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Operating Segments and Related Information (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2025
|  | Infrastructure |  | Life Sciences |  | Spectrum |  | Non-Operating Corporate |  | Other and Eliminations |  | INNOVATE
Revenue |  | $ | 338.4 |  |  | $ | 3.1 |  |  | $ | 5.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 347.1 |
Cost of revenue |  | 292.3 |  |  | 2.2 |  |  | 2.9 |  |  | — |  |  | — |  |  | 297.4 |
Selling, general and administrative expenses |  | 27.0 |  |  | 3.6 |  |  | 2.0 |  |  | 7.0 |  |  | — |  |  | 39.6 |
Depreciation and amortization |  | 3.0 |  |  | 0.1 |  |  | 1.2 |  |  | — |  |  | — |  |  | 4.3 |
Other operating loss (income) (1) |  | 0.1 |  |  | — |  |  | (0.4) |  |  | — |  |  | — |  |  | (0.3) |
Income (loss) from operations |  | $ | 16.0 |  |  | $ | (2.8) |  |  | $ | (0.1) |  |  | $ | (7.0) |  |  | $ | — |  |  | $ | 6.1 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |
Capital cash expenditures |  | $ | 7.0 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 7.8 |
(1) Other operating income for the three months ended September 30, 2025, primarily consisted of a gain on legal settlement at the Company's Spectrum Segment.
|  | Three Months Ended September 30, 2024
|  | Infrastructure |  | Life Sciences |  | Spectrum |  | Non-Operating Corporate |  | Other and Eliminations |  | INNOVATE
Revenue |  | $ | 232.8 |  |  | $ | 3.0 |  |  | $ | 6.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 242.2 |
Cost of revenue |  | 189.1 |  |  | 2.0 |  |  | 2.9 |  |  | — |  |  | — |  |  | 194.0 |
Selling, general and administrative expenses |  | 28.3 |  |  | 4.2 |  |  | 1.9 |  |  | 3.0 |  |  | — |  |  | 37.4 |
Depreciation and amortization |  | 3.0 |  |  | 0.1 |  |  | 1.3 |  |  | — |  |  | — |  |  | 4.4 |
Other operating loss (1) |  | 0.1 |  |  | — |  |  | 0.4 |  |  | — |  |  | — |  |  | 0.5 |
Income (loss) from operations |  | $ | 12.3 |  |  | $ | (3.3) |  |  | $ | (0.1) |  |  | $ | (3.0) |  |  | $ | — |  |  | $ | 5.9 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |
Capital cash expenditures |  | $ | 2.8 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.1 |
(1) Other operating loss for the three months ended September 30, 2024, primarily comprised lease termination settlement costs at the Company's Spectrum Segment.
|  | Nine Months Ended September 30, 2025
|  | Infrastructure |  | Life Sciences |  | Spectrum |  | Non-Operating Corporate |  | Other and Eliminations |  | INNOVATE
Revenue |  | $ | 836.4 |  |  | $ | 9.4 |  |  | $ | 17.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 863.3 |
Cost of revenue |  | 707.2 |  |  | 6.6 |  |  | 8.7 |  |  | — |  |  | — |  |  | 722.5 |
Selling, general and administrative expenses |  | 83.1 |  |  | 11.1 |  |  | 5.8 |  |  | 12.5 |  |  | — |  |  | 112.5 |
Depreciation and amortization |  | 9.2 |  |  | 0.3 |  |  | 3.6 |  |  | — |  |  | — |  |  | 13.1 |
Other operating loss (income) (1) |  | 1.2 |  |  | — |  |  | (0.4) |  |  | — |  |  | — |  |  | 0.8 |
Income (loss) from operations |  | $ | 35.7 |  |  | $ | (8.6) |  |  | $ | (0.2) |  |  | $ | (12.5) |  |  | $ | — |  |  | $ | 14.4 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |
Capital cash expenditures |  | $ | 16.2 |  |  | $ | — |  |  | $ | 2.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 18.6 |
(1) Other operating loss for the nine months ended September 30, 2025, primarily consisted of a loss on lease modification and losses on the sales of various properties at the Company's Infrastructure segment, partially offset by a gain on legal settlement at the Company's Spectrum Segment.
|  | Nine Months Ended September 30, 2024
|  | Infrastructure |  | Life Sciences |  | Spectrum |  | Non-Operating Corporate |  | Other and Eliminations |  | INNOVATE
Revenue |  | $ | 845.9 |  |  | $ | 5.7 |  |  | $ | 18.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 870.5 |
Cost of revenue |  | 695.7 |  |  | 3.7 |  |  | 8.7 |  |  | — |  |  | — |  |  | 708.1 |
Selling, general and administrative expenses |  | 93.0 |  |  | 12.2 |  |  | 5.6 |  |  | 9.0 |  |  | — |  |  | 119.8 |
Depreciation and amortization |  | 8.9 |  |  | 0.3 |  |  | 3.9 |  |  | 0.1 |  |  | — |  |  | 13.2 |
Other operating (income) loss (1) |  | (8.8) |  |  | — |  |  | 0.5 |  |  | 0.2 |  |  | — |  |  | (8.1) |
Income (loss) from operations |  | $ | 57.1 |  |  | $ | (10.5) |  |  | $ | 0.2 |  |  | $ | (9.3) |  |  | $ | — |  |  | $ | 37.5 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |
Capital cash expenditures |  | $ | 10.7 |  |  | $ | 0.1 |  |  | $ | 1.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 11.8 |
(1) Other operating income for the nine months ended September 30, 2024, primarily consisted of a gain on lease modification at the Company's Infrastructure segment, which was partially offset by lease termination settlement costs at the Company's Spectrum segment.
Certain balance sheet data: |  |  |  |  |  |  |  |  |  |  |  |
|  | September 30, 2025
|  | Infrastructure |  | Life Sciences |  | Spectrum |  | Non-Operating Corporate |  | Other and Eliminations |  | INNOVATE
Investments (1) |  | $ | — |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1.8 |
Total assets |  | $ | 724.6 |  |  | $ | 10.1 |  |  | $ | 173.5 |  |  | $ | 5.0 |  |  | $ | — |  |  | $ | 913.2 |
|  | December 31, 2024
|  | Infrastructure |  | Life Sciences |  | Spectrum |  | Non-Operating Corporate |  | Other and Eliminations |  | INNOVATE
Investments (1) |  | $ | — |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 3.6 |
Total assets |  | $ | 683.6 |  |  | $ | 11.9 |  |  | $ | 178.9 |  |  | $ | 16.7 |  |  | $ | — |  |  | $ | 891.1 |
(1) The Company's equity method investments in its Life Sciences segment totaled $0.9 million as of both September 30, 2025 and December 31, 2024, respectively.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Reconciliation of the consolidated segment income from operations to consolidated loss from operations before income taxes: |  |  |  |  |  |  |  |
Income from operations |  | $ | 6.1 |  |  | $ | 5.9 |  |  | $ | 14.4 |  |  | $ | 37.5 |
Interest expense |  | (23.4) |  |  | (21.2) |  |  | (65.0) |  |  | (54.9) |
Loss from equity investees |  | — |  |  | — |  |  | (5.9) |  |  | (2.3) |
Other income, net |  | 0.6 |  |  | 2.2 |  |  | 4.3 |  |  | 1.2 |
Loss from operations before income taxes |  | $ | (16.7) |  |  | $ | (13.1) |  |  | $ | (52.2) |  |  | $ | (18.5) |

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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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