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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 38.4 $ 80.8
Accounts receivable, net 269.3 278.4
Contract assets 82.2 118.6
Inventory 21.8 22.4
Assets held for sale 3.8 3.1
Other current assets 13.1 14.6
Total current assets 428.6 517.9
Investments 1.8 1.8
Deferred tax asset 1.9 2.0
Property, plant and equipment, net 146.8 154.6
Goodwill 126.9 127.1
Intangibles, net 177.1 178.9
Other assets 60.4 61.3
Total assets 943.5 1,043.6
Current liabilities    
Accounts payable 122.9 142.9
Accrued liabilities 50.5 70.8
Current portion of debt obligations 34.2 30.5
Contract liabilities 125.4 153.5
Other current liabilities 16.0 16.1
Total current liabilities 349.0 413.8
Deferred tax liability 4.2 4.1
Debt obligations 641.5 679.3
Other liabilities 83.4 82.7
Total liabilities 1,078.1 1,179.9
Commitments and contingencies
Temporary equity    
Redeemable non-controlling interest (1.2) (1.0)
Total temporary equity 38.6 15.4
Stockholders’ deficit    
Common stock, $0.001 par value Shares authorized: 160,000,000 as of both March 31, 2024 and December 31, 2023 Shares issued: 81,373,919 and 80,722,983 as of March 31, 2024 and December 31, 2023, respectively Shares outstanding: 79,885,927 and 79,234,991 as of March 31, 2024 and December 31, 2023, respectively 0.1 0.1
Additional paid-in capital 327.7 328.2
Treasury stock, at cost: 1,487,992 shares as of both March 31, 2024 and December 31, 2023 (5.4) (5.4)
Accumulated deficit (504.7) (487.3)
Accumulated other comprehensive loss (2.1) (1.1)
Total INNOVATE Corp. stockholders’ deficit (184.4) (165.5)
Non-controlling interest 11.2 13.8
Total stockholders’ deficit (173.2) (151.7)
Total liabilities, temporary equity and stockholders’ deficit 943.5 1,043.6
Series A-3 , A-4 And C Preferred Stock    
Temporary equity    
Preferred Stock Series A-3, Preferred Stock Series A-4, and Preferred Stock Series C, $0.001 par value Shares authorized: 20,000,000 as of both March 31, 2024 and December 31, 2023 Shares issued and outstanding: 6,125 of Series A-3, 10,000 of Series A-4 and 25,000 of Series C as of March 31, 2024; and 6,125 of Series A-3, 10,000 of Series A-4 and zero of Series C as of December 31, 2023 $ 39.8 $ 16.4