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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Purchase Price Allocation | The allocation of the fair value of consideration transferred among the identified assets acquired, liabilities assumed, intangibles and residual goodwill is 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: Seller transaction costs - assumed |  | 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 |  | 70.9 |
Contract assets |  | 22.6 |
Assets held for sale |  | 0.7 |
Inventory |  | 5.7 |
Other current assets |  | 1.7 |
Property, plant, and equipment, net |  | 58.6 |
Other assets |  | 40.1 |
Intangibles, net |  | 60.8 |
Goodwill |  | 16.7 |
Total assets to be acquired |  | 287.1 |
Accounts payable |  | 39.1 |
Contract liabilities |  | 38.6 |
Other current liabilities |  | 31.1 |
Other liabilities |  | 34.2 |
Long-term debt, less current portion |  | 6.3 |
Total liabilities to be assumed |  | 149.3 |
Total net assets acquired |  | $ | 137.8 |
Schedule of Business Acquisitions, by Acquisition | The following table presents the results of operations data for the year ended December 31, 2021 for Banker Steel from the date of acquisition (in millions):
|  | Year Ended December 31, 2021
Revenue |  | $ | 265.9 |
Income from operations |  | $ | 15.5 |
Net income attributable to INNOVATE |  | $ | 8.8 |
Schedule of Business Acquisition Pro Forma Information | The following table presents unaudited consolidated pro forma results of operations data as if the acquisition of Banker Steel had occurred at the beginning of 2021. 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):
|  | Year Ended December 31, 2021
Revenue |  | $ | 1,402.7 |
Income from operations |  | $ | 0.9 |
Net loss attributable to INNOVATE |  | $ | (219.2) |

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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 https://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 https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://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 https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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