XML 37 R25.htm IDEA: XBRL DOCUMENT
v3.21.2

Operating Segment and Related Information | 6 Months Ended
--- | ---
Jun. 30, 2021
Segment Reporting [Abstract] |
Operating Segment and Related Information | 17. Operating Segment and Related Information The Company currently has one primary reportable geographic segment - United States. The Company has four reportable operating segments, plus our Other segment, based on management’s organization of the enterprise - Infrastructure, Life Sciences, Spectrum, Insurance, and Other. We also have included a Non-operating Corporate segment. All inter-segment revenues are eliminated. As a result of the sale of GMSL, ICS, and Beyond6, and in accordance with ASC 280, the Company no longer considers the results of operations and balance sheets of these entities and related subsidiaries as separate segments. Formerly part of the Marine Services, Telecommunications, and Clean Energy segments, these entities and the investment in HMN have been reclassified to the Other segment. In addition, as GMSL, ICS, Beyond6, and CIG are discontinued operations, all operating results of these entities have been reclassified to discontinued operations. This has been reflected in the tables below for both the current and historical periods presented. 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.
|  | 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 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration