended March 31, 2023 and 2022, respectively. These amounts included $3.9 million and $3.7 million of depreciation expense recognized within cost of revenue for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023 and December 31, 2022, the net book value of equipment under capital leases included in PP&E was $2.7 million and $2.1 million, respectively. As of March 31, 2023 and December 31, 2022, the net book value of capitalized internal-use software included in PP&E was $37.2 million and $35.6 million, respectively.

Goodwill and Intangibles, Net

Goodwill and Intangibles, Net	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles, Net	8. Goodwill and Intangibles, Net Goodwill The carrying amounts of goodwill by segment were as follows (in millions): Infrastructure Spectrum Total Balance at December 31, 2022 $ 105.7 $ 21.4 $ 127.1 Translation adjustment (0.1) — (0.1) Balance as of March 31, 2023 $ 105.6 $ 21.4 $ 127.0 Indefinite-lived Intangible Assets The carrying amounts of indefinite-lived intangible assets were as follows (in millions): March 31, December 31, 2022 FCC licenses $ 106.3 $ 106.3 Total $ 106.3 $ 106.3 For the three months ended March 31, 2022, the Company recorded an impairment charge of $0.1 million, which is reflected in Other operating income in the unaudited Condensed Consolidated Statements of Operations. The impairment charges 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 amounts 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, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Trade names 14 years $ 25.4 $ (8.4) $ 17.0 $ 25.4 $ (8.0) $ 17.4 Customer relationships and contracts 11 years 87.6 (38.8) 48.8 87.6 (35.4) 52.2 Channel sharing arrangements 35 years 12.6 (1.5) 11.1 12.6 (1.4) 11.2 Other 12 years 4.0 (1.1) 2.9 4.1 (1.1) 3.0 Total $ 129.6 $ (49.8) $ 79.8 $ 129.7 $ (45.9) $ 83.8

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	9. Leases Operating lease right-of-use-assets and assets held under finance leases are recognized in the Condensed Consolidated Balance Sheets within Other assets and Property, plant and equipment, net, respectively. Operating lease liabilities and finance lease liabilities are recognized in the Condensed Consolidated Balance Sheets within Other liabilities and Debt obligations, respectively. Right-of-use lease assets and lease liabilities consisted of the following (in millions): March 31, December 31, 2022 Right-of-use assets: Operating lease (Other assets) $ 64.5 $ 65.8 Finance lease (Property, plant and equipment, net) 2.7 2.1 Total right-of-use assets $ 67.2 $ 67.9 Lease liabilities: Current portion of operating lease (Other current liabilities) $ 15.6 $ 17.1 Non-current portion of operating lease (Other liabilities) 53.6 53.8 Finance lease (Debt obligations) 2.7 2.1 Total lease liabilities $ 71.9 $ 73.0 The tables below present financial information associated with the Company's leases. The information is presented as of, and for the three months ended March 31, 2023 and 2022. The Company has entered into operating and finance lease agreements primarily for land, office space, equipment and vehicles, expiring between 2023 and 2045. The following table summarizes the components of lease expense (in millions): Three Months Ended March 31, 2023 2022 Finance lease cost: Amortization of right-of-use assets $ 0.1 $ — Net finance lease cost 0.1 — Operating lease cost 5.9 5.9 Variable lease cost 0.1 0.1 Sublease income (0.2) (0.2) Total lease cost $ 5.9 $ 5.8 Cash flow information related to leases is as follows (in millions): Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 0.1 $ — Operating cash flows from operating leases $ 6.3 $ 6.2 Right-of-use assets obtained in exchange for new lease liabilities: Finance leases $ 0.6 $ — Operating leases $ 3.9 $ 6.5 The weighted-average remaining lease term and the weighted-average discount rate for finance leases and operating leases for the periods presented are as follows: March 31, December 31, 2022 Weighted-average remaining lease term (years) - operating leases 7.4 7.5 Weighted-average remaining lease term (years) - finance leases 2.0 1.4 Weighted-average discount rate - operating leases 5.5 % 5.3 % Weighted-average discount rate - finance leases 5.6 % 5.7 % Future minimum lease commitments (undiscounted) as of March 31, 2023, were as follows (in millions): Operating Finance 2023 $ 14.5 $ 1.8 2024 15.3 0.4 2025 11.8 0.3 2026 8.3 0.2 2027 6.0 0.2 Thereafter 28.8 — Total future minimum lease payments 84.7 2.9 Less: amounts representing interest (15.5) (0.2) Total lease liability balance $ 69.2 $ 2.7 In November 2021, INNOVATE Corp. entered into a ten-year lease agreement for a special purpose space in Palm Beach, Florida. In February 2023, the lease agreement was amended to extend the term of the lease to 15 years. The 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 lease also provides for the Company to receive an allowance from the landlord of $4.4 million, as amended in February 2023, to be used toward costs to design, engineer, install, supply and construct improvements (the "Construction Allowance"), payable at the end of the construction period, of which $0.9 million and $0.8 million is included in prepaid rent in Other assets as of March 31, 2023 and December 31, 2022, respectively. The future lease payments and remaining unexpended amounts under the allowance are not yet recorded in our Condensed Consolidated Balance Sheet. We expect the accounting lease commencement date for this initial portion of the lease for financial reporting purposes to begin in 2024. 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 $0.1 million over the entire lease term, subject to 3% annual upward adjustment, with total square footage of 15,786. Other than a $0.2 million deposit included in Other assets, the future lease payments are not yet recorded on our Condensed Consolidated Balance Sheets, 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 2024.
Leases	9. Leases Operating lease right-of-use-assets and assets held under finance leases are recognized in the Condensed Consolidated Balance Sheets within Other assets and Property, plant and equipment, net, respectively. Operating lease liabilities and finance lease liabilities are recognized in the Condensed Consolidated Balance Sheets within Other liabilities and Debt obligations, respectively. Right-of-use lease assets and lease liabilities consisted of the following (in millions): March 31, December 31, 2022 Right-of-use assets: Operating lease (Other assets) $ 64.5 $ 65.8 Finance lease (Property, plant and equipment, net) 2.7 2.1 Total right-of-use assets $ 67.2 $ 67.9 Lease liabilities: Current portion of operating lease (Other current liabilities) $ 15.6 $ 17.1 Non-current portion of operating lease (Other liabilities) 53.6 53.8 Finance lease (Debt obligations) 2.7 2.1 Total lease liabilities $ 71.9 $ 73.0 The tables below present financial information associated with the Company's leases. The information is presented as of, and for the three months ended March 31, 2023 and 2022. The Company has entered into operating and finance lease agreements primarily for land, office space, equipment and vehicles, expiring between 2023 and 2045. The following table summarizes the components of lease expense (in millions): Three Months Ended March 31, 2023 2022 Finance lease cost: Amortization of right-of-use assets $ 0.1 $ — Net finance lease cost 0.1 — Operating lease cost 5.9 5.9 Variable lease cost 0.1 0.1 Sublease income (0.2) (0.2) Total lease cost $ 5.9 $ 5.8 Cash flow information related to leases is as follows (in millions): Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 0.1 $ — Operating cash flows from operating leases $ 6.3 $ 6.2 Right-of-use assets obtained in exchange for new lease liabilities: Finance leases $ 0.6 $ — Operating leases $ 3.9 $ 6.5 The weighted-average remaining lease term and the weighted-average discount rate for finance leases and operating leases for the periods presented are as follows: March 31, December 31, 2022 Weighted-average remaining lease term (years) - operating leases 7.4 7.5 Weighted-average remaining lease term (years) - finance leases 2.0 1.4 Weighted-average discount rate - operating leases 5.5 % 5.3 % Weighted-average discount rate - finance leases 5.6 % 5.7 % Future minimum lease commitments (undiscounted) as of March 31, 2023, were as follows (in millions): Operating Finance 2023 $ 14.5 $ 1.8 2024 15.3 0.4 2025 11.8 0.3 2026 8.3 0.2 2027 6.0 0.2 Thereafter 28.8 — Total future minimum lease payments 84.7 2.9 Less: amounts representing interest (15.5) (0.2) Total lease liability balance $ 69.2 $ 2.7 In November 2021, INNOVATE Corp. entered into a ten-year lease agreement for a special purpose space in Palm Beach, Florida. In February 2023, the lease agreement was amended to extend the term of the lease to 15 years. The 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 lease also provides for the Company to receive an allowance from the landlord of $4.4 million, as amended in February 2023, to be used toward costs to design, engineer, install, supply and construct improvements (the "Construction Allowance"), payable at the end of the construction period, of which $0.9 million and $0.8 million is included in prepaid rent in Other assets as of March 31, 2023 and December 31, 2022, respectively. The future lease payments and remaining unexpended amounts under the allowance are not yet recorded in our Condensed Consolidated Balance Sheet. We expect the accounting lease commencement date for this initial portion of the lease for financial reporting purposes to begin in 2024. 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 $0.1 million over the entire lease term, subject to 3% annual upward adjustment, with total square footage of 15,786. Other than a $0.2 million deposit included in Other assets, the future lease payments are not yet recorded on our Condensed Consolidated Balance Sheets, 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 2024.

Other Assets, Accrued Liabiliti

Other Assets, Accrued Liabilities and Other Liabilities	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets, Accrued Liabilities and Other Liabilities	10. Other Assets, Accrued Liabilities and Other Liabilities Other assets, which are reflected in non-current assets in the Condensed Consolidated Balance Sheets, consisted of the following (in millions): March 31, December 31, 2022 Right-of-use assets $ 64.5 $ 65.8 Restricted cash - non-current 1.4 1.5 Other 5.2 4.6 Total other assets $ 71.1 $ 71.9 Accrued liabilities consisted of the following (in millions): March 31, December 31, 2022 Accrued expenses $ 16.2 $ 18.9 Accrued payroll and employee benefits 21.7 30.8 Accrued interest 6.7 15.3 Accrued income taxes 0.4 0.4 Total accrued liabilities $ 45.0 $ 65.4 Other current liabilities consisted of the following (in millions): March 31, December 31, 2022 Lease liability, current $ 15.6 $ 17.1 Redeemable preferred stock Series A 7.0 — Other current liabilities 2.1 3.0 Total other current liabilities $ 24.7 $ 20.1 Other liabilities, which are reflected in non-current liabilities in the Condensed Consolidated Balance Sheets, consisted of the following (in millions): March 31, December 31, 2022 Lease liability, net of current portion $ 53.6 $ 53.8 Redeemable preferred stock Series A 34.8 — Other 19.2 17.4 Total other liabilities $ 107.6 $ 71.2

