XML 55 R42.htm IDEA: XBRL DOCUMENT v3.22.4
Acquisitions (Tables)
 12 Months Ended
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' notes49.6 
Bankers Steel debt - assumed6.3 
Cash25.0 
Gross consideration145.0 
Less: Seller transaction costs - assumed0.4 
Less: Bankers debt - assumed6.3 
Less: R&W premium paid by seller0.5 
Net consideration$137.8 
Cash and cash equivalents$9.3 
Accounts receivable, net70.9 
Contract assets22.6 
Assets held for sale0.7 
Inventory5.7 
Other current assets1.7 
Property, plant, and equipment, net58.6 
Other assets40.1 
Intangibles, net60.8 
Goodwill16.7 
Total assets to be acquired287.1 
Accounts payable39.1 
Contract liabilities38.6 
Other current liabilities31.1 
Other liabilities34.2 
Long-term debt, less current portion6.3 
Total liabilities to be assumed149.3 
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)