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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2018	Feb. 28, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Registrant Name	HC2 Holdings, Inc.
Entity Central Index Key	0001006837
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		44,971,835
Entity Public Float			$ 249,795,386

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Revenue	$ 1,774.1	$ 1,482.5	$ 1,415.7
Life, accident and health earned premiums, net	94.4	80.5	79.4
Net investment income	116.6	66.1	58.0
Net realized and unrealized gains (losses) on investments	(8.4)	5.0	5.0
Net revenue	1,976.7	1,634.1	1,558.1
Operating expenses
Cost of revenue	1,585.2	1,313.1	1,254.0
Policy benefits, changes in reserves, and commissions	197.3	108.7	123.2
Selling, general and administrative	218.4	182.8	152.9
Depreciation and amortization	31.7	31.3	24.5
Other operating (income) expenses	(0.1)	(0.7)	5.0
Total operating expenses	2,032.5	1,635.2	1,559.6
Loss from operations	(55.8)	(1.1)	(1.5)
Interest expense	(75.7)	(55.1)	(43.4)
Gain on sale and deconsolidation of subsidiary	105.1	0.0	0.0
Gain (loss) on contingent consideration	(0.8)	11.4	(8.9)
Income from equity investees	15.4	17.8	10.8
Gain on bargain purchase	115.4	0.0	0.0
Other income (expenses), net	78.7	(12.8)	(2.8)
Income (loss) from continuing operations before income taxes	182.3	(39.8)	(45.8)
Income tax expense	(2.4)	(10.7)	(51.6)
Net income (loss)	179.9	(50.5)	(97.4)
Less: Net (income) loss attributable to noncontrolling interest and redeemable noncontrolling interests	(17.9)	3.6	2.9
Net income (loss) attributable to HC2 Holdings, Inc.	162.0	(46.9)	(94.5)
Less: Preferred stock and deemed dividends	6.4	2.8	10.9
Net income (loss) attributable to common stock and participating preferred stockholders	$ 155.6	$ (49.7)	$ (105.4)
Income (loss) per common share:
Basic (in dollars per share)	$ 3.14	$ (1.16)	$ (2.83)
Diluted (in dollars per share)	$ 2.90	$ (1.16)	$ (2.83)
Weighted average common shares outstanding:
Basic (in shares)	44.3	42.8	37.3
Diluted (in shares)	46.8	42.8	37.3

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ 179.9	$ (50.5)	$ (97.4)
Other comprehensive income (loss)
Foreign currency translation adjustment	4.1	7.9	(4.9)
Unrealized gains (losses) on available-for-sale securities	(158.2)	55.6	21.2
Actuarial loss on pension plan	(6.7)	(0.1)	(2.6)
Other comprehensive income (loss)	(160.8)	63.4	13.7
Comprehensive income (loss)	19.1	12.9	(83.7)
Comprehensive loss (income) attributable to noncontrolling interests and redeemable noncontrolling interests	(15.1)	3.6	2.9
Comprehensive income (loss) attributable to HC2 Holdings, Inc.	$ 4.0	$ 16.5	$ (80.8)

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Investments:
Fixed maturity securities, available-for-sale at fair value	$ 3,391.6	$ 1,340.6
Equity securities	200.5	47.5
Mortgage loans		52.1
Policy loans		17.9
Other invested assets	72.5	85.4
Total investments	3,822.0	1,543.5
Cash and cash equivalents	325.0	97.9
Accounts receivable, net	379.2	322.4
Recoverable from reinsurers	1,000.2	526.3
Deferred tax asset	2.1	1.7
Property, plant, and equipment, net	376.3	374.7
Goodwill	171.7	131.7
Intangibles, net	219.2	117.1
Other assets	208.1	102.4
Total assets	6,503.8	3,217.7
Liabilities, temporary equity and stockholders’ equity
Life, accident and health reserves	4,562.1	1,694.0
Annuity reserves	245.2	243.2
Value of business acquired	244.6	43.0
Accounts payable and other current liabilities	344.9	347.5
Deferred tax liability	30.3	10.7
Debt obligations	743.9	593.2
Other liabilities	110.8	70.1
Total liabilities	6,281.8	3,001.7
Commitments and contingencies
Temporary equity
Preferred stock	20.3	26.3
Redeemable noncontrolling interest	8.0	1.6
Total temporary equity	28.3	27.9
Stockholders’ equity
Common stock	0.0	0.0
Additional paid-in capital	260.5	254.7
Treasury stock, at cost: 483,579 and 379,178 at December 31, 2018 and December 31, 2017, respectively	(2.6)	(2.1)
Accumulated deficit	(57.2)	(221.2)
Accumulated other comprehensive income (loss)	(112.6)	41.7
Total HC2 Holdings, Inc. stockholders’ equity	88.1	73.1
Noncontrolling interest	105.6	115.0
Total stockholders’ equity	193.7	188.1
Total liabilities, temporary equity and stockholders’ equity	$ 6,503.8	$ 3,217.7

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock (in shares)	80,000,000	80,000,000
Common stock, shares issued (in shares)	45,391,397	44,570,004
Common stock, shares outstanding (in shares)	44,907,818	44,190,826
Treasury stock (in shares)	483,579	379,178

Consolidated Statement of Stockholders' Equity - USD ($) $ in Millions	Total	Total HC2 Stockholders' Equity	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interest	Temporary Equity
Beginning balance (in shares) at Dec. 31, 2015			35,300,000
Beginning balance at Dec. 31, 2015	$ 117.5	$ 93.9	$ 0.0	$ 209.5	$ (0.4)	$ (79.8)	$ (35.4)	$ 23.6	$ 55.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend to noncontrolling interest	(0.8)							(0.8)
Share-based compensation expense	8.3	8.3		8.3
Fair value adjustment of redeemable noncontrolling interest	(0.5)	(0.5)		(0.5)					0.5
Taxes paid in lieu of shares issued for share-based compensation (in shares)			(200,000)
Taxes paid in lieu of shares issued for share-based compensation	(1.0)	(1.0)			(1.0)
Preferred stock dividend and accretion	(2.9)	(2.9)		(2.9)
Amortization of issuance costs and beneficial conversion feature	(0.6)	(0.6)		(0.6)					0.6
Issuance of common stock (in shares)			300,000
Issuance of common stock	0.0
Conversion of preferred stock to common stock (in shares)			6,500,000
Conversion of preferred stock to common stock	21.4	21.4	$ 0.0	21.4					(23.8)
Transactions with noncontrolling interests	8.3	6.3		6.3				2.0	0.3
Net income (loss)	(96.0)	(94.5)				(94.5)		(1.5)
Net loss	(97.4)								(1.4)
Other comprehensive income	13.7	13.7					13.7
Ending balance (in shares) at Dec. 31, 2016			41,900,000
Ending balance at Dec. 31, 2016	67.4	44.1	$ 0.0	241.5	(1.4)	(174.3)	(21.7)	23.3	31.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend to noncontrolling interest	(0.8)							(0.8)
Share-based compensation expense	7.3	7.3		7.3
Fair value adjustment of redeemable noncontrolling interest	$ (1.1)	(1.1)		(1.1)					1.1
Exercise of stock options (in shares)	134,539		100,000
Exercise of stock options	$ 0.5	0.5		0.5
Taxes paid in lieu of shares issued for share-based compensation (in shares)			(100,000)
Taxes paid in lieu of shares issued for share-based compensation	(0.7)	(0.7)			(0.7)
Preferred stock dividend and accretion	(2.1)	(2.1)		(2.1)
Amortization of issuance costs and beneficial conversion feature	(0.1)	(0.1)		(0.1)					0.1
Issuance of common stock for acquisition of business (in shares)			1,000,000
Issuance of common stock for acquisition of business	5.0	5.0		5.0
Issuance of common stock (in shares)			500,000
Issuance of common stock	0.3	0.3		0.3
Conversion of preferred stock to common stock (in shares)			800,000
Conversion of preferred stock to common stock	2.7	2.7		2.7					(3.2)
Transactions with noncontrolling interests	94.1	0.7		0.7				93.4	0.7
Net income (loss)	(47.8)	(46.9)				(46.9)		(0.9)
Net loss	(50.5)								(2.7)
Other comprehensive income	63.4	63.4					63.4
Ending balance (in shares) at Dec. 31, 2017			44,200,000
Ending balance at Dec. 31, 2017	188.1	73.1	$ 0.0	254.7	(2.1)	(221.2)	41.7	115.0	27.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend to noncontrolling interest	(22.0)	5.1		1.5			3.6	(27.1)	6.2
Share-based compensation expense	12.7	12.7		12.7
Fair value adjustment of redeemable noncontrolling interest	$ (2.5)	(2.5)		(2.5)					2.5
Exercise of stock options (in shares)	274,037		100,000
Exercise of stock options	$ 0.2	0.2		0.2
Taxes paid in lieu of shares issued for share-based compensation (in shares)			(100,000)
Taxes paid in lieu of shares issued for share-based compensation	(0.5)	(0.5)			(0.5)
Preferred stock dividend and accretion	(5.7)	(5.7)		(5.7)
Amortization of issuance costs and beneficial conversion feature	(0.1)	(0.1)		(0.1)					0.1
Issuance of common stock (in shares)			700,000
Purchase of preferred stock by subsidiary	0.2	0.2		0.2					(6.1)
Other	(0.5)	(0.5)		(0.5)
Net income (loss)	181.1	162.0				162.0		19.1
Net loss	179.9								(1.2)
Other comprehensive income	(160.8)
Other comprehensive loss	(159.7)	(158.0)					(158.0)	(1.7)	(1.1)
Ending balance (in shares) at Dec. 31, 2018			44,900,000
Ending balance at Dec. 31, 2018	$ 193.7	$ 88.1	$ 0.0	$ 260.5	$ (2.6)	$ (57.2)	$ (112.6)	$ 105.6	$ 28.3

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net loss	$ 179.9	$ (50.5)	$ (97.4)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Provision for doubtful accounts receivable	2.6	0.1	2.9
Share-based compensation expense	9.0	5.2	8.3
Depreciation and amortization	38.7	36.6	28.9
Amortization of deferred financing costs and debt discount	7.4	6.1	3.3
Amortization of (discount) premium on investments	6.2	8.0	11.4
(Gain) loss on sale or disposal of assets	(1.1)	(2.8)	2.4
(Gain) loss on sale and deconsolidation of subsidiary	(105.1)	0.0	0.0
Gain on bargain purchase	(115.4)	0.0	0.0
Loss on early extinguishment of debt	5.1	0.0	0.0
(Gain) loss on conversion option	(4.1)	0.0	0.0
Lease termination costs	0.0	0.3	0.2
Asset impairment expense	1.0	1.8	2.4
Income from equity investees	(15.4)	(17.8)	(10.8)
Impairment of investments	1.7	10.0	4.3
Net realized and unrealized gains on investments	(28.8)	(5.1)	(2.5)
Net (gain) loss on contingent consideration	0.8	(11.4)	8.9
Receipt of dividends from equity investees	19.8	4.7	8.7
Deferred income taxes	(2.6)	(10.5)	27.1
Annuity benefits	6.6	8.7	9.0
Other operating activities	5.1	7.8	(0.9)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(30.2)	(47.1)	(55.9)
Recoverable from reinsurers	238.8	(2.1)	(2.0)
Other assets	(26.1)	(23.2)	46.8
Life, accident and health reserves	126.7	45.3	56.3
Accounts payable and other current liabilities	6.6	54.3	11.8
Other liabilities	14.2	(11.8)	15.9
Cash provided by operating activities	341.4	6.6	79.1
Cash flows from investing activities:
Purchase of property, plant and equipment	(39.7)	(31.9)	(29.0)
Disposal of property, plant and equipment	5.9	2.0	8.8
Purchase of investments	(1,184.6)	(341.9)	(229.7)
Sale of investments	248.8	157.2	89.4
Maturities and redemptions of investments	82.3	143.3	97.4
Purchase of equity method investments	(1.8)	(10.6)	(10.2)
Cash received on dispositions, net	92.0	0.0	0.0
Cash received (paid) on acquisitions, net	572.1	(57.8)	(66.3)
Other investing activities	0.4	0.4	(0.6)
Cash used in investing activities	(224.6)	(139.3)	(140.2)
Cash flows from financing activities:
Proceeds from debt obligations	850.6	186.9	56.1
Principal payments on debt obligations	(697.0)	(51.6)	(22.3)
Cash paid by subsidiary to purchase preferred stock	(5.8)	0.0	0.0
Annuity receipts	2.4	2.9	3.4
Annuity surrenders	(19.2)	(19.6)	(21.7)
Transactions with noncontrolling interests	(12.3)	0.7	6.2
Payment of dividends	(2.0)	(3.6)	(4.2)
Other financing activities	(1.5)	(0.3)	1.3
Cash provided by financing activities:	115.2	115.4	18.8
Effects of exchange rate changes on cash and cash equivalents	(0.5)	0.3	(1.0)
Net change in cash and cash equivalents	231.5	(17.0)	(43.3)
Cash, cash equivalents and restricted cash, beginning of period	98.9	115.9	159.2
Cash, cash equivalents and restricted cash, end of period	330.4	98.9	115.9
Supplemental cash flow information:
Cash paid for interest	69.9	47.6	39.2
Cash paid for taxes, net of refunds	13.1	19.2	20.9
Non-cash investing and financing activities:
Property, plant and equipment included in accounts payable	2.9	1.4	1.6
Investments included in accounts payable	0.3	6.3	2.5
Investments included in accounts receivable	4.6	0.0	0.0
Conversion of preferred stock to common stock	0.0	4.4	28.6
Deemed dividend from conversion of preferred stock	0.0	0.5	6.9
Dividends payable to stockholders	0.5	0.5	1.3
Business acquisition through the issuance of common stock, debt and warrants	0.0	20.1	0.0
Fair value of contingent assets assumed in other acquisitions	0.0	0.0	3.0
Fair value of deferred liabilities assumed in other acquisitions	0.0	0.0	3.0
Debt assumed in acquisitions	0.0	2.5	20.8
Declared but unpaid dividends from equity method investments included in other assets	$ 6.0	$ 0.0	$ 0.0

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	1. Organization and Business HC2 Holdings, Inc. ("HC2" and, together with its consolidated subsidiaries, the "Company", "we" and "our") is a diversified holding company which seeks to acquire and grow attractive businesses that we believe can generate long-term sustainable free cash flow and attractive returns. While the Company generally intends to acquire controlling equity interests in its operating subsidiaries, the Company may invest to a limited extent in a variety of debt instruments or noncontrolling equity interest positions. The Company’s shares of common stock trade on the NYSE under the symbol "HCHC". The Company currently has eight reportable segments based on management’s organization of the enterprise - Construction, Marine Services, Energy, Telecommunications, Insurance, Life Sciences, Broadcasting, and Other, which includes businesses that do not meet the separately reportable segment thresholds. 1.Our Construction segment is comprised of DBM Global Inc. ("DBMG") and its wholly-owned subsidiaries. DBMG is a fully integrated Building Information Modelling modeler, detailer, fabricator and erector of structural steel and heavy steel plate. DBMG models, details, fabricates and erects structural steel for commercial and industrial construction projects such as high- and low-rise buildings and office complexes, hotels and casinos, convention centers, sports arenas, shopping malls, hospitals, dams, bridges, mines and power plants. DBMG also fabricates trusses and girders and specializes in the fabrication and erection of large-diameter water pipe and water storage tanks. Through Aitken Manufacturing, DBMG manufactures pollution control scrubbers, tunnel liners, pressure vessels, strainers, filters, separators and a variety of customized products. The Company maintains an approximately 92% controlling interest in DBMG. 2.Our Marine Services segment is comprised of Global Marine Group ("GMSL"). GMSL is a leading provider of engineering and underwater services on submarine cables. GMSL aims to maintain its leading market position in the telecommunications maintenance segment and seeks opportunities to grow its installation activities in the three market sectors (telecommunications, offshore power, and oil and gas) while capitalizing on high market growth in the offshore power sector through expansion of its installation and maintenance services in that sector. The Company maintains an approximately 73% controlling interest in GMSL. 3.Our Energy segment is comprised of American Natural Gas, LLC ("ANG"). ANG is a premier distributor of natural gas motor fuel. ANG designs, builds, owns, acquires, operates and maintains compressed natural gas fueling stations for transportation vehicles. The Company maintains an approximately 68% controlling interest in ANG. 4.Our Telecommunications segment is comprised of PTGi International Carrier Services ("ICS"). ICS operates a telecommunications business including a network of direct routes and provides premium voice communication services for national telecommunications operators, mobile operators, wholesale carriers, prepaid operators, voice over internet protocol service operators and internet service providers. ICS provides a quality service via direct routes and by forming strong relationships with carefully selected partners. The Company maintains a 100% interest in ICS. 5.Our Insurance segment is comprised of Continental General Insurance Company ("CGI" or the "Insurance Company"). CGI provides long-term care, life, annuity, and other accident and health coverage that help protect policy and certificate holders from the financial hardships associated with illness, injury, loss of life, or income continuation. The Company maintains a 100% interest in CGI. 6.Our Life Sciences segment is comprised of Pansend Life Sciences, LLC ("Pansend"). Pansend maintains controlling interests of approximately 80% in Genovel Orthopedics, Inc. ("Genovel"), which seeks to develop products to treat early osteoarthritis of the knee and approximately 74% in R2 Dermatology Inc. ("R2"), which develops skin lightening technology. Pansend also invests in other early stage or developmental stage healthcare companies including an approximately 50% interest in Medibeacon Inc., and an investment in Triple Ring Technologies, Inc. 7.Our Broadcasting segment is comprised of HC2 Broadcasting Holdings Inc. ("HC2 Broadcasting") and its subsidiaries. HC2 maintains controlling interests of approximately 98% in HC2 Broadcasting. HC2 Broadcasting strategically acquires and operates Over-The-Air ("OTA") broadcasting stations across the United States. In addition, HC2 Broadcasting, through its wholly-owned subsidiary, HC2 Network Inc. ("Network"), operates Azteca America, a Spanish-language broadcast network offering high quality Hispanic content to a diverse demographic across the United States. HC2 maintains an indirect interest of approximately 49% in DTV America Corporation ("DTV") as well as control of DTV due to the approximately 10% proxy and voting rights from minority holders. 8.Our Other segment represents all other businesses or investments we believe have significant growth potential, that do not meet the definition of a segment individually or in the aggregate.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries and all other subsidiaries over which the Company exerts control. All intercompany profits, transactions and balances have been eliminated in consolidation. As of December 31, 2018, the results of DBMG, GMSL, ANG, ICS, CGI, Genovel, R2, and HC2 Broadcasting have been consolidated into the Company’s results based on guidance from the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC" 810, Consolidation). The remaining interests not owned by the Company are presented as a noncontrolling interest component of total equity.

