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Acquisitions, Dispositions, and Deconsolidations (Tables)
 9 Months Ended
Sep. 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 is summarized as follows (in millions):
Purchase Consideration at Fair Value
Partial draw on new $110.0 million revolving credit facility
$64.1 
Sellers' notes49.6 
Bankers Steel debt - assumed6.3 
Cash25.0 
Gross consideration145.0 
Less: Seller transaction costs - assumed0.4 
Less: Bankers debt - assumed6.3 
Less: R&W premium paid by seller0.5 
Net consideration$137.8 
Cash and cash equivalents$9.3 
Accounts receivable, net111.3 
Contract assets1.9 
Assets held for sale0.7 
Inventory5.7 
Other current assets1.6 
Property, plant, and equipment, net58.6 
Other assets40.2 
Intangibles, net61.4 
Goodwill12.1 
Total assets to be acquired302.8 
Accounts Payable39.1 
Contract liabilities55.0 
Other current liabilities30.3 
Other liabilities34.2 
Long-term debt, less current portion6.4 
Total liabilities to be assumed165.0 
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 nine months ended September 30, 2021 for Banker Steel since the date of acquisition (in millions):
Three Months Ended September 30, 2021Nine Months Ended September 30, 2021
Revenue$114.3 $153.8 
Net income from operations$6.0 $7.3 
Net income attributable to INNOVATE$3.9 $4.5 

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 September 30, 2020Nine Months Ended September 30, 2021Nine Months Ended September 30, 2020
Revenue$271.3 $1,007.9 $788.3 
Income (loss) from operations$(5.8)$(6.0)$(22.5)
Net loss attributable to INNOVATE$(9.0)$(214.5)$(79.3)