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt Obligations	11. Debt Obligations Debt obligations, including finance lease obligations, consisted of the following (in millions): March 31, December 31, 2022 Infrastructure 3.25% Note due 2026 $ 98.0 $ 99.5 PRIME minus 0.85% Line of Credit due 2024 105.7 107.7 4.00% Note due 2024 12.5 15.0 8.00% Note due 2024 18.1 18.7 Obligations under finance leases 2.7 2.1 Total Infrastructure $ 237.0 $ 243.0 Spectrum 8.50% Note due 2024 $ 19.3 $ 19.3 11.45% Notes due 2024 50.4 50.4 Total Spectrum $ 69.7 $ 69.7 Life Sciences 20.00% Note due 2023 $ 13.0 — 18.00% Note due 2023 — 10.8 Total Life Sciences $ 13.0 $ 10.8 Non-Operating Corporate 8.50% Senior Secured Notes, due 2026 $ 330.0 $ 330.0 7.50% Convertible Senior Notes, due 2026 51.8 51.8 LIBOR plus 5.75% Line of Credit 5.0 20.0 Total Non-Operating Corporate $ 386.8 $ 401.8 Total outstanding principal $ 706.5 $ 725.3 Unamortized issuance discount, issuance premium, and deferred financing costs (9.3) (10.9) Less: current portion of debt obligations (32.9) (30.6) Debt obligations $ 664.3 $ 683.8 As of March 31, 2023, aggregate finance lease and debt payments, including interest, were as follows (in millions): Finance Leases Debt Total 2023 $ 1.8 $ 60.9 $ 62.7 2024 0.4 253.1 253.5 2025 0.3 46.8 47.1 2026 0.2 469.7 469.9 2027 0.2 — 0.2 Thereafter — — — Total minimum principal and interest payments 2.9 830.5 833.4 Less: Amount representing interest (0.2) (126.7) (126.9) Total aggregate finance lease and debt payments $ 2.7 $ 703.8 $ 706.5 The interest rates on finance leases ranged from approximately 2.0% to 6.0%. Infrastructure The $98.0 million UMB Term Loan expires May 31, 2026 and bears interest at a rate of 3.25% with an effective interest rate of 3.3%. Interest is paid monthly. Infrastructure also has a $135.0 million Revolving Line with UMB, which expires on May 31, 2024 and bears interest at a rate of Prime Rate minus 0.85%. Interest is paid monthly. The UMB Revolving Line associated with our Infrastructure segment contains customary restrictive and financial covenants related to debt levels and performance, including a Fixed Coverage Ratio covenant, as defined in the agreement. The $12.5 million note expires March 31, 2024 and bears interest at a rate of 4.00%. Interest is paid quarterly. The $18.1 million note expires May 27, 2024 and bears interest at a rate of 8.00%. Interest is paid quarterly. Spectrum On December 30, 2022, Broadcasting entered into a Seventh Omnibus Amendment to Secured Notes which, among other things, extended the maturity date of $52.2 million of its Senior Secured Notes, due December 30, 2022 to May 31, 2024. The effective interest rates on the notes range from 12.8% to 19.6%. Interest is capitalized and payable upon maturity of the principal. The $52.2 million of Senior Secured Notes consisted of $19.3 million of 8.5% Senior Secured Notes and $32.9 million of 10.5% Senior Secured Notes. The other terms of the $19.3 million 8.5% Senior Notes remained the same. At the time of the extension, HC2 Broadcasting had accrued interest and other fees of $6.9 million. The interest rate on the $32.9 million 10.5% Senior Notes was increased to 11.45% and cumulative accrued interest and exit fees of $17.5 million were capitalized into the principal balance with both note extensions accounted for as debt modification events. All other terms were essentially the same. Total outstanding principal after the refinancing was $69.7 million and $6.9 million of accrued interest and fees remain accrued, with total exit fees of $7.6 million which were recorded as original issue discount with a corresponding liability reflected in Other Liabilities. Concurrently therewith and as part of the consideration for extending the 10.5% Senior Notes, HC2 Broadcasting amended warrants to purchase 145,825 shares of common stock of HC2 Broadcasting Holdings, Inc. common stock held by the lenders of the 10.5% Senior Notes by extending the time to exercise such to the second half of 2026 and reducing the exercise price per share (i) from $140.00 to $0.01 in the case of the certain of the warrants and (ii) from $130.00 to $0.01 in the case of the remaining warrants. The warrants have a five-year term and are exercisable at any time. The change in the fair value of the warrants was recorded as original issue discount with a corresponding impact reflected in Noncontrolling interest of $3.1 million. Life Sciences During June to December 2022, R2 Technologies entered in various notes totaling $10.8 million with Lancer Capital, LLC ("Lancer"), a related party, an entity controlled by Avram A. Glazer, the Chairman of INNOVATE's Board of Director. On February 15, 2023 and February 28, 2023, R2 Technologies closed on an additional 18% $0.5 million note and an additional 18% $0.4 million note with Lancer, respectively. On March 31, 2023, R2 Technologies entered into an exchange agreement with Lancer, which terminated all prior outstanding notes and simultaneously issued a new note with an aggregate original principal amount of $13.0 million, which comprised of all prior outstanding principal amounts and unpaid accrued interest. The interest rate on the new note increased from 18% to 20%, and the new maturity date has been extended to the earlier of June 30, 2023 or within five business days of the date on which R2 Technologies receives an aggregate $20.0 million from the consummation of a debt or equity financing. Subsequent to quarter end, on April 28, 2023, R2 Technologies closed on an additional 20% $0.4 million note with Lancer. For the three months ended March 31, 2023, R2 Technologies recognized interest expense related to the contractual interest coupon with Lancer of $0.5 million. The interest was capitalized into the new principal balance with Lancer on March 31, 2023. Future interest will be payable upon maturity of the note. Non-Operating Corporate 2026 Senior Secured Notes 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, 2023 and 2022, interest expense recognize relating to both the contractual interest coupon and amortization of the deferred financing fees was $7.5 million and $7.6 million, respectively. 2026 Convertible Notes The 2026 Convertible Notes were issued under a separate indenture dated February 1, 2021, between the Company and U.S. Bank, as trustee (the "Convertible Indenture"). The 2026 Convertible Notes were issued at 100% of par with a stated interest rate of 7.50%. The fair value of the embedded conversion feature contained in the 2026 Convertible Notes had a fair value of $12.3 million, which was recorded as a premium on the 2026 Convertible Notes. The 2026 Convertible Notes mature on August 1, 2026 unless earlier converted, redeemed or purchased. The 2026 Convertible Notes have an effective interest rate of 3.21%, which reflects the initial $12.3 million premium and $1.1 million of deferred financing fees. Each $1,000 of principal of the 2026 Convertible Notes will initially be convertible into 234.2971 shares of our common stock, which is equivalent to an initial conversion price of approximately $4.27 per share, subject to adjustment upon the occurrence of specified events. As of March 31, 2023, the 2026 Convertible Notes had a net carrying value of $58.8 million inclusive of an unamortized premium of $7.7 million. Based on the closing price of our common stock of $2.97 on March 31, 2023, the if-converted value of the 2026 Convertible Notes did not exceed its principal value. For both the three months ended March 31, 2023 and 2022, interest expense recognized relating to both the contractual interest coupon and amortization of discount net of premium was $0.5 million. Line of Credit - Revolving Credit Agreement The Company has a $20.0 million line of credit with MSD PCOF Partners IX, LLC ("Revolving Credit Line"), which matures on February 23, 2024, and has an interest rate margin applicable to loans borrowed under the Revolving Credit Line of 5.75%. The affirmative and negative covenants governing the Revolving Credit Line are substantially consistent with the affirmative and negative covenants contained in the indenture that governs the 2026 Senior Secured Notes. In May 2021, INNOVATE drew $5.0 million under the Revolving Credit Agreement. In July 2022, the Company drew an additional $15.0 million under the Revolving Credit Agreement. In March 2023, the Company paid down $15.0 million of the Revolving Credit Agreement, reducing the outstanding balance to $5.0 million. Subsequent to quarter end, on April 25, 2023, the Company extended the maturity date of its Revolving Credit Agreement to March 16, 2025, changed the benchmark rates for interest to SOFR-based rates and lowered the amount of net cash proceeds from certain asset sales in excess of which a prepayment is required from $50.0 million to $10.0 million. Refer to Note 21. Subsequent Events. INNOVATE is in compliance with its debt covenants as of March 31, 2023. Subsequent to quarter end, on May 9, 2023, the Company issued a subordinated unsecured promissory note to CGIC in the principal amount of $35.1 million. The promissory note is due February 28, 2026, and bears interest at 9% per annum through May 8, 2024, 16% per annum from May 9, 2024 to May 8, 2025, and 32% per annum thereafter. The promissory note also requires a mandatory prepayment from the proceeds from certain asset sales and the greater of $3 million or 12.5% of the proceeds from certain equity sales. Refer to Footnote 15. Preferred Stock and Equity for additional information. Additionally, on May 8, 2023, INNOVATE drew an additional $8.0 million under the Revolving Credit Agreement, increasing the outstanding balance to $13.0 million.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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 2023 interim tax provision. Income tax expense of $0.9 million and $1.6 million for the three months ended March 31, 2023 and 2022, respectively, primarily relates to tax expense as calculated under ASC 740 for taxpaying entities. Additionally, the tax benefits associated with losses generated by the INNOVATE Corp. U.S. tax consolidated group 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. Additionally, the annual ETR calculated for the 2023 first quarter interim tax provision included a $1.1 million tax benefit, consisting of a current tax expense of $4.4 million related to a foreign tax payment and a deferred tax benefit of $5.5 million related to the reversal of the deferred tax liability associated with the $11.3 million put option, both of which were related to the sale of New Saxon's 19% investment in HMN on March 6, 2023. Net Operating Losses At December 31, 2022, the Company had gross U.S. net operating loss carryforwards available to reduce future taxable income of the U.S. consolidated group in the amount of $226.3 million. The Company expects that approximately $162.9 million of the gross U.S. net operating loss carryforwards would be available to offset taxable income in 2023. This estimate may change based on changes to actual results reported on the 2022 U.S. tax return. The amount of U.S. net operating loss carryforwards reflected in the financial statements differ 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, the Company has $124.5 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 $83.8 million from R2, $38.3 million from DTV America, and other entities of $2.4 million. Unrecognized Tax Benefits The Company follows the provision of ASC 740 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 March 31, 2023 and 2022 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, INNOVATE 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. Tax years 2002-2021 remain open for examination.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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. ("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. On August 1, 2022 ICS received £1.1 million (~$1.3 million) from HMRC for the VAT refunds previously withheld. ICS is working on cost reimbursements from HMRC and is working with HMRC agents to obtain full resolution. Fair Value Investments Litigation On October 1, 2020, Fair Value Investments Incorporated (“FVI”) filed a 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. On December 23, 2022, the parties entered into a Joint Stipulation and Proposed Scheduling Order which, among other things, scheduled the trial date for March 12-14, 2024. On March 1, 2023, FVI's counsel filed a Motion to Withdraw and Temporarily Stay Proceedings, which motion was granted on March 9, 2023. The Court ordered a 30-day stay of the proceedings to allow FVI to engage new counsel, which stay expired on April 10, 2023. On May 1, 2023, the Company moved to dismiss this case with prejudice as to FVI and its Chairman, Gary Lutin, as part of its vigorous defense thereof. 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. On June 28, 2022, the Court requested that the parties submit supplemental briefing on the motions to dismiss by July 20, 2022. The parties completed the supplemental briefing on July 20, 2022. On October 28, 2022, the Court issued a Memorandum Opinion on Defendants’ motion to dismiss the Complaint. First, the Court dismissed all claims against Continental General Insurance Corporation for lack of personal jurisdiction. Second, the Court dismissed all claims the stockholder plaintiffs purported to assert directly. Third, the Court dismissed as time-barred all claims challenging conduct that occurred before March 15, 2018, including claims challenging (i) the November 2017 acquisition of Azteca America by INNOVATE; (ii) INNOVATE’s purported usurpation of the so-called “DTV Cast” technology; and (iii) the WFWC-CD Station acquisition. Fourth, the Court dismissed claims associated with the INNOVATE Entities’ purported purchases of unidentified broadcasting stations. Fifth, the Court dismissed all claims challenging the Expense Sharing Agreement, and the Right to Use Agreement between INNOVATE and DTV, and certain Stock-Based Compensation Agreements. Sixth, the Court dismissed the aiding and abetting claim against the INNOVATE Entities. Seventh, the Court dismissed the civil conspiracy claim as to all defendants. Lastly, the Court dismissed the option-holders’ claim for tortious interference with prospective business opportunities. Thus, after the Court issued its October 28, 2022 Memorandum Opinion, the only claims to survive Defendants’ motion to dismiss are (i) a derivative claim against the INNOVATE Entities (other than Continental General), Levi, and Falcone for breach of fiduciary duty in connection with the $0.1 million Frank Digital acquisition; (ii) a derivative claim for breach of fiduciary duty against the INNOVATE Entities (other than Continental General), in their capacities as DTV’s controlling stockholders, relating to the sale of six licenses (for less than $0.5 million) in connection with the Gray Media sale; (iii) a derivative claim for breach of fiduciary duty against the INNOVATE Entities (other than Continental General) and Levi in connection with the transfer of licenses ultimately sold to TV-49 for $0.1 million; and (iv) a derivative claim for waste against Levi and Falcone in connection with the sale of two stations to Lowcountry, which Lowcountry later sold for $0.2 million and $0.4 million, respectively. The Company believes these remaining claims are without merit, and the Company intends to vigorously defend this litigation. Marin Hospital Replacement Litigation On October 20, 2022, McCarthy Building Companies, Inc. (“McCarthy”) filed suit against Schuff Steel Company (“Schuff”), a subsidiary of DBMG, and Quality Assurance Engineering, Inc. dba Consolidated Engineering Laboratories (“CEL”) in the Superior Court of the State of California for the County of Marin, styled McCarthy Building Companies, Inc. v. Schuff Steel Company; Quality Engineering, Inc. dba Consolidated Engineering Laboratories, et al., Case No. CIV2203963 (the “Action”). In the Action, McCarthy alleges damages and delays caused by alleged failures in fabrication, erection, welding, and quality control by Schuff and improper quality assurance responsibilities by CEL on the Marin General Hospital Replacement Building (the “Project”). McCarthy asserts claims against Schuff for breach of contract, express indemnity, breach of express warranties, negligence, equitable implied indemnity, breach of implied warranties, and declaratory relief. On February 13, 2023, Schuff filed its response denying liability to McCarthy and asserting a Cross-Complaint against McCarthy, and other companies involved in the design, construction, and quality assurance, who potentially are liable for damages and delays alleged by McCarthy on the Project. In the Cross-Complaint, Schuff asserts claims for breach of contract, violation of statute, equitable indemnity apportionment, and contribution and express indemnity (the “Cross-Complaint”). Schuff intends to vigorously defend this Action and aggressively pursue the Cross-Complaint and cannot reasonably estimate any range of potential loss at this time. Other Commitments and Contingencies Letters of Credit and Performance Bonds As of March 31, 2023, DBMG had outstanding letters of credit of $2.6 million under credit and security agreements and performance bonds of $871.2 million. As of December 31, 2022, DBM had outstanding letters of credit of $2.6 million under credit and security agreements and performance bonds of $956.6 million. DBMG’s contract arrangements with customers sometimes require DBMG to provide performance bonds to partially secure its obligations under its contracts. Bonding requirements typically arise in connection with private contracts and sometimes with respect to certain public work projects. DBMG’s performance bonds are obtained through surety companies and typically cover the entire project price. The ratings of the bonding companies utilized by DBMG are highly rated, ranging from A-, A, A+ and AA.

Share-based Compensation

Share-based Compensation	3 Months Ended
	Mar. 31, 2023
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 $0.5 million and $0.8 million for the three months ended March 31, 2023 and 2022, 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, 2021 555,879 $ 3.79 Granted 1,031,611 $ 2.41 Vested (400,395) $ 3.77 Forfeited (45,289) $ 3.68 Unvested - December 31, 2022 1,141,806 $ 2.56 Granted 321,387 $ 2.93 Vested (260,330) $ 3.64 Unvested - March 31, 2023 1,202,863 $ 2.42 The aggregate vesting date fair value of the restricted stock awards which vested during the three months ended March 31, 2023 and 2022 was $0.8 million and $0.6 million, respectively. As of March 31, 2023, the total unrecognized stock-based compensation expense related to unvested restricted stock awards was $2.5 million and is expected to be recognized over the remaining weighted average period of 2.1 years. Stock Options A summary of INNOVATE’s stock option activity is as follows: Shares Weighted Average Exercise Price Outstanding - December 31, 2021 4,715,859 $ 5.13 Granted 280,791 $ 3.25 Expired (1,500) $ 4.06 Outstanding and exercisable- December 31, 2022 4,995,150 $ 5.02 Outstanding and exercisable - March 31, 2023 4,995,150 $ 5.02