Cash and Cash Equivalents

Cash and cash equivalents are comprised principally of amounts in money market accounts with original maturities of three months or less.

Acquisitions

The Company’s acquisitions are accounted for using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. Estimates of fair value included in the Consolidated Financial Statements, in conformity with ASC 820, Fair Value Measurements and Disclosures, represent the Company’s best estimates and valuations developed, when needed, with the assistance of independent appraisers or, where such valuations have not yet been completed or are not available, industry data and trends and by reference to relevant market rates and transactions. The following estimates and assumptions are inherently subject to significant uncertainties and contingencies beyond the control of the Company. Accordingly, the Company cannot provide assurance that the estimates, assumptions, and values reflected in the valuations will be realized, and actual results could vary materially.

Any changes to the initial estimates of the fair value of the assets and liabilities will be recorded as adjustments to those assets and liabilities, and residual amounts will be allocated to goodwill or Bargain Purchase Gain. In accordance with ASC 805 Business Combinations ("ASC 805"), if additional information is obtained about the initial estimates of the fair value of the assets acquired and liabilities assumed within the measurement period (not to exceed one year from the date of acquisition), including finalization of asset appraisals, the Company will refine its estimates of fair value to allocate the purchase price more accurately.

Investments

Fixed maturity securities

The Company determines the appropriate classification of investments in fixed maturity securities at the acquisition date and re-evaluates the classification at each balance sheet date. All of our investments in fixed maturity securities are classified as available-for-sale. The Company carries these investments at fair value with net unrealized gains or losses, net of tax and related adjustments, reported as a component of Accumulated Other Comprehensive Income (Loss) ("AOCI") of the Company's Consolidated Statements of Stockholders' Equity.

Premiums and discounts on fixed maturity securities are amortized using the interest method and reported in Net investment income; mortgage-backed securities are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. When the Company sells a security, the difference between the sale proceeds and amortized cost (determined based on specific identification) is reported in Net realized and unrealized gains (losses) on investments.

When a decline in the value of a specific investment is considered to be other-than-temporary at the balance sheet date, a provision for impairment is charged to earnings (included in realized gains (losses) on investments) and the cost basis of that investment is reduced. If the Company can assert that it does not intend to sell an impaired fixed maturity security and it is not more likely than not that it will have to sell the security before recovery of its amortized cost basis, then the other-than-temporary impairment is separated into two components: (i) the amount related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in AOCI). The credit-related portion of an other-than-temporary impairment is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the impairment charge. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment charge to earnings is recorded to reduce the amortized cost of that security to fair value.

Equity securities

Equity securities that have readily determinable fair values are recorded at fair value with unrealized gains and losses, due to changes in fair value, reflected in Net realized and unrealized gains (losses) on investments. Dividend income from equity securities is recognized in Net investment income. Realized gains and losses on the sale of equity securities are recognized in Net realized and unrealized gains (losses) on investments.

The Company utilizes the equity method to account for investments when it possesses the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when an investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. The Company applies the equity method to investments in common stock and to other investments when such other investments possess substantially identical subordinated interests to common stock. In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by its proportionate share of the net earnings or losses in Income from equity investees and other comprehensive income of the investee. The Company records dividends or other equity distributions as reductions in the carrying value of the investment. In the event that net losses of the investee reduce the carrying amount to zero, additional net losses may be recorded if other investments in the investee are at-risk, even if the Company has not committed to provide financial support to the investee. Such additional equity method losses, if any, are based upon the change in the Company's claim on the investee’s book value.

Fair Value Measurements

General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and describes three levels of inputs that may be used to measure fair value:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. Active markets are defined as having the following characteristics for the measured asset/liability: (i) many transactions, (ii) current prices, (iii) price quotes not varying substantially among market makers, (iv) narrow bid/ask spreads and (v) most information publicly available. The Company’s Level 1 financial instruments consist primarily of publicly traded equity securities and highly liquid government bonds for which quoted market prices in active markets are available.

Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions with significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Such observable inputs include benchmarking prices for similar assets in active, liquid markets, quoted prices in markets that are not active and observable yields and spreads in the market. The Company’s Level 2 financial instruments include corporate and municipal fixed maturity securities, mortgage-backed non-affiliated common stocks priced using observable inputs. Level 2 inputs include benchmark yields, reported trades, corroborated broker/dealer quotes, issuer spreads and benchmark securities. When non-binding broker quotes can be corroborated by comparison to similar securities priced using observable inputs, they are classified as Level 2.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities. Level 3 assets and liabilities include those whose value is determined using market standard valuation techniques. When observable inputs are not available, the market standard techniques for determining the estimated fair value of certain securities that trade infrequently, and therefore have little transparency, rely on inputs that are significant to the estimated fair value and that are not observable in the market or cannot be derived principally from or corroborated by observable market data. These unobservable inputs can be based in large part on management judgment or estimation and cannot be supported by reference to market activity. Even though unobservable, management believes these inputs are based on assumptions deemed appropriate given the circumstances and consistent with what other market participants would use when pricing similar assets and liabilities. For the Company’s invested assets, this category primarily includes private placements, asset-backed securities, and to a lesser extent, certain residential and commercial mortgage-backed securities, among others. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques. Non-binding broker quotes, which are utilized when pricing service information is not available, are reviewed for reasonableness based on the Company’s understanding of the market, and are generally considered Level 3. Under certain circumstances, based on its observations of transactions in active markets, the Company may conclude the prices received from independent third-party pricing services or brokers are not reasonable or reflective of market activity. In those instances, the Company would apply internally developed valuation techniques to the related assets or liabilities.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

The Company may utilize information from third parties, such as pricing services and brokers, to assist in determining the fair value for certain assets and liabilities; however, management is ultimately responsible for all fair values presented in the Company’s financial statements. This includes responsibility for monitoring the fair value process, ensuring objective and reliable valuation practices and pricing of assets and liabilities, and approving changes to valuation methodologies and pricing sources. The selection of the valuation technique(s) to apply considers the definition of an exit price and the nature of the asset or liability being valued and significant expertise and judgment is required.

Accounts Receivable

Accounts receivable are stated at amounts due from customers net of an allowance for doubtful accounts. Our allowance for doubtful accounts considers historical experience, the age of certain receivable balances, credit history, current economic conditions and other factors that may affect the counterparty’s ability to pay.

Inventory

Inventory is valued at the lower of cost or net realizable value under the first-in, first-out method. Provision for obsolescence is made where appropriate and is charged to cost of revenue in the consolidated statements of operations. Short-term work in progress on contracts is stated at cost less foreseeable losses. These costs include only direct labor and expenses incurred to date and exclude any allocation of overhead. The policy for long-term work in progress contracts is disclosed within the Revenue and Cost Recognition accounting policy.

Reinsurance

Premium revenue and benefits are reported net of the amounts related to reinsurance ceded to and assumed from other companies. Expense allowances from reinsurers are included in other operating and general expenses. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies.

Accounting for Income Taxes

We recognize deferred tax assets and liabilities for the expected future tax consequences of transactions and events. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement bases and the tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. If necessary, deferred tax assets are reduced by a valuation allowance to an amount that is determined to be more likely than not recoverable. We must make significant estimates and assumptions about future taxable income and future tax consequences when determining the amount of the valuation allowance. The additional guidance provided by ASC No. 740, “Income Taxes” (“ASC 740”), clarifies the accounting for uncertainty in income taxes recognized in the financial statements. Expected outcomes of current or anticipated tax examinations, refund claims and tax-related litigation and estimates regarding additional tax liability (including interest and penalties thereon) or refunds resulting therefrom will be recorded based on the guidance provided by ASC 740 to the extent applicable.

At December 31, 2018, our U.S. and foreign companies have significant deferred tax assets resulting from tax loss carryforwards. The foreign deferred tax assets with minor exceptions are fully offset with valuation allowances. Additionally, the deferred tax assets generated by certain businesses that do not qualify to be included in the HC2 U.S. consolidated income tax return have been reduced by a full valuation allowance. Based on consideration of both positive and negative evidence, we determined that it was more likely than not that the net deferred tax assets of the HC2 U.S. consolidated filing group and the Insurance Company’s will not be realized. Therefore, a valuation allowance was maintained against the HC2 U.S. consolidated filing group’s and Insurance Company’s net deferred tax assets as of December 31, 2018. The appropriateness and amount of these valuation allowances are based on cumulative history of losses and our assumptions about the future taxable income of each affiliate and the timing of the reversal of deferred tax assets and liabilities.

Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation, which is provided on the straight-line method over the estimated useful lives of the assets. Cost includes major expenditures for improvements and replacements which extend useful lives or increase capacity of the assets as well as expenditures necessary to place assets into readiness for use. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Cost includes finance costs incurred prior to the asset being available for use. Expenditures for maintenance and repairs are expensed as incurred.

Costs for internal use software that are incurred in the preliminary project stage and in the post-implementation stage are expensed as incurred. Costs incurred during the application development stage are capitalized and amortized over the estimated useful life of the software, beginning when the software project is ready for its intended use, over the estimated useful life of the software.

Depreciation is determined on a straight-line basis over the estimated useful lives of the assets, which range from 5 to 40 years for buildings and leasehold improvements, up to 35 years for cable-ships and submersibles, 3 to 15 years for equipment, furniture and fixtures, and 3 to 20 years for plant and transportation equipment. Plant includes equipment on the cable-ships that is portable and can be moved around the fleet and computer equipment. Leasehold improvements are amortized over the lives of the leases or estimated useful lives of the assets, whichever is shorter. Assets under construction are not depreciated until they are complete and available for use.

When assets are sold or otherwise retired, the costs and accumulated depreciation are removed from the books and the resulting gain or loss is included in operating results. Property, plant and equipment that have been included as part of the assets held for sale are no longer depreciated from the time that they are classified as such. The Company periodically evaluates the carrying value of its property, plant and equipment based upon the estimated cash flows to be generated by the related assets. If impairment is indicated, a loss is recognized.

Goodwill and Other Intangible Assets

Under ASC 350, Intangibles - Goodwill and Other ("ASC 350"), goodwill and indefinite lived intangible assets are not amortized but are reviewed annually for impairment, or more frequently, if impairment indicators arise. Intangible assets that have finite lives are amortized over their estimated useful lives and are subject to the provisions of ASC 360, Property, plant, and equipment ("ASC 360").

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. Topic 350, Intangibles - Goodwill and Other (Topic 350), currently requires an entity that has not elected the private company alternative for goodwill to perform a two-step test to determine the amount, if any, of goodwill impairment. In Step 1, an entity compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the entity performs Step 2 and compares the implied fair value of goodwill with the carrying amount of the goodwill for that reporting unit. An impairment charge equal to the amount by which the carrying amount of goodwill for the reporting unit exceeds the implied fair value of that goodwill is recorded, limited to the amount of goodwill allocated to that reporting unit. To address concerns over the cost and complexity of the two-step goodwill impairment test, the amendments in this ASU remove the second step of the test. An entity will now apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The new guidance does not amend the optional qualitative assessment of goodwill impairment. The Company elected to early adopt ASU 2017-04 effective March 31, 2017, resulting in no impact to the Consolidated Financial Statements.

Goodwill impairment is tested at least annually (October 1st) or when factors indicate potential impairment using a two-step process that begins with a qualitative evaluation of each reporting unit. If such test indicates potential for impairment, a one-step quantitative test is performed and if there is excess of a reporting unit's carrying amount over its fair value, impairment is recorded, not to exceed the total amount of goodwill allocated to the reporting unit.

Estimating the fair value of a reporting unit requires various assumptions including projections of future cash flows, perpetual growth rates and discount rates. The assumptions about future cash flows and growth rates are based on the Company’s assessment of a number of factors, including the reporting unit’s recent performance against budget, performance in the market that the reporting unit serves, and industry and general economic data from third-party sources. Discount rate assumptions are based on an assessment of the risk inherent in those future cash flows. Changes to the underlying businesses could affect the future cash flows, which in turn could affect the fair value of the reporting unit.

Intangible assets not subject to amortization consist of certain licenses. Such indefinite lived intangible assets are tested for impairment annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test shall consist of a comparison of the fair value of an intangible asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an impairment loss shall be recognized in an amount equal to the excess.

Intangible assets subject to amortization consists of certain trade names, customer contracts and developed technology. These finite lived intangible assets are amortized based on their estimated useful lives. Such assets are subject to the impairment provisions of ASC 360, wherein impairment is recognized and measured only if there are events and circumstances that indicate that the carrying amount may not be recoverable. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset group. An impairment loss is recorded if after determining that it is not recoverable, the carrying amount exceeds the fair value of the asset.

In addition to the foregoing, the Company reviews its goodwill and intangible assets for possible impairment whenever events or circumstances indicate that the carrying amounts of assets may not be recoverable. The factors that the Company considers important, and which could trigger an impairment review, include, but are not limited to: a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit; a significant decline in the market value of our common stock or debt securities for a sustained period; a material adverse change in economic, financial market, industry or sector trends; a material failure to achieve operating results relative to historical levels or projected future levels; and significant changes in operations or business strategy.

Active License Holdings. As of December 31, 2018, HC2 Broadcasting held Active television broadcast licenses ("FCC Licenses") issued by the FCC, which are included in Intangibles, net in the consolidated financial statements. The weighted average renewal period for these licenses was 2.71 years.

Valuation of Long-lived Assets

The Company reviews long-lived assets for impairment whenever events or changes indicate that the carrying amount of an asset may not be recoverable. In making such evaluations, the Company compares the expected undiscounted future cash flows to the carrying amount of the assets. If the total of the expected undiscounted future cash flows is less than the carrying amount of the assets, the Company is required to make estimates of the fair value of the long-lived assets in order to calculate the impairment loss equal to the difference between the fair value and carrying value of the assets.

The Company makes significant assumptions and estimates in this process regarding matters that are inherently uncertain, such as determining asset groups and estimating future cash flows, remaining useful lives, discount rates and growth rates. The resulting undiscounted cash flows are projected over an extended period of time, which subjects those assumptions and estimates to an even larger degree of uncertainty. While the Company believes that its estimates are reasonable, different assumptions could materially affect the valuation of the long-lived assets. The Company derives future cash flow estimates from its historical experience and its internal business plans, which include consideration of industry trends, competitive actions, technology changes, regulatory actions, available financial resources for marketing and capital expenditures and changes in its underlying cost structure.

The Company makes assumptions about the remaining useful life of its long-lived assets. The assumptions are based on the average life of its historical capital asset additions and its historical asset purchase trend. In some cases, due to the nature of a particular industry in which the company operates, the Company may assume that technology changes in such industry render all associated assets, including equipment, obsolete with no salvage value after their useful lives. In certain circumstances in which the underlying assets could be leased for an additional period of time or salvaged, the Company includes such estimated cash flows in its estimate.

The estimate of the appropriate discount rate to be used to apply the present value technique in determining fair value was the Company’s weighted average cost of capital which is based on the effective rate of its debt obligations at the current market values (for periods during which the Company had debt obligations) as well as the current volatility and trading value of the Company’s common stock.

Value of Business Acquired ("VOBA")

VOBA is a liability that reflects the estimated fair value of in-force contracts in a life insurance company acquisition less the amount recorded as insurance contract liabilities. It represents the portion of the purchase price that is allocated to the value of the rights to receive future cash flows from the business in force at the acquisition date. A VOBA liability (negative asset) occurs when the estimated fair value of in-force contracts in a life insurance company acquisition is less than the amount recorded as insurance contract liabilities. Amortization is based on assumptions consistent with those used in the development of the underlying contract adjusted for emerging experience and expected trends. VOBA amortization are reported within depreciation and amortization in the accompanying consolidated statements of operations.

The VOBA balance is also periodically evaluated for recoverability to ensure that the unamortized portion does not exceed the expected recoverable amounts. At each evaluation date, actual historical gross profits are reflected, and estimated future gross profits and related assumptions are evaluated for continued reasonableness. Any adjustment in estimated future gross profits requires that the amortization rate be revised ("unlocking") retroactively to the date of the policy or contract issuance. The cumulative unlocking adjustment is recognized as a component of current period amortization.

Annuity Benefits Accumulated

Annuity receipts and benefit payments are recorded as increases or decreases in annuity benefits accumulated rather than as revenue and expense. Increases in this liability (primarily interest credited) are charged to expense and decreases for charges are credited to annuity policy charges revenue. Reserves for traditional fixed annuities are generally recorded at the stated account value.

Life, Accident and Health Reserves

Liabilities for future policy benefits under traditional life, accident and health policies are computed using the net level premium method. Computations are based on the original projections of investment yields, mortality, morbidity and surrenders and include provisions for unfavorable deviations unless a loss recognition event (premium deficiency) occurs. Claim reserves and liabilities established for accident and health claims are modified as necessary to reflect actual experience and developing trends.

For long-duration contracts (such as traditional life and long-term care insurance policies), loss recognition occurs when, based on current expectations as of the measurement date, existing contract liabilities plus the present value of future premiums (including reasonably expected rate increases) are not expected to cover the present value of future claims payments and related settlement and maintenance costs (excluding overhead) as well as unamortized acquisition costs. If a block of business is determined to be in loss recognition, a charge is recorded in earnings in an amount equal to the excess of the present value of expected future claims costs and unamortized acquisition costs over existing reserves plus the present value of expected future premiums (with no provision for adverse deviation). The charge is recorded as an additional reserve (if unamortized acquisition costs have been eliminated).

In addition, reserves for traditional life and long-term care insurance policies are subject to adjustment for loss recognition charges that would have been recorded if the unrealized gains from securities had actually been realized. This adjustment is included in unrealized gains (losses) on marketable securities, a component of AOCI.

Presentation of Taxes Collected

The Company reports a value-added tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between the Company and a customer on a net basis (excluded from revenues).

Foreign Currency Transactions

Foreign currency transactions are transactions denominated in a currency other than a subsidiary’s functional currency. A change in the exchange rates between a subsidiary’s functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is reported by the Company as a foreign currency transaction gain (loss). The primary component of the Company’s foreign currency transaction gain (loss) is due to agreements in place with certain subsidiaries in foreign countries regarding intercompany transactions. The Company anticipates repayment of these transactions in the foreseeable future, and recognizes the realized and unrealized gains or losses on these transactions that result from foreign currency changes in the period in which they occur as foreign currency transaction gain (loss).

Foreign Currency Translation

The assets and liabilities of the Company’s foreign subsidiaries are translated at the exchange rates in effect on the reporting date. Income and expenses are translated at the average exchange rate during the period. The net effect of such translation gains and losses are reflected within AOCI in the stockholders’ equity section of the consolidated balance sheets.

Convertible Instruments

The Company evaluates and accounts for conversion options embedded in convertible instruments in accordance with ASC 815, Derivatives and Hedging Activities. Applicable GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not remeasured at fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The Company accounts for convertible instruments, when it has been determined that the embedded conversion options should not be bifurcated from their host instruments, as follows: The Company records when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their stated date of redemption. The Company accounts for the conversion of convertible debt when a conversion option has been bifurcated using the general extinguishment standards. The debt and equity linked derivatives are removed at their carrying amounts and the shares issued are measured at their then-current fair value, with any difference recorded as a gain or loss on extinguishment of the two separate accounting liabilities.

Deferred Financing Costs

The Company capitalizes certain expenses incurred in connection with its debt and line of credit obligations and amortizes them over the term of the respective debt agreement. The amortization expense of the deferred financing costs is included in interest expense on the consolidated statements of operations. If the Company extinguishes portions of its debt prior to the maturity date, deferred financing costs are charged to expense on a pro-rata basis and are included in loss on early extinguishment or restructuring of debt on the consolidated statements of operations.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of net revenue and expenses during the reporting period. Actual results may differ from these estimates. Significant estimates include allowance for doubtful accounts receivable, the extent of progress towards completion on contracts, contract revenue and costs on long-term contracts, valuation of certain investments and the insurance reserves, market assumptions used in estimating the fair values of certain assets and liabilities, the calculation used in determining the fair value of HC2’s stock options required by ASC 718, Compensation - Stock Compensation ("ASC 718"), income taxes and various other contingencies.

Estimates of fair value represent the Company’s best estimates developed with the assistance of independent appraisals or various valuation techniques and, where the foregoing have not yet been completed or are not available, industry data and trends and by reference to relevant market rates and transactions. The estimates and assumptions are inherently subject to significant uncertainties and contingencies beyond the control of the Company. Accordingly, the Company cannot provide assurance that the estimates, assumptions, and values reflected in the valuations will be realized, and actual results could vary materially.

Pensions

GMSL operates various pension schemes comprising both defined benefit plans and defined contribution plans. GMSL also makes contributions on behalf of employees who are members of the Merchant Navy Officers Pension Fund ("MNOPF").

For the defined benefit plans and the MNOPF plan, the amounts charged to income (loss) from operations are the current service costs and the gains and losses on settlements and curtailments. These are included as part of staff costs. Past service costs are recognized immediately if the benefits have vested. If the benefits have not vested immediately, the costs are recognized over the period vesting occurs. The interest costs and expected return of assets are shown as a net amount and included in interest income and other income (expense). Actuarial gains and losses are recognized immediately in the consolidated statements of operations.

Defined benefit plans are funded with the assets of the plan held separately from those of GMSL, in separate trustee administered funds. Pension plan assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method discounted at a rate of equivalent currency and term to the plan liabilities. The actuarial valuations are obtained annually.

For the defined contribution plans, the amount charged to income (loss) from operations in respect of pension costs is the contributions payable in the period. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the consolidated balance sheets.

Share-Based Compensation

The Company accounts for share-based compensation issued to employees in accordance with the provisions of ASC 718 and to non-employees pursuant to ASC 505-50, Equity-based payments to non-employees. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for using a fair-value based method. The Company records share-based compensation expense for all new and unvested stock options that are ultimately expected to vest as the requisite service is rendered. The Company issues new shares of common stock upon the exercise of stock options.

The Company elected to adopt the alternative transition method for calculating the tax effects of share-based compensation. The alternative transition method includes simplified methods to determine the beginning balance of the APIC pool related to the tax effects of share-based compensation and to determine the subsequent impact on the APIC pool and the statement of cash flows of the tax effects of share-based awards that were fully vested and outstanding upon the adoption of ASC 718.

The Company uses a Black-Scholes option valuation model to determine the grant date fair value of share-based compensation under ASC 718. The Black-Scholes model incorporates various assumptions including the expected term of awards, volatility of stock price, risk-free rates of return and dividend yield. The expected term of an award is no less than the option vesting period and is based on the Company’s historical experience. Expected volatility is based upon the historical volatility of the Company’s stock price. The risk-free interest rate is approximated using rates available on U.S. Treasury securities with a remaining term similar to the option’s expected life. The Company uses a dividend yield of zero in the Black-Scholes option valuation model as it does not anticipate paying cash dividends in the foreseeable future. Share-based compensation is recorded net of actual forfeitures.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk principally consist of trade accounts receivable. The Company performs ongoing credit evaluations of its customers but generally does not require collateral to support customer receivables. The Company maintains its cash with high quality credit institutions, and its cash equivalents are in high quality securities.

Income (Loss) Per Common Share

Basic income (loss) per common share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per common share is computed using the weighted average number of shares of common stock, adjusted for the dilutive effect of potential common stock and related income from continuing operations, net of tax. Potential common stock, computed using the treasury stock method or the if-converted method, includes options, warrants, restricted stock, restricted stock units and convertible preferred stock.

In periods when the Company generates income, the Company calculates basic Earnings Per Share ("EPS") using the two-class method, pursuant to ASC No. 260, Earnings Per Share. The two-class method is required as the shares of the Company’s preferred stock qualify as participating securities, having the right to receive dividends should dividends be declared on common stock. Under this method, earnings for the period are allocated to the common stock and preferred stock to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. The Company does not use the two-class method in periods when it generates a loss as the holders of the preferred stock do not participate in losses.

Other income (expenses), net

The following tables provide information relating to Other income (expenses), net (in millions):



	Years Ended December 31,
	2018			2017			2016
Gain on reinsurance recaptures	$	47.0		$	—		$	—
Gain on investment in Inseego	34.4			—			—
Other income (expenses), net	(2.7		)	(12.8		)	(2.8		)
Total	$	78.7		$	(12.8	)	$	(2.8	)

Reclassification

Certain previous year amounts have been reclassified to conform with current year presentations, as related to the reporting of new balance sheet line items.

Accounting Pronouncements Adopted in the Current Year

The following discussion provides information about recently adopted and recently issued or changed accounting guidance (applicable to the Company ) that have occurred since the Company filed its 2017 Form 10-K. The Company has implemented all new accounting pronouncements that are in effect and that may impact its Consolidated Financial Statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial condition, results of operations or liquidity.

Effective January 1, 2018 the Company adopted the accounting pronouncements described below.

Statement of Cash Flows

Accounting Standards Codification ("ASC") 2016-18, Restricted Cash, was issued by FASB in November 2016. This guidance requires entities to show the changes in the total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and cash equivalents in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. This standard was applied retrospectively, which resulted in the recast of the prior reporting period in the consolidated statements of cash flows. A reconciliation of cash and cash equivalents and restricted cash from our consolidated statements of cash flows to the amounts reported within our consolidated balance sheet is included in our consolidated statements of cash flows.

The following table provides a reconciliation of cash and cash equivalents and restricted cash to amounts reported within the Company's Consolidated Balance Sheets and Consolidated Statements of Cash Flows (in millions):



	December 31,
	2018		2017		2016
Beginning of period
Cash and cash equivalents	$	97.9	$	115.4	$	158.7
Restricted cash included in other assets	1.0		0.5		0.5
Total cash and cash equivalents and restricted cash	$	98.9	$	115.9	$	159.2

End of period
Cash and cash equivalents	$	325.0	$	97.9	$	115.4
Restricted cash included in other assets	5.4		1.0		0.5
Total cash and cash equivalents and restricted cash	$	330.4	$	98.9	$	115.9

Recognition and Measurement of Financial Assets and Financial Liabilities

ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, was issued by FASB in January 2016. The update provides that equity investments with readily determinable values be measured at fair value and changes in the fair value flow through net income. These changes historically have run through other comprehensive income. Equity investments without readily determinable fair values have the option to be measured at fair value or at cost, adjusted for changes in observable prices minus impairment. Changes in either method are also recognized in net income. The standard requires a qualitative assessment of impairment indicators at each reporting period. For financial liabilities, entities that elect the fair value option must recognize the change in fair value attributable to instrument-specific credit risk in other comprehensive income rather than net income. Lastly, regarding deferred tax assets, the need for a valuation allowance on a deferred tax asset will need to be assessed related to available-for-sale debt securities.

This standard was adopted prospectively as of January 1, 2018 and resulted in a $1.6 million cumulative effect adjustment credit to retained earnings related to the following investments (in millions):



Equity securities which were previously classified as available-for-sale	$	1.7
Equity securities which were previously accounted for under the cost method	1.6
Stranded tax, unrelated to the adoption of ASU 2018-02	(1.7		)
Total	$	1.6

Revenue Recognition

ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"), was issued by FASB in May 2014. This ASU supersedes the revenue recognition requirements in Revenue Recognition (Topic 605). Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal Versus Agent Considerations, which clarifies the guidance in ASU 2014-09. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, an update on identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which includes amendments for enhanced clarification of the guidance. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Revenue from Contracts with Customers (Topic 606), which includes amendments of a similar nature to the items typically addressed in the technical corrections and improvements project. Lastly, in February 2017, the FASB issued ASU 2017-05, clarifying the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets to clarify the scope of ASC 610-20, Other Income - Gains and Losses from Derecognition of Nonfinancial Assets, and provide guidance on partial sales of nonfinancial assets. This ASU clarifies that the unit of account under ASU 610-20 is each distinct nonfinancial or in substance nonfinancial asset and that a financial asset that meets the definition of an "in substance nonfinancial asset" is within the scope of ASC 610-20. This ASU eliminates rules specifically addressing sales of real estate and removes exceptions to the financial asset derecognition model. The ASUs described above are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. See Note 3. Revenue for further details.

New Accounting Pronouncements to be Adopted Subsequent to December 31, 2018

Accounting for Leases

ASU 2016-02, Leases, was issued by FASB in February 2016. This standard requires the Company, as the lessee, to recognize most leases on the balance sheet thereby resulting in the recognition of right of use assets and lease obligations for those leases currently classified as operating leases. The standard became effective for the Company on January 1, 2019 and the Company elected the optional transition method as well as the package of practical expedients upon adoption. While the Company is still finalizing its adoption procedures, the Company estimated the primary impact to its Consolidated Balance Sheets upon adoption will be the recognition, on a discounted basis, of it's minimum commitments under noncancelable operating leases resulting in the recording of right of use assets and lease obligations for in the range of $68.0 million to $74.0 million.

New Credit Loss Standard

ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, was issued by FASB in June 2016. This standard is effective January 1, 2020 (with early adoption permitted), and will impact, at least to some extent, Company's accounting and disclosure requirements for it's recoverable from reinsurers, accounts receivable and mortgage loans. Available for sale fixed maturity securities are not in scope of the new credit loss model, but will undergo targeted improvements to the current reporting model including the establishment of a valuation allowance for credit losses versus the current direct write down approach. The Company will continue to identify any other financial assets not excluded from scope. The Company does not currently expect to early adopt this standard and is currently evaluating the impact of this new accounting guidance on its consolidated financial statements.

Outlined below are key areas of change, although there are other changes not noted below:


•	Financial assets (or a group of financial assets) measured at amortized cost will be required to be presented at the net amount expected to be collected, with an allowance for credit losses deducted from the amortized cost basis, resulting in a net carrying value that reflects the amount the entity expects to collect on the financial asset at purchase.

•

Credit losses relating to available for sale fixed maturity securities will be recorded through an allowance for credit losses, rather than reductions in the amortized cost of the securities and is anticipated to increase volatility in the Company's Consolidated Statements of Operations. The allowance methodology recognizes that value may be realized either through collection of contractual cash flows or through the sale of the security. Therefore, the amount of the allowance for credit losses will be limited to the amount by which fair value is below amortized cost because the classification as available for sale is premised on an investment strategy that recognizes that the investment could be sold at fair value, if cash collection would result in the realization of an amount less than fair value.

•

The Company's Consolidated Statements of Operations will reflect the measurement of expected credit losses for newly recognized financial assets as well as the expected increases or decreases (including the reversal of previously recognized losses) of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount


•	Disclosures will be required to include information around how the credit loss allowance was developed, further details on information currently disclosed about credit quality of financing receivables and net investments in leases, and a rollforward of the allowance for credit losses for available for sale fixed maturity securities as well as an aging analysis for securities that are past due.

The Company anticipates a significant impact on the systems, processes and controls. While the requirements of the new guidance represent a material change from existing GAAP, the underlying economics of items in scope and related cash flows are unchanged. Currently, the Company plans to focus on developing models and procedures in the first half of 2019 with testing and refinement of models occurring in the later part of the year 2019. Focus areas will include, but not limited to (i) updating procedures to reflect new guidance requiring establishment of allowance for credit losses on available for sale debt securities; (ii) establishing procedures to review reinsurance risk to include but not limited to review of reinsurer ratings, trust agreements where applicable and historical and current performance; (iii) establishing procedures to identify and review all remaining financial assets within scope, (iv) developing, testing, and implementing controls for newly developed procedures, as well as for additional annual reporting requirements.

Long-duration contracts

ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, was issued by the FASB in August 2018 and is expected to have a significant impact on the Company’s Consolidated Financial Statements and Notes to Consolidated Financial Statements. The standard is effective January 1, 2021 (with early adoption permitted), and will impact, at least to some extent, Company's accounting and disclosure requirements for it's long-duration insurance contracts. The Company does not currently expect to early adopt this standard and is currently evaluating the impact of this new accounting guidance on its consolidated financial statements.

Outlined below are key areas of change, although there are other changes not noted below:

•

Cash flow assumptions must be reviewed at least annually and updated if necessary. The impact of these updates will be reported through net income. Current accounting policy requires the liability assumptions for long-duration contracts and limited payment contracts be locked in at contract inception, unless the contracts project a loss position which would allow the liability assumptions to be unlocked so that the loss could be recognized.

•

The rate used to discount the liability projections is be based on an A-rated asset with observable market inputs and duration consistent with the duration of the liabilities. The discount rate is to be updated quarterly with the impact of the change in the discount rate recognized through other comprehensive income. Current accounting policy allows the use of an expected investment yield (which is not required to be observable in the market) to discount the liability projections.

•

Deferred acquisition costs for long-duration contracts are to be amortized in proportion to premiums, gross profits, or gross margins and those balances must be amortized on a constant-level basis over the expected life of the contract. Current accounting policy would amortize deferred acquisition costs based on revenue and profits. The Company does not have any deferred acquisition costs but VOBA amortization will follow this new guidance.

•

Market risk benefits are to be measured at fair value and presented separately in the statement of financial position. Under current accounting policy benefit features that will meet the definition of market risk benefits are accounted for as embedded derivatives or insurance liabilities via the benefit ratio model. The Company does not have any benefit features that will be categorized as market risk benefits.


•	Disaggregated rollforwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, VOBA, as well as information about significant inputs, judgments, assumptions, and methods used in measurement are required to be disclosed.

The Company anticipates that the requirement to update assumptions for liability for future policy benefits will increase volatility in the Company's Consolidated Statements of Operations while the requirement to update the discount rate will increase volatility in the Company's Consolidated Statements of Stockholders' Equity. The Company anticipates a significant impact on the systems, processes and controls . While the requirements of the new guidance represent a material change from existing GAAP, the underlying economics of the Company's Insurance segment and related cash flows are unchanged.

Currently, the Company plans to focus on developing models and procedures in 2019 with testing and refinement of models occurring in 2020. Focus areas will include, but not limited to (i) determining an appropriate upper-medium grade fixed income instrument yield source from the market; (ii) establishing appropriate aggregation of liabilities; (iii) establishing liability models for each contract grouping identified that may be quickly updated to reflect current inforce listing and new discount rates on a quarterly basis; (iv) establishing appropriate best estimate assumptions with no provision for adverse deviation; (v) establishing procedures for annual review of assumptions including tracking of actual experience for enhanced reporting requirements; (vi) establish new VOBA amortization that will align with new guidance for DAC amortization; (vii) developing, testing, and implementing controls for newly developed procedures, as well as for additional annual reporting requirements.

