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Operating Segment and Related Information (Tables) | 6 Months Ended
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Jun. 30, 2019
Segment Reporting [Abstract] |
Schedules of Concentration of Risk, by Risk Factor | The Company's revenue concentrations of 10% and greater are as follows:
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | Segment |  | 2019 |  | 2018 |  | 2019 |  | 2018
Customer A |  | Telecommunications |  | 10.4% |  | 11.9% |  | 10.5% |  | 11.3%
Summary of Company's Geographic and Operating Segments | Summary information with respect to the Company’s geographic and operating segments is as follows (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Net Revenue by Geographic Region |  |  |  |  |  |  |  |
United States |  | $ | 469.9 |  |  | $ | 423.0 |  |  | $ | 910.5 |  |  | $ | 835.4 |
United Kingdom |  | 38.8 |  |  | 65.4 |  |  | 81.0 |  |  | 101.8 |
Other |  | 9.9 |  |  | 8.4 |  |  | 18.5 |  |  | 13.3 |
Total |  | $ | 518.6 |  |  | $ | 496.8 |  |  | $ | 1,010.0 |  |  | $ | 950.5 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Net revenue |  |  |  |  |  |  |  |
Construction |  | $ | 195.7 |  |  | $ | 176.9 |  |  | $ | 387.8 |  |  | $ | 335.9 |
Marine Services |  | 39.4 |  |  | 68.4 |  |  | 81.8 |  |  | 105.1 |
Energy |  | 5.5 |  |  | 7.1 |  |  | 10.6 |  |  | 11.6 |
Telecommunications |  | 189.3 |  |  | 190.5 |  |  | 344.8 |  |  | 392.8 |
Insurance |  | 82.1 |  |  | 43.8 |  |  | 170.9 |  |  | 84.0 |
Broadcasting |  | 10.0 |  |  | 11.1 |  |  | 19.8 |  |  | 21.7 |
Other |  | — |  |  | 1.0 |  |  | — |  |  | 3.4 |
Eliminations (*) |  | (3.4 | ) |  | (2.0 | ) |  | (5.7 | ) |  | (4.0 | )
Total net revenue |  | $ | 518.6 |  |  | $ | 496.8 |  |  | $ | 1,010.0 |  |  | $ | 950.5 |
(*) The Insurance segment revenues are inclusive of realized and unrealized gains and net investment income for the three and six months ended June 30, 2019 and 2018 which are related to entities under common control which are eliminated or are reclassified in consolidation.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Income (loss) from operations |  |  |  |  |  |  |  |
Construction |  | $ | 16.2 |  |  | $ | 11.8 |  |  | $ | 21.9 |  |  | $ | 17.9 |
Marine Services |  | (2.7 | ) |  | 2.8 |  |  | (6.8 | ) |  | — |
Energy |  | (0.3 | ) |  | 1.5 |  |  | (0.7 | ) |  | 0.9 |
Telecommunications |  | 0.2 |  |  | 1.1 |  |  | 0.8 |  |  | 2.1 |
Insurance |  | 30.9 |  |  | 4.0 |  |  | 65.3 |  |  | 6.9 |
Life Sciences |  | (1.8 | ) |  | (6.6 | ) |  | (3.6 | ) |  | (9.8 | )
Broadcasting |  | (1.7 | ) |  | (8.4 | ) |  | (5.0 | ) |  | (16.1 | )
Other |  | — |  |  | (1.2 | ) |  | — |  |  | (1.4 | )
Non-operating Corporate |  | (6.5 | ) |  | (8.5 | ) |  | (13.7 | ) |  | (15.8 | )
Eliminations (*) |  | (3.4 | ) |  | (2.0 | ) |  | (5.7 | ) |  | (4.0 | )
Total income (loss) from operations |  | $ | 30.9 |  |  | $ | (5.5 | ) |  | $ | 52.5 |  |  | $ | (19.3 | )
(*) The Insurance segment revenues are inclusive of realized and unrealized gains and net investment income for the three and six months ended June 30, 2019 and 2018 which are related to transactions between entities under common control which are eliminated or are reclassified in consolidation. 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,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Income (loss) from operations |  | $ | 30.9 |  |  | $ | (5.5 | ) |  | $ | 52.5 |  |  | $ | (19.3 | )
Interest expense |  | (23.0 | ) |  | (17.2 | ) |  | (45.3 | ) |  | (36.5 | )
Gain on sale and deconsolidation of subsidiary |  | — |  |  | 102.1 |  |  | — |  |  | 102.1 |
Income from equity investees |  | 6.1 |  |  | 10.7 |  |  | 1.2 |  |  | 5.5 |
