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Operating Segment and Related Information (Tables) | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Summary of Company's Operating Segments | 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.
Segment Reporting for Long-term investments, Property and Equipment - Net and Assets |
|  | 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 |

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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=123359005&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=123359005&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=123359005&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=121556970&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 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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