Revenue

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

The Company adopted ASC 606 on January 1, 2018. The adoption of ASC 606 represents a change in accounting principle that aligns revenue recognition with the timing of when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To achieve this core principle, the Company applies the following five steps in accordance with ASC 606:

Identify the contract with a customer

A contract with a customer exists when: (a) the parties have approved the contract and are committed to perform their respective obligations, (b) the rights of the parties can be identified, (c) payment terms can be identified, (d) the arrangement has commercial substance, and (e) collectibility of consideration is probable. Judgment is required when determining if the contractual criteria are met, specifically in the earlier stages of a project when a formally executed contract may not yet exist. In these situations, the Company evaluates all relevant facts and circumstances, including the existence of other forms of documentation or historical experience with our customers that may indicate a contractual agreement is in place and revenue should be recognized. In determining if the collectibility of consideration is probable, the Company considers the customer’s ability and intention to pay such consideration through an evaluation of several factors, including an assessment of the creditworthiness of the customer and our prior collection history with such customer.

Identify the performance obligations in the contract

At contract inception, the Company assesses the goods or services promised in a contract and identifies, as a separate performance obligation, each distinct promise to transfer goods or services to the customer. The identified performance obligations represent the "unit of account" for purposes of determining revenue recognition. In order to properly identify separate performance obligations, the Company applies judgment in determining whether each good or service provided is: (a) capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and (b) distinct within the context of the contract, whereby the transfer of the good or service to the customer is separately identifiable from other promises in the contract.

In addition, when assessing performance obligations within a contract, the Company considers the warranty provisions included within such contract. To the extent the warranty terms provide the customer with an additional service, other than assurance that the promised good or service complies with agreed upon specifications, such warranty is accounted for as a separate performance obligation. In determining whether a warranty provides an additional service, the Company considers each warranty provision in comparison to warranty terms which are standard in the industry.

Determine the transaction price

The transaction price represents the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to our customers. The consideration promised within a contract may include fixed amounts, variable amounts, or both. To the extent the performance obligation includes variable consideration, including contract bonuses and penalties that can either increase or decrease the transaction price, the Company estimates the amount of variable consideration to be included in the transaction price utilizing one of two prescribed methods, depending on which method better predicts the amount of consideration to which the entity will be entitled. Such methods include: (a) the expected value method, whereby the amount of variable consideration to be recognized represents the sum of probability weighted amounts in a range of possible consideration amounts, and (b) the most likely amount method, whereby the amount of variable consideration to be recognized represents the single most likely amount in a range of possible consideration amounts. When applying these methods, the Company considers all information that is reasonably available, including historical, current and estimates of future performance.

Variable consideration is included in the transaction price only to the extent it is probable, in the Company’s judgment, that a significant future reversal in the amount of cumulative revenue recognized under the contract will not occur when the uncertainty associated with the variable consideration is subsequently resolved. This threshold is referred to as the variable consideration constraint. In assessing whether to apply the variable consideration constraint, the Company considers if factors exist that could increase the likelihood or the magnitude of a potential reversal of revenue, including, but not limited to, whether: (a) the amount of consideration is highly susceptible to factors outside of the Company’s influence, such as the actions of third parties, (b) the uncertainty surrounding the amount of consideration is not expected to be resolved for a long period of time, (c) the Company’s experience with similar types of contracts is limited or that experience has limited predictive value, (d) the Company has a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances, and (e) the contract has a large number and broad range of possible consideration amounts.

Pending change orders represent one of the most common forms of variable consideration included within contract value and typically represent contract modifications for which a change in scope has been authorized or acknowledged by our customer, but the final adjustment to contract price is yet to be negotiated. In estimating the transaction price for pending change orders, the Company considers all relevant facts, including documented correspondence with the customer regarding acknowledgment and/or agreement with the modification, as well as historical experience with the customer or similar contractual circumstances. Based upon this assessment, the Company estimates the transaction price, including whether the variable consideration constraint should be applied.

Changes in the estimates of transaction prices are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. Such changes in estimates can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in prior periods. Such changes in estimates may also result in the reversal of previously recognized revenue if the ultimate outcome differs from the Company’s previous estimate.

Allocate the transaction price to performance obligations in the contract

For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation based on a relative standalone selling price. The Company determines the standalone selling price based on the price at which the performance obligation would have been sold separately in similar circumstances to similar customers. If the standalone selling price is not observable, the Company estimates the standalone selling price taking into account all available information such as market conditions and internal pricing guidelines. In certain circumstances, the standalone selling price is determined using an expected profit margin on anticipated costs related to the performance obligation.

Recognize revenue as performance obligations are satisfied

The Company recognizes revenue at the time the related performance obligation is satisfied by transferring a promised good or service to its customers. A good or service is considered to be transferred when the customer obtains control. The Company can transfer control of a good or service and satisfy its performance obligations either over time or at a point in time. The Company transfers control of a good or service over time and, therefore, satisfies a performance obligation and recognizes revenue over time if one of the following three criteria are met: (a) the customer simultaneously receives and consumes the benefits provided by the Company’s performance as we perform, (b) the Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or (c) the Company’s performance does not create an asset with an alternative use to us, and we have an enforceable right to payment for performance completed to date.

For our performance obligations satisfied over time, we recognize revenue by measuring the progress toward complete satisfaction of that performance obligation. The selection of the method to measure progress towards completion can be either an input method or an output method and requires judgment based on the nature of the goods or services to be provided.

Revenue from contracts with customers consist of the following (in millions):



	Year Ended December 31, 2018
Revenue⁽¹⁾
Construction	$	716.4
Marine Services	194.3
Energy	20.7
Telecommunications	793.6
Broadcasting	45.4
Other	3.7
Total revenue	$	1,774.1

⁽¹⁾ The Insurance segment does not have revenues in scope of ASU 2014-09.

Accounts receivables, net from contracts with customers consist of the following (in millions):



	December 31,
	2018		2017
Accounts receivables with customers
Construction	$	196.6	$	162.6
Marine Services	48.3		48.7
Energy	3.3		3.7
Telecommunications	117.6		91.7
Broadcasting	9.2		10.8
Other	—		4.6
Total accounts receivables with customers	$	375.0	$	322.1

Construction Segment

DBMG performs its services primarily under fixed-price contracts and recognizes revenue over time using the input method to measure progress for its projects. The nature of the projects does not provide measurable value to the customer over time and control does not transfer to the customer at discrete points in time. The customer receives value over the term of the project based on the amount of work that has been completed towards the delivery of the completed project. The most reliable measure of progress is the cost incurred towards delivery of the completed project. Therefore, the input method provides the most reliable method to measure progress. Revenue recognition begins when work has commenced. Costs include all direct material and labor costs related to contract performance, subcontractor costs, indirect labor, and fabrication plant overhead costs, which are charged to contract costs as incurred. Revenues relating to changes in the scope of a contract are recognized when DBMG and customer or general contractor have agreed on both the scope and price of changes, the work has commenced, it is probable that the costs of the changes will be recovered and that realization of revenue exceeding the costs is assured beyond a reasonable doubt. Revisions in estimates during the course of contract work are reflected in the accounting period in which the facts requiring the revision become known. Provisions for estimated losses on uncompleted contracts are made in the period a loss on a contract becomes determinable.

Construction contracts with customers generally provide that billings are to be made monthly in amounts which are commensurate with the extent of performance under the contracts. Contract receivables arise principally from the balance of amounts due on progress billings on jobs under construction. Retentions on contract receivables are amounts due on progress billings, which are withheld until the completed project has been accepted by the customer.

Disaggregation of Revenues

DBMG's revenues are principally derived from contracts to provide fabrication and erection services to its customers. Contracts represent majority of the revenue of the Construction segment and are generally recognized over time. A majority of contracts are domestic, fixed priced, and are in excess of one year. Disaggregation of the Construction segment, by market or type of customer, is used to evaluate its financial performance.

The following table disaggregates DBMG's revenue by market (in millions):



	December 31, 2018
Commercial	$	253.4
Convention	155.8
Healthcare	105.0
Industrial	79.5
Transportation	53.0
Other	69.5
Total revenue from contracts with customers	716.2
Other revenue	0.2
Total Construction segment revenue	$	716.4

Contract Assets and Contract Liabilities

The timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets include unbilled amounts from our long-term construction projects when revenue recognized under the cost-to-cost measure of progress exceed the amounts invoiced to our customers, as the amounts cannot be billed under the terms of our contracts. Such amounts are recoverable from our customers based upon various measures of performance, including achievement of certain milestones, completion of specified units or completion of a contract. In addition, many of our time and materials arrangements, as well as our contracts to perform turnaround services within the United States industrial services segment, are billed in arrears pursuant to contract terms that are standard within the industry, resulting in contract assets and/or unbilled receivables being recorded, as revenue is recognized in advance of billings. Also included in contract assets are amounts we seek or will seek to collect from customers or others for errors or changes in contract specifications or design, contract change orders or modifications in dispute or unapproved as to both scope and/or price or other customer-related causes of unanticipated additional contract costs (claims and unapproved change orders). Our contract assets do not include capitalized costs to obtain and fulfill a contract. Contract assets are included in Other assets in the Consolidated Balance Sheets.

Contract liabilities from our long-term construction contracts occur when amounts invoiced to our customers exceed revenues recognized. Contract liabilities additionally include advanced payments from our customers on certain contracts. Contract liabilities decrease as we recognize revenue from the satisfaction of the related performance obligation. Contract liabilities are included in Other liabilities in the Consolidated Balance Sheets.

Contract assets and contract liabilities consisted of the following (in millions):



	December 31, 2018			December 31, 2017
Contract assets	$	69.0		$	25.7
Contract liabilities	$	(62.0	)	$	(29.9	)

The change in contract assets is a result of the recording of $45.5 million of costs in excess of billings driven by new commercial projects and $20.9 million of costs in excess of billings for projects acquired in the GrayWolf acquisition, partially offset by $23.1 million of costs in excess of billings transferred to receivables from contract assets recognized at the beginning of the period. The change in contract liabilities is a results of periodic billing in excess of costs of $59.5 million driven largely by new commercial projects and $4.0 million of billings in excess of costs for projects acquired in the GrayWolf acquisition, offset by revenue recognized that was included in the contract liability balance at the beginning of the period $31.4 million.

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations

The transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions):



	Within one year		Within five years		Total
Commercial	$	133.3	$	10.4	$	143.7
Convention	77.5		—		77.5
Healthcare	38.8		1.8		40.6
Industrial	123.5		—		123.5
Other	119.4		23.8		143.2
Remaining unsatisfied performance obligations	$	492.5	$	36.0	$	528.5

DBMG's remaining unsatisfied performance obligations, otherwise referred to as backlog, increase with awards of new contracts and decrease as it performs work and recognizes revenue on existing contracts. DBMG includes a project within its remaining unsatisfied performance obligations at such time the project is awarded and agreement on contract terms has been reached. DBMG's remaining unsatisfied performance obligations include amounts related to contracts for which a fixed price contract value is not assigned when a reasonable estimate of total transaction price can be made. DBMG expects to recognize this revenue over the next twenty four months.

Remaining unsatisfied performance obligations include unrecognized revenues to be realized from uncompleted construction contracts. Although many of DBMG's contracts are subject to cancellation at the election of its customers, in accordance with industry practice, DBMG does not limit the amount of unrecognized revenue included within its remaining unsatisfied performance obligations due to the inherent substantial economic penalty that would be incurred by its customers upon cancellation.

Marine Services Segment

GMSL generally generates revenue by providing maintenance services for subsea telecommunications cabling, installing subsea cables, providing installation, maintenance and repair of fiber optic communication and power infrastructure to offshore oil and gas platforms, and installing inter-array power cables for use in offshore wind farms.

Telecommunication - Maintenance & Installation

GMSL performs its services within telecommunication market primarily under fixed-price contracts and recognizes revenue over time using the input method to measure progress for its projects. The nature of the projects does not provide measurable value to the customer over time and control does not transfer to the customer at discrete points in time. The customer receives value over the term of the project based on the amount of work that has been completed towards the delivery of the completed project. Depending on the project, the most reliable measure of progress is either the cost incurred or time elapsed towards delivery of the completed project. Therefore, the input method provides the most reliable method to measure progress. Revenue recognition begins when work has commenced. Costs include all direct material and labor costs related to contract performance, indirect labor, and overhead costs, which are charged to contract costs as incurred. Revisions in estimates during the course of contract work are reflected in the accounting period in which the facts requiring the revision become known. Provisions for estimated losses on uncompleted contracts are made in the period a loss on a contract becomes determinable.

Maintenance revenues within this market are attributable to standby vessels and the provision of cable storage depots for repair of fiber optic telecommunications cables in defined geographic zones, and its maintenance business is provided through contracts with consortia of approximately 60 global telecommunications providers. These contracts are generally five to seven years long.

Installation revenues within this market are generated through installation of cable systems including route planning, mapping, route engineering, cable laying, and trenching and burial. GMSL’s installation business is project-based with contracts typically lasting one to five months.

Power - Operations, Maintenance & Construction Support

Majority of revenues within this market are generated through the provision of crew transfer vessels and turbine technicians on the maintenance of offshore windfarms. Services are provided at agreed day rates and are recognized as revenues at the point in time at which the performance obligations are met. Additional revenues are generated through the provision of approved safety training courses to personnel operating on offshore wind turbines. Courses are supplied at agreed rates and recognized at the point in time at which the courses are provided.

Power - Cable Installation & Repair

Installation and repair revenues within this market are attributable to the provision of engineering solutions, which includes the charter of cable laying vessels and related subsea assets. These contracts are either charged at agreed day rates and are recognized as revenues at the point in time at which the performance obligations are met, or are under fixed-price contracts, in which case revenue is recognized over time using the input method to measure progress for its projects.

Disaggregation of Revenues

The following table disaggregates GMSL's revenue by market (in millions):



	Year Ended December 31, 2018
Telecommunication - Maintenance	$	87.0
Telecommunication - Installation	41.5
Power - Operations, Maintenance & Construction Support	31.0
Power - Cable Installation & Repair	34.8
Total revenue from contracts with customers	194.3
Other revenue	—
Total Marine Services segment revenue	$	194.3

Contract Assets and Contract Liabilities

The timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets include unbilled amounts from our long-term projects when revenue recognized exceeds the amounts invoiced to our customers, as the amounts cannot be billed under the terms of our contracts. Such amounts are recoverable from our customers based upon various measures of performance, including achievement of certain milestones, completion of specified units or completion of a contract. In addition, many of our time and materials arrangements, as well as our contracts to perform services are billed in arrears pursuant to contract terms that are standard within the industry, resulting in contract assets and/or unbilled receivables being recorded, as revenue is recognized in advance of billings. Contract assets are included in Other assets in the Consolidated Balance Sheets.

Contract assets and contract liabilities consisted of the following (in millions):



	December 31, 2018			December 31, 2017
Contract assets	$	5.2		$	6.6
Contract liabilities	$	(1.0	)	$	(3.1	)

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations

The transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions):



	Within one year		Within five years		Thereafter		Total
Telecommunication - Installation	$	17.7	$	—	$	—	$	17.7
Telecommunication - Maintenance	75.4		215.6		60.3		351.3
Power - Operations, Maintenance & Construction Support	11.5		8.9		—		20.4
Power - Cable Installation & Repair	28.0		66.0		—		94.0
Remaining unsatisfied performance obligations	$	132.6	$	290.5	$	60.3	$	483.4

GMSL's remaining unsatisfied performance obligations, otherwise referred to as backlog, increase with awards of new contracts and decrease as it performs work and recognizes revenue on existing contracts. GMSL includes a project within its remaining unsatisfied performance obligations at such time the project is awarded and agreement on contract terms has been reached. GMSL's remaining unsatisfied performance obligations include amounts related to contracts for which a fixed price contract value is not assigned when a reasonable estimate of total transaction price can be made.

Remaining unsatisfied performance obligations consist predominantly from projects within telecommunication maintenance market. These revenues are generated through long-term contracts for the provision of vessels and cable depots in maintaining and repairing subsea telecoms cables around the globe. Revenues are recognized over time to reflect both the duration that the vessels and depots are provided on standby duties and the amount of work that has been completed.

Energy Segment

ANG's revenues are principally derived from sales of compressed natural gas. ANG recognizes revenue from the sale of natural gas fuel primarily at the time the fuel is dispensed.

As a result of the Bipartisan Budget Act of 2018, signed into law on February 9, 2018, all Alternative Fuel Tax Credit ("AFETC") revenue for vehicle fuel ANG sold in 2017 was collected in the second quarter of 2018. Net revenue after customer rebates for such credits for 2017 were $2.6 million, which was recognized during the second quarter of 2018, the period in which the credit became available.

Disaggregation of Revenues

The following table disaggregates ANG's revenue by type (in millions):



	Year Ended December 31, 2018
Volume-related	$	16.5
Maintenance services	0.1
Total revenue from contracts with customers	16.6
RNG incentives	1.3
Alternative fuel tax credit	2.6
Other revenue	0.2
Total Energy segment revenue	$	20.7

Telecommunications Segment

ICS operates an extensive network of direct routes and offers premium voice communication services for carrying a mix of business, residential and carrier long-distance traffic, data and transit traffic. Customers may have a bilateral relationship with ICS, meaning they have both a customer and vendor relationship with ICS. In these cases, ICS sells the customer access to the ICS supplier routes but also purchases access to the customer’s supplier routes.

Net revenue is derived from the long-distance data and transit traffic. Net revenue is earned based on the number of minutes during a call multiplied by the price per minute, and is recorded upon completion of a call. Completed calls are billable activity while incomplete calls are non-billable. Incomplete calls may occur as a result of technical issues or because the customer’s credit limit was exceeded and thus the customer routing of traffic was prevented.

Revenue for a period is calculated from information received through ICS’s billing software, such as minutes and market rates. Customized billing software has been implemented to track the information from the switch and analyze the call detail records against stored detailed information about revenue rates. This software provides ICS with the ability to perform a timely and accurate analysis of revenue earned in a period.

ICS evaluates gross versus net revenue recognition for each of its contractual arrangements by assessing indicators of control and significant influence to determine whether the ICS acts as a principal (i.e. gross recognition) or an agent (i.e. net recognition). ICS has determined that it acts as a principal for all of its performance obligations in connection with all revenue earned. Net revenue represents gross revenue, net of allowance for doubtful accounts receivable, service credits and service adjustments. Cost of revenue includes network costs that consist of access, transport and termination costs. The majority of ICS’s cost of revenue is variable, primarily based upon minutes of use, with transmission and termination costs being the most significant expense.