Preferred Stock and Equity

Preferred Stock and Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Preferred Stock and Equity	15. Preferred Stock and Equity Preferred Shares The Company’s preferred shares authorized, issued and outstanding consisted of the following: March 31, December 31, 2022 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") as a part of the sale of Continental Insurance Group ("CIG"), INNOVATE entered into an exchange agreement (the "Exchange Agreement") with Continental General Insurance Company ("CGIC"), also a former subsidiary, which 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 Condensed Consolidated Balance Sheet with a combined redemption value of $16.1 million with a current fair value as of March 31, 2023 of $17.3 million. Dividends. The Series A-3 and Series A-4 Preferred Stock accrue a cumulative quarterly cash dividend at an annualized rate of 7.50%. The accrued values of the Series A-3 and Series A-4 Preferred Stock 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, May 29, 2014, 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 Series A-3 Preferred Stock and Series A-4 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. As of March 31, 2023, 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, 2023 and 2022, INNOVATE's Board of Directors (the "Board") declared cash dividends with respect to INNOVATE’s issued and outstanding Preferred Stock, as presented in the following table (in millions): 2023 Declaration Date March 31, 2023 Holders of Record Date March 31, 2023 Payment Date April 17, 2023 Total Dividend $ 0.3 2022 Declaration Date March 31, 2022 Holders of Record Date March 31, 2022 Payment Date April 15, 2022 Total Dividend $ 0.3 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 Condensed Consolidated Balance Sheet. As of both March 31, 2023 and December 31, 2022, there were 41,820.25 shares of DBMGi's Series A Preferred Stock outstanding and 500,000 shares with a par value of $0.001 each are authorized for issuance. 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 to the transition away from LIBOR beginning in 2023, the Certificate of Designation allows for a LIBOR Successor Rate, which allows the Company to reasonably determine an alternate benchmark rate (including any mathematical or other adjustments to the benchmarks (if any) incorporated therein) giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks. Subsequent Measurement. The DBMGi Series A Preferred Stock is 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. On March 15, 2023, DBMGi received a redemption notice from CGIC, the holder of the Series A Fixed-to-Floating Rate Perpetual Preferred Stock of DBMGi (the “DBMGi Preferred Stock”) requesting that DBMGi redeem 41,820.25 shares of DBMGi Preferred Stock, representing all of the issued and outstanding shares of DBMGi Preferred Stock, within 60 days of the notice, or by May 15, 2023. On May 9, 2023, the Company entered into a Stock Purchase Agreement and Subordinated Unsecured Promissory Note with CGIC whereby the Company agreed to purchase the 41,820.25 shares of DBMGi Preferred Stock for full satisfaction of the redemption notice. In full consideration of the DBMGi Preferred Stock, the Company paid CGIC $7.1 million on May 9, 2023, and issued a subordinated unsecured promissory note to CGIC in the principal amount of $35.1 million, which includes the accrued dividend payable from April 1, 2023 to May 9, 2023 of $0.4 million. The promissory note is due February 28, 2026, and bears interest at 9% per annum through May 8, 2024, 16% per annum from May 9, 2024 to May 8, 2025, and 32% per annum thereafter. The promissory note also requires a mandatory prepayment from the proceeds from certain asset sales and the greater of $3 million or 12.5% of the proceeds from certain equity sales. Other covenants in the promissory note are generally consistent with the Company's Indenture governing the 8.50% Senior Secured Notes due 2026, dated as of February 1, 2021, by and among the Company, the guarantors party thereto and U.S. Bank National Association. Additionally, on May 8, 2023, INNOVATE drew an additional $8.0 million under the Revolving Credit Agreement, increasing the outstanding balance to $13.0 million. During the three months ended March 31, 2023 and 2022, DBMGi's Board of Directors declared dividends with respect to DBMGi’s issued and outstanding Preferred Stock, as presented in the following tables (in millions): 2023 Declaration Date March 31, 2023 Holders of Record Date March 31, 2023 Payment Date April 17, 2023 Total Dividend $ 0.9 2022 Declaration Date March 31, 2022 Holders of Record Date March 31, 2022 Payment Date April 15, 2022 Total Dividend $ 0.9 The above dividends were paid in cash. Stockholders’ Rights Agreement - Tax Benefits Preservation Plan On August 30, 2021, the Company entered into a Tax Benefits Preservation Plan (the “Preservation Plan”) between the Company and Computershare Trust Company, N.A., as Rights Agent. The Preservation Plan is designed to protect the Company’s ability to use its tax net operating losses and certain other tax assets (“Tax Benefits”) by deterring an “ownership change” as defined under Section 382 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder (the “Code”). If any person or group acquires 4.9% or more of the outstanding shares of the Company's Common Stock (subject to certain exceptions), there would be a triggering event under the Preservation Plan which could result in significant dilution in the ownership interest of such person or group. As such, the Preservation Plan has anti-takeover effects. In connection with the adoption of the Preservation Plan, the Company disclosed that given the change-over in the Company’s stock over the past several years, the Company was approaching the risk of losing its Tax Benefits. The Tax Benefits Preservation Plan terminated on March 31, 2023. Subsequent to quarter end, on April 1, 2023, as a result of the expiration of the Preservation Plan on March 31, 2023, the Company entered into a new Tax Benefits Preservation Plan (the “2023 Plan”) with Computershare Trust Company, N.A., as rights agent (the “Rights Agent”), and the Board of Directors of the Company declared a dividend distribution of one right (a “Right”) for each outstanding share of common stock, par value $0.001 per share, of the Company (the “Common Stock”) to stockholders of record at the close of business on April 10, 2023 (the “Record Date”). Each Right is governed by the terms of the Plan and entitles the registered holder to purchase from the Company a unit consisting of one one-thousandth of a share (a “Unit”) of Series B Preferred Stock, par value $0.001 per share (the “Series B Preferred Stock”), at a purchase price of $15.00 per Unit, subject to adjustment (the “Purchase Price”). Rights Certificates and Exercise Period Initially, the Rights will be attached to all Common Stock certificates representing shares then outstanding, and no separate rights certificates (“Rights Certificates”) will be distributed. Subject to certain exceptions specified in the 2023 Plan, the Rights will separate from the Common Stock then outstanding and a distribution date (the “Distribution Date”) will occur upon the earlier of (i) 10 business days following a public announcement that a person or group of affiliated or associated persons (an “Acquiring Person”) has become the beneficial owner of 4.9% or more of the shares of the Common Stock (the “Stock Acquisition Date”) and (ii) 10 business days (or such later date as the Board shall determine) following the commencement of a tender offer or exchange offer that would result in a person or group becoming an Acquiring Person. Until the Distribution Date, (i) the Rights will be evidenced by the Common Stock certificates (or, in the case of book entry shares, by the notations in the book entry accounts) and will be transferred with and only with such Common Stock, (ii) new Common Stock certificates issued after the Record Date will contain a notation incorporating the 2023 Plan by reference and (iii) the surrender for transfer of any certificates for Common Stock outstanding will also constitute the transfer of the Rights associated with the Common Stock represented by such certificates. Pursuant to the 2023 Plan, the Company reserves the right (prior to the occurrence of a Triggering Event (as defined below) and upon any exercise of Rights) to make the necessary and appropriate rounding adjustments so that only whole shares of Series B Preferred Stock will be issued. The definition of “Acquiring Person” contained in the 2023 Plan contains several exemptions, including for (i) the Company or any of the Company’s subsidiaries; (ii) any employee benefit plan of the Company, or of any subsidiary of the Company, or any person or entity organized, appointed or established by the Company for or pursuant to the terms of any such plan; (iii) any person who becomes the beneficial owner of 4.9% or more of the shares of the Common Stock then outstanding as a result of (x) a reduction in the number of shares of Common Stock by the Company due to a or (y) a stock dividend, stock split, reverse stock split or similar transaction, unless and until such person increases his ownership by more than 0.5% over such person’s lowest percentage stock ownership on or after the consummation of the relevant transaction; (iv) any person who, together with all affiliates and associates of such person, was the beneficial owner of 4.9% or more of the shares of the Common Stock then outstanding on the date of the 2023 Plan, unless and until such person and its affiliates and associates increase their aggregate ownership by more than 0.5% over their lowest percentage stock ownership on or after the date of the 2023 Plan or decrease their aggregate percentage stock ownership below 4.9%; (v) any person who, within 10 business days of being requested by the Company to do so, certifies to the Company that such person became an Acquiring Person inadvertently or without knowledge of the terms of the Rights and who, together with all affiliates and associates, thereafter within 10 business days following such certification disposes of such number of shares of Common Stock so that it, together with all affiliates and associates, ceases to be an Acquiring Person; (vi) any person that the Board, in its sole discretion, has affirmatively determined shall not be deemed an Acquiring Person.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2023
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, a company controlled by INNOVATE's former CEO and 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 $0.1 million. For the three months ended March 31, 2023 and 2022, DBMG incurred lease expense of $25 thousand and $8 thousand, respectively. Banker Steel previously leases two planes from Banker Aviation, LLC, a related party that is owned by Donald Banker. During the first quarter of 2022, one of the two plane leases was terminated. The remaining lease has monthly lease payments of $0.1 million and a total lease liability of $0.9 million. For the three months ended March 31, 2023 and 2022, DBMG incurred lease expense related to these leases of $0.3 million and $0.1 million, respectively. Banker Steel also had a subordinated 11.0% note payable of $6.3 million to Donald Banker, a related party, which was redeemed in full by DBMG on April 4, 2022. For the three months ended March 31, 2022, DBMG incurred interest expense related to this note of $0.2 million. Life Sciences During June to December 2022, R2 Technologies entered in various notes totaling $10.8 million with Lancer, a related party, an entity controlled by Avram A. Glazer, the Chairman of INNOVATE's Board of Director. On February 15, 2023 and February 28, 2023, R2 Technologies closed on an additional 18% $0.5 million note and an additional 18% $0.4 million note with Lancer, respectively. On March 31, 2023, R2 Technologies entered into an exchange agreement with Lancer, which terminated all prior outstanding notes and simultaneously issued a new note with an aggregate original principal amount of $13.0 million, which comprised of all prior outstanding principal amounts and unpaid accrued interest. The interest rate on the new note increased from 18% to 20%, and the new maturity date has been extended to the earlier of June 30, 2023 or within 5 business days of the date on which R2 Technologies receives an aggregate $20.0 million from the consummation of a debt or equity financing. Subsequent to quarter end, on April 28, 2023, R2 Technologies closed on an additional 20% $0.4 million note with Lancer. For the three months ended March 31, 2023, R2 Technologies recognized interest expense related to the contractual interest coupon with Lancer of $0.5 million. The interest was capitalized into the new principal balance with Lancer on March 31, 2023. Future interest will be payable upon maturity of the note. For the three months ended March 31, 2023 and 2022, R2 Technologies recognized revenues of $0.2 million and $0.3 million, respectively, from sales to a subsidiary of Huadong, a related party of R2 Technologies. The related receivables totaled $0.6 million, as of both March 31, 2023 and December 31, 2022.

Operating Segments and Related

Operating Segments and Related Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Operating Segments and Related Information	17. Operating Segments and Related Information The Company currently has one primary reportable geographic segment - United States and primarily all revenue is derived in the 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 on consolidation. The Company's revenue concentrations of 10% and greater were as follows: Three Months Ended March 31, Segment 2023 2022 Customer A Infrastructure 28.1% 23.3% Customer B Infrastructure * 11.8% *Less than 10% revenue concentration Summarized financial information with respect to the Company’s operating segments is as follows (in millions): Three Months Ended March 31, 2023 2022 Revenue Infrastructure $ 311.7 $ 402.2 Life Sciences 0.5 0.8 Spectrum 5.7 9.8 Total revenue $ 317.9 $ 412.8 Three Months Ended March 31, 2023 2022 (Loss) income from operations Infrastructure $ 6.3 $ 11.9 Life Sciences (4.4) (5.0) Spectrum (0.5) (0.4) Other (1.4) (0.1) Non-operating Corporate (4.0) (5.7) Total (loss) income from operations $ (4.0) $ 0.7 Three Months Ended March 31, 2023 2022 Reconciliation of the consolidated segment (loss) income from operations to consolidated loss from operations before income taxes (Loss) income from operations $ (4.0) $ 0.7 Interest expense (15.6) (12.6) Loss from equity investees (4.0) (0.5) Other income (expense), net 16.5 (0.1) Loss from operations before income taxes $ (7.1) $ (12.5) Three Months Ended March 31, 2023 2022 Depreciation and Amortization Infrastructure $ 4.9 $ 5.3 Infrastructure recognized within cost of revenue 3.9 3.7 Total Infrastructure 8.8 9.0 Life Sciences 0.1 0.1 Spectrum 1.3 1.5 Total depreciation and amortization $ 10.2 $ 10.6 Three Months Ended March 31, 2023 2022 Capital Expenditures (*) Infrastructure $ 3.0 $ 2.9 Life Sciences 0.1 0.1 Spectrum 0.3 1.6 Non-operating Corporate 0.3 — Total $ 3.7 $ 4.6 (*) The above capital expenditures exclude assets acquired under capital lease and other financing obligations. March 31, 2023 December 31, 2022 Investments Life Sciences $ 7.7 $ 7.6 Other — 51.9 Total $ 7.7 $ 59.5 March 31, 2023 December 31, 2022 Equity Method Investments (included in Investments above) Life Sciences $ 3.1 $ 3.0 Other — 40.6 Total $ 3.1 $ 43.6 March 31, 2023 December 31, 2022 Total Assets Infrastructure $ 832.7 $ 879.3 Life Sciences 15.0 15.4 Spectrum 182.7 188.2 Other 1.0 53.6 Non-operating Corporate 12.7 15.2 Total $ 1,044.1 $ 1,151.7

Basic and Diluted Loss Per Comm

Basic and Diluted Loss Per Common Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Basic and Diluted Loss Per Common Share	18. Basic and Diluted 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; however, they do not participate in losses and as such are excluded from the computation of basic earnings (loss) per share during periods of net losses. The dilutive effect, if applicable, of stock options and their equivalents (including non-vested stock issued under stock-based compensation plans), is computed using the "if-converted method" if this measurement is determined to be more dilutive between the two available methods in a period. The Company had no dilutive common share equivalents during the three months ended March 31, 2023 and 2022 due to results from continuing operations being a loss, net of tax. As of March 31, 2023, 1,145,796 common stock equivalents from unvested restricted stocks were excluded from the weighted average number of shares used to calculate diluted loss per share as their inclusion would have been anti-dilutive. Other instruments that may, in the future, if the average market price of the Company's stock exceeds the conversion prices, have a dilutive effect on earnings per share, but were excluded from the computation of diluted net loss per share for the three months ended March 31, 2023 and 2022 are: preferred stock, convertible debt and stock options. The following table presents a reconciliation of net loss used in the basic and diluted EPS calculations (in millions, except per share amounts): Three Months Ended March 31, 2023 2022 Net loss $ (8.0) $ (14.1) Net (income) loss attributable to noncontrolling interest and redeemable noncontrolling interest (1.0) 1.7 Net loss attributable to INNOVATE Corp. (9.0) (12.4) Less: Preferred dividends 1.2 1.2 Net loss attributable to common stockholders $ (10.2) $ (13.6) Denominator for basic and diluted loss per share: Weighted average common shares outstanding 77.7 77.3 Loss per share - basic and diluted $ (0.13) $ (0.18)

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	19. Fair Value of Financial Instruments 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 and restricted cash, accounts receivable and contract assets, accounts payable, contract liabilities and other current liabilities, and other assets and liabilities that approximate fair value due to relatively short periods to maturity (in millions): March 31, 2023 Fair Value Measurement Using: Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Assets Other invested assets $ — $ — $ — $ — $ — Total assets not accounted for at fair value $ — $ — $ — $ — $ — Liabilities Debt obligations (2) $ 694.5 $ 643.1 $ — $ 643.1 $ — Total liabilities not accounted for at fair value $ 694.5 $ 643.1 $ — $ 643.1 $ — December 31, 2022 Fair Value Measurement Using: Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Assets Other invested assets (1) $ 11.3 $ 11.3 $ — $ — $ 11.3 Total assets not accounted for at fair value $ 11.3 $ 11.3 $ — $ — $ 11.3 Liabilities Debt obligations (2) $ 712.3 $ 643.0 $ — $ 643.0 $ — Total liabilities not accounted for at fair value $ 712.3 $ 643.0 $ — $ 643.0 $ — (1) Other invested assets was comprised of a put option that related to the Company's 19% investment in HMN, which was sold March 6, 2023. Refer to Note 6. Investments for additional information. (2) Excludes operating lease obligations accounted for under ASC 842 , Lease s.

Supplementary Financial Informa

Supplementary Financial Information	3 Months Ended
	Mar. 31, 2023
Offsetting [Abstract]
Supplementary Financial Information	20. Supplementary Financial Information Other Income (Expense), net The following table provides information relating to Other income (expense), net for the periods indicated (in millions): Three Months Ended March 31, 2023 2022 Gain on sale of equity method investment $ 12.3 $ — Gain on step-up of equity method investment 3.8 — Other income (expense), net 0.4 (0.1) Total $ 16.5 $ (0.1) Supplemental Cash Flow Information The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows (in millions): Three Months Ended March 31, 2023 2022 Cash and cash equivalents, beginning of period $ 80.4 $ 45.5 Restricted cash 0.3 2.0 Restricted cash included in other assets (non-current) 1.5 — Total cash, cash equivalents and restricted cash, beginning of period $ 82.2 $ 47.5 Cash and cash equivalents, end of period $ 16.6 $ 26.4 Restricted cash — 2.0 Restricted cash included in other assets (non-current) 1.4 — Total cash and cash equivalents and restricted cash, end of period $ 18.0 $ 28.4 Supplemental cash flow information: Cash paid for interest $ 19.5 $ 18.6 Cash paid for taxes, net of refunds $ 5.0 $ 0.4 Non-cash investing and financing activities: Property, plant and equipment included in accounts payable $ 1.4 $ —

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	21. Subsequent Events Subsequent to quarter end, on April 25, 2023, the Company extended the maturity date of its Revolving Credit Agreement to March 16, 2025, changed the benchmark rates for interest to SOFR-based rates and lowered the amount of net cash proceeds from certain asset sales in excess of which a prepayment is required from $50.0 million to $10.0 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying unaudited 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. 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 in these interim unaudited financial statements pursuant to such rules and regulations. Certain prior amounts have been reclassified or combined to conform to the current year presentation.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of the Company’s 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements Adopted in the Current Year Credit Loss Standard In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326) , Measurement of Credit Losses on Financial Instruments . This new standard and its related amendments change the impairment model for most financial assets that are measured at amortized cost and certain other instruments, including trade receivables and contract assets, from an incurred loss model to an expected loss model and adds certain new required disclosures. Under the new expected loss model, which is based on historical experience, current conditions and reasonable and supportable forecasts, entities 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 adoption of ASU 2016-13 and its related amendments on January 1, 2023, did not have any effect on the Company’s Condensed Consolidated Financial statements and did not record any effects through retained earnings. For the amounts calculated for the Current Expected Credit Loss (“CECL”) model for the three months ended March 31, 2023, subsequent to initial transition, the Company has recognized an expense in the unaudited Condensed Consolidated Statements of Operations. As the amount is immaterial, it is presented within general and administration costs rather than a separate line. The Company reviewed its entire portfolio of assets recognized on the balance sheet as of January 1, 2023, and identified Accounts Receivable and Contract Assets as the material impacted assets in-scope of Topic 326. The risk of credit losses from the remaining portfolio of assets was concluded to be immaterial. Accounts Receivable and Contract Assets are presented net of allowances for credit losses. Refer to Note 4. Accounts Receivable, Net. At each balance sheet date, all potentially uncollectible accounts are assessed individually for the purpose of determining the appropriate provision for doubtful accounts. Management has elected to use a risk-based, pool-level segmentation framework to calculate the expected loss rate. Management evaluates its experience with historical losses and then applies this historical loss ratio to financial assets with similar characteristics. The Company’s historical loss ratio or its determination of risk pools may be adjusted for changes in customer, economic, market or other circumstances. The Company may also establish an allowance for credit losses for specific receivables when it is probable that the receivable will not be collected and the loss can be reasonably estimated. Amounts are written off against the allowance when they are considered to be uncollectible, and reversals of previously reserved amounts are recognized if a specifically reserved item is settled for an amount exceeding the previous estimate. Other Recent Accounting Pronouncements On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) which contains optional practical expedients for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting for contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”). In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which extended the period for utilization of the practical expedients under ASU 2020-04 through December 31, 2024. The Company has instruments, including DBMGi's $41.8 million Series A Preferred Stock (Refer to Note 15. Preferred Stock and Equity) and INNOVATE's $5.0 million line of credit agreement (Refer to Note 11. Debt Obligations) that reference LIBOR. DBMGi's Series A Preferred Stock and INNOVATE's line of credit agreement, prior to its extension in April 2023, reference LIBOR and contain customary LIBOR replacement language, including, but not limited to, the use of replacement rates based on the secured overnight financing rate, and, consequently, these ASUs are not expected to have a material effect on the Company's Condensed Consolidated Financial Statements. Refer to Note 21. Subsequent Events for additional information on the extension of INNOVATE's line of credit and the change in benchmark from LIBOR-based rates to SOFR-based rates.
Subsequent Events	Subsequent Events ASC 855, Subsequent Events

