Acquisitions, Dispositions, and Deconsolidations (Tables)

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Purchase Price Allocation

The preliminary allocation of the fair value of consideration transferred among the identified assets acquired, liabilities assumed, intangibles and residual goodwill are summarized as follows (in millions):

Purchase Consideration at Fair Value
Partial draw on new $110.0 million revolving credit facility	$	64.1
Sellers' notes	49.6
Bankers Steel debt - assumed	6.3
Cash	25.0
Gross consideration	145.0
Less: Transaction costs	0.4
Less: Bankers debt - assumed	6.3
Less: R&W premium paid by seller	0.5
Net consideration	$	137.8
Cash and cash equivalents	$	9.3
Accounts receivable, net	111.3
Costs recognized in earnings in excess of billings on uncompleted contracts	1.9
Assets held for sale	0.7
Other current assets	7.3
Property, plant, and equipment, net	62.6
Other assets	40.2
Intangibles, net	58.5
Goodwill	10.3
Total assets to be acquired	302.1
Accounts Payable	39.1
Billings in excess of costs and recognized earnings on uncompleted contracts	55.0
Other current liabilities	29.6
Other liabilities	34.2
Long-term debt, less current portion	6.4
Total liabilities to be assumed	164.3
Total net assets acquired	$	137.8

Business Acquisition, Pro Forma Information

The following schedule presents the unaudited results of operations data for the three and six months ended June 30, 2021 for Banker Steel since the date of acquisition (in millions):

	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
Revenue	$	39.5	$	39.5
Net income from operations	$	1.3	$	1.3
Net income attributable to HC2 Holdings	$	0.6	$	0.6

Pro Forma Adjusted Summary

The following schedule presents unaudited consolidated pro forma results of operations data as if the acquisition of Banker Steel had occurred on January 1, 2020. This information does not purport to be indicative of the actual results that would have occurred if the acquisitions had actually been completed on the date indicated, nor is it necessarily indicative of the future operating results or the financial position of the combined company (in millions):

	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020		Six Months Ended June 30, 2021		Six Months Ended June 30, 2020
Revenue	$	326.1	$	252.5	$	613.1	$	517.0
Income (loss) from operations	$	1.5	$	(7.3)	$	(7.1)	$	(16.7)
Net income (loss) attributable to HC2 Holdings	$	(15.7)	$	10.5	$	(2.6)	$	(70.3)