Disaggregation of Revenues

ICS's revenues are predominantly derived from wholesale of international long distance minutes (in millions):



	Year Ended December 31, 2018
Termination of long distance minutes	$	793.6
Total revenue from contracts with customers	793.6
Other revenue	—
Total Telecommunications segment revenue	$	793.6

Broadcasting Segment

Network advertising revenue is generated primarily from the sale of television airtime for programs or advertisements. Network advertising revenue is recognized when the program or advertisement is broadcast. Revenues are reported net of agency commissions, which are calculated as a stated percentage applied to gross billings. The Network advertising contracts are generally short-term in nature.

Network distribution revenue consists of payments received from cable, satellite and other multiple video program distribution systems for their retransmission of our network content. Network distribution revenue is recognized as earned over the life of the retransmission consent contract and varies from month to month. Variable fees are usage/sales based, calculated on the average number of subscribers, and recognized as revenue when the usage occurs. Transaction prices are based on the contract terms, with no material judgements or estimates.

Broadcast station revenue is generated primarily from the sale of television airtime in return for a fixed fee or a portion of the related ad sales recognized by the third party. In a typical broadcast station revenue agreement, the licensee of a station makes available, for a fee, airtime on its station to a party which supplies content to be broadcast during that airtime and collects revenue from advertising aired during such content. Broadcast station revenue is recognized over the life of the contract, when the program is broadcast. The fees that we charge can be fixed or variable and the contracts that the Company enters into are generally short-term in nature. Variable fees are usage/sales-based and recognized as revenue when the subsequent usage occurs. Transaction prices are based on the contract terms, with no material judgements or estimates.

The following table disaggregates the Broadcasting segment's revenue by type (in millions):



	Year Ended December 31, 2018
Network advertising	$	28.2
Broadcast station	10.8
Network distribution	4.8
Other	1.6
Total revenue from contracts with customers	45.4
Other revenue	—
Total Broadcasting segment revenue	$	45.4

Contract Liabilities

Audience deficiency units ("ADU") liability is recognized as an available return to customers as fulfillment for under-delivered guaranteed viewership per the related agreement. ADU balance was $1.0 million and $1.6 million as of December 31, 2018 and December 31, 2017, respectively. HC2 Broadcasting measures the potential obligation based on audience measurement ratings and cost per view, and is subsequently made whole in the following period.

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations

The transaction price allocated to remaining unsatisfied performance obligations consisted of $8.3 million and $0.6 million of network advertising and broadcasting station revenues, respectively of which $4.2 million is expected to be recognized within one year, $4.0 million is expected to be recognized within five years and $0.7 million is expected to be recognized thereafter.

Business Combinations

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Business Combinations

4. Acquisitions, Dispositions, and Deconsolidations

Construction Segment

2018 Acquisitions

On November 30, 2018, DBMG consummated acquisition of GrayWolf Industrial ("GrayWolf"), a premier specialty maintenance, repair and installation services provider, pursuant to that certain Agreement and Plan of Merger, dated October 10, 2018, as amended by Amendment No. 1 to the Agreement and Plan of Merger, dated November 29, 2018. The aggregate fair value of the cash consideration paid in connection with the acquisitions of GrayWolf was $139.8 million. The transaction was accounted for as business acquisition.

Preliminary fair value of consideration transferred and its allocation among the identified assets acquired, liabilities assumed, intangibles and residual goodwill are summarized as follows (in millions):



Other invested assets	$	0.9
Cash and cash equivalents	8.6
Accounts receivable	32.0
Property, plant and equipment	15.4
Goodwill	43.7
Intangibles	44.1
Other assets	22.2
Total assets acquired	166.9
Accounts payable and other current liabilities	(23.0		)
Other liabilities	(4.1		)
Total liabilities assumed	(27.1		)
Total net assets acquired	$	139.8

The size and breadth of the GrayWolf acquisition necessitates use of the one year measurement period to adequately analyze all the factors used in establishing the asset and liability fair values as of the acquisition date, including, but not limited to deferred tax assets.

Goodwill was determined based on the residual differences between fair value of consideration transferred and the value assigned to tangible and intangible assets and liabilities. Among the factors that contributed to goodwill was approximately $10.9 million assigned to the assembled and trained workforce. Goodwill is not amortized and is not deductible for tax purposes.

Acquisition costs incurred by DMBG in connection with the acquisition of GrayWolf were approximately $4.2 million, which were included in selling, general and administrative expenses. The acquisition costs were primarily related to legal, accounting and valuation services.

Results of GrayWolf were included in our Consolidated Statements of Operations since the acquisition date. Pro forma results of operations have not been presented because they are not material to our consolidated results of operations.

2017 Acquisitions

On November 1, 2017, DBMG consummated the acquisition of 100% of shares of North American operations of Candraft VSI ("Candraft"). Candraft is a premier bridge infrastructure detailing and modeling company. On December 1, 2017, DBMG consummated the acquisition of the assets from Mountain States Steel, Inc. ("MSS") including inventory, machinery & equipment, real estate, employees and certain intangible assets. MSS is a premier custom structural steel fabricator for constructions projects including bridges, stadiums and power plants. The aggregate fair value of the consideration paid in connection with the acquisitions of Candraft and MSS was $17.8 million, including $16.1 million in cash. Both transactions were accounted for as business acquisitions. Fair value of consideration transferred and its allocation among the identified assets acquired, liabilities assumed, intangibles and residual goodwill are summarized as follows (in millions):



Accounts receivable	$	0.5
Property, plant and equipment	12.7
Goodwill	2.3
Intangibles	1.6
Other assets	0.9
Total assets acquired	18.0
Other liabilities	(0.2		)
Total liabilities assumed	(0.2		)
Total net assets acquired	$	17.8

Goodwill was determined based on the residual differences between fair value of consideration transferred and the value assigned to tangible and intangible assets and liabilities. Among the factors that contributed to goodwill was approximately $1.5 million assigned to the assembled and trained workforce. Goodwill is not amortized and is not deductible for tax purposes.

Acquisition costs incurred by DMBG in connection with the 2017 acquisitions were approximately $3.3 million, which were included in selling, general and administrative expenses. The acquisition costs were primarily related to legal, accounting and valuation services.

Results of acquired businesses were included in our Consolidated Statements of Operations since their respective acquisition dates. Pro forma results of operations have not been presented because they are not material to our consolidated results of operations.

Marine Services Segment

2017 Acquisitions

On November 30, 2017 GMSL acquired 5 assets and 19 employees and contractors based in Aberdeen, Scotland from Fugro N.V. The fair value of the purchase consideration was $87.2 million and comprised of 23.6% share in GMH LLC and a short-term loan of $7.5 million to Fugro N.V. The decision to acquire was made to support the overall group strategy of growing the power and oil & gas businesses. The transaction was accounted for as business acquisition.

The limited liability company agreement of GMH LLC was amended and restated upon consummation of the acquisition to reflect such issuance and to provide the Fugro Member with certain rights, including the right to designate two out of the up to seven members of its board of directors, the right to approve certain actions outside the ordinary course of business, certain "tag-along" rights to participate in sales of membership units by other members and, after five years and subject to the Fugro member first offering its membership units to the other members at a price based upon independent valuations, the right to cause GMH LLC to be put up for sale in a process led by an investment banking firm.

Fair value of consideration transferred and its allocation among the identified assets acquired, liabilities assumed, intangibles and residual goodwill are summarized as follows (in millions):



Cash and cash equivalents	$	2.2
Property, plant and equipment	73.3
Goodwill	11.8
Other assets	0.6
Total assets acquired	87.9
Accounts payable and other current liabilities	(0.7		)
Total liabilities assumed	(0.7		)
Total net assets acquired	$	87.2

Goodwill was determined based on the residual differences between fair value of consideration transferred and the value assigned to tangible

and intangible assets and liabilities. Goodwill is not amortized and is not deductible for tax purposes.

Acquisition costs incurred by GMSL in connection with the 2017 acquisition were approximately $1.8 million, which were included in selling, general and administrative expenses. The acquisition costs were primarily related to legal, accounting and valuation services.

Results of acquired business were included in our Consolidated Statements of Operations since their respective acquisition dates. Pro forma results of operations are also presented because the Fugro acquisition was material to our consolidated results of operations.

Insurance

2018 Acquisitions

On August 9, 2018, CGI completed the acquisition all of the outstanding shares of KMG America Corporation ("KMG"), the parent company of Kanawha Insurance Company ("KIC"), Humana Inc.’s long-term care insurance subsidiary for a cash consideration of ten thousand dollars.

The decision to acquire was made as part of CGI’s core strategy to acquire additional accretive LTC run-off business.

The preliminary allocation of fair value of consideration transferred and its allocation among the identified assets acquired, liabilities assumed and bargain purchase gain are summarized as follows (in millions):



Fixed maturity securities, available-for-sale at fair value	$	1,575.4
Equity securities	0.3
Mortgage loans	0.9
Policy loans	2.9
Cash and cash equivalents	806.7
Recoverable from reinsurers	901.8
Other assets	28.2
Total assets acquired	3,316.2
Life, accident and health reserves	(2,931.3		)
Annuity reserves	(11.3		)
Value of business acquired	(214.4		)
Accounts payable and other current liabilities	(6.7		)
Deferred tax liability	(25.3		)
Other liabilities	(11.8		)
Total liabilities assumed	(3,200.8		)
Total net assets acquired	115.4
Total fair value of consideration⁽¹⁾	—
Gain on bargain purchase	$	115.4

⁽¹⁾Total fair value of consideration was ten thousand dollars.

The size and breadth of the KIC acquisition necessitates use of the one year measurement period to adequately analyze all the factors used in establishing the asset and liability fair values as of the acquisition date, including, but not limited to deferred tax assets.

Gain on bargain purchase

Gain on bargain purchase was driven by the Tax Cuts and Jobs Act, which was not stipulated in the negotiations for the transaction and resulted in a material decline in the Value of Business Acquired balance, corresponding deferred tax position and, ultimately, recognition of a bargain purchase gain, largely driven by the following attributes:


•	The Unified Loss Rules tax attribute reduction to tax value of assets and the seller tax adjustments to tax value of liabilities contribute significantly to the bargain purchase price.


•	The reduction in the federal income tax rate, from 35% at the time the seller contribution was established to 21% effective January 1, 2018, effectively generates the remaining balance for the bargain purchase price.


•	Changes in fair value of acquired assets and assumed liabilities between the date the deal was signed and the closing date was driven by the time it took to obtain regulatory approvals, amongst other closing conditions.

Reinsurance Recoverable

The reinsurance recoverable balance represents amounts recoverable from third parties. U.S. GAAP requires insurance reserves and reinsurance recoverable balances to be presented on a gross basis, as opposed to U.S. statutory accounting principles, where reserves are presented net of reinsurance. Accordingly, the Company grossed up the fair value of the net insurance contract liability for the amount of reinsurance of approximately $901.8 million, to arrive at a gross insurance liability, and recognized an offsetting reinsurance recoverable amount of approximately $901.8 million. As part of this process, management considered reinsurance counterparty credit risk and considers it to have an immaterial impact on the reinsurance fair value gross-up. To mitigate this risk substantially all reinsurance is ceded to companies with investment grade S&P ratings.

Amounts recoverable from reinsurers were estimated in a manner consistent with the liability associated with the reinsured policies and were an estimate of the reinsurance recoverable on paid and unpaid losses, including an estimate for losses incurred but not reported. Reinsurance recoverable represent expected cash inflows from reinsurers for liabilities ceded and therefore incorporate uncertainties as to the timing and amount of claim payments. Reinsurance recoverable includes the balances due from reinsurers under the terms of the reinsurance agreements for these ceded balances as well as settlement amounts currently due.

The Value of Business Acquired

VOBA reflects the estimated fair value of in-force contracts in a life insurance company acquisition less the amount recorded as insurance contract liabilities. It represents the portion of the purchase price that is allocated to the value of the rights to receive future cash flows from the business in force at the acquisition date. A VOBA liability (negative asset) occurs when the estimated fair value of in-force contracts in a life insurance company acquisition is less than the amount recorded as insurance contract liabilities. VOBA was calculated by adjusting the purchase price, which was derived on a statutory accounting basis, for differences between statutory and US GAAP accounting requirements. Amortization is based on assumptions consistent with those used in the development of the underlying contract adjusted for emerging experience and expected trends.

Life, accident and health reserves

The Company estimated the fair value of reserves on a fair value basis, using actuarial assumptions consistent with those used for the buyer’s valuation of the acquired business, and discount rates reflecting capital market conditions. The reserve accounts for the present value of all future cash flows, net of reinsurance, of the acquired block of insurance, including premium, benefit payments, and expenses. The Company estimated the fair value of recoverable from reinsurers using the same assumptions as those for reserves of the net retained business, but applied to business ceded through various, existing reinsurance agreements.

Life Sciences Segment

2018 Dispositions

On June 8, 2018, Pansend closed on the sale of its approximately 75.9% ownership in BeneVir to Janssen Biotech, Inc. ("Janssen"). In conjunction with the closing of the transaction, Janssen made an upfront cash payment of $140.0 million. Pansend received a cash payment of $93.4 million and expects to receive an additional cash payment of $13.3 million, currently held in an escrow, for a total consideration of $106.7 million. The escrow will be released within 15 months subsequent to the closing date, assuming there are no pending or unresolved indemnified claims. Pansend recorded a gain on the sale of $102.1 million, of which $21.7 million was allocated to noncontrolling interests. HC2 received a cash payment of $72.8 million and expects to receive an additional cash payment of $9.2 million upon the release of the escrow.

Under the terms of the merger agreement, Pansend is eligible to receive payments of up to $189.7 million upon the achievement of specified development milestones and up to $493.1 million upon the achievement of specified levels of annual net sales of licensed products. From these potential milestone payments, HC2 is eligible to receive up to $512.2 million.

Broadcasting

2018 Acquisitions

During the year ended December 31, 2018, the Broadcasting segment completed a series of transactions for a total consideration of $71.4 million, including $71.0 million paid in cash. All transactions were accounted for as asset acquisitions.

Fair value of consideration transferred and its allocation among the identified assets acquired and intangibles are summarized as follows (in millions):



Property, plant and equipment	$	1.2
Intangibles	70.2
Total net assets acquired	$	71.4

2017 Acquisitions

During the year ended December 31, 2017, HC2 Broadcasting completed a series of transactions for a total consideration of $91.2 million (in millions):



	DTV		Mako		Azteca		Other		Total
Cash	$	13.5	$	18.2	$	—	$	12.1	$	43.8
Accounts payable	—		—		33.0		—		33.0
Equity	—		5.0		—		—		5.0
Debt obligations	2.4		5.2		—		—		7.6
Fair value of previously held interest	1.8		—		—		—		1.8
Fair value of consideration	$	17.7	$	28.4	$	33.0	$	12.1	$	91.2

DTV

In November 2017, we closed a series of transactions that resulted in HC2 and its subsidiaries owning over 50% of the shares of common stock of DTV for a total consideration of $17.7 million. DTV is an aggregator and operator of Low Power Television ("LPTV") licenses and stations across the United States. DTV currently owns and operates 52 LPTV stations in more than 40 cities. DTV’s distribution platform currently provides carriage for more than 30 television broadcast networks. DTV maintains a focus on technological innovation. DTV exclusively adopted Internet Protocol (IP) as a transport to provide Broadcast-as-a-Service, making it the only adopter of all IP-transport to the home. The transaction was accounted for as business acquisition.

Mako

In November 2017, a wholly-owned subsidiary of HC2 Broadcasting, closed on a transaction with Mako Communications, LLC and certain of its affiliates ("Mako") to purchase all the assets in connection with Mako’s ownership and operation of LPTV stations that resulted in HC2 acquiring 38 operating stations in 28 cities, for a total consideration of $28.4 million. Mako is a family owned and operated business headquartered in Corpus Christi, Texas, that has been acquiring, building, and maintaining Class A and LPTV stations all across the United States since 2000. The transaction was accounted for as business acquisition.

Azteca

In November 2017, a wholly-owned subsidiary of HC2 Broadcasting acquired Azteca America, a Spanish-language broadcast network, from affiliates of TV Azteca, S.A.B. de C.V. ("Azteca") (AZTECACPO.MX) (Latibex:XTZA). As part of the bifurcated transaction structure, a wholly-owned subsidiary of HC2 Broadcasting signed a definitive acquisition agreement with Northstar Media, LLC ("Northstar"), a licensee of numerous broadcast television licenses in the United States. Under the agreement with Northstar, a wholly-owned subsidiary of HC2 Broadcasting will acquire Northstar’s broadcast television stations, which carry Azteca America programming. The total consideration accrued by the Company as of December 31, 2017 pending the close of the Northstar acquisition was $33.0 million. In February 2018, a wholly-owned subsidiary of HC2 Broadcasting closed on the acquisition of Northstar's broadcast television stations and funded the $33.0 million consideration balance. The transaction was accounted for as business acquisition.

Other

In November and December of 2017, a wholly-owned subsidiary of HC2 Broadcasting closed three additional acquisitions for a total consideration of $12.1 million. All three transactions were accounted as asset acquisitions.

Fair value of consideration transferred and its allocation among the identified assets acquired, liabilities assumed, intangibles and residual goodwill are summarized as follows (in millions):



Cash and cash equivalents	$	0.1
Accounts receivable	9.1
Property, plant and equipment	12.1
Goodwill	21.4
Intangibles	80.4
Other assets	1.3
Total assets acquired	124.4
Accounts payable and other current liabilities	(8.0		)
Deferred tax liability	(6.1		)
Debt obligations⁽¹⁾	(4.5		)
Other liabilities	(0.1		)
Total liabilities assumed	(18.7		)
Total net assets acquired	105.7
Less fair value of noncontrolling interest	14.5
Total fair value of consideration	$	91.2

⁽¹⁾Debt obligations includes $2.0 million note with CGI, which is eliminated on the Consolidated Balance Sheet.