Revenue and Contracts in Proc_2

Revenue and Contracts in Process (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Reconciliation of Revenue from Segments to Consolidated	Revenue from contracts with customers consists of the following (in millions): Three Months Ended March 31, 2023 2022 Revenue Infrastructure $ 311.7 $ 402.2 Life Sciences 0.5 0.8 Spectrum 5.7 9.8 Total revenue $ 317.9 $ 412.8
Schedule of Accounts Receivable, net	Accounts receivables, net, from contracts with customers consist of the following (in millions): March 31, December 31, 2022 Accounts receivables with customers Infrastructure $ 245.4 $ 244.5 Life Sciences 0.9 0.8 Spectrum 3.1 5.1 Total accounts receivables with customers $ 249.4 $ 250.4 Accounts receivable, net, consisted of the following (in millions): March 31, December 31, 2022 Contracts in progress $ 245.6 $ 244.8 Unbilled retentions 0.2 0.2 Trade receivables 4.0 5.9 Other receivables 4.3 4.5 Allowance for expected credit losses (1)(2) (0.4) (0.5) Total $ 253.7 $ 254.9 ( 1) Allowance for doubtful accounts as of December 31, 2022, prior to the adoption of ASU 2016-13. (2) There was no change to the allowance for expected credit losses as a result of the adoption of ASU 2016-13 on January 1, 2023.
Disaggregation of Revenue	The following table disaggregates DBMG's revenue by market (in millions): Three Months Ended March 31, 2023 2022 Commercial $ 112.5 $ 238.2 Industrial 91.3 89.2 Healthcare 31.4 26.1 Convention 25.4 19.6 Transportation 41.5 10.0 Leisure 3.2 4.2 Government 3.7 7.4 Other 2.7 7.2 Total revenue from contracts with customers 311.7 401.9 Other revenue — 0.3 Total Infrastructure segment revenue $ 311.7 $ 402.2 The following table disaggregates the Life Sciences segment's revenue by type (in millions): Three Months Ended March 31, 2023 2022 Systems and consumables revenue $ 0.5 $ 0.8 Total Life Sciences segment revenue $ 0.5 $ 0.8 The following table disaggregates the Spectrum segment's revenue by type (in millions): Three Months Ended March 31, 2023 2022 Broadcast station $ 5.2 $ 4.8 Network advertising — 3.9 Network distribution — 0.7 Other 0.5 0.4 Total Spectrum segment revenue $ 5.7 $ 9.8
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 consisted of the following (in millions): March 31, December 31, 2022 Costs incurred on contracts in progress $ 2,472.5 $ 2,503.3 Estimated earnings 405.9 378.9 Contract revenue earned on uncompleted contracts 2,878.4 2,882.2 Less: progress billings 2,803.1 2,815.7 $ 75.3 $ 66.5 The above is included in the accompanying Condensed Consolidated Balance Sheets under the following line items: Contract assets $ 180.2 $ 165.1 Contract liabilities (104.9) (98.6) $ 75.3 $ 66.5
Schedule of Contract with Customer, Asset and Liability	March 31, December 31, 2022 Cost in excess of billings $ 103.8 $ 90.7 Conditional retainage 76.4 74.4 Contract assets $ 180.2 $ 165.1 Billings in excess of costs $ (163.5) $ (152.0) Conditional retainage 58.6 53.4 Contract liabilities $ (104.9) $ (98.6)
Schedule of Remaining Performance Obligations	As of March 31, 2023, the transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions): Within One Year Within Five Years Total Commercial $ 269.8 $ 25.5 $ 295.3 Industrial 362.4 9.5 371.9 Transportation 332.5 57.1 389.6 Government 6.6 1.3 7.9 Leisure 2.1 — 2.1 Healthcare 127.7 287.5 415.2 Convention 93.8 — 93.8 Other 5.3 0.5 5.8 Remaining unsatisfied performance obligations $ 1,200.2 $ 381.4 $ 1,581.6

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Accounts Receivable, net	Accounts receivables, net, from contracts with customers consist of the following (in millions): March 31, December 31, 2022 Accounts receivables with customers Infrastructure $ 245.4 $ 244.5 Life Sciences 0.9 0.8 Spectrum 3.1 5.1 Total accounts receivables with customers $ 249.4 $ 250.4 Accounts receivable, net, consisted of the following (in millions): March 31, December 31, 2022 Contracts in progress $ 245.6 $ 244.8 Unbilled retentions 0.2 0.2 Trade receivables 4.0 5.9 Other receivables 4.3 4.5 Allowance for expected credit losses (1)(2) (0.4) (0.5) Total $ 253.7 $ 254.9 ( 1) Allowance for doubtful accounts as of December 31, 2022, prior to the adoption of ASU 2016-13. (2) There was no change to the allowance for expected credit losses as a result of the adoption of ASU 2016-13 on January 1, 2023.

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventory consisted of the following (in millions): March 31, December 31, 2022 Raw materials and consumables $ 18.5 $ 15.7 Work in process 0.8 1.2 Finished goods 2.0 2.0 Total inventory $ 21.3 $ 18.9

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments	The carrying values of the Company's investments were as follows (in millions): March 31, 2023 Measurement Alternative (1) Equity Fair Value Total Common stock $ — $ 3.1 $ — $ 3.1 Preferred stock and fixed maturities — — 4.6 4.6 Total $ — $ 3.1 $ 4.6 $ 7.7 December 31, 2022 Measurement Alternative (1) Equity Fair Value Total Common stock $ — $ 3.0 $ — $ 3.0 Preferred stock and fixed maturities — — 4.6 4.6 Put option 11.3 — — 11.3 Investment in securities — 40.6 — 40.6 Total $ 11.3 $ 43.6 $ 4.6 $ 59.5 (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 .
Summarized Information for Equity Method Investments	The following tables provide combined summarized unaudited financial information for the Company's equity method investments (1) (in millions): March 31, December 31, 2022 Assets $ 65.9 $ 786.4 Liabilities 100.2 670.2 Equity $ (34.3) $ 116.2 Three Months Ended March 31, 2023 2022 Total revenues $ 39.0 $ 70.2 Gross profit $ 11.3 $ 17.6 Operating loss $ (6.0) $ (1.2) Net (loss) income $ (6.6) $ 1.9 (1) Excludes the Assets and Liabilities of HMN as of March 31, 2023, and only includes the results of operations of HMN until the date of sale in the first quarter of 2023.

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Summary of Property, Plant, and Equipment, net	Property, plant and equipment, net, ("PP&E") consisted of the following (in millions): March 31, December 31, 2022 Equipment, furniture and fixtures, and software $ 202.7 $ 196.0 Building and leasehold improvements 45.5 44.8 Land 26.1 26.1 Construction in progress 6.0 8.4 Plant and transportation equipment 8.0 8.2 $ 288.3 $ 283.5 Less: Accumulated depreciation 124.3 118.5 Total $ 164.0 $ 165.0

Goodwill and Intangibles, Net (

Goodwill and Intangibles, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of the Changes in the Carrying Amount of Goodwill by Reporting Unit	The carrying amounts of goodwill by segment were as follows (in millions): Infrastructure Spectrum Total Balance at December 31, 2022 $ 105.7 $ 21.4 $ 127.1 Translation adjustment (0.1) — (0.1) Balance as of March 31, 2023 $ 105.6 $ 21.4 $ 127.0
Schedule of Indefinite-Lived Intangible Assets	The carrying amounts of indefinite-lived intangible assets were as follows (in millions): March 31, December 31, 2022 FCC licenses $ 106.3 $ 106.3 Total $ 106.3 $ 106.3
Schedule of Intangible Assets Subject to Amortization	The gross carrying amounts 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, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Trade names 14 years $ 25.4 $ (8.4) $ 17.0 $ 25.4 $ (8.0) $ 17.4 Customer relationships and contracts 11 years 87.6 (38.8) 48.8 87.6 (35.4) 52.2 Channel sharing arrangements 35 years 12.6 (1.5) 11.1 12.6 (1.4) 11.2 Other 12 years 4.0 (1.1) 2.9 4.1 (1.1) 3.0 Total $ 129.6 $ (49.8) $ 79.8 $ 129.7 $ (45.9) $ 83.8

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Lease ROUs and Lease Liabilities	Right-of-use lease assets and lease liabilities consisted of the following (in millions): March 31, December 31, 2022 Right-of-use assets: Operating lease (Other assets) $ 64.5 $ 65.8 Finance lease (Property, plant and equipment, net) 2.7 2.1 Total right-of-use assets $ 67.2 $ 67.9 Lease liabilities: Current portion of operating lease (Other current liabilities) $ 15.6 $ 17.1 Non-current portion of operating lease (Other liabilities) 53.6 53.8 Finance lease (Debt obligations) 2.7 2.1 Total lease liabilities $ 71.9 $ 73.0
Schedule of Leases, Cost	The following table summarizes the components of lease expense (in millions): Three Months Ended March 31, 2023 2022 Finance lease cost: Amortization of right-of-use assets $ 0.1 $ — Net finance lease cost 0.1 — Operating lease cost 5.9 5.9 Variable lease cost 0.1 0.1 Sublease income (0.2) (0.2) Total lease cost $ 5.9 $ 5.8 Cash flow information related to leases is as follows (in millions): Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 0.1 $ — Operating cash flows from operating leases $ 6.3 $ 6.2 Right-of-use assets obtained in exchange for new lease liabilities: Finance leases $ 0.6 $ — Operating leases $ 3.9 $ 6.5 The weighted-average remaining lease term and the weighted-average discount rate for finance leases and operating leases for the periods presented are as follows: March 31, December 31, 2022 Weighted-average remaining lease term (years) - operating leases 7.4 7.5 Weighted-average remaining lease term (years) - finance leases 2.0 1.4 Weighted-average discount rate - operating leases 5.5 % 5.3 % Weighted-average discount rate - finance leases 5.6 % 5.7 %
Schedule of Operating Lease, Liability, Maturity	Future minimum lease commitments (undiscounted) as of March 31, 2023, were as follows (in millions): Operating Finance 2023 $ 14.5 $ 1.8 2024 15.3 0.4 2025 11.8 0.3 2026 8.3 0.2 2027 6.0 0.2 Thereafter 28.8 — Total future minimum lease payments 84.7 2.9 Less: amounts representing interest (15.5) (0.2) Total lease liability balance $ 69.2 $ 2.7
Schedule of Finance Lease, Liability, Maturity	Future minimum lease commitments (undiscounted) as of March 31, 2023, were as follows (in millions): Operating Finance 2023 $ 14.5 $ 1.8 2024 15.3 0.4 2025 11.8 0.3 2026 8.3 0.2 2027 6.0 0.2 Thereafter 28.8 — Total future minimum lease payments 84.7 2.9 Less: amounts representing interest (15.5) (0.2) Total lease liability balance $ 69.2 $ 2.7

Other Assets, Accrued Liabili_2

Other Assets, Accrued Liabilities and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets, which are reflected in non-current assets in the Condensed Consolidated Balance Sheets, consisted of the following (in millions): March 31, December 31, 2022 Right-of-use assets $ 64.5 $ 65.8 Restricted cash - non-current 1.4 1.5 Other 5.2 4.6 Total other assets $ 71.1 $ 71.9
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in millions): March 31, December 31, 2022 Accrued expenses $ 16.2 $ 18.9 Accrued payroll and employee benefits 21.7 30.8 Accrued interest 6.7 15.3 Accrued income taxes 0.4 0.4 Total accrued liabilities $ 45.0 $ 65.4
Schedule of Other Current Liabilities	Other current liabilities consisted of the following (in millions): March 31, December 31, 2022 Lease liability, current $ 15.6 $ 17.1 Redeemable preferred stock Series A 7.0 — Other current liabilities 2.1 3.0 Total other current liabilities $ 24.7 $ 20.1
Schedule of Other Liabilities	Other liabilities, which are reflected in non-current liabilities in the Condensed Consolidated Balance Sheets, consisted of the following (in millions): March 31, December 31, 2022 Lease liability, net of current portion $ 53.6 $ 53.8 Redeemable preferred stock Series A 34.8 — Other 19.2 17.4 Total other liabilities $ 107.6 $ 71.2

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt and Finance Lease Obligations	Debt obligations, including finance lease obligations, consisted of the following (in millions): March 31, December 31, 2022 Infrastructure 3.25% Note due 2026 $ 98.0 $ 99.5 PRIME minus 0.85% Line of Credit due 2024 105.7 107.7 4.00% Note due 2024 12.5 15.0 8.00% Note due 2024 18.1 18.7 Obligations under finance leases 2.7 2.1 Total Infrastructure $ 237.0 $ 243.0 Spectrum 8.50% Note due 2024 $ 19.3 $ 19.3 11.45% Notes due 2024 50.4 50.4 Total Spectrum $ 69.7 $ 69.7 Life Sciences 20.00% Note due 2023 $ 13.0 — 18.00% Note due 2023 — 10.8 Total Life Sciences $ 13.0 $ 10.8 Non-Operating Corporate 8.50% Senior Secured Notes, due 2026 $ 330.0 $ 330.0 7.50% Convertible Senior Notes, due 2026 51.8 51.8 LIBOR plus 5.75% Line of Credit 5.0 20.0 Total Non-Operating Corporate $ 386.8 $ 401.8 Total outstanding principal $ 706.5 $ 725.3 Unamortized issuance discount, issuance premium, and deferred financing costs (9.3) (10.9) Less: current portion of debt obligations (32.9) (30.6) Debt obligations $ 664.3 $ 683.8
Schedule of Maturities of Debt and Finance Lease Obligations	As of March 31, 2023, aggregate finance lease and debt payments, including interest, were as follows (in millions): Finance Leases Debt Total 2023 $ 1.8 $ 60.9 $ 62.7 2024 0.4 253.1 253.5 2025 0.3 46.8 47.1 2026 0.2 469.7 469.9 2027 0.2 — 0.2 Thereafter — — — Total minimum principal and interest payments 2.9 830.5 833.4 Less: Amount representing interest (0.2) (126.7) (126.9) Total aggregate finance lease and debt payments $ 2.7 $ 703.8 $ 706.5

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2021 555,879 $ 3.79 Granted 1,031,611 $ 2.41 Vested (400,395) $ 3.77 Forfeited (45,289) $ 3.68 Unvested - December 31, 2022 1,141,806 $ 2.56 Granted 321,387 $ 2.93 Vested (260,330) $ 3.64 Unvested - March 31, 2023 1,202,863 $ 2.42
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, 2021 4,715,859 $ 5.13 Granted 280,791 $ 3.25 Expired (1,500) $ 4.06 Outstanding and exercisable- December 31, 2022 4,995,150 $ 5.02 Outstanding and exercisable - March 31, 2023 4,995,150 $ 5.02

Preferred Stock and Equity (Tab

Preferred Stock and Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Stock by Class	The Company’s preferred shares authorized, issued and outstanding consisted of the following: March 31, December 31, 2022 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, 2023 and 2022, INNOVATE's Board of Directors (the "Board") declared cash dividends with respect to INNOVATE’s issued and outstanding Preferred Stock, as presented in the following table (in millions): 2023 Declaration Date March 31, 2023 Holders of Record Date March 31, 2023 Payment Date April 17, 2023 Total Dividend $ 0.3 2022 Declaration Date March 31, 2022 Holders of Record Date March 31, 2022 Payment Date April 15, 2022 Total Dividend $ 0.3 During the three months ended March 31, 2023 and 2022, DBMGi's Board of Directors declared dividends with respect to DBMGi’s issued and outstanding Preferred Stock, as presented in the following tables (in millions): 2023 Declaration Date March 31, 2023 Holders of Record Date March 31, 2023 Payment Date April 17, 2023 Total Dividend $ 0.9 2022 Declaration Date March 31, 2022 Holders of Record Date March 31, 2022 Payment Date April 15, 2022 Total Dividend $ 0.9 The above dividends were paid in cash.