Gain on bargain purchase |  | 1.1 |  |  | — |  |  | 1.1 |  |  | — |
Other income (expense), net |  | (4.7 | ) |  | (0.9 | ) |  | (1.4 | ) |  | 0.2 |
Income from continuing operations |  | 10.4 |  |  | 89.2 |  |  | 8.1 |  |  | 52.0 |
Income tax expense |  | (1.2 | ) |  | (9.4 | ) |  | (5.2 | ) |  | (11.1 | )
Net income |  | 9.2 |  |  | 79.8 |  |  | 2.9 |  |  | 40.9 |
Less: Net (income) loss attributable to noncontrolling interest and redeemable noncontrolling interest |  | 0.2 |  |  | (24.4 | ) |  | 3.7 |  |  | (20.5 | )
Net income attributable to HC2 Holdings, Inc. |  | 9.4 |  |  | 55.4 |  |  | 6.6 |  |  | 20.4 |
Less: Preferred dividends, deemed dividends, and repurchase gains |  | 0.4 |  |  | 0.7 |  |  | (0.8 | ) |  | 1.4 |
Net income attributable to common stock and participating preferred stockholders |  | $ | 9.0 |  |  | $ | 54.7 |  |  | $ | 7.4 |  |  | $ | 19.0 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Depreciation and Amortization |  |  |  |  |  |  |  |
Construction |  | $ | 4.0 |  |  | $ | 1.7 |  |  | $ | 7.9 |  |  | $ | 3.2 |
Marine Services |  | 6.4 |  |  | 6.3 |  |  | 13.0 |  |  | 13.3 |
Energy |  | 1.5 |  |  | 1.3 |  |  | 2.9 |  |  | 2.7 |
Telecommunications |  | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  | 0.2 |
Insurance (*) |  | (6.0 | ) |  | (1.3 | ) |  | (12.5 | ) |  | (2.3 | )
Life Sciences |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Broadcasting |  | 1.5 |  |  | 0.8 |  |  | 2.9 |  |  | 1.5 |
Total |  | $ | 7.6 |  |  | $ | 9.0 |  |  | $ | 14.5 |  |  | $ | 18.7 |
(*) Balance includes amortization of negative VOBA, which increases net income.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Capital Expenditures (*) |  |  |  |  |  |  |  |
Construction |  | $ | 2.8 |  |  | $ | 2.9 |  |  | $ | 5.4 |  |  | $ | 4.1 |
Marine Services |  | 5.1 |  |  | 7.5 |  |  | 8.2 |  |  | 14.1 |
Energy |  | 0.2 |  |  | 0.4 |  |  | 0.3 |  |  | 1.2 |
Telecommunications |  | — |  |  | — |  |  | — |  |  | 0.1 |
Insurance |  | — |  |  | — |  |  | 0.2 |  |  | 0.3 |
Life Sciences |  | — |  |  | — |  |  | — |  |  | 0.1 |
Broadcasting |  | 4.7 |  |  | 0.2 |  |  | 5.1 |  |  | 0.3 |
Total |  | $ | 12.8 |  |  | $ | 11.0 |  |  | $ | 19.2 |  |  | $ | 20.2 |
(*) 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, 2019 |  | December 31, 2018
Investments |  |  |  |
Construction |  | $ | 0.9 |  |  | $ | 0.9 |
Marine Services |  | 65.9 |  |  | 58.3 |
Insurance |  | 4,213.7 |  |  | 3,821.4 |
Life Sciences |  | 15.7 |  |  | 16.3 |
Other |  | 3.3 |  |  | 5.6 |
Eliminations |  | (101.4 | ) |  | (80.5 | )
Total |  | $ | 4,198.1 |  |  | $ | 3,822.0 |
|  | June 30, 2019 |  | December 31, 2018
Property, plant and equipment, net |  |  |  |
United States |  | $ | 223.8 |  |  | $ | 178.2 |
United Kingdom |  | 187.6 |  |  | 192.7 |
Other |  | 5.0 |  |  | 5.4 |
Total |  | $ | 416.4 |  |  | $ | 376.3 |
|  | June 30, 2019 |  | December 31, 2018
Total Assets |  |  |  |
Construction |  | $ | 535.0 |  |  | $ | 537.9 |
Marine Services |  | 380.6 |  |  | 368.6 |
Energy |  | 122.1 |  |  | 77.6 |
Telecommunications |  | 122.5 |  |  | 139.9 |
Insurance |  | 5,517.5 |  |  | 5,213.1 |
Life Sciences |  | 38.3 |  |  | 35.6 |
Broadcasting |  | 245.2 |  |  | 202.8 |
Other |  | 3.4 |  |  | 5.6 |
Non-operating Corporate |  | 20.0 |  |  | 9.2 |
Eliminations |  | (101.4 | ) |  | (86.5 | )
Total |  | $ | 6,883.2 |  |  | $ | 6,503.8 |

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- Definition Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph b -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e9038-108599 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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