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Operating Segments and Related Information (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Company's Operating Segments | Financial information, including revenue and expenses, with respect to the Company’s operating segments, is as follows (in millions):
|  | Three Months Ended March 31, 2025
|  | Infrastructure |  | Life Sciences |  | Spectrum |  | Non-Operating Corporate |  | Other and Eliminations |  | INNOVATE
Revenue |  | $ | 264.9 |  |  | $ | 3.1 |  |  | $ | 6.2 |  |  | $ | — |  |  |  |  | $ | 274.2 |
Cost of revenue |  | 223.5 |  |  | 2.3 |  |  | 2.9 |  |  | — |  |  | — |  |  | 228.7 |
Selling, general and administrative expenses |  | 29.3 |  |  | 3.7 |  |  | 1.9 |  |  | 2.9 |  |  | — |  |  | 37.8 |
Depreciation and amortization |  | 3.1 |  |  | 0.1 |  |  | 1.2 |  |  | — |  |  | — |  |  | 4.4 |
Other operating income |  | (0.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.1) |
Income (loss) from operations |  | $ | 9.1 |  |  | $ | (3.0) |  |  | $ | 0.2 |  |  | $ | (2.9) |  |  | $ | — |  |  | $ | 3.4 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures (1) |  | $ | 4.1 |  |  | $ | 0.1 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.7 |
Investments (2) |  | $ | — |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 2.3 |  |  | $ | — |  |  | $ | 4.1 |
Total assets |  | $ | 671.9 |  |  | $ | 11.7 |  |  | $ | 178.3 |  |  | $ | 6.1 |  |  | $ | — |  |  | $ | 868.0 |
(1) Capital expenditures reflect cash expenditures for the three months ended March 31, 2025. (2) The Company's equity method investments in the Life Sciences segment totaled $0.9 million as of March 31, 2025.
|  | Three Months Ended March 31, 2024
|  | Infrastructure |  | Life Sciences |  | Spectrum |  | Non-Operating Corporate |  | Other and Eliminations |  | INNOVATE
Revenue |  | $ | 307.9 |  |  | $ | 1.0 |  |  | $ | 6.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 315.2 |
Cost of revenue |  | 263.1 |  |  | 0.6 |  |  | 2.9 |  |  | — |  |  | — |  |  | 266.6 |
Selling, general and administrative expenses |  | 30.9 |  |  | 3.5 |  |  | 1.9 |  |  | 3.2 |  |  | — |  |  | 39.5 |
Depreciation and amortization |  | 3.0 |  |  | 0.1 |  |  | 1.3 |  |  | — |  |  | — |  |  | 4.4 |
Other operating loss (1) |  | 1.6 |  |  | — |  |  | — |  |  | 0.3 |  |  | — |  |  | 1.9 |
Income (loss) from operations |  | $ | 9.3 |  |  | $ | (3.2) |  |  | $ | 0.2 |  |  | $ | (3.5) |  |  | $ | — |  |  | $ | 2.8 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures (2) |  | $ | 5.2 |  |  | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 5.6 |
|  | December 31, 2024
|  | Infrastructure |  | Life Sciences |  | Spectrum |  | Non-Operating Corporate |  | Other and Eliminations |  | INNOVATE
Investments (3) |  | $ | — |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 3.6 |
Total assets |  | $ | 683.6 |  |  | $ | 11.9 |  |  | $ | 178.9 |  |  | $ | 16.7 |  |  | $ | — |  |  | $ | 891.1 |
(1) Other operating loss for the three months ended March 31, 2024, primarily consisted of a loss on disposal related to a plant closure at our Infrastructure segment. (2) Capital expenditures reflect cash expenditures for the three months ended March 31, 2024. (3) The Company's equity method investments in the Life Sciences segment totaled $0.9 million as of December 31, 2024.
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Reconciliation of the consolidated segment income from operations to consolidated loss from operations before income taxes: |  |  |  |  |  |  |  |
Income from operations |  |  |  |  |  | $ | 3.4 |  |  | $ | 2.8 |
Interest expense |  |  |  |  |  | (20.2) |  |  | (17.2) |
Loss from equity investees |  |  |  |  |  | (5.9) |  |  | (1.2) |
Other income (expense), net |  |  |  |  |  | 4.0 |  |  | (1.2) |
Loss from operations before income taxes |  |  |  |  |  | $ | (18.7) |  |  | $ | (16.8) |

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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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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