Operating Segments and Relate_2

Operating Segments and Related Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedules of Concentration of Risk, by Risk Factor	The Company's revenue concentrations of 10% and greater were as follows: Three Months Ended March 31, Segment 2023 2022 Customer A Infrastructure 28.1% 23.3% Customer B Infrastructure * 11.8% *Less than 10% revenue concentration
Summary of Company's Operating Segments	Summarized financial information with respect to the Company’s operating segments is as follows (in millions): Three Months Ended March 31, 2023 2022 Revenue Infrastructure $ 311.7 $ 402.2 Life Sciences 0.5 0.8 Spectrum 5.7 9.8 Total revenue $ 317.9 $ 412.8 Three Months Ended March 31, 2023 2022 (Loss) income from operations Infrastructure $ 6.3 $ 11.9 Life Sciences (4.4) (5.0) Spectrum (0.5) (0.4) Other (1.4) (0.1) Non-operating Corporate (4.0) (5.7) Total (loss) income from operations $ (4.0) $ 0.7 Three Months Ended March 31, 2023 2022 Reconciliation of the consolidated segment (loss) income from operations to consolidated loss from operations before income taxes (Loss) income from operations $ (4.0) $ 0.7 Interest expense (15.6) (12.6) Loss from equity investees (4.0) (0.5) Other income (expense), net 16.5 (0.1) Loss from operations before income taxes $ (7.1) $ (12.5) Three Months Ended March 31, 2023 2022 Depreciation and Amortization Infrastructure $ 4.9 $ 5.3 Infrastructure recognized within cost of revenue 3.9 3.7 Total Infrastructure 8.8 9.0 Life Sciences 0.1 0.1 Spectrum 1.3 1.5 Total depreciation and amortization $ 10.2 $ 10.6 Three Months Ended March 31, 2023 2022 Capital Expenditures (*) Infrastructure $ 3.0 $ 2.9 Life Sciences 0.1 0.1 Spectrum 0.3 1.6 Non-operating Corporate 0.3 — Total $ 3.7 $ 4.6 (*) The above capital expenditures exclude assets acquired under capital lease and other financing obligations.
Segment Reporting for Long-term investments, Property and Equipment - Net and Assets	March 31, 2023 December 31, 2022 Investments Life Sciences $ 7.7 $ 7.6 Other — 51.9 Total $ 7.7 $ 59.5 March 31, 2023 December 31, 2022 Equity Method Investments (included in Investments above) Life Sciences $ 3.1 $ 3.0 Other — 40.6 Total $ 3.1 $ 43.6 March 31, 2023 December 31, 2022 Total Assets Infrastructure $ 832.7 $ 879.3 Life Sciences 15.0 15.4 Spectrum 182.7 188.2 Other 1.0 53.6 Non-operating Corporate 12.7 15.2 Total $ 1,044.1 $ 1,151.7

Basic and Diluted Loss Per Co_2

Basic and Diluted Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Calculation of Basic Loss Per Common Share to Diluted Loss Per Common Share	The following table presents a reconciliation of net loss used in the basic and diluted EPS calculations (in millions, except per share amounts): Three Months Ended March 31, 2023 2022 Net loss $ (8.0) $ (14.1) Net (income) loss attributable to noncontrolling interest and redeemable noncontrolling interest (1.0) 1.7 Net loss attributable to INNOVATE Corp. (9.0) (12.4) Less: Preferred dividends 1.2 1.2 Net loss attributable to common stockholders $ (10.2) $ (13.6) Denominator for basic and diluted loss per share: Weighted average common shares outstanding 77.7 77.3 Loss per share - basic and diluted $ (0.13) $ (0.18)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
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 and restricted cash, accounts receivable and contract assets, accounts payable, contract liabilities and other current liabilities, and other assets and liabilities that approximate fair value due to relatively short periods to maturity (in millions): March 31, 2023 Fair Value Measurement Using: Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Assets Other invested assets $ — $ — $ — $ — $ — Total assets not accounted for at fair value $ — $ — $ — $ — $ — Liabilities Debt obligations (2) $ 694.5 $ 643.1 $ — $ 643.1 $ — Total liabilities not accounted for at fair value $ 694.5 $ 643.1 $ — $ 643.1 $ — December 31, 2022 Fair Value Measurement Using: Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Assets Other invested assets (1) $ 11.3 $ 11.3 $ — $ — $ 11.3 Total assets not accounted for at fair value $ 11.3 $ 11.3 $ — $ — $ 11.3 Liabilities Debt obligations (2) $ 712.3 $ 643.0 $ — $ 643.0 $ — Total liabilities not accounted for at fair value $ 712.3 $ 643.0 $ — $ 643.0 $ — (1) Other invested assets was comprised of a put option that related to the Company's 19% investment in HMN, which was sold March 6, 2023. Refer to Note 6. Investments for additional information. (2) Excludes operating lease obligations accounted for under ASC 842 , Lease s.

Supplementary Financial Infor_2

Supplementary Financial Information (Tables)	3 Months Ended
	Mar. 31, 2023
Offsetting [Abstract]
Schedule of Other Income (Expense), net	The following table provides information relating to Other income (expense), net for the periods indicated (in millions): Three Months Ended March 31, 2023 2022 Gain on sale of equity method investment $ 12.3 $ — Gain on step-up of equity method investment 3.8 — Other income (expense), net 0.4 (0.1) Total $ 16.5 $ (0.1)
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows (in millions): Three Months Ended March 31, 2023 2022 Cash and cash equivalents, beginning of period $ 80.4 $ 45.5 Restricted cash 0.3 2.0 Restricted cash included in other assets (non-current) 1.5 — Total cash, cash equivalents and restricted cash, beginning of period $ 82.2 $ 47.5 Cash and cash equivalents, end of period $ 16.6 $ 26.4 Restricted cash — 2.0 Restricted cash included in other assets (non-current) 1.4 — Total cash and cash equivalents and restricted cash, end of period $ 18.0 $ 28.4 Supplemental cash flow information: Cash paid for interest $ 19.5 $ 18.6 Cash paid for taxes, net of refunds $ 5.0 $ 0.4 Non-cash investing and financing activities: Property, plant and equipment included in accounts payable $ 1.4 $ —
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows (in millions): Three Months Ended March 31, 2023 2022 Cash and cash equivalents, beginning of period $ 80.4 $ 45.5 Restricted cash 0.3 2.0 Restricted cash included in other assets (non-current) 1.5 — Total cash, cash equivalents and restricted cash, beginning of period $ 82.2 $ 47.5 Cash and cash equivalents, end of period $ 16.6 $ 26.4 Restricted cash — 2.0 Restricted cash included in other assets (non-current) 1.4 — Total cash and cash equivalents and restricted cash, end of period $ 18.0 $ 28.4 Supplemental cash flow information: Cash paid for interest $ 19.5 $ 18.6 Cash paid for taxes, net of refunds $ 5.0 $ 0.4 Non-cash investing and financing activities: Property, plant and equipment included in accounts payable $ 1.4 $ —

Organization and Business (Deta

Organization and Business (Details)	3 Months Ended
	Mar. 31, 2023 segment
Business And Organization [Line Items]
Number of reportable segments	3
MediBeacon Inc.
Business And Organization [Line Items]
Percentage of ownership (approximately)	46%
Triple Ring
Business And Organization [Line Items]
Percentage of ownership (approximately)	26%
HMN
Business And Organization [Line Items]
Percentage of ownership (approximately)	19%
DBMG
Business And Organization [Line Items]
Parents interest, controlling (approximately)	91%
Genoval Orthopedics inc.
Business And Organization [Line Items]
Parents interest, controlling (approximately)	80%
R2 Technologies, Inc.
Business And Organization [Line Items]
Parents interest, controlling (approximately)	57%
HC2 Broadcasting Holdings, Inc
Business And Organization [Line Items]
Parents interest, controlling (approximately)	98%
Noncontrolling interest, ownership percentage by parent, fully diluted basis	86%
DTV America
Business And Organization [Line Items]
Parents interest, controlling (approximately)	77%
Minority Holders
Business And Organization [Line Items]
Percentage of proxy and voting rights from minority holders	10%
GMSL
Business And Organization [Line Items]
Parents interest, controlling (approximately)	73%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Other Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Jul. 01, 2021
CIG | DBMGi | Series A shares issued and outstanding | Discontinued Operations
Debt Instrument [Line Items]
Preferred stock issued		$ 41.8
LIBOR plus 5.75% Line of Credit
Debt Instrument [Line Items]
Outstanding debt	$ 5

Revenue and Contracts in Proc_3

Revenue and Contracts in Process - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 317.9	$ 412.8
Infrastructure
Segment Reporting Information [Line Items]
Revenue	311.7	401.9
Life Sciences
Segment Reporting Information [Line Items]
Revenue	0.5	0.8
Spectrum
Segment Reporting Information [Line Items]
Revenue	5.7	9.8
Operating Segments | Infrastructure
Segment Reporting Information [Line Items]
Revenue	311.7	402.2
Operating Segments | Life Sciences
Segment Reporting Information [Line Items]
Revenue	0.5	0.8
Operating Segments | Spectrum
Segment Reporting Information [Line Items]
Revenue	$ 5.7	$ 9.8

Revenue and Contracts in Proc_4

Revenue and Contracts in Process - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total accounts receivables with customers	$ 249.4	$ 250.4
Infrastructure
Segment Reporting Information [Line Items]
Total accounts receivables with customers	245.4	244.5
Life Sciences
Segment Reporting Information [Line Items]
Total accounts receivables with customers	0.9	0.8
Spectrum
Segment Reporting Information [Line Items]
Total accounts receivables with customers	$ 3.1	$ 5.1

Revenue and Contracts in Proc_5

Revenue and Contracts in Process - Infrastructure Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 317.9	$ 412.8
Infrastructure
Disaggregation of Revenue [Line Items]
Revenue	311.7	401.9
Other revenue	0	0.3
Total Infrastructure segment revenue	311.7	402.2
Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue	112.5	238.2
Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue	91.3	89.2
Infrastructure | Healthcare
Disaggregation of Revenue [Line Items]
Revenue	31.4	26.1
Infrastructure | Convention
Disaggregation of Revenue [Line Items]
Revenue	25.4	19.6
Infrastructure | Transportation
Disaggregation of Revenue [Line Items]
Revenue	41.5	10
Infrastructure | Leisure
Disaggregation of Revenue [Line Items]
Revenue	3.2	4.2
Infrastructure | Government
Disaggregation of Revenue [Line Items]
Revenue	3.7	7.4
Infrastructure | Other
Disaggregation of Revenue [Line Items]
Revenue	$ 2.7	$ 7.2

Revenue and Contracts in Proc_6

Revenue and Contracts in Process - Contract Assets and Contract Liabilities and Recognized Earnings (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Costs incurred on contracts in progress	$ 2,472.5	$ 2,503.3
Estimated earnings	405.9	378.9
Contract revenue earned on uncompleted contracts	2,878.4	2,882.2
Less: progress billings	2,803.1	2,815.7
Net of cost earned on uncompleted contracts	75.3	66.5
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	180.2	165.1
Contract liabilities	(104.9)	(98.6)
Net contract assets (liabilities)	$ 75.3	$ 66.5

Revenue and Contracts in Proc_7

Revenue and Contracts in Process - Infrastructure Segment Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Contract assets	$ 180.2	$ 165.1
Contract liabilities	(104.9)	(98.6)
Infrastructure
Segment Reporting Information [Line Items]
Cost in excess of billings	103.8	90.7
Conditional retainage	76.4	74.4
Contract assets	180.2	165.1
Billings in excess of costs	(163.5)	(152)
Conditional retainage	58.6	53.4
Contract liabilities	$ (104.9)	$ (98.6)

Revenue and Contracts in Proc_8

Revenue and Contracts in Process - Narrative (Details) - Infrastructure $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Revenue from External Customer [Line Items]
Contract assets, increase due to new projects	$ 101.2
Contract assets, reclassified to receivables	86.1
Contract liabilities, increase due to new projects	89.7
Contract liabilities, revenue recognized	$ 83.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year
Revenue from External Customer [Line Items]
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year | Government
Revenue from External Customer [Line Items]
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year | Industrial
Revenue from External Customer [Line Items]
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year | Transportation
Revenue from External Customer [Line Items]
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year | Other
Revenue from External Customer [Line Items]
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year | Healthcare
Revenue from External Customer [Line Items]
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year | Commercial
Revenue from External Customer [Line Items]
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year | Convention
Revenue from External Customer [Line Items]
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year | Leisure
Revenue from External Customer [Line Items]
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within Five Years
Revenue from External Customer [Line Items]
Remaining performance obligation period	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within Five Years | Government
Revenue from External Customer [Line Items]
Remaining performance obligation period	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within Five Years | Industrial
Revenue from External Customer [Line Items]
Remaining performance obligation period	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within Five Years | Transportation
Revenue from External Customer [Line Items]
Remaining performance obligation period	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within Five Years | Other
Revenue from External Customer [Line Items]
Remaining performance obligation period	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within Five Years | Healthcare
Revenue from External Customer [Line Items]
Remaining performance obligation period	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within Five Years | Commercial
Revenue from External Customer [Line Items]
Remaining performance obligation period	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within Five Years | Convention
Revenue from External Customer [Line Items]
Remaining performance obligation period	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within Five Years | Leisure
Revenue from External Customer [Line Items]
Remaining performance obligation period	5 years
DBMG | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue from External Customer [Line Items]
Remaining performance obligation period	3 years 9 months

Revenue and Contracts in Proc_9

Revenue and Contracts in Process - Schedule of Infrastructure Segment Revenue (Details) - Infrastructure $ in Millions	Mar. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 1,581.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	1,200.2
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	381.4
Commercial
Segment Reporting Information [Line Items]
Remaining performance obligations	295.3
Commercial | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	269.8
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	25.5
Industrial
Segment Reporting Information [Line Items]
Remaining performance obligations	371.9
Industrial | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	362.4
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	9.5
Transportation
Segment Reporting Information [Line Items]
Remaining performance obligations	389.6
Transportation | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	332.5
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	57.1
Government
Segment Reporting Information [Line Items]
Remaining performance obligations	7.9
Government | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	6.6
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	1.3
Leisure
Segment Reporting Information [Line Items]
Remaining performance obligations	2.1
Leisure | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	2.1
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
Healthcare
Segment Reporting Information [Line Items]
Remaining performance obligations	415.2
Healthcare | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	127.7
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	287.5
Convention
Segment Reporting Information [Line Items]
Remaining performance obligations	93.8
Convention | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	93.8
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	0
Other
Segment Reporting Information [Line Items]
Remaining performance obligations	5.8
Other | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	5.3
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	$ 0.5

Revenue and Contracts in Pro_10

Revenue and Contracts in Process - Life Sciences Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total Life Sciences segment revenue	$ 317.9	$ 412.8
Life Sciences
Segment Reporting Information [Line Items]
Total Life Sciences segment revenue	0.5	0.8
Systems and consumables revenue | Life Sciences
Segment Reporting Information [Line Items]
Total Life Sciences segment revenue	$ 0.5	$ 0.8

Revenue and Contracts in Pro_11

Revenue and Contracts in Process - Spectrum Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 317.9	$ 412.8
Spectrum
Segment Reporting Information [Line Items]
Revenue	5.7	9.8
Broadcast station | Spectrum
Segment Reporting Information [Line Items]
Revenue	5.2	4.8
Network advertising | Spectrum
Segment Reporting Information [Line Items]
Revenue	0	3.9
Network distribution | Spectrum
Segment Reporting Information [Line Items]
Revenue	0	0.7
Other | Spectrum
Segment Reporting Information [Line Items]
Revenue	$ 0.5	$ 0.4

Revenue and Contracts in Pro_12

Revenue and Contracts in Process - Remaining Unsatisfied Performance Obligations (Details) - Spectrum - Broadcast station - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 7.8
Within One Year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 3.8
Remaining performance obligation period	1 year
Within Five Years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 4
Remaining performance obligation period	3 years

Accounts Receivable, Net - Acco

Accounts Receivable, Net - Accounts Receivable, net (Details) - USD ($)	Jan. 01, 2023	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Contracts in progress		$ 245,600,000	$ 244,800,000
Unbilled retentions		200,000	200,000
Trade receivables		4,000,000	5,900,000
Other receivables		4,300,000	4,500,000
Allowance for expected credit losses		(400,000)	(500,000)
Total		$ 253,700,000	$ 254,900,000
Change in allowance for expected credit losses upon adoption	$ 0

Accounts Receivable, Net - Narr

Accounts Receivable, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Receivables [Abstract]
Accounts receivable credit loss (reversal) provision	$ (0.1)	$ 0.2

Inventory (Details)

Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and consumables	$ 18.5	$ 15.7
Work in process	0.8	1.2
Finished goods	2	2
Total inventory	$ 21.3	$ 18.9

Investments - Schedule of Compa

Investments - Schedule of Company Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Measurement Alternative	$ 0	$ 11.3
Equity Method	3.1	43.6
Fair Value	4.6	4.6
Investments	7.7	59.5
Common stock
Schedule of Equity Method Investments [Line Items]
Measurement Alternative	0	0
Equity Method	3.1	3
Fair Value	0	0
Investments	3.1	3
Preferred stock and fixed maturities
Schedule of Equity Method Investments [Line Items]
Measurement Alternative	0	0
Equity Method	0	0
Fair Value	4.6	4.6
Investments	$ 4.6	4.6
Put option
Schedule of Equity Method Investments [Line Items]
Measurement Alternative		11.3
Equity Method		0
Fair Value		0
Investments		11.3
Investment in securities
Schedule of Equity Method Investments [Line Items]
Measurement Alternative		0
Equity Method		40.6
Fair Value		0
Investments		$ 40.6

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended
	Mar. 06, 2023	Feb. 23, 2023	Apr. 30, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 15, 2023	Dec. 31, 2022	Mar. 15, 2022
Schedule of Equity Method Investments [Line Items]
Loss from equity investees				$ (4,000,000)	$ (500,000)
Gain on sale of equity method investment					0
Equity method investments				3,100,000			$ 43,600,000
Sale of equity method investments				54,200,000	0
Noncontrolling interest				$ 1,000,000	$ (1,700,000)
MediBeacon Inc.
Schedule of Equity Method Investments [Line Items]
Beneficial ownership percentage				46%
MediBeacon Inc. | Life Sciences
Schedule of Equity Method Investments [Line Items]
Equity method investments				$ 0
MediBeacon Inc. | Huadong
Schedule of Equity Method Investments [Line Items]
Beneficial ownership percentage				46%			47%
HMN
Schedule of Equity Method Investments [Line Items]
Beneficial ownership percentage				19%
Ownership percentage sold	19%
Sale of equity method investments	$ 54,200,000
Interest income	500,000
Foreign tax payment	$ 4,400,000
Noncontrolling interest				$ (15,900,000)
Gain on sale of equity method investments				$ 12,300,000
HMN | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest			$ (100,000)
Triple Ring
Schedule of Equity Method Investments [Line Items]
Reporting lag basis				1 month
Beneficial ownership percentage				26%
Convertible Debt | MediBeacon Inc. | Life Sciences
Schedule of Equity Method Investments [Line Items]
Face amount				$ 5,000,000		$ 4,500,000
Interest rate								8%
Outstanding debt								$ 5,000,000
Gain on sale of equity method investment		$ 3,800,000
Unrecognized loss on equity investments		3,800,000
Convertible Debt | Life Sciences
Schedule of Equity Method Investments [Line Items]
Equity method investments		0
Convertible Debt | MediBeacon Inc. | Huadong | Life Sciences
Schedule of Equity Method Investments [Line Items]
Preferred stock issued		$ 7,500,000

Investments - Summarized Inform

Investments - Summarized Information for Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Assets	$ 1,044.1		$ 1,151.7
Liabilities	1,150.1		1,181.3
Equity	(118.1)	$ (69.3)	(90.6)	$ (56.2)
Gross profit	43.6	49.8
Operating loss	(4)	0.7
Net (loss) income	(9)	(12.4)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Assets	65.9		786.4
Liabilities	100.2		670.2
Equity	(34.3)		$ 116.2
Total revenues	39	70.2
Gross profit	11.3	17.6
Operating loss	(6)	(1.2)
Net (loss) income	$ (6.6)	$ 1.9

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Summary of Property, Plant, and Equipment, net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 288.3	$ 283.5
Less: Accumulated depreciation	124.3	118.5
Total	164	165
Equipment, furniture and fixtures, and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	202.7	196
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	45.5	44.8
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	26.1	26.1
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	6	8.4
Plant and transportation equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 8	$ 8.2

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 6.3	$ 6.4
Net book value of equipment under capital leases	2.7		$ 2.1
Property, plant and equipment, net	164		165
Internal-Use Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	37.2		$ 35.6
Operating Segments
Property, Plant and Equipment [Line Items]
Depreciation expense within cost of revenue	$ 3.9	$ 3.7

Goodwill and Intangibles, Net -

Goodwill and Intangibles, Net - Changes in the Carrying Amount of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 127.1
Translation adjustment	(0.1)
Ending balance	127
Infrastructure
Goodwill [Roll Forward]
Beginning balance	105.7
Translation adjustment	(0.1)
Ending balance	105.6
Spectrum
Goodwill [Roll Forward]
Beginning balance	21.4
Translation adjustment	0
Ending balance	$ 21.4

Goodwill and Intangibles, Net_2

Goodwill and Intangibles, Net - Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 106.3	$ 106.3
FCC licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 106.3	$ 106.3

Goodwill and Intangibles, Net_3

Goodwill and Intangibles, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 3.9	$ 4.1
Non-core FCC Licenses
Finite-Lived Intangible Assets [Line Items]
Intangible assets, impairment charges		$ 0.1

Goodwill and Intangibles, Net_4

Goodwill and Intangibles, Net - Definite Lived Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 129.6	$ 129.7
Accumulated Amortization	(49.8)	(45.9)
Net	$ 79.8	83.8
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	14 years
Gross Carrying Amount	$ 25.4	25.4
Accumulated Amortization	(8.4)	(8)
Net	$ 17	17.4
Customer relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	11 years
Gross Carrying Amount	$ 87.6	87.6
Accumulated Amortization	(38.8)	(35.4)
Net	$ 48.8	52.2
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	(1.5)	(1.4)
Net	$ 11.1	11.2
Other
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	12 years
Gross Carrying Amount	$ 4	4.1
Accumulated Amortization	(1.1)	(1.1)
Net	$ 2.9	$ 3

Leases - Right-of-use Assets an

Leases - Right-of-use Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Right-of-use assets:
Operating lease (Other assets)	$ 64.5	$ 65.8
Finance lease (Property, plant and equipment, net)	2.7	2.1
Total right-of-use assets	67.2	67.9
Lease liabilities:
Current portion of operating lease (Other current liabilities)	15.6	17.1
Non-current portion of operating lease (Other liabilities)	53.6	53.8
Finance lease (Debt obligations)	2.7	2.1
Total lease liabilities	$ 71.9	$ 73
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, 2023	Mar. 31, 2022
Finance lease cost:
Amortization of right-of-use assets	$ 0.1	$ 0
Net finance lease cost	0.1	0
Operating lease cost	5.9	5.9
Variable lease cost	0.1	0.1
Sublease income	(0.2)	(0.2)
Total lease cost	$ 5.9	$ 5.8

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$ 0.1	$ 0
Operating cash flows from operating leases	6.3	6.2
Right-of-use assets obtained in exchange for new lease liabilities:
Finance leases	0.6	0
Operating leases	$ 3.9	$ 6.5

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (years) - operating leases	7 years 4 months 24 days	7 years 6 months
Weighted-average remaining lease term (years) - finance leases	2 years	1 year 4 months 24 days
Weighted-average discount rate - operating lease (as percent)	5.50%	5.30%
Weighted-average discount rate - finance lease (as percent)	5.60%	5.70%

Leases - Future Payments of Lea

Leases - Future Payments of Lease Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
2023	$ 14.5
2024	15.3
2025	11.8
2026	8.3
2027	6
Thereafter	28.8
Total future minimum lease payments	84.7
Less: amounts representing interest	(15.5)
Total lease liability balance	69.2
Finance Leases
2023	1.8
2024	0.4
2025	0.3
2026	0.2
2027	0.2
Thereafter	0
Total future minimum lease payments	2.9
Less: amounts representing interest	(0.2)
Total lease liability balance	$ 2.7	$ 2.1

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	1 Months Ended
	Feb. 28, 2022 USD ($) ft²	Dec. 31, 2021 USD ($) ft²	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 30, 2021
West Palm Beach, Florida, Lease Commencing November 2023
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term of contract					10 years
Lease, term of contract	15 years
Monthly lease payments	$ 0.2
Maintenance charges	$ 0.6
Percentage of annual adjustment in lease payment and charges	3%
Area of land leased, not yet commenced | ft²	20,950
Lease not yet commenced allowance receivable	$ 4.4
Prepaid rent			$ 0.9	$ 0.8
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		$ 0.1
Percentage of annual adjustment in lease payment and charges		3%
Area of land leased, not yet commenced | ft²		15,786
Lease not yet commenced, renewal term		5 years
Deposits assets		$ 0.2

Other Assets, Accrued Liabili_3

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Right-of-use assets	$ 64.5	$ 65.8
Restricted cash - non-current	1.4	1.5	$ 0	$ 0
Other	5.2	4.6
Total other assets	$ 71.1	$ 71.9

Other Assets, Accrued Liabili_4

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accrued expenses	$ 16.2	$ 18.9
Accrued payroll and employee benefits	21.7	30.8
Accrued interest	6.7	15.3
Accrued income taxes	0.4	0.4
Total accrued liabilities	$ 45	$ 65.4

Other Assets, Accrued Liabili_5

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Lease liability, current	$ 15.6	$ 17.1
Redeemable Preferred Stock, Current	7	0
Other current liabilities	2.1	3
Total other current liabilities	$ 24.7	$ 20.1
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total other current liabilities	Total other current liabilities

Other Assets, Accrued Liabili_6

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Lease liability, net of current portion	$ 53.6	$ 53.8
Redeemable preferred stock Series A	34.8	0
Other	19.2	17.4
Total other liabilities	$ 107.6	$ 71.2

Debt Obligations - Schedule of

Debt Obligations - Schedule of Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Obligations under finance leases	$ 2.7	$ 2.1
Total aggregate finance lease and debt payments	706.5	725.3
Unamortized issuance discount, issuance premium, and deferred financing costs	(9.3)	(10.9)
Less: current portion of debt obligations	(32.9)	(30.6)
Debt obligations	664.3	683.8
LIBOR plus 5.75% Line of Credit
Debt Instrument [Line Items]
Outstanding debt	5
Infrastructure
Debt Instrument [Line Items]
Obligations under finance leases	2.7	2.1
Total aggregate finance lease and debt payments	237	243
Infrastructure | 3.25% Note due 2026 | Real Estate Term Advance
Debt Instrument [Line Items]
Outstanding debt	$ 98	99.5
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 0.85% Line of Credit due 2024 | Real Estate Term Advance
Debt Instrument [Line Items]
Outstanding debt	$ 105.7	107.7
Infrastructure | 4.00% Note due 2024 | Real Estate Term Advance
Debt Instrument [Line Items]
Interest rate	4%
Outstanding debt	$ 12.5	15
Infrastructure | 8.00% Note due 2024 | Real Estate Term Advance
Debt Instrument [Line Items]
Interest rate	8%
Outstanding debt	$ 18.1	18.7
Infrastructure | Prime Rate | PRIME minus 0.85% Line of Credit due 2024 | Real Estate Term Advance | DBM Global Credit Facilities | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%
Spectrum
Debt Instrument [Line Items]
Total aggregate finance lease and debt payments	$ 69.7	69.7
Spectrum | 8.50% Note due 2024
Debt Instrument [Line Items]
Interest rate	8.50%
Outstanding debt	$ 19.3	19.3
Spectrum | 11.45% Notes due 2024
Debt Instrument [Line Items]
Interest rate	11.45%
Outstanding debt	$ 50.4	50.4
Life Sciences
Debt Instrument [Line Items]
Total aggregate finance lease and debt payments	$ 13	10.8
Life Sciences | 20.00% Note due 2023
Debt Instrument [Line Items]
Interest rate	20%
Short-term debt	$ 13	0
Life Sciences | 18.00% Note due 2023
Debt Instrument [Line Items]
Interest rate	18%
Short-term debt	$ 0	10.8
Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt payments	386.8	401.8
Non-Operating Corporate | 8.50% Senior Secured Notes, due 2026
Debt Instrument [Line Items]
Outstanding debt	$ 330	330
Non-Operating Corporate | 8.50% Senior Secured Notes, due 2026 | Secured Debt
Debt Instrument [Line Items]
Interest rate	8.50%
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]
Outstanding debt	$ 5	$ 20
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, 2023	Dec. 31, 2022
Finance Leases
2023	$ 1.8
2024	0.4
2025	0.3
2026	0.2
2027	0.2
Thereafter	0
Total future minimum lease payments	2.9
Less: Amount representing interest	(0.2)
Total lease liability balance	2.7	$ 2.1
Debt
2023	60.9
2024	253.1
2025	46.8
2026	469.7
2027	0
Thereafter	0
Total minimum principal and interest payments	830.5
Less: Amount representing interest	(126.7)
Total aggregate finance lease and debt payments	703.8
Total
2023	62.7
2024	253.5
2025	47.1
2026	469.9
2027	0.2
Thereafter	0
Total minimum principal and interest payments	833.4
Less: Amount representing interest	(126.9)
Total aggregate finance lease and debt payments	$ 706.5	$ 725.3

