XML 19 R6.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 80.4 $ 45.5
Accounts receivable, net 254.9 247.1
Contract assets 165.1 118.6
Inventory 18.9 17.0
Restricted cash 0.3 2.0
Assets held for sale 0.0 1.5
Other current assets 16.8 10.9
Total current assets 536.4 442.6
Investments 59.5 56.0
Deferred tax asset 1.7 3.0
Property, plant and equipment, net 165.0 169.9
Goodwill 127.1 127.4
Intangibles, net 190.1 208.4
Other assets 71.9 73.3
Total assets 1,151.7 1,080.6
Current liabilities    
Accounts payable 202.5 179.2
Accrued liabilities 65.4 93.4
Current portion of debt obligations 30.6 69.5
Contract liabilities 98.6 79.1
Other current liabilities 20.1 18.3
Total current liabilities 417.2 439.5
Deferred tax liability 9.1 9.1
Debt obligations 683.8 556.8
Other liabilities 71.2 63.3
Total liabilities 1,181.3 1,068.7
Commitments and contingencies
Temporary equity    
Preferred stock 17.6 18.8
Redeemable noncontrolling interest 43.4 49.3
Total temporary equity 61.0 68.1
Stockholders’ deficit    
Common stock, $0.001 par value Shares authorized: 160,000,000 as of both December 31, 2022 and December 31, 2021 Shares issued: 80,216,028 and 79,225,964 as of December 31, 2022 and 2021, Shares outstanding: 78,787,768 and 77,836,748 as of December 31, 2022 and 2021, respectively 0.1 0.1
Additional paid-in capital 330.1 330.6
Treasury stock, at cost: 1,428,260 and 1,389,216 shares as of December 31, 2022 and 2021, respectively (5.3) (5.2)
Accumulated deficit (452.1) (416.2)
Accumulated other comprehensive income 5.9 6.4
Total INNOVATE Corp. stockholders’ deficit (121.3) (84.3)
Noncontrolling interest 30.7 28.1
Total stockholders’ deficit (90.6) (56.2)
Total liabilities, temporary equity and stockholders’ deficit $ 1,151.7 $ 1,080.6