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BUSINESS COMBINATIONS (Tables) | 6 Months Ended
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Jun. 30, 2015
Business Acquisition [Line Items] |
Schedule of Unaudited Consolidated Pro Forma Results of Operations | The following schedule presents unaudited consolidated pro forma results of operations data as if the acquisitions had occurred on January 1, 2014. 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 thousands):
|  | Three Months Ended June 30, 2014 |  |  | Six Months Ended June 30, 2014 |
Net revenue |  | $ | 212,518 |  |  | $ | 406,108 |
Net income (loss) from continuing operations |  |  | 6,489 |  |  |  | 12,645 |
Net income (loss) from discontinued operations |  |  | (52 | ) |  |  | (48 | )
Gain (loss) from sale of discontinued operations |  |  | - |  |  |  | (784 | )
Net income (loss) attributable to HC2 Holdings, Inc. |  | $ | 6,437 |  |  | $ | 11,813 |
Recorded Net Revenue and Net Income (Loss) | All expenditures incurred in connection with the acquisitions were expensed and are included in selling, general and administrative expenses. The Company recorded net revenue and net income (loss) as follows (in thousands):
|  | Three Months Ended June 30, 2015 |  |  | Six Months Ended June 30, 2015 |
|  | Net Revenue |  |  | Net Income (Loss) |  |  | Net Revenue |  |  | Net Income (Loss) |
Schuff |  | $ | 130,985 |  |  | $ | 5,889 |  |  | $ | 257,851 |  |  | $ | 9,086 |
ANG |  |  | 1,368 |  |  |  | (134 | ) |  |  | 2,591 |  |  |  | (247 | )
GMSL |  |  | 43,875 |  |  |  | 10,360 |  |  |  | 70,877 |  |  |  | 11,967 |
Schuff International, Inc [Member] |
Business Acquisition [Line Items] |
Schedule of Preliminary Purchase Price Allocation | The 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 |  |  | 24,490 |
Trade names |  |  | 4,478 |
Other assets |  |  | 2,947 |
Total assets acquired |  |  | 293,978 |
Accounts payable |  |  | 37,621 |
Accrued payroll and employee benefits |  |  | 11,668 |
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 |  |  | 7,693 |
Other liabilities |  |  | 604 |
Noncontrolling interest |  |  | 4,365 |
Total liabilities assumed |  |  | 161,581 |
Enterprise value |  |  | 132,397 |
Less fair value of noncontrolling interest |  |  | 53,647 |
Purchase price attributable to controlling interest |  | $ | 78,750 |
American Natural Gas [Member] |
Business Acquisition [Line Items] |
Schedule of Preliminary Purchase Price Allocation | The preliminary purchase price allocation is as follows (in thousands):
Cash and cash equivalents |  | $ | 15,704 |
Accounts receivable |  |  | 306 |
Prepaid expenses and other current assets |  |  | 31 |
Inventories |  |  | 27 |
Property and equipment, net |  |  | 1,921 |
Customer contracts |  |  | 2,700 |
Trade names |  |  | 6,300 |
Other assets |  |  | 2 |
Total assets acquired |  |  | 26,991 |
Accounts payable |  |  | 49 |
Accrued payroll and employee benefits |  |  | 5 |
Accrued expenses and other current liabilities |  |  | 26 |
Billings in excess of costs and recognized earnings on uncompleted contracts |  |  | 114 |
Current portion of long-term debt |  |  | 34 |
Long-term debt |  |  | 870 |
Deferred tax liability |  |  | 3,530 |
Total liabilities assumed |  |  | 4,628 |
Fair value of net assets acquired |  |  | 22,363 |
Less purchase price |  |  | 15,500 |
Less fair value of noncontrolling interest |  |  | 2,189 |
Excess of fair value of net assets over purchase price |  | $ | 4,674 |
Global Marine Systems Limited [Member] |
Business Acquisition [Line Items] |
Schedule of Preliminary Purchase Price Allocation | The preliminary purchase price allocation is as follows (in thousands):
Cash and cash equivalents |  | $ | 62,555 |
Accounts receivable |  |  | 26,183 |
Prepaid expenses and other current assets |  |  | 9,886 |
Inventories |  |  | 7,395 |
Restricted cash |  |  | 4,682 |
Property and equipment, net |  |  | 156,976 |
Customer contracts |  |  | 7,796 |
Trade name |  |  | 1,137 |
Developed technology |  |  | 1,624 |
Investments |  |  | 24,266 |
Other assets |  |  | 7,482 |
Total assets acquired |  |  | 309,982 |
Accounts payable |  |  | 8,965 |
Accrued expenses and other current liabilities |  |  | 34,767 |
Accrued income taxes |  |  | 1,251 |
Current portion of long-term debt |  |  | 8,140 |
Long-term debt |  |  | 78,356 |
Pension liability |  |  | 45,923 |
Deferred tax liability |  |  | 1,013 |
Other liabilities |  |  | 1,179 |
Total liabilities assumed |  |  | 179,594 |
Enterprise value |  |  | 130,388 |
Less fair value of noncontrolling interest |  |  | 3,803 |
Purchase price attributable to controlling interest |  | $ | 126,585 |

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