XML 107 R30.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Business Combinations (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2014
Business Combinations [Abstract] |
Schedule of Preliminary Purchase Price Allocation | The preliminary purchase price allocation is as follows (in thousands):
Cash and cash equivalents |  | $ | (627 | )
Investments |  |  | 1,714 |
Accounts receivable |  |  | 130,622 |
Costs and recognized earnings in excess of billings on uncompleted contracts |  |  | 27,126 |
Prepaid expenses and other current assets |  |  | 3,079 |
Inventories |  |  | 14,487 |
Property and equipment, net |  |  | 85,662 |
Goodwill |  |  | 24,533 |
Trade names |  |  | 4,478 |
Other assets |  |  | 1,826 |
Total assets acquired |  |  | 292,900 |
Accounts payable |  |  | 37,621 |
Accrued payroll and employee benefits |  |  | 10,468 |
Accrued expenses and other current liabilities |  |  | 12,532 |
Billings in excess of costs and recognized earnings on uncompleted contracts |  |  | 65,985 |
Accrued income taxes |  |  | 1,202 |
Accrued interest |  |  | 76 |
Current portion of long-term debt |  |  | 15,460 |
Long-term debt |  |  | 4,375 |
Deferred tax liability |  |  | 7,815 |
Other liabilities |  |  | 604 |
Noncontrolling interest |  |  | 4,365 |
Total liabilities assumed |  |  | 160,503 |
Enterprise value |  |  | 132,397 |
Less fair value of noncontrolling interest |  |  | 53,647 |
Purchase price attributable to controlling interest |  | $ | 78,750 |
Schedule of Acquired Amortizable Intangible Assets and Related Estimated Useful Lives | The acquired amortizable intangible assets and the related estimated useful lives consist of the following (in thousands):
|  | Preliminary Estimated Useful Lives |  |  | Preliminary Estimated Value May 29, 2014 |
Trade names |  |  | 15 years |  |  | $ | 4,478 |
Total intangible assets |  |  |  |  |  | $ | 4,478 |
Schedule of Unaudited Consolidated Pro Forma Results of Operations | The following schedule presents unaudited consolidated pro forma results of operations data as if the Schuff acquisition had occurred on January 1, 2013. This information does not purport to be indicative of the actual results that would have occurred if the acquisition 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 thousands, except per share amounts):
|  | Three Months Ended June 30, |
|  | 2014 |  |  | 2013 |
Net revenue |  | $ | 169,184 |  |  | $ | 158,080 |
Net income (loss) from continuing operations |  |  | (1,320 | ) |  |  | 4,317 |
Net income (loss) from discontinued operations |  |  | 4 |  |  |  | (567 | )
Gain (loss) from sale of discontinued operations |  |  | — |  |  |  | 135,045 |
Net income (loss) attributable to HC2 Holdings, Inc. |  | $ | (1,316 | ) |  | $ | 138,795 |
Basic income (loss) per common share: |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to HC2 Holdings, Inc. |  | $ | (0.08 | ) |  | $ | 0.31 |
Income (loss) from discontinued operations |  |  | — |  |  |  | (0.04 | )
Gain (loss) from sale of discontinued operations |  |  | — |  |  |  | 9.67 |
Net income (loss) attributable to HC2 Holdings, Inc. |  | $ | (0.08 | ) |  | $ | 9.94 |
Diluted income (loss) per common share: |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to HC2 Holdings, Inc. |  | $ | (0.08 | ) |  | $ | 0.30 |
Income (loss) from discontinued operations |  |  | — |  |  |  | (0.04 | )
Gain (loss) from sale of discontinued operations |  |  | — |  |  |  | 9.35 |
Net income (loss) attributable to HC2 Holdings, Inc. |  | $ | (0.08 | ) |  | $ | 9.61 |
|  | Six Months Ended June 30, |
|  | 2014 |  |  | 2013 |
Net revenue |  | $ | 317,681 |  |  | $ | 305,000 |
Net income (loss) from continuing operations |  |  | (3,416 | ) |  |  | (516 | )
Net income (loss) from discontinued operations |  |  | 12 |  |  |  | 1,819 |
Gain (loss) from sale of discontinued operations |  |  | (784 | ) |  |  | 135,045 |
Net income (loss) attributable to HC2 Holdings, Inc. |  | $ | (4,188 | ) |  | $ | 136,348 |
Basic income (loss) per common share: |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to HC2 Holdings, Inc. |  | $ | (0.22 | ) |  | $ | (0.04 | )
Income (loss) from discontinued operations |  |  | — |  |  |  | 0.13 |
Gain (loss) from sale of discontinued operations |  |  | (0.05 | ) |  |  | 9.69 |
Net income (loss) attributable to HC2 Holdings, Inc. |  | $ | (0.27 | ) |  | $ | 9.78 |
Diluted income (loss) per common share: |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to HC2 Holdings, Inc. |  | $ | (0.22 | ) |  | $ | (0.04 | )
Income (loss) from discontinued operations |  |  | — |  |  |  | 0.13 |
Gain (loss) from sale of discontinued operations |  |  | (0.05 | ) |  |  | 9.69 |
Net income (loss) attributable to HC2 Holdings, Inc. |  | $ | (0.27 | ) |  | $ | 9.78 |

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration