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Acquisitions, Dispositions, and Deconsolidations (Tables) | 6 Months Ended
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Jun. 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 are summarized as follows (in millions):
Purchase Consideration at Fair Value |  |
Partial draw on new $110.0 million revolving credit facility |  | $ | 64.1 |
Sellers' notes |  | 49.6 |
Bankers Steel debt - assumed |  | 6.3 |
Cash |  | 25.0 |
Gross consideration |  | 145.0 |
Less: Transaction costs |  | 0.4 |
Less: Bankers debt - assumed |  | 6.3 |
Less: R&W premium paid by seller |  | 0.5 |
Net consideration |  | $ | 137.8 |
Cash and cash equivalents |  | $ | 9.3 |
Accounts receivable, net |  | 111.3 |
Costs recognized in earnings in excess of billings on uncompleted contracts |  | 1.9 |
Assets held for sale |  | 0.7 |
Other current assets |  | 7.3 |
Property, plant, and equipment, net |  | 62.6 |
Other assets |  | 40.2 |
Intangibles, net |  | 58.5 |
Goodwill |  | 10.3 |
Total assets to be acquired |  | 302.1 |
Accounts Payable |  | 39.1 |
Billings in excess of costs and recognized earnings on uncompleted contracts |  | 55.0 |
Other current liabilities |  | 29.6 |
Other liabilities |  | 34.2 |
Long-term debt, less current portion |  | 6.4 |
Total liabilities to be assumed |  | 164.3 |
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 six months ended June 30, 2021 for Banker Steel since the date of acquisition (in millions):
| Three Months Ended June 30, 2021 |  | Six Months Ended June 30, 2021
Revenue | $ | 39.5 |  |  | $ | 39.5 |
Net income from operations | $ | 1.3 |  |  | $ | 1.3 |
Net income attributable to HC2 Holdings | $ | 0.6 |  |  | $ | 0.6 |
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 June 30, 2021 |  | Three Months Ended June 30, 2020 |  | Six Months Ended June 30, 2021 |  | Six Months Ended June 30, 2020
Revenue | $ | 326.1 |  |  | $ | 252.5 |  |  | $ | 613.1 |  |  | $ | 517.0 |
Income (loss) from operations | $ | 1.5 |  |  | $ | (7.3) |  |  | $ | (7.1) |  |  | $ | (16.7) |
Net income (loss) attributable to HC2 Holdings | $ | (15.7) |  |  | $ | 10.5 |  |  | $ | (2.6) |  |  | $ | (70.3) |

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- 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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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