The following table summarizes acquired intangible assets (in millions):



FCC licenses and channel share arrangements	$	75.9
Trade name	0.2
Other	4.3
Total intangibles	$	80.4

Results of operations from other acquisitions since respective acquisition dates have been included in our Consolidated Statements of Operations.

Other Segment

On August 14, 2018, 704Games issued a 53.5% equity interest to international media and technology company Motorsport Network. As a result, HC2’s ownership percentage in 704Games was diluted to 26.2% resulting in the loss of control and the deconsolidation of the entity. HC2 recognized a gain of $3.0 million within the Gain on sale and deconsolidation of subsidiary line of the Consolidated Statements of Operations.

Pro Forma Adjusted Summary

Disclosure of proforma information under ASC 805 related to the Azteca acquisition has not been provided as it would be impracticable to do so. After making every reasonable effort to do so, the Company is unable to obtain reliable historical GAAP financial statements for Azteca. Amounts would require estimates so significant as to render the disclosure irrelevant.

The following schedule presents unaudited consolidated pro forma results of operations as if the acquisition of KIC had occurred on January 1, 2017. This information does not purport to be indicative of the actual results that would have occurred if the acquisitions had 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):



	Years Ended December 31,
	2018		2017
Net revenue	$	2,106.4	$	1,775.8
Net income (loss) from continuing operations	$	234.3	$	(6.3	)
Net income (loss) attributable to HC2 Holdings, Inc.	$	203.1	$	(121.8	)

Investments

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Investments

5. Investments

Fixed Maturity Securities

The following tables provide information relating to investments in fixed maturity securities (in millions):



December 31, 2018	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Government and government agencies	$	24.7	$	0.7	$	—		$	25.4
States, municipalities and political subdivisions	413.7		9.6		(1.4		)	421.9
Residential mortgage-backed securities	92.6		3.1		(1.3		)	94.4
Commercial mortgage-backed securities	94.7		0.3		(1.1		)	93.9
Asset-backed securities	540.8		0.8		(30.1		)	511.5
Corporate and other	2,311.0		17.0		(83.5		)	2,244.5
Total fixed maturity securities	$	3,477.5	$	31.5	$	(117.4	)	$	3,391.6



December 31, 2017	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Government and government agencies	$	15.3	$	0.5	$	—		$	15.7
States, municipalities and political subdivisions	377.5		19.0		(1.1		)	395.5
Foreign government	6.3		—		(0.3		)	6.0
Residential mortgage-backed securities	102.0		4.2		(1.3		)	104.9
Commercial mortgage-backed securities	30.2		0.2		—			30.4
Asset-backed securities	145.5		2.6		(0.2		)	147.9
Corporate and other	589.8		51.9		(1.4		)	640.2
Total fixed maturity securities	$	1,266.6	$	78.4	$	(4.3	)	$	1,340.6

The Company has investments in mortgage-backed securities ("MBS") that contain embedded derivatives (primarily interest-only MBS) that do not qualify for hedge accounting. The Company recorded the change in the fair value of these securities within Net realized and unrealized gains (losses) on investments. These investments had a fair value of $9.9 million and $12.3 million as of December 31, 2018 and 2017 respectively. The change in fair value related to these securities resulted in gains of $0.3 million, $0.9 million and a loss of $1.2 million for the years ended December 31, 2018, 2017, and 2016 respectively.

The amortized cost and fair value of fixed maturity securities available-for-sale as of December 31, 2018 are shown by contractual maturity in the table below (in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset and mortgage-backed securities are shown separately in the table below, as they are not due at a single maturity date:



	Amortized Cost		Fair Value
Corporate, Municipal, U.S. Government and Other securities
Due in one year or less	$	21.8	$	22.3
Due after one year through five years	206.6		204.7
Due after five years through ten years	293.5		293.8
Due after ten years	2,227.5		2,171.0
Subtotal	2,749.4		2,691.8
Mortgage-backed securities	187.3		188.3
Asset-backed securities	540.8		511.5
Total	$	3,477.5	$	3,391.6

The table below shows the major industry types of the Company’s corporate and other fixed maturity securities (in millions):



	December 31, 2018						December 31, 2017
	Amortized Cost		Fair Value		% of Total		Amortized Cost		Fair Value		% of Total
Finance, insurance, and real estate	$	469.0	$	452.9	20.2	%	$	191.2	$	203.7	31.8	%
Transportation, communication and other services	758.6		734.0		32.7	%	186.1		201.8		31.5	%
Manufacturing	712.7		693.5		30.9	%	100.9		111.4		17.4	%
Other	370.7		364.1		16.2	%	111.6		123.3		19.3	%
Total	$	2,311.0	$	2,244.5	100.0	%	$	589.8	$	640.2	100.0	%

A portion of certain other-than-temporary impairment ("OTTI") losses on fixed maturity securities is recognized in AOCI. For these securities the net amount, which is recognized in the Consolidated Statements of Operations in the below line items, represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment. Any remaining difference between the fair value and amortized cost is recognized in AOCI. The Company recorded the following (in millions):



	Years Ended December 31,
	2018		2017		2016
Net realized and unrealized gains (losses) on investments	$	1.5	$	—	$	0.2
Other income (expenses), net	0.2		6.6		2.5
Total Other-Than-Temporary Impairments	$	1.7	$	6.6	$	2.7

The following table presents the total unrealized losses for the 749 and 126 fixed maturity securities held by the Company as of December 31, 2018 and 2017, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (in millions):



	December 31, 2018					December 31, 2017
	Unrealized Losses			% of Total		Unrealized Losses			% of Total
Fixed maturity securities
Less than 20%	$	(116.0	)	98.8	%	$	(4.2	)	93.7	%
20% or more for less than six months	(0.8		)	0.7	%	(0.2		)	3.9	%
20% or more for six months or greater	(0.6		)	0.5	%	(0.1		)	2.4	%
Total	$	(117.4	)	100.0	%	$	(4.5	)	100.0	%

The determination of whether unrealized losses are "other-than-temporary" requires judgment based on subjective as well as objective factors. Factors considered and resources used by management include (i) whether the unrealized loss is credit-driven or a result of changes in market interest rates, (ii) the extent to which fair value is less than cost basis, (iii) cash flow projections received from independent sources, (iv) historical operating, balance sheet and cash flow data contained in issuer SEC filings and news releases, (v) near-term prospects for improvement in the issuer and/or its industry, (vi) third party research and communications with industry specialists, (vii) financial models and forecasts, (viii) the continuity of dividend payments, maintenance of investment grade ratings and hybrid nature of certain investments, (ix) discussions with issuer management, and (x) ability and intent to hold the investment for a period of time sufficient to allow for anticipated recovery in fair value.

The Company analyzes its MBS for OTTI each quarter based upon expected future cash flows. Management estimates expected future cash flows based upon its knowledge of the MBS market, cash flow projections (which reflect loan-to-collateral values, subordination, vintage and geographic concentration) received from independent sources, implied cash flows inherent in security ratings and analysis of historical payment data.

The Company believes it will recover its cost basis in the non-impaired securities with unrealized losses and that the Company has the ability to hold the securities until they recover in value. The Company neither intends to sell nor does it expect to be required to sell the securities with unrealized losses as of December 31, 2018. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity and equity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines.

The following tables present the estimated fair values and gross unrealized losses for the 749 and 126 fixed maturity securities held by the Company that have estimated fair values below amortized cost as of each of December 31, 2018 and 2017, respectively. The Company does not have any OTTI losses reported in AOCI. These investments are presented by investment category and the length of time the related fair value has remained below amortized cost (in millions):



December 31, 2018	Less than 12 months					12 months of greater					Total
December 31, 2018	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Government and government agencies	$	5.0	$	—		$	3.3	$	—		$	8.3	$	—
States, municipalities and political subdivisions	117.2		(1.3		)	1.9		(0.1		)	119.1		(1.4		)
Residential mortgage-backed securities	22.4		(1.2		)	5.7		(0.1		)	28.1		(1.3		)
Commercial mortgage-backed securities	57.8		(1.1		)	—		—			57.8		(1.1		)
Asset-backed securities	466.0		(29.6		)	5.9		(0.5		)	471.9		(30.1		)
Corporate and other	1,418.2		(71.9		)	254.6		(11.6		)	1,672.8		(83.5		)
Total fixed maturity securities	$	2,086.6	$	(105.1	)	$	271.4	$	(12.3	)	$	2,358.0	$	(117.4	)



December 31, 2017	Less than 12 months					12 months of greater					Total
December 31, 2017	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Government and government agencies	$	5.0	$	—		$	2.2	$	—		$	7.2	$	—
States, municipalities and political subdivisions	32.9		(0.8		)	10.8		(0.2		)	43.7		(1.1		)
Foreign government	—		—			6.0		(0.3		)	6.0		(0.3		)
Residential mortgage-backed securities	5.1		(0.6		)	16.2		(0.7		)	21.3		(1.3		)
Commercial mortgage-backed securities	5.1		—			1.0		—			6.1		—
Asset-backed securities	19.8		(0.1		)	3.9		(0.1		)	23.7		(0.2		)
Corporate and other	18.5		(0.8		)	19.4		(0.7		)	37.9		(1.4		)
Total fixed maturity securities	$	86.4	$	(2.3	)	$	59.5	$	(2.0	)	$	145.9	$	(4.3	)

As of December 31, 2018, investment grade fixed maturity securities (as determined by nationally recognized rating agencies) represented approximately 87.9% of the gross unrealized loss and 93.1% of the fair value. As of December 31, 2017, investment grade fixed maturity securities represented approximately 7.3% of the gross unrealized loss and 10.4% of the fair value. Certain risks are inherent in connection with fixed maturity securities, including loss upon default, price volatility in reaction to changes in interest rates, and general market factors and risks associated with reinvestment of proceeds due to prepayments or redemptions in a period of declining interest rates.

Equity Securities

Fair values of equity securities were as follows (in millions):



	December 31, 2018		December 31, 2017
Equity securities
Common stocks	$	15.0	$	4.9
Perpetual preferred stocks	185.5		42.6
Total equity securities	$	200.5	$	47.5

On August 4, 2018, HC2 Chairman and Chief Executive Officer Philip Falcone informed Inseego Corp’s ("INSG") Board of Directors (the "Board") of his resignation from his position as a Director and Chairman of the Board of INSG effective upon consummation of a private placement at INSG. The INSG private placement consisted of an issuance of an aggregate of 12.0 million shares of its common stock to two investors for a purchase price of $1.63 per share, resulting in aggregate gross proceeds to INSG of approximately $19.7 million. Concurrently, INSG amended HC2's Investors’ Rights Agreement where HC2 agreed to eliminate its board observation and nomination rights. As a result, HC2 lost its ability to exercise significant influence. HC2's equity investment in INSG security no longer qualifies to be accounted for under the equity method. Beginning in the third quarter of 2018, the investment will be recorded at fair value. The investment basis in INSG under the equity method had been reduced to zero as a result of losses incurred for the duration of the investment. On December 4, 2018, the Company sold its investment in INSG for a total consideration of $34.4 million. The Company recognized a net gain of $34.4 million as a result of both transactions recorded in Other income (expenses), net.

Other Invested Assets

Carrying values of other invested assets were as follows (in millions):



	December 31, 2018						December 31, 2017
	Measurement Alternative		Equity Method		Fair Value		Cost Method		Equity Method		Fair Value
Common equity	$	—	$	2.1	$	—	$	—	$	1.5	$	—
Preferred equity	1.6		9.6		—		2.5		14.2		—
Derivatives	—		—		—		0.4		—		0.3
Other	—		59.2		—		—		66.6		—
Total	$	1.6	$	70.9	$	—	$	2.9	$	82.3	$	0.3

Summarized financial information for equity method investees not consolidated for the years ended December 31, 2018, 2017, and 2016 were as follows (information for one of the investees is reported on a one month lag, in millions):



	Years Ended December 31,
	2018		2017			2016
Net revenue	$	382.9	$	481.5		$	558.2
Gross profit	$	98.8	$	122.1		$	164.9
Income (loss) from continuing operations	$	38.7	$	7.6		$	51.7
Net income (loss)	$	30.9	$	(17.5	)	$	(11.1	)

Current assets	$	282.5	$	357.3		$	285.5
Noncurrent assets	$	90.5	$	188.3		$	278.8
Current liabilities	$	177.0	$	227.2		$	184.1
Noncurrent liabilities	$	19.5	$	161.0		$	131.6

Net Investment Income

The major sources of net investment income were as follows (in millions):



	Years Ended December 31,
	2018			2017			2016
Fixed maturity securities, available-for-sale at fair value	$	98.3		$	59.4		$	54.7
Equity securities	5.4			2.6			2.2
Mortgage loans	7.3			2.5			0.5
Policy loans	1.2			1.2			1.2
Other invested assets	4.8			0.6			0.3
Gross investment income	117.0			66.3			58.9
External investment expense	(0.4		)	(0.2		)	(0.9		)
Net investment income	$	116.6		$	66.1		$	58.0

Net Realized and Unrealized Gains (Losses) on Investments

The major sources of net realized and unrealized gains and losses on investments were as follows (in millions):



	Years Ended December 31,
	2018			2017			2016
Realized gains on fixed maturity securities	$	5.6		$	4.4		$	4.9
Realized losses on fixed maturity securities	(1.5		)	(1.0		)	(2.4		)
Realized gains on equity securities	0.3			1.0			4.5
Realized losses on equity securities	—			(0.6		)	(0.3		)
Net unrealized gains (losses) on equity securities	(11.6		)	—			—
Net unrealized gains (losses) on derivative instruments	0.3			1.2			(1.5		)
Impairment losses	(1.5		)	—			(0.2		)
Net realized and unrealized gains (losses)	$	(8.4	)	$	5.0		$	5.0

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

6. Fair Value of Financial Instruments

Assets by Hierarchy Level

Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):



December 31, 2018			Fair Value Measurement Using:
December 31, 2018	Total		Level 1		Level 2		Level 3
Assets
Fixed maturity securities
U.S. Government and government agencies	$	25.4	$	6.1	$	19.3	$	—
States, municipalities and political subdivisions	421.9		—		421.9		—
Residential mortgage-backed securities	94.4		—		75.4		19.0
Commercial mortgage-backed securities	93.9		—		35.7		58.2
Asset-backed securities	511.5		—		33.3		478.2
Corporate and other	2,244.5		6.6		2,152.9		85.0
Total fixed maturity securities	3,391.6		12.7		2,738.5		640.4
Equity securities
Common stocks	15.0		9.1		—		5.9
Perpetual preferred stocks	185.5		7.2		123.0		55.3
Total equity securities	200.5		16.3		123.0		61.2
Total assets accounted for at fair value	$	3,592.1	$	29.0	$	2,861.5	$	701.6



Liabilities
Embedded derivative	$	8.4	$	—	$	—	$	8.4
Other	3.5		—		—		3.5
Total liabilities accounted for at fair value	$	11.9	$	—	$	—	$	11.9



December 31, 2017			Fair Value Measurement Using:
December 31, 2017	Total		Level 1		Level 2		Level 3
Assets
Fixed maturity securities
U.S. Government and government agencies	$	15.7	$	5.1	$	10.6	$	—
States, municipalities and political subdivisions	395.4		—		389.4		6.0
Foreign government	6.0		—		6.0		—
Residential mortgage-backed securities	104.9		—		90.3		14.6
Commercial mortgage-backed securities	30.5		—		18.3		12.2
Asset-backed securities	147.9		—		14.2		133.7
Corporate and other	640.2		2.1		611.8		26.3
Total fixed maturity securities	1,340.6		7.2		1,140.6		192.8
Equity securities
Common stocks	5.0		4.8		—		0.2
Perpetual preferred stocks	42.5		7.6		28.5		6.4
Total equity securities	47.5		12.4		28.5		6.6
Derivatives	0.3		—		—		0.3
Total assets accounted for at fair value	$	1,388.4	$	19.6	$	1,169.1	$	199.7



Liabilities
Other	$	4.8	$	—	$	—	$	4.8
Total liabilities accounted for at fair value	$	4.8	$	—	$	—	$	4.8

The Company reviews the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts the Company's ability to classify securities as Level 2 or Level 3. The Company’s assessment resulted in a net transfer out of Level 3 of $59.3 million and out of Level 3 of $62.9 million, primarily related to structured securities, during the years ended December 31, 2018 and 2017, respectively.

The methods and assumptions the Company uses to estimate the fair value of assets and liabilities measured at fair value on a recurring basis are summarized below:

Fixed Maturity Securities. The fair values of the Company’s publicly-traded fixed maturity securities are generally based on prices obtained from independent pricing services. Prices from pricing services are sourced from multiple vendors, and a vendor hierarchy is maintained by asset type based on historical pricing experience and vendor expertise. In some cases, the Company receives prices from multiple pricing services for each security, but ultimately uses the price from the pricing service highest in the vendor hierarchy based on the respective asset type. Consistent with the fair value hierarchy described above, securities with validated quotes from pricing services are generally reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs.

If the Company ultimately concludes that pricing information received from the independent pricing service is not reflective of market activity, non-binding broker quotes are used, if available. If the Company concludes the values from both pricing services and brokers are not reflective of market activity, it may override the information from the pricing service or broker with an internally developed valuation, however, this occurs infrequently. Internally developed valuations or non-binding broker quotes are also used to determine fair value in circumstances where vendor pricing is not available. These estimates may use significant unobservable inputs, which reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset. Pricing service overrides, internally developed valuations and non-binding broker quotes are generally based on significant unobservable inputs and are reflected as Level 3 in the valuation hierarchy.

The inputs used in the valuation of corporate and government securities include, but are not limited to, standard market observable inputs which are derived from, or corroborated by, market observable data including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately traded issues that incorporate the credit quality and industry sector of the issuer.

For structured securities, valuation is based primarily on matrix pricing or other similar techniques using standard market inputs including spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, rating, weighted average coupon, weighted average maturity, average delinquency rates, geographic region, debt-service coverage ratios and issuance-specific information including, but not limited to: collateral type, payment terms of the underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans.

When observable inputs are not available, the market standard valuation techniques for determining the estimated fair value of certain types of securities that trade infrequently, and therefore have little or no price transparency, rely on inputs that are significant to the estimated fair value but that are not observable in the market or cannot be derived principally from or corroborated by observable market data. These unobservable inputs are sometimes based in large part on management judgment or estimation, and cannot be supported by reference to market activity. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and are believed to be consistent with what other market participants would use when pricing such securities.

The fair values of private placement securities are primarily determined using a discounted cash flow model. In certain cases, these models primarily use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 3. For certain private fixed maturity securities, the discounted cash flow model may also incorporate significant unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the security. To the extent management determines that such unobservable inputs are not significant to the price of a security, a Level 2 classification is made. Otherwise, a Level 3 classification is used.

Equity Securities. The balance consists principally of common and preferred stock of publicly and privately traded companies. The fair values of publicly traded equity securities are primarily based on quoted market prices in active markets and are classified within Level 1 in the fair value hierarchy. The fair values of preferred equity securities, for which quoted market prices are not readily available, are based on prices obtained from independent pricing services and these securities are generally classified within Level 2 in the fair value hierarchy. The fair value of common stock of privately held companies was determined using unobservable market inputs, including volatility and underlying security values and was classified as Level 3.

Cash Equivalents. The balance consists of money market instruments, which are generally valued using unadjusted quoted prices in active markets that are accessible for identical assets and are primarily classified as Level 1. Various time deposits carried as cash equivalents are not measured at estimated fair value and, therefore, are excluded from the tables presented.

Level 3 Measurements and Transfers

The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the years ended December 31, 2018 and 2017, respectively (in millions):



				Total realized/unrealized gains (losses) included in
	Balance at December 31, 2017				Net earnings (loss)			Other comp. income (loss)				Purchases and issuances		Sales and settlements				Transfer to Level 3			Transfer out of Level 3			Balance at December 31, 2018
Assets
Fixed maturity securities
U.S. Government and government agencies		$	—		$	—			$	—		$	2.3		$	—			$	—	$	(2.3	)	$	—
States, municipalities and political subdivisions		6.0			—				(0.1		)	0.1			—				0.4		(6.4		)	—
Residential mortgage-backed securities		14.6			0.2				0.2			33.7			(8.0		)		8.1		(29.8		)	19.0
Commercial mortgage-backed securities		12.2			(0.1		)		(0.9		)	47.5			(0.1		)		1.8		(2.2		)	58.2
Asset-backed securities		133.7			1.2				(31.6		)	445.4			(79.8		)		12.9		(3.6		)	478.2
Corporate and other		26.3			(0.2		)		(6.1		)	116.8			(15.0		)		24.8		(61.6		)	85.0
Total fixed maturity securities		192.8			1.1				(38.5		)	645.8			(102.9		)		48.0		(105.9		)	640.4
Equity securities
Common stocks		0.2			0.8				—			0.1			—				4.8		—			5.9
Perpetual preferred stocks		6.4			(0.5		)		—			56.0			(0.4		)		3.5		(9.7		)	55.3
Total equity securities		6.6			0.3				—			56.1			(0.4		)		8.3		(9.7		)	61.2
Derivatives		0.3			(0.3		)		—			—			—				—		—			—
Total financial assets		$	199.7		$	1.1			$	(38.5	)	$	701.9		$	(103.3	)		$	56.3	$	(115.6	)	$	701.6



				Total realized/unrealized (gains) losses included in
	Balance at December 31, 2017			Net (earnings) loss			Other comp. (income) loss			Purchases and issuances		Sales and settlements				Transfer to Level 3			Transfer out of Level 3		Balance at December 31, 2018
Liabilities
Embedded derivative		$	—	$	(4.1	)		$	—	$	12.5		$	—			$	—	$	—	$	8.4
Other		4.7		(2.2		)		—		1.2			(0.2		)		—		—		3.5
Total financial liabilities		$	4.7	$	(6.3	)		$	—	$	13.7		$	(0.2	)		$	—	$	—	$	11.9



				Total realized/unrealized gains (losses) included in
	Balance at December 31, 2016			Net earnings (loss)			Other comp. income (loss)				Purchases and issuances		Sales and settlements				Transfer to Level 3			Transfer out of Level 3			Balance at December 31, 2017
Assets
Fixed maturity securities
States, municipalities and political subdivisions		$	5.7	$	(0.1	)		$	(0.1	)	$	0.5		$	—			$	1.6	$	(1.6	)		$	6.0
Residential mortgage-backed securities		56.0		(0.4		)		1.2			3.5			(9.0		)		3.2		(39.9		)		14.6
Commercial mortgage-backed securities		43.0		(0.3		)		0.3			0.2			(10.1		)		8.6		(29.5		)		12.2
Asset-backed securities		73.2		1.2				1.5			149.0			(80.6		)		1.1		(11.7		)		133.7
Corporate and other		20.4		(3.4		)		3.8			12.7			(7.9		)		10.6		(9.9		)		26.3
Total fixed maturity securities		198.3		(3.0		)		6.7			165.9			(107.6		)		25.1		(92.6		)		192.8
Equity securities
Common stocks		4.6		(3.2		)		0.2			0.1			—				0.3		(1.8		)		0.2
Perpetual preferred stocks		—		—				0.3			—			—				6.1		—				6.4
Total equity securities		4.6		(3.2		)		0.5			0.1			—				6.4		(1.8		)		6.6
Derivatives		3.8		(1.6		)		—			0.1			(2.0		)		—		—				0.3
Total financial assets		$	206.7	$	(7.8	)		$	7.2		$	166.1		$	(109.6	)		$	31.5	$	(94.4	)		$	199.7



				Total realized/unrealized (gains) losses included in
	Balance at December 31, 2016			Net (earnings) loss			Other comp. (income) loss			Purchases and issuances		Sales and settlements				Transfer to Level 3			Transfer out of Level 3		Balance at December 31, 2017
Liabilities
Other		$	16.3	$	(11.5	)		$	—	$	—		$	(0.1	)		$	—	$	—		$	4.7
Total financial liabilities		$	16.3	$	(11.5	)		$	—	$	—		$	(0.1	)		$	—	$	—		$	4.7

Internally developed fair values of Level 3 assets represent less than 1% of the Company’s total assets. Any justifiable changes in unobservable inputs used to determine internally developed fair values would not have a material impact on the Company’s financial position.

Fair Value of Financial Instruments Not Measured at Fair Value

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis. The table excludes carrying amounts for cash, accounts receivable, costs and recognized earnings in excess of billings, accounts payable, accrued expenses, billings in excess of costs and recognized earnings, and other current assets and liabilities approximate fair value due to relatively short periods to maturity (in millions):



December 31, 2018					Fair Value Measurement Using:
December 31, 2018	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Assets
Mortgage loans	$	137.6	$	137.6	$	—	$	—	$	137.6
Policy loans	19.8		19.8		—		19.8		—
Other invested assets	1.6		1.6		—		—		1.6
Total assets not accounted for at fair value	$	159.0	$	159.0	$	—	$	19.8	$	139.2
Liabilities
Annuity benefits accumulated ⁽¹⁾	$	244.0	$	241.7	$	—	$	—	$	241.7
Debt obligations ⁽²⁾	702.5		703.0		—		703.0		—
Total liabilities not accounted for at fair value	$	946.5	$	944.7	$	—	$	703.0	$	241.7



December 31, 2017					Fair Value Measurement Using:
December 31, 2017	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Assets
Mortgage loans	$	52.1	$	52.1	$	—	$	—	$	52.1
Policy loans	17.9		17.9		—		17.9		—
Other invested assets	3.0		3.7		—		—		3.7
Total assets not accounted for at fair value	$	73.0	$	73.7	$	—	$	17.9	$	55.8
Liabilities
Annuity benefits accumulated ⁽¹⁾	$	243.2	$	240.4	$	—	$	—	$	240.4
Debt obligations ⁽²⁾	544.2		552.4		—		552.4		—
Total liabilities not accounted for at fair value	$	787.4	$	792.8	$	—	$	552.4	$	240.4

⁽¹⁾Excludes life contingent annuities in the payout phase.

⁽²⁾ Excludes certain lease obligations accounted for under ASC 840, Leases.

Mortgage Loans on Real Estate. The fair value of mortgage loans on real estate is estimated by discounting cash flows, both principal and interest, using current interest rates for mortgage loans with similar credit ratings and similar remaining maturities. As such, inputs include current treasury yields and spreads, which are based on the credit rating and average life of the loan, corresponding to the market spreads. The valuation of mortgage loans on real estate is considered Level 3 in the fair value hierarchy.

Annuity Benefits Accumulated. The fair value of annuity benefits was determined using the surrender values of the annuities and classified as Level 3.

Debt Obligations. The fair value of the Company’s debt obligations was determined using Bloomberg Valuation Service BVAL. The methodology combines direct market observations from contributed sources with quantitative pricing models to generate evaluated prices and classified as Level 2.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accounts Receivable

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Accounts Receivable

7. Accounts Receivable

Accounts receivable consists of the following (in millions):



	December 31,
	2018			2017
Contracts in progress	$	188.2		$	167.8
Trade receivables	127.5			106.9
Unbilled retentions	65.6			51.0
Other receivables	4.2			0.4
Allowance for doubtful accounts	(6.3		)	(3.7		)
Total accounts receivable	$	379.2		$	322.4

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Inventory

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Inventory

8. Inventory

Inventory is recognized in the consolidated balance sheets within Other assets, and consists of the following (in millions):



	December 31,
	2018		2017
Raw materials and consumables	$	19.3	$	11.8
Work in process	1.6		0.7
Finished goods	0.4		0.2
	$	21.3	$	12.7

Recoverable from Reinsurers

12 Months Ended

Dec. 31, 2018

Insurance [Abstract]

Recoverable from Reinsurers

9. Recoverable from Reinsurers

Recoverable from reinsurers consists of the following (in millions):



		December 31, 2018				December 31, 2017
Reinsurer	A.M. Best Rating	Amount		% of Total		Amount		% of Total
Hannover Life Reassurance Company of America	A+	$	336.9	33.7	%	$	336.9	64.0	%
Munich American Reassurance Company	A+	335.0		33.5	%	—		—	%
Loyal American Life Insurance Company	A	146.0		14.6	%	140.5		26.7	%
Manhattan Life Assurance Company of America	B+	89.5		8.9	%	—		—	%
Great American Life Insurance Company	A	54.5		5.4	%	48.9		9.3	%
Other		38.3		3.9	%	—		—	%
Total		$	1,000.2	100.0	%	$	526.3	100.0	%

During the year ended December 31, 2018, CGI recaptured two of their reinsurance treaties. The first of which received $161.4 million of cash, reduced its ceded reinsurance by $140.8 million and recognizing a gain of $20.6 million, included in Other income (expenses), net. The second recapture received $168.0 million of cash, reduced its ceded reinsurance by $141.7 million and recognizing a gain of $26.3 million, included in Other income (expenses), net.

Property, Plant, and Equipment, net

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment, net

10. Property, Plant, and Equipment, net

Property, plant, and equipment consists of the following (in millions):



	December 31,
	2018		2017
Cable-ships and submersibles	$	251.1	$	251.8
Equipment, furniture and fixtures, and software	148.0		127.4
Building and leasehold improvements	47.3		34.6
Land	32.8		30.3
Construction in progress	12.9		20.0
Plant and transportation equipment	12.0		6.6
	504.1		470.7
Less: Accumulated depreciation	127.8		96.0
Total	$	376.3	$	374.7

Depreciation expense was $46.6 million, $35.8 million, and $28.9 million for the years ended December 31, 2018, 2017, and 2016, respectively. These amounts included $7.0 million, $5.3 million, and $4.4 million of depreciation expense within cost of revenue for the years ended December 31, 2018, 2017, and 2016, respectively.

As of December 31, 2018 and December 31, 2017, total net book value of equipment under capital leases consisted of $40.0 million and $45.3 million of cable-ships, submersibles, and equipment.

In 2018, ANG recorded an impairment expense of $0.7 million, $0.4 million due to station performance and $0.3 million related to the abandonment of a station development project. In 2017, NerVve recorded an impairment of $1.2 million. Computer software and other fixed assets were written down to zero as a result of deteriorated business conditions. Impairment expenses recorded on property, plant and equipment are included in Other operating (income) expenses in our Consolidated Statements of Operations for the year ended December 31, 2018 and 2017, respectively.

Goodwill and Intangibles, net

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles, net

11. Goodwill and Intangibles, net

Goodwill

The changes in the carrying amount of goodwill by segment are as follows (in millions):



	Construction			Marine Services		Energy			Telecom		Insurance		Life Sciences			Broadcasting			Other			Total
Balance at December 31, 2016		$	36.3	$	2.5	$	2.6		$	3.4	$	47.3	$	3.6			$	—	$	2.4		$	98.1
Measurement period adjustment		—		—		(0.5		)	—		—		—				—		—			(0.5		)
Acquisitions		2.3		11.8		—			—		—		—				20.6		—			34.7
Impairments		—		—		—			—		—		—				—		(0.6		)	(0.6		)
Balance at December 31, 2017		38.6		14.3		2.1			3.4		47.3		3.6				20.6		1.8			131.7
Measurement period adjustment		—		—		—			—		—		—				0.8		—			0.8
Acquisitions		43.6		—		—			1.0		—		—				—		—			44.6
Dispositions		—		—		—			—		—		(3.6		)		—		(1.8		)	(5.4		)
Balance at December 31, 2018		$	82.2	$	14.3	$	2.1		$	4.4	$	47.3	$	—			$	21.4	$	—		$	171.7

On an annual basis, the Company performs it's goodwill impairment review. After considering all quantitative and qualitative factors, other than noted below, the Company has determined that it is more likely than not that the reporting units' fair values exceed carrying values as of the period end.

During the second quarter of 2017, the Company concluded that a step 1 test of goodwill for NerVve was necessary. Based on certain indicators of impairment related to NerVve's deteriorated business conditions. The Company estimated the fair value of the NerVve reporting unit, using the income approach, at an implied fair value of goodwill of $0 and an impairment charge of $0.6 million was recorded. This impairment charge is included in Other operating (income) expenses in our Consolidated Statements of Operations for the year ended December 31, 2017.

Through the sale of BeneVir in the second quarter of 2018, $3.6 million of goodwill was deconsolidated. Through the deconsolidation of 704Games in the third quarter of 2018, $1.8 million of goodwill was deconsolidated. See Note 4. Acquisitions, Dispositions, and Deconsolidations, for additional detail regarding our acquisitions and dispositions.

Indefinite-lived Intangible Assets

Indefinite-lived intangible assets consists of the following (in millions):



	December 31,
	2018		2017
FCC licenses	$	120.6	$	76.4
State licenses	2.5		2.5
Developed technology	—		6.4
Total	$	123.1	$	85.3

Through the sale of BeneVir, $6.4 million of developed technology were sold to a third party. See Note 4. Acquisitions, Dispositions, and Deconsolidations for additional detail regarding our acquisitions and dispositions.

The Broadcasting segment strategically acquires assets across the United States, which results in the recording of FCC licenses. Providing the Company acts within the requirements and constraints of the regulatory authorities, the renewal and extension of these licenses is reasonably certain at minimal costs. Accordingly, we have concluded that the acquired FCC licenses are indefinite-lived intangible assets.

In 2018, FCC licenses increased $44.2 million, $45.0 million through acquisitions, partially offset by $0.6 million of measurement period adjustments and $0.2 million of impairments driven by non-strategic licenses dismissed by the FCC.

Definite Lived Intangible Assets

The gross carrying amount and accumulated amortization of amortizable intangible assets by major intangible asset class is as follows (in millions):



	Weighted-Average Original Useful Life	December 31, 2018							December 31, 2017
	Weighted-Average Original Useful Life	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	13 Years	$	25.9	$	(5.9	)	$	20.0	$	14.0	$	(4.5	)	$	9.5
Customer relationships	10 Years	53.6		(7.2		)	46.4		21.7		(4.7		)	17.0
Channel sharing arrangement	40 Years	25.2		—			25.2		—		—			—
Developed technology	5 Years	1.2		(1.2		)	—		3.8		(3.6		)	0.2
Other	4 Years	5.5		(1.0		)	4.5		5.4		(0.3		)	5.1
Total		$	111.4	$	(15.3	)	$	96.1	$	44.9	$	(13.1	)	$	31.8

Amortization expense for amortizable intangible assets was $4.9 million, $5.4 million, and $3.8 million for the years ended December 31, 2018, 2017, and 2016 respectively, and was included in Depreciation and amortization in the Consolidated Statements of Operations.

VOBA

VOBA is amortized in relation to the projected future premium of the acquired long-term care blocks of business and recorded amortization increases net income for the respective period. Total negative amortization recorded for the years ended December 31, 2018, 2017, and 2016 was $12.8 million, $4.6 million and $3.9 million, respectively.