Debt Obligations - Infrastructu

Debt Obligations - Infrastructure and Spectrum Narrative (Details) - USD ($)		3 Months Ended
	Dec. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Aug. 02, 2022
Minimum
Debt Instrument [Line Items]
Finance leases rate		2%
Maximum
Debt Instrument [Line Items]
Finance leases rate		6%
Infrastructure | PRIME minus 0.85% Line of Credit due 2024 | Real Estate Term Advance
Debt Instrument [Line Items]
Outstanding debt		$ 105,700,000	$ 107,700,000
Infrastructure | 4.00% Note due 2024 | Real Estate Term Advance
Debt Instrument [Line Items]
Outstanding debt		$ 12,500,000	15,000,000
Interest rate		4%
Infrastructure | 8.00% Note due 2024 | Real Estate Term Advance
Debt Instrument [Line Items]
Outstanding debt		$ 18,100,000	18,700,000
Interest rate		8%
Spectrum | HC2 Broadcasting Holdings, Inc
Debt Instrument [Line Items]
Number of warrants outstanding (in shares)	145,825
Class of warrant or right, percentage of warrants during time of exercise	10.50%
Term of warrants outstanding	5 years
Fair value adjustment of warrants		$ 3,100,000
Spectrum | Minimum | HC2 Broadcasting Holdings, Inc
Debt Instrument [Line Items]
Exercise price of warrants (in usd per share)	$ 0.01
Exercise price of remaining warrants (in usd per share)	0.01
Spectrum | Maximum | HC2 Broadcasting Holdings, Inc
Debt Instrument [Line Items]
Exercise price of warrants (in usd per share)	140
Exercise price of remaining warrants (in usd per share)	$ 130
Spectrum | Senior Notes | HC2 Broadcasting Holdings, Inc
Debt Instrument [Line Items]
Outstanding debt	$ 69,700,000
Interest rate	10.50%
Accrued interest and fees capitalized into principal debt	$ 6,900,000
Interest cost relating to contractual interest coupon	32,900,000
Exit fees	7,600,000
Spectrum | Senior Secured Notes Due May 31, 2024 | Senior Notes
Debt Instrument [Line Items]
Face amount	$ 52,200,000
Spectrum | Senior Secured Notes Due May 31, 2024 | Senior Notes | Minimum
Debt Instrument [Line Items]
Interest rate, effective percentage	12.80%
Spectrum | Senior Secured Notes Due May 31, 2024 | Senior Notes | Maximum
Debt Instrument [Line Items]
Interest rate, effective percentage	19.60%
Spectrum | 8.50% Note due 2022 | Senior Notes
Debt Instrument [Line Items]
Outstanding debt	$ 19,300,000
Interest rate	8.50%
Spectrum | 8.50% Note due 2022 | Senior Notes | HC2 Broadcasting Holdings, Inc
Debt Instrument [Line Items]
Accrued interest and fees capitalized into principal debt	$ 6,900,000
Spectrum | 10.50% Note due 2022 | Senior Notes
Debt Instrument [Line Items]
Outstanding debt	$ 32,900,000
Interest rate	10.50%
Spectrum | 10.50% Note due 2022 | Senior Notes | HC2 Broadcasting Holdings, Inc
Debt Instrument [Line Items]
Interest rate	10.50%
Spectrum | 11.45% Notes due 2024
Debt Instrument [Line Items]
Outstanding debt		$ 50,400,000	$ 50,400,000
Interest rate		11.45%
Spectrum | 11.45% Notes due 2024 | Senior Notes | HC2 Broadcasting Holdings, Inc
Debt Instrument [Line Items]
Accrued interest and fees capitalized into principal debt	$ 17,500,000
Interest rate	11.45%
Revolving Credit Facility | Infrastructure | PRIME minus 0.85% Line of Credit due 2024 | Real Estate Term Advance | Prime Rate | DBM Global Credit Facilities
Debt Instrument [Line Items]
Basis spread on variable rate		0.85%
Revolving Credit Facility | UMB Bank | Infrastructure
Debt Instrument [Line Items]
Interest rate		3.25%
Interest rate, effective percentage		3.30%
Term Loan | UMB Bank | Infrastructure
Debt Instrument [Line Items]
Line of credit, maximum amount				$ 135,000,000

Debt Obligations - Life Science

Debt Obligations - Life Sciences Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) day	Apr. 28, 2023 USD ($)	Feb. 15, 2023 USD ($)	Dec. 31, 2022 USD ($)
Life Sciences | 18.00% Note due 2023
Debt Instrument [Line Items]
Interest rate	18%
Life Sciences | 20.00% Note due 2023
Debt Instrument [Line Items]
Interest rate	20%
Affiliated Entity | Life Sciences | R2 Technologies
Debt Instrument [Line Items]
Face amount	$ 20,000,000
R2 Technologies | Affiliated Entity | 18.00% Note due 2023
Debt Instrument [Line Items]
Face amount			$ 500,000
Interest rate			18%
R2 Technologies | Affiliated Entity | 18.00% Note due 2023 | Lancer Capital, LLC
Debt Instrument [Line Items]
Face amount			$ 400,000
Interest rate			18%
R2 Technologies | Affiliated Entity | 20.00% Note due 2023 | Lancer Capital, LLC | Subsequent Event
Debt Instrument [Line Items]
Face amount		$ 400,000
R2 Technologies | Affiliated Entity | Life Sciences
Debt Instrument [Line Items]
Face amount	$ 13,000,000			$ 10,800,000
Trading days effective for redemption | day	5
R2 Technologies | Affiliated Entity | Life Sciences | Minimum
Debt Instrument [Line Items]
Interest rate	18%
R2 Technologies | Affiliated Entity | Life Sciences | Maximum
Debt Instrument [Line Items]
Interest rate	20%
R2 Technologies | Affiliated Entity | Life Sciences | 18.00% Note due 2023
Debt Instrument [Line Items]
Interest cost relating to contractual interest coupon	$ 500,000
R2 Technologies | Affiliated Entity | Life Sciences | 20.00% Note due 2023 | Maximum | Subsequent Event
Debt Instrument [Line Items]
Interest rate		20%

Debt Obligations - Non-Operatin

Debt Obligations - Non-Operating Corporate Narrative (Details)					1 Months Ended			3 Months Ended
	May 09, 2023 USD ($)	May 08, 2023 USD ($)	Feb. 23, 2021 USD ($)	Feb. 01, 2021 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Jul. 31, 2022 USD ($)	May 31, 2021 USD ($)	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 USD ($)	May 09, 2025	May 08, 2025	May 08, 2024	Apr. 25, 2023 USD ($)	Apr. 24, 2023 USD ($)
Debt Instrument [Line Items]
Proceeds from line of credit								$ 40,000,000	$ 100,000,000
Payments on line of credit								$ 57,000,000	40,000,000
Non-Operating Corporate | DBMGi | Forecast
Debt Instrument [Line Items]
Interest rate										32%	16%	9%
Non-Operating Corporate | Subsequent Event | CGIC
Debt Instrument [Line Items]
Face amount	$ 35,100,000
Non-Operating Corporate | Subsequent Event | DBMGi
Debt Instrument [Line Items]
Prepayment from proceeds	$ 3,000,000
Proceeds from equity sales percentage	12.50%
8.50% Senior Secured Notes, due 2026 | Non-Operating Corporate | Secured Debt
Debt Instrument [Line Items]
Debt issued, percentage of par value					100%			100%
Interest rate					8.50%			8.50%
Interest rate, effective percentage					9.26%			9.26%
Debt issuance costs					$ 2,700,000			$ 2,700,000
Amortization of discount on investments, net								7,500,000
Interest cost relating to contractual interest coupon								$ 7,500,000	7,600,000
7.50% Convertible Senior Notes, due 2026
Debt Instrument [Line Items]
Convertible notes, conversion ratio				0.2342971
7.50% Convertible Senior Notes, due 2026 | Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate					7.50%			7.50%
7.50% Convertible Senior Notes, due 2026 | Non-Operating Corporate | Convertible Debt
Debt Instrument [Line Items]
Debt issued, percentage of par value				100%
Interest rate				7.50%
Interest rate, effective percentage				3.21%
Debt issuance costs				$ 1,100,000
Amortization of discount on investments, net				12,300,000				$ 500,000	500,000
Interest cost relating to contractual interest coupon								500,000	$ 500,000
Face amount				$ 12,300,000
Conversion price (in usd per share) | $ / shares				$ 4.27
Long-term debt, gross					$ 58,800,000			58,800,000
Unamortized premium					$ 7,700,000			$ 7,700,000
Share price (in usd per share) | $ / shares					$ 2.97			$ 2.97
Revolving Credit Agreement | Non-Operating Corporate | Line of Credit | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			5.75%
Revolving Credit Agreement | Non-Operating Corporate | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Face amount			$ 20,000,000		$ 5,000,000			$ 5,000,000
Proceeds from line of credit						$ 15,000,000	$ 5,000,000
Payments on line of credit					$ 15,000,000
Revolving Credit Agreement | Non-Operating Corporate | Line of Credit | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Proceeds from line of credit		$ 8,000,000
Asset sale prepayment requirement threshold													$ 10,000,000	$ 50,000,000
Line of credit outstanding		$ 13,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 06, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)		$ 0.9	$ 1.6
Income tax expense (benefit), interim tax		1.1
Deferred income taxes		5.4	$ (0.4)
Deferred tax liability		3.7		$ 9.1
Operating loss carryforwards, US				162.9
Reduced deferred tax asset carryforward		58.7
HMN
Operating Loss Carryforwards [Line Items]
Current foreign tax expense (benefit)	$ 4.4
Deferred income taxes		5.5
Deferred tax liability		$ 11.3
Ownership percentage sold	19%
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards				226.3
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Foreign operating loss carryforward				124.5
Foreign Tax Authority | R2 Technologies
Operating Loss Carryforwards [Line Items]
Foreign operating loss carryforward				83.8
Foreign Tax Authority | DTV America
Operating Loss Carryforwards [Line Items]
Foreign operating loss carryforward				38.3
Foreign Tax Authority | Other Entities
Operating Loss Carryforwards [Line Items]
Foreign operating loss carryforward				$ 2.4

Commitment and Contingencies (D

Commitment and Contingencies (Details) £ in Millions, $ in Millions	Mar. 09, 2023	Mar. 15, 2021 lPTVBroadcastStation plaintiff	Mar. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($)	Oct. 28, 2022 USD ($) license station	Aug. 01, 2022 GBP (£)	Aug. 01, 2022 USD ($)	Jan. 21, 2022 defendant	Feb. 23, 2021 defendant
Credit And Security Agreements | DBMG
Loss Contingencies [Line Items]
Letters of credit outstanding			$ 2.6	$ 2.6
Performance Bonds | DBMG
Loss Contingencies [Line Items]
Letters of credit outstanding			$ 871.2	$ 956.6
Frank Digital Acquisition
Loss Contingencies [Line Items]
Estimate of possible loss					$ 0.1
Gray Media Sale
Loss Contingencies [Line Items]
Estimate of possible loss					$ 0.5
Number of licenses sold | license					6
TV-49, Licences, Breach Of Fiduciary Duty
Loss Contingencies [Line Items]
Estimate of possible loss					$ 0.1
Sale Of Stations
Loss Contingencies [Line Items]
Number of stations sold | station					2
Sale Of Station One
Loss Contingencies [Line Items]
Estimate of possible loss					$ 0.2
Sale Of Station Two
Loss Contingencies [Line Items]
Estimate of possible loss					$ 0.4
Fair Value Investments Incorporated
Loss Contingencies [Line Items]
Number of additional defendants | defendant									2
Number of defendants, claims dismissed | defendant								2
Number of remaining claims in discovery | claim			2
Number of days for court ordered stay of proceedings	30 days
DTV America Corporation Stockholders
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiff		22
DTV America Corporation Stock Option Holders
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiff		8
Number of LPTV broadcast stations included in litigation | lPTVBroadcastStation		100
HMRC
Loss Contingencies [Line Items]
VAT refunds						£ 1.1	$ 1.3

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 500,000	$ 800,000
Intrinsic value of options outstanding	$ 100,000
Average remaining life of option outstanding	1 year 6 months
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
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of restricted common stock vested	800,000	$ 600,000
Unrecognized compensation expense	$ 2,500,000
Unrecognized compensation expense, period for recognition	2 years 1 month 6 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period (in years)	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period (in years)	3 years

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, 2023	Dec. 31, 2022
Shares
Unvested at beginning of period (in shares)	1,141,806	555,879
Granted (in shares)	321,387	1,031,611
Vested (in shares)	(260,330)	(400,395)
Forfeited (in shares)		(45,289)
Unvested at end of period (in shares)	1,202,863	1,141,806
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in usd per share)	$ 2.56	$ 3.79
Granted (in usd per share)	2.93	2.41
Vested (in usd per share)	3.64	3.77
Forfeited (in usd per share)		3.68
Unvested at end of period (in usd per share)	$ 2.42	$ 2.56

Share-based Compensation - Su_2

Share-based Compensation - Summary of Company's Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Shares
Outstanding at beginning of period (in shares) | shares	4,715,859
Granted (in shares) | shares	280,791
Expired (in shares) | shares	(1,500)
Outstanding at end of period (in shares) | shares	4,995,150
Weighted Average Exercise Price
Outstanding at beginning of period (in usd per share) | $ / shares	$ 5.13
Granted (in usd per share) | $ / shares	3.25
Expired (in usd per share) | $ / shares	4.06
Outstanding at end of period (in usd per share) | $ / shares	$ 5.02

Preferred Stock and Equity - Pr

Preferred Stock and Equity - Preferred Stock (Details) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		20,000,000
Series A-3 and A-4 Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Series A- 3 Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	6,125	6,125
Preferred stock, shares outstanding (in shares)	6,125	6,125
Series A- 4 Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	10,000	10,000
Preferred stock, shares outstanding (in shares)	10,000	10,000

Preferred Stock and Equity- Nar

Preferred Stock and Equity- Narrative (Details)

1 Months Ended

3 Months Ended

May 09, 2023 USD ($) shares

May 08, 2023 USD ($)

Apr. 10, 2023 $ / shares

Mar. 15, 2023 shares

Jul. 01, 2021 USD ($) shares

Nov. 30, 2018 shares

May 09, 2023 USD ($)

Jul. 31, 2022 USD ($)

May 31, 2021 USD ($)

Mar. 31, 2023 USD ($) $ / shares shares

Mar. 31, 2022 USD ($) shares

May 09, 2025

May 08, 2025

May 08, 2024

Dec. 31, 2022 USD ($) $ / shares shares

Aug. 30, 2021

Feb. 23, 2021 USD ($)

Class of Warrant or Right [Line Items]

Proceed from exchange for accrued and unpaid dividend | $

$ 300,000

Preferred stock cumulative cash dividend rate

7.50%

Preferred stock dividend rate

4%

Accreting dividend threshold rate

7.25%

Volume weighted average price threshold percentage

150%

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%

Preferred stock, shares authorized (in shares) | shares

20,000,000

Proceeds from line of credit | $

$ 40,000,000

$ 100,000,000

Tax benefits preservation plan, outstanding shares ownership threshold (percent)

4.90%

Common stock, par value (in usd per share) | $ / shares

$ 0.001

$ 0.001

Non-Operating Corporate | 8.50% Senior Secured Notes, due 2026 | Secured Debt

Class of Warrant or Right [Line Items]

Interest rate

8.50%

Non-Operating Corporate | Revolving Credit Agreement | Line of Credit | Revolving Credit Facility

Class of Warrant or Right [Line Items]

Face amount | $

$ 5,000,000

$ 20,000,000

Proceeds from line of credit | $

$ 15,000,000

$ 5,000,000

Common stock

Class of Warrant or Right [Line Items]

Issuance of common stock (in shares) | shares

300,000

600,000

Subsequent Event | Non-Operating Corporate | Revolving Credit Agreement | Line of Credit | Revolving Credit Facility

Class of Warrant or Right [Line Items]

Proceeds from line of credit | $

$ 8,000,000

Line of credit outstanding | $

$ 13,000,000

Subsequent Event | 2023 Plan | Affiliated Entity

Class of Warrant or Right [Line Items]

Number of business days the company certifies acquiring person | $ / shares

10

Subsequent Event | 2023 Plan | Common stock

Class of Warrant or Right [Line Items]

Common stock, par value (in usd per share) | $ / shares

$ 0.001

Subsequent Event | 2023 Plan | Common stock | Innovate Corp

Class of Warrant or Right [Line Items]

Number of business days to commencement of tender offer | $ / shares

10

Subsequent Event | 2023 Plan | Common stock | Affiliated Entity

Class of Warrant or Right [Line Items]

Rights to common stockholders threshold period

10 days

Subsequent Event | 2023 Plan | Common stock | Affiliated Entity | Innovate Corp

Class of Warrant or Right [Line Items]

