Operating Segment and Related Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Summary of Company's Operating Segments

Summary information with respect to the Company’s operating segments is as follows (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Revenue
Infrastructure	$	232.0	$	172.3	$	393.3	$	348.8
Life Sciences	1.2		—		1.2		—
Spectrum	10.6		9.5		21.1		19.6
Total revenue	$	243.8	$	181.8	$	415.6	$	368.4

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Income (loss) from operations
Infrastructure	$	2.2	$	4.5	$	4.4	$	7.1
Life Sciences	(4.5)		(3.5)		(9.3)		(6.7)
Spectrum	1.4		(1.2)		0.2		(4.1)
Other	(0.2)		(0.7)		(0.6)		(1.7)
Non-operating Corporate	(6.6)		(8.0)		(13.3)		(17.1)
Total loss from operations	$	(7.7)	$	(8.9)	$	(18.6)	$	(22.5)

A reconciliation of the Company's consolidated segment operating income to consolidated earnings before income taxes is as follows (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Loss from operations	$	(7.7)	$	(8.9)	$	(18.6)	$	(22.5)
Interest expense	(12.4)		(19.1)		(33.8)		(38.3)
Loss on early extinguishment or restructuring of debt	(1.6)		(3.4)		(12.4)		(9.2)
Income (loss) from equity investees	0.2		(0.2)		(1.9)		(2.7)
Other income	0.4		64.6		3.8		66.1
(Loss) income from continuing operations before income taxes	(21.1)		33.0		(62.9)		(6.6)
Income tax expense	(2.6)		(12.0)		(3.7)		(2.3)
(Loss) income from continuing operations	(23.7)		21.0		(66.6)		(8.9)
(Loss) income from discontinued operations (including gain on disposal of $40.4 million and loss on disposal of $39.3 million for the six months ended June 30, 2021 and 2020, respectively)	(1.5)		7.5		50.4		(63.6)
Net (loss) income	(25.2)		28.5		(16.2)		(72.5)
Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	1.7		(15.4)		5.3		2.5
Net (loss) income attributable to HC2 Holdings, Inc.	(23.5)		13.1		(10.9)		(70.0)
Less: Preferred dividends and deemed dividends from conversions	0.2		0.4		0.6		0.8
Net (loss) income attributable to common stock and participating preferred stockholders	$	(23.7)	$	12.7	$	(11.5)	$	(70.8)

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Depreciation and Amortization
Infrastructure	$	3.3	$	2.7	$	5.7	$	5.3
Life Sciences	0.1		0.1		0.1		0.1
Spectrum	1.4		1.7		2.9		3.4
Total	4.8		4.5		8.7		8.8
Depreciation expense recognized within cost of revenue	2.8		2.3		5.0		4.6
Total depreciation and amortization	$	7.6	$	6.8	$	13.7	$	13.4

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Capital Expenditures (*)
Infrastructure	$	3.9	$	1.1	$	5.5	$	3.4
Life Sciences	0.3		0.1		0.5		0.1
Spectrum	0.6		3.7		2.0		6.4
Non-operating Corporate	—		0.1		—		0.1
Total	$	4.8	$	5.0	$	8.0	$	10.0

(*) The above capital expenditures exclude assets acquired under terms of capital lease and vendor financing obligations.

Segment Reporting for Long-term investments, Property and Equipment - Net and Assets

	June 30, 2021		December 31, 2020
Investments
Infrastructure	$	0.9	$	0.9
Life Sciences	15.1		18.4
Other	37.1		36.1
Total	$	53.1	$	55.4

	June 30, 2021		December 31, 2020
Total Assets
Infrastructure	$	858.9	$	494.8
Life Sciences	20.4		21.4
Spectrum	206.0		213.6
Insurance	5,849.0		5,854.0
Other	40.8		167.3
Non-operating Corporate	4.2		30.1
Eliminations	(43.4)		(38.4)
Total	$	6,935.9	$	6,742.8