Rights to common stockholders threshold period

10 days

Subsequent Event | 2023 Plan | Common stock | Beneficial Owner | Innovate Corp

Class of Warrant or Right [Line Items]

Beneficial ownership percentage

4.90%

Maximum

Class of Warrant or Right [Line Items]

Preferred stock dividend rate

2%

Maximum | Subsequent Event | 2023 Plan | Common stock

Class of Warrant or Right [Line Items]

Stock ownership percentage

0.005

Minimum

Class of Warrant or Right [Line Items]

Preferred stock dividend rate

0%

Minimum | Subsequent Event | 2023 Plan | Common stock

Class of Warrant or Right [Line Items]

Stock ownership percentage

0.049

Series A shares issued and outstanding

Class of Warrant or Right [Line Items]

Preferred stock, shares issued (in shares) | shares

41,820.25

41,820.25

Preferred stock conversion price (in usd per share) | $ / shares

$ 3.52

Preferred stock, shares outstanding (in shares) | shares

41,820.25

41,820.25

Preferred stock, shares authorized (in shares) | shares

500,000

500,000

Preferred stock, par value (in usd per share) | $ / shares

$ 0.001

$ 0.001

Series A-2 shares issued and outstanding

Class of Warrant or Right [Line Items]

Preferred stock conversion price (in usd per share) | $ / shares

$ 5.33

Series A-3 and A-4 Preferred Stock

Class of Warrant or Right [Line Items]

Redeemable current fair value | $

$ 17,300,000

$ 17,600,000

Preferred stock, shares authorized (in shares) | shares

20,000,000

20,000,000

Preferred stock, par value (in usd per share) | $ / shares

$ 0.001

$ 0.001

Series A-3 Preferred Stock

Class of Warrant or Right [Line Items]

Preferred stock conversion price (in usd per share) | $ / shares

$ 4.25

Number of shares to be issued upon conversion of preferred stock (in shares) | shares

1,740,700

Series A-4 Preferred Stock

Class of Warrant or Right [Line Items]

Preferred stock conversion price (in usd per share) | $ / shares

$ 8.25

Number of shares to be issued upon conversion of preferred stock (in shares) | shares

1,875,533

Series A-4 shares issued and outstanding | Subsequent Event | 2023 Plan

Class of Warrant or Right [Line Items]

Preferred stock, par value (in usd per share) | $ / shares

$ 0.001

Price per share (in dollars per share) | $ / shares

$ 15

CGIC

Class of Warrant or Right [Line Items]

Redemption value | $

$ 16,100,000

CGIC | Subsequent Event

Class of Warrant or Right [Line Items]

Redemption of preferred stock | $

$ 7,100,000

Accrued dividend payable | $

$ 400,000

CGIC | Subsequent Event | Non-Operating Corporate

Class of Warrant or Right [Line Items]

Face amount | $

$ 35,100,000

$ 35,100,000

CGIC | Series A shares issued and outstanding

Class of Warrant or Right [Line Items]

Preferred stock, shares issued (in shares) | shares

6,125

CGIC | Series A-2 shares issued and outstanding

Class of Warrant or Right [Line Items]

Issuance of common stock (in shares) | shares

10,000

DBMGi

Class of Warrant or Right [Line Items]

Preferred stock, initial dividend rate period

5 years

Preferred stock, dividend, paid in kind percentage

9%

Preferred stock, dividend paid in cash, percentage

8.25%

Redeemed | shares

41,820.25

Number of days notice

60 days

DBMGi | Non-Operating Corporate | Forecast

Class of Warrant or Right [Line Items]

Interest rate

32%

16%

9%

DBMGi | Subsequent Event

Class of Warrant or Right [Line Items]

Issuance of common stock (in shares) | shares

41,820.25

DBMGi | Subsequent Event | Non-Operating Corporate

Class of Warrant or Right [Line Items]

Prepayment from proceeds | $

$ 3,000,000

Proceeds from equity sales percentage

12.50%

12.50%

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]

Proceeds from divestiture of businesses | $

$ 40,900,000

DBMGi | Series A shares issued and outstanding | Consolidation, Eliminations

Class of Warrant or Right [Line Items]

Issuance of common stock (in shares) | shares

40,000

Preferred Stock and Equity - Su

Preferred Stock and Equity - Summary of Cash Dividends (Details) - USD ($) $ in Millions			3 Months Ended
	Apr. 15, 2023	Apr. 15, 2022	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Total Dividend			$ 0.3	$ 0.3
Dividend payments			1.2	2.4
Preferred stock
Class of Stock [Line Items]
Dividend payments		$ 0.3
Preferred stock | Subsequent Event
Class of Stock [Line Items]
Dividend payments	$ 0.3
DBMGi
Class of Stock [Line Items]
Total Dividend			$ 0.9	$ 0.9
DBMGi | Preferred stock
Class of Stock [Line Items]
Dividend payments		$ 0.9
DBMGi | Preferred stock | Subsequent Event
Class of Stock [Line Items]
Dividend payments	$ 0.9

Related Parties (Details)

Related Parties (Details)		1 Months Ended	3 Months Ended
	Apr. 04, 2022 USD ($)	Sep. 30, 2018	Mar. 31, 2023 USD ($) office_space day	Mar. 31, 2022 USD ($) plane	Apr. 28, 2023 USD ($)	Feb. 15, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Lease term		75 months
Operating cash flows from operating leases			$ 6,300,000	$ 6,200,000
Total lease liability balance			69,200,000
Share-based compensation expense			$ 500,000	800,000
18.00% Note due 2023 | Life Sciences
Related Party Transaction [Line Items]
Interest rate			18%
20.00% Note due 2023 | Life Sciences
Related Party Transaction [Line Items]
Interest rate			20%
Affiliated Entity | Life Sciences | R2 Technologies
Related Party Transaction [Line Items]
Face amount			$ 20,000,000
Affiliated Entity | Banker Steel Acquisition | Subordinated Debt | Infrastructure
Related Party Transaction [Line Items]
Subordinated borrowing, interest rate	11%
Banker Steel | Office Space | Affiliated Entity
Related Party Transaction [Line Items]
Operating cash flows from operating leases			100,000
Total lease liability balance			$ 900,000
Banker Steel | Office Space | Affiliated Entity | Infrastructure
Related Party Transaction [Line Items]
Number of office spaces | office_space			2
Operating cash flows from operating leases			$ 10,000
Total lease liability balance			100,000
Lease expense			25,000	$ 8,000
Banker Steel | Planes | Affiliated Entity
Related Party Transaction [Line Items]
Number of planes leased | plane				2
Number of plane leases terminated | plane				1
Banker Steel | Planes | Affiliated Entity | Infrastructure
Related Party Transaction [Line Items]
Lease expense			300,000	$ 100,000
Donald Banker | Affiliated Entity | Banker Steel Acquisition | Subordinated Debt | Infrastructure
Related Party Transaction [Line Items]
Bankers steel debt - note payable	$ 6,300,000
Interest expense				200,000
R2 Technologies | Affiliated Entity
Related Party Transaction [Line Items]
Recognized revenues			200,000	300,000
Accounts receivable							$ 600,000
Share-based compensation expense			100,000	$ 100,000
R2 Technologies | Affiliated Entity | Life Sciences
Related Party Transaction [Line Items]
Face amount			$ 13,000,000				$ 10,800,000
Trading days effective for redemption | day			5
R2 Technologies | Affiliated Entity | Life Sciences | Minimum
Related Party Transaction [Line Items]
Interest rate			18%
R2 Technologies | Affiliated Entity | Life Sciences | Maximum
Related Party Transaction [Line Items]
Interest rate			20%
R2 Technologies | Affiliated Entity | 18.00% Note due 2023
Related Party Transaction [Line Items]
Face amount						$ 500,000
Interest rate						18%
R2 Technologies | Affiliated Entity | 18.00% Note due 2023 | Lancer Capital, LLC
Related Party Transaction [Line Items]
Face amount						$ 400,000
Interest rate						18%
R2 Technologies | Affiliated Entity | 18.00% Note due 2023 | Life Sciences
Related Party Transaction [Line Items]
Interest cost relating to contractual interest coupon			$ 500,000
R2 Technologies | Affiliated Entity | 20.00% Note due 2023 | Lancer Capital, LLC | Subsequent Event
Related Party Transaction [Line Items]
Face amount					$ 400,000
R2 Technologies | Affiliated Entity | 20.00% Note due 2023 | Life Sciences | Maximum | Subsequent Event
Related Party Transaction [Line Items]
Interest rate					20%

Operating Segments and Relate_3

Operating Segments and Related Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable geographic segments	1
Number of reportable operating segments	3

Operating Segments and Relate_4

Operating Segments and Related Information - Concentration of Risk, by Risk Factor (Details) - Sales Revenue, Net - Customer Concentration Risk - Infrastructure	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Customer A
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	28.10%	23.30%
Customer B
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage		11.80%

Operating Segments and Relate_5

Operating Segments and Related Information - Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 317.9	$ 412.8
(Loss) income from operations	(4)	0.7
Interest expense	(15.6)	(12.6)
Loss from equity investees	(4)	(0.5)
Other income (expense), net	16.5	(0.1)
Loss from operations before income taxes	(7.1)	(12.5)
Depreciation and Amortization	6.3	6.9
Total depreciation and amortization	10.2	10.6
Capital Expenditures	3.7	4.6
Infrastructure
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	311.7	401.9
Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	0.5	0.8
Spectrum
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	5.7	9.8
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Depreciation and Amortization	8.8	9
Infrastructure recognized within cost of revenue	3.9	3.7
Operating Segments | Infrastructure
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	311.7	402.2
(Loss) income from operations	6.3	11.9
Depreciation and Amortization	4.9	5.3
Capital Expenditures	3	2.9
Operating Segments | Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	0.5	0.8
(Loss) income from operations	(4.4)	(5)
Depreciation and Amortization	0.1	0.1
Capital Expenditures	0.1	0.1
Operating Segments | Spectrum
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	5.7	9.8
(Loss) income from operations	(0.5)	(0.4)
Depreciation and Amortization	1.3	1.5
Capital Expenditures	0.3	1.6
Operating Segments | Other
Revenues from External Customers and Long-Lived Assets [Line Items]
(Loss) income from operations	(1.4)	(0.1)
Non-operating Corporate
Revenues from External Customers and Long-Lived Assets [Line Items]
(Loss) income from operations	(4)	(5.7)
Capital Expenditures	$ 0.3	$ 0

Operating Segments and Relate_6

Operating Segments and Related Information - Long-term investments, Property and Equipment and Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	$ 7.7	$ 59.5
Equity Method Investments (included in Investments above)	3.1	43.6
Assets	1,044.1	1,151.7
Operating Segments | Infrastructure
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	832.7	879.3
Operating Segments | Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	7.7	7.6
Equity Method Investments (included in Investments above)	3.1	3
Assets	15	15.4
Operating Segments | Spectrum
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	182.7	188.2
Operating Segments | Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	0	51.9
Equity Method Investments (included in Investments above)	0	40.6
Assets	1	53.6
Non-operating Corporate
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	$ 12.7	$ 15.2

Basic and Diluted Loss Per Co_3

Basic and Diluted Loss Per Common Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	0
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,145,796

Basic and Diluted Loss Per Co_4

Basic and Diluted 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, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (8)	$ (14.1)
Net (income) loss attributable to noncontrolling interest and redeemable noncontrolling interest	(1)	1.7
Net loss attributable to INNOVATE Corp.	(9)	(12.4)
Less: Preferred dividends	1.2	1.2
Net loss attributable to common stockholders	(10.2)	(13.6)
Net loss attributable to common stockholders	$ (10.2)	$ (13.6)
Denominator for basic and diluted loss per share:
Weighted average common shares outstanding - basic (in shares)	77.7	77.3
Weighted average common shares outstanding - diluted (in shares)	77.7	77.3
Loss per share - basic and diluted
Basic (in usd per share)	$ (0.13)	$ (0.18)
Diluted (in usd per share)	$ (0.13)	$ (0.18)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured on Not Measured at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 06, 2023	Dec. 31, 2022
HMN
Liabilities
Ownership percentage sold		19%
Nonrecurring | Carrying Value
Assets
Other invested assets	$ 0		$ 11.3
Total assets not accounted for at fair value	0		11.3
Liabilities
Debt obligations	694.5		712.3
Total liabilities not accounted for at fair value	694.5		712.3
Nonrecurring | Estimated Fair Value
Assets
Other invested assets	0		11.3
Total assets not accounted for at fair value	0		11.3
Liabilities
Debt obligations	643.1		643
Total liabilities not accounted for at fair value	643.1		643
Nonrecurring | Estimated Fair Value | 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
Nonrecurring | Estimated Fair Value | Level 2
Assets
Other invested assets	0		0
Total assets not accounted for at fair value	0		0
Liabilities
Debt obligations	643.1		643
Total liabilities not accounted for at fair value	643.1		643
Nonrecurring | Estimated Fair Value | Level 3
Assets
Other invested assets	0		11.3
Total assets not accounted for at fair value	0		11.3
Liabilities
Debt obligations	0		0
Total liabilities not accounted for at fair value	$ 0		$ 0

Supplementary Financial Infor_3

Supplementary Financial Information- Schedule of Other (Expense) Income, net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Offsetting [Abstract]
Gain on sale of equity method investment		$ 0
Gain on step-up of equity method investment	$ 3.8	0
Other income (expense), net	0.4	(0.1)
Total	$ 16.5	$ (0.1)

Supplementary Financial Infor_4

Supplementary Financial Information - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents [Roll Forward]
Cash and cash equivalents, beginning of period	$ 80.4	$ 45.5
Restricted cash, beginning of period	0.3	2
Restricted cash included in other assets (non-current), beginning of period	1.5	0
Cash, cash equivalents and restricted cash, beginning of period	82.2	47.5
Cash and cash equivalents, end of period	16.6	26.4
Restricted cash, end of period	0	2
Restricted cash included in other assets (non-current), end of period	1.4	0
Cash, cash equivalents and restricted cash, end of period	18	28.4
Supplemental cash flow information:
Cash paid for interest	19.5	18.6
Cash paid for taxes, net of refunds	5	0.4
Noncash Investing and Financing Items [Abstract]
Property, plant and equipment included in accounts payable	$ 1.4	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)

1 Months Ended

3 Months Ended

May 09, 2023

May 08, 2023

May 09, 2023

Jul. 31, 2022

May 31, 2021

Mar. 31, 2023

Mar. 31, 2022

May 09, 2025

May 08, 2025

May 08, 2024

Apr. 25, 2023

Apr. 24, 2023

Feb. 23, 2021

Subsequent Event [Line Items]

Proceeds from line of credit

$ 40,000,000

$ 100,000,000

Non-Operating Corporate | DBMGi | Forecast

Subsequent Event [Line Items]

Interest rate

32%

16%

9%

Revolving Credit Facility | Revolving Credit Agreement | Line of Credit | Non-Operating Corporate

Subsequent Event [Line Items]

Face amount

$ 5,000,000

$ 20,000,000

Proceeds from line of credit

$ 15,000,000

$ 5,000,000

Subsequent Event | DBMGi

Subsequent Event [Line Items]

Issuance of common stock (in shares)

41,820.25

Subsequent Event | CGIC

Subsequent Event [Line Items]

Redemption of preferred stock

$ 7,100,000

Accrued dividend payable

$ 400,000

Subsequent Event | Non-Operating Corporate | CGIC

Subsequent Event [Line Items]

Face amount

$ 35,100,000

$ 35,100,000

Subsequent Event | Revolving Credit Facility | Revolving Credit Agreement | Line of Credit | Non-Operating Corporate

Subsequent Event [Line Items]

Asset sale prepayment requirement threshold

$ 10,000,000

$ 50,000,000

Proceeds from line of credit

$ 8,000,000

Line of credit outstanding

$ 13,000,000

Uncategorized Items - vate-2023

Label	Element	Value
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	4,995,150
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	$ 5.02