Excluding the impact of any future acquisitions or change in foreign currency, the Company estimates annual amortization of amortizable intangible assets and VOBA for the next five fiscal years will be as follows (in millions):



	Estimated Amortization
	Definite Lived Intangible Assets		Negative VOBA
2019	$	11.8	$	(22.2	)
2020	8.1		(20.9		)
2021	7.9		(19.7		)
2022	7.8		(18.5		)
2023	6.9		(17.2		)
Thereafter	53.6		(146.1		)
Total	$	96.1	$	(244.6	)

Life, Accident and Health Reserves

12 Months Ended

Dec. 31, 2018

Insurance [Abstract]

Life, Accident and Health Reserves

12. Life, Accident and Health Reserves

Life, accident and health reserves consist of the following (in millions):



	December 31,
	2018		2017
Long-term care insurance reserves	$	4,142.5	$	1,453.4
Other accident and health insurance reserves	222.8		140.6
Traditional life insurance reserves	196.8		100.0
Total life, accident and health reserves	$	4,562.1	$	1,694.0

The following table sets forth changes in the liability for claims for the portion of our long-term care insurance reserves in scope of the ASU 2015-09 disclosure requirements (in millions):



	Years Ended December 31,
	2018			2017
Beginning balance	$	243.5		$	227.0
Less: recoverable from reinsurers	(100.6		)	(97.9		)
Beginning balance, net	142.9			129.1

Opening balance due to business acquired	295.4			—
Less: recoverable from reinsurers	(55.9		)	—
Net Balance of business acquired	239.5			—
Incurred related to insured events of:
Current year	216.6			55.4
Prior years	81.6			(1.3		)
Total incurred	298.2			54.1
Paid related to insured events of:
Current year	(15.0		)	(6.7		)
Prior years	(72.1		)	(38.5		)
Total paid	(87.1		)	(45.2		)
Interest on liability for policy and contract claims	8.8			4.9
Ending balance, net	602.3			142.9
Add: recoverable from reinsurers	136.4			100.6
Ending balance	$	738.7		$	243.5

The Company experienced unfavorable claims reserve development of $81.6 million in 2018 and favorable claims reserve development of $1.3 million in 2017. Much of this deficiency is due to the (i) recapture of two reinsurance treaties that covered the KIC business post acquisition (ii) strengthening of the morbidity assumptions for the KIC claim reserves and (iii) development of claim termination rates and care transition settings.

Accounts Payable and Other Current Liabilities

12 Months Ended

Dec. 31, 2018

Payables and Accruals [Abstract]

Accounts Payable and Other Current Liabilities

13. Accounts Payable and Other Current Liabilities

Accounts payable and other current liabilities consist of the following (in millions):



	December 31,
	2018		2017
Accounts payable	$	104.7	$	119.2
Accrued interconnection costs	103.0		73.4
Accrued expenses and other current liabilities	83.4		99.5
Accrued payroll and employee benefits	44.2		44.4
Accrued interest	8.8		4.6
Accrued income taxes	0.8		6.4
Total accounts payable and other current liabilities	$	344.9	$	347.5

Debt Obligations

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt Obligations

14. Debt Obligations

Debt obligations consist of the following (in millions):



	December 31,
	2018			2017
Construction
LIBOR plus 5.85% Note, due in 2023	$	80.0		$	—
LIBOR plus 1.50%, due in 2023	34.0			19.7
LIBOR plus 2.5%, due in 2019	—			6.7
Marine Services
Obligations under capital leases	40.4			48.5
7.49% Note, due in 2019	14.0			—
10% Notes, due 2018	—			7.5
Notes payable and revolving lines of credit, various maturity dates	12.9			16.2
Energy
5.0% Term Loan due in 2022	12.4			13.7
4.5% Note due in 2022	11.3			12.5
Other, various maturity dates	3.2			4.3
Life Sciences
Notes due in 2019	1.7			1.8
Broadcasting
8.50% Secured Note due 2019⁽¹⁾	35.0			—
Other, various maturity dates	11.1			10.1
LIBOR plus applicable margin Bridge Note, due in 2018	—			60.0
Other
Notes payable, various maturity dates	—			0.1
Non-operating Corporate
11.5% Senior Secured Notes, due in 2021	470.0			—
7.5% Convertible Senior Notes, due in 2022	55.0			—
11.0% Senior Secured Notes, due in 2019	—			400.0
Total	781.0			601.1
Issuance discount, net and deferred financing costs	(37.1		)	(7.9		)
Debt obligations	$	743.9		$	593.2

⁽¹⁾On January 22, 2019, HC2 Broadcasting issued an additional $7.5 million of 8.5% notes to institutional investors and increased the capacity of the Stations Notes by $15.0 million to $50.0 million.

Aggregate capital lease and debt payments, including interest are as follows (in millions):



	Capital Leases			Debt			Total
2019	$	10.5		$	159.0		$	169.5
2020	10.2			81.1			91.3
2021	10.0			543.0			553.0
2022	9.8			75.2			85.0
2023	4.3			81.1			85.4
Thereafter	3.6			12.5			16.1
Total minimum principal & interest payments	48.4			951.9			1,000.3
Less: Amount representing interest	(7.0		)	(212.3		)	(219.3		)
Total aggregate capital lease and debt payments	$	41.4		$	739.6		$	781.0

The interest rates on the capital leases range from approximately 10.7% to 12.5%.

Construction

Wells Fargo Facility

DBMG has a Credit and Security Agreement ("Wells Fargo Facility") with Wells Fargo Bank, National Association ("Wells Fargo"). Under the initial terms of the agreement, Wells Fargo agreed to advance up to a maximum amount of $50.0 million to DBMG, including up to $14.5 million of letters of credit (the "Revolving Line"). The Revolving Line had a floating interest rate based on LIBOR plus 2.0%, required monthly interest payments, and was due in April 2019.

The Wells Fargo Facility allows for the issuance by DBMG of additional loans in the form of notes of up to $10.0 million ("Real Estate Term Advance"), at LIBOR plus 2.5% and the issuance of a note payable of up to $15.0 million, ("Real Estate Term Advance 2") at LIBOR plus 2.5%, each as separate tranches of debt under the Wells Fargo Facility.

On April 5, 2018, the Wells Fargo Facility was amended, increasing the maximum advance amount under the Revolving Line to $70.0 million, modifying the floating interest rate to daily three month LIBOR plus 1.5% and extending the maturity date through March 31, 2023. The amendment also created a $17.0 million long-term tranche under the $70.0 million Revolving Line with a maturity date of May 31, 2025. Additionally, The Real Estate Term Advance and Real Estate Advance 2 interest rates were modified to daily three month LIBOR plus 2.25% with a maturity date of April 30, 2024.

On July 24, 2018, the Wells Fargo Facility was amended, increasing the availability of the borrowing base allowing DBMG to borrow an additional $10.0 million of the $70.0 million total line and bearing interest at daily three month LIBOR plus 2.5%. The temporary borrowing base increase and related interest had an initial maturity date of October 23, 2018, subsequently extended to November 30, 2018.

On November 30, 2018, the Wells Fargo Facility was amended, increasing the maximum advance amount under the Revolving Line to up to $80.0 million. As of December 31, 2018, $15.4 million was issued through term loans and $18.7 million through the revolver. In addition, $8.4 million in outstanding letters of credit were issued under the Wells Fargo Facility, of which zero has been drawn.

TCW Loan

On November 30, 2018, DBMG and its subsidiaries entered into a financing agreement with TCW Asset Management Company LLC ("TCW"), for the aggregate principal amount of $80.0 million (the "TCW Loan"). The net proceeds from the TCW Loan were used to refinance the debt assumed and closing costs of the GrayWolf acquisition. The TCW Term Loan matures on the earlier of (a) November 30, 2023; (b) the maturity date of the Wells Fargo Facility; and (c) the 60 days prior to the maturity of the Senior Secured Notes and/or Convertible Notes if, on that day (and solely for so long as), any of such indebtedness remain outstanding. The TCW Loan will bear interest at a rate of 5.85% above the three month LIBOR .

Marine Services

Shawbrook Loan

On April 4, 2018, GMSL entered into a 7.49% fixed interest only loan, due April 3, 2019, with Shawbrook Bank Limited for £7.2 million, or approximately $9.4 million at issuance ("Shawbrook Loan"), the net proceeds used to fund capital expenditures, being mainly upgrades to cable ships, and working capital requirements on installation contracts.

On September 21, 2018, GMSL refinanced the Shawbrook loan, extending the principal balance to £11.0 million, or approximately $14.4 million at issuance, and extending the maturity date to September 21, 2019. The net proceeds were used to pay the principal balance of the original Shawbrook loan and repay the debt associated with the purchase of the Fugro trenching business acquisition.

Fugro Acquisition

As part of the Fugro trenching business acquisition in 2017, GMSL issued to Fugro a $7.5 million secured loan, which bears interest, payable quarterly, at 4% per annum through January 11, 2018, and at 10% per annum thereafter, and matures 363 days following the acquisition. In September 2018, GMSL repaid the note in full.

Energy

Term Loans

In May 2017, ANG entered into a term loan with M&T Bank for $12.0 million. The loan bears fixed interest annually at 5.00% and matures in 2022. During the third quarter 2017, ANG drew on the term loan for an additional $2.5 million at 4.85%.

In January 2017, ANG refinanced and consolidated all three of its loans with Pioneer Savings Bank ("Pioneer") into a new term loan. The principal balance outstanding bears fixed interest at a fixed rate annually equal to 4.5% and matures in 2022. The agreement with Pioneer also includes a revolving demand note for $1.0 million with an annual renewal provision that bears interest at monthly LIBOR plus 3.0% (the "Pioneer Demand Note"). In September 2017, ANG increased the availability under the Pioneer Demand Note to $1.5 million. As of December 31, 2018, there was $11.3 million aggregate principal outstanding under the Pioneer term loan and $1.1 million drawn under the Pioneer Demand Note.

Insurance

In July 2018, in connection with the signed agreement to purchase the long-term care block of Humana, CGI obtained a three month surplus note (the "Surplus Note") from Humana, issued July 17, 2018 and due September 14, 2018, in the amount of $32.0 million. The Surplus Note was paid in full on August 17, 2018.

Life Sciences

R2 Notes

In December 2017, R2 issued 11% secured convertible drawdown promissory notes for $1.25 million, maturing on December 2018. In 2018, R2 drew on the notes for an additional $0.5 million, and entered into an amendment extending the maturity date to December 2019.

In December 2017, R2 issued $0.5 million to its licensors in satisfaction for amounts owed as part of a milestone payment. The $0.5 million principal balance was paid in full in August 2018.

Broadcasting

On November 9, 2017, HC2 Broadcasting entered into a $75.0 million bridge loan (the "Bridge Loan") pari passu with the 11.0% Senior Secured Notes. The Bridge Loan was guaranteed by HC2 and each of the other guarantors of the 11.0% Notes and ranked pari passu to, and was equally and ratably secured with HC2's 11.0% Notes. The Bridge Loan was used to finance acquisitions in the broadcast television distribution market. HC2 Broadcasting borrowed $45.0 million of principal amount of the Bridge Loan on the same day at LIBOR plus applicable margin. On December 15, 2017, HC2 Broadcasting borrowed an additional $15.0 million of principal amount at LIBOR plus applicable margin.

On February 4, 2018, HC2 Broadcasting entered into a First Amendment to the Bridge Loan to extend the Agreement to add an additional $27.0 million in principal borrowing capacity to the existing credit agreement. On February 6, 2018, HC2 Broadcasting borrowed $42.0 million in principal amount of the Bridge Loan at LIBOR plus applicable margin, the net proceeds of which were used to finance certain acquisitions, to pay fees, costs and expenses relating to the Bridge Loan, and for general corporate purposes.

The Bridge Loan of $102.0 million was repaid as part of the May 7, 2018 HC2 financing transaction. As part of the transaction, the Broadcasting segment recorded a loss on extinguishment of debt of $2.5 million, which was recorded in Other income (expenses), net in the Consolidated Financial Statements.

On August 7, 2018, certain subsidiaries of the Broadcasting segment entered into several financing transactions, generating approximately $38.1 million of proceeds. Included in these financing transactions were HC2 Station Group, Inc.'s, and LPTV's issuance of a $35.0 million 364-day Secured Note (the "Stations Note") to certain institutional investors. The Secured Note bears interest at a rate of 8.50%, payable at maturity. The Stations Note was used to finance certain acquisitions and for general corporate purposes.

Non-operating Corporate

In January 2017, HC2 issued an additional $55.0 million in aggregate principal amount of its 11.0% Notes (the "11.0% Notes"). HC2 used a portion of the proceeds from the issuance to repay all $35.0 million in outstanding aggregate principal amount of HC22's 11.0% bridge note.

In June 2017, HC2 issued an additional $38.0 million of aggregate principal amount of its 11.0% Notes to investment funds affiliated with three institutional investors in a private placement offering.

On May 7, 2018, HC2 closed on $110.0 million aggregate principal amount of 11.0% Notes. The Notes were issued at a price of 102.0% of principal amount, which resulted in a premium of $2.2 million. The Company used the net proceeds from the issuance of the Notes to refinance the Bridge Loan at our Broadcasting segment.

On November 20, 2018, HC2 repaid its 11.0% Notes, and issued $470.0 million aggregate principal amount of 11.5% senior secured notes due 2021 (the "Senior Secured Notes") and $55.0 million aggregate principal amount of 7.5% convertible senior notes due June 1, 2022 (the "Convertible Notes"). The Senior Secured Notes and Convertible notes were issued in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Convertible Notes have an effective interest rate of 17.54% which reflects $12.5 million discount due to the bifurcated conversion feature and $1.9 million deferred financings fees.

The Company accounted for the transaction under the debt extinguishment model as the present value cashflows under the terms of the Senior Secured Notes and Convertible Notes was at least 10% different from the present value of the remaining cash flows under the 11.0% Notes. Unamortized debt issuance costs and net original issuance premium in the amount of $2.6 million, recorded within Other income (expenses), net.

Senior Secured Notes

The Senior Secured Notes were issued under an indenture dated November 20, 2018, by and among the Company, the guarantors party thereto and U.S. Bank National Association, a national banking association ("U.S. Bank"), as trustee (the "Secured Indenture"). The Senior Secured Notes were issued at 98.75% of par, which translated into a discount of $5.9 million.

Convertible Notes

The Convertible Notes were issued under a separate indenture dated November 20, 2018, between the Company and U.S. Bank, as trustee (the "Convertible Indenture"). The Convertible Notes were issued at 100% of par.

Each $1,000 of principal of the Convertible Notes will initially be convertible into 228.3105 shares of our common stock, which is equivalent to an initial conversion price of approximately $4.38 per share, subject to adjustment upon the occurrence of specified events.

In accordance with ASC Topic 815-15, Derivatives and Hedging, the embedded conversion feature contained in the Convertible Notes is required to be bifurcated and recorded as a derivative liability and marked to market in each reporting period. The embedded conversion feature had a fair value of $12.5 million on the transaction date, which was recorded as a discount on the Convertible Notes and included within Other liabilities on our Consolidated Balance Sheets. The fair value of the embedded conversion feature was $8.4 million as of December 31, 2018, the change in fair value from the transaction date being recorded within Other income (expenses), net.

In conjunction with the issuance of the Convertible Notes, the Company incurred a consent fee payable to preferred stockholders of $3.8 million. This fee was recorded within the Preferred stock and deemed dividends line item of the Consolidated Statements of Operations as a deemed dividend.

At December 31, 2018, the Convertible Notes had a carrying value of $40.9 million and an unamortized discount of $12.2 million. Based on the closing price of our common stock of $2.64 on December 31, 2018, the if-converted value of the Convertible Notes did not exceed its principal value.

For the year ended December 31, 2018, interest cost recognized for the period relating to both the contractual interest coupon and amortization of the discount on the Convertible notes was $0.5 million and $0.3 million, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

15. Income Taxes

The provisions (benefits) for income taxes for the years ended December 31, 2018, 2017 and 2016 are as follows (in millions):



	Years Ended December 31,
	2018			2017			2016
Current: Federal	$	0.5		$	17.4		$	20.9
State	3.6			3.2			2.1
Foreign	1.0			0.6			1.5
Subtotal Current	5.1			21.2			24.5
Deferred: Federal	(1.4		)	(9.5		)	26.7
State	(0.2		)	0.2			0.4
Foreign	(1.1		)	(1.2		)	—
Subtotal Deferred	(2.7		)	(10.5		)	27.1
Income tax (benefit) expense	$	2.4		$	10.7		$	51.6

The US and foreign components of income (loss) from continuing operations before income taxes for the years ended December 31, 2018, 2017 and 2016 are as follows (in millions):



	Years Ended December 31,
	2018		2017			2016
US	$	179.6	$	(56.3	)	$	(71.6	)
Foreign	2.7		16.5			25.8
Income (loss) from continuing operations before income taxes	$	182.3	$	(39.8	)	$	(45.8	)

The provisions (benefits) for income taxes differed from the amount computed by applying the federal statutory income tax rate to income (loss) before income taxes due to the following items for the years ended December 31, 2018, 2017 and 2016 (in millions):



	Years Ended December 31,
	2018			2017			2016
Tax provision (benefit) at federal statutory rate	$	38.3		$	(13.9	)	$	(16.0	)
Permanent differences	1.5			0.5			1.6
State tax (net of federal benefit)	6.2			2.4			1.8
Foreign rate differential	(0.9		)	(1.5		)	1.5
Minority interest	(4.6		)	—			—
Executive and stock compensation	3.5			0.6			1.4
Adjustment to net operating losses	15.6			(7.6		)	—
Increase (decrease) in valuation allowance	(43.8		)	6.3			57.8
Transaction costs	1.5			2.3			1.2
Tax credits generated/utilized	—			(0.2		)	(0.4		)
Outside basis difference	—			1.1			2.7
Gain/Loss on Sale or Deconsolidation of a Subsidiary	5.7			—			—
Bargain Purchase Gain	(24.2		)	—			—
Other	3.6			(0.4		)	—
Transition to the U.S. Tax Cuts and Jobs Act	—			21.1			—
Income tax expense	$	2.4		$	10.7		$	51.6

On December 22, 2017, the U.S. enacted of Public Law 115-97, known informally as the Tax Cuts and Jobs Act (TCJA), making significant changes to the Internal Revenue Code. Changes include, but are not limited to, reducing the federal corporate tax rate from 35% to 21%, creating a new limitation on deductible interest expense, eliminating the corporate alternative minimum tax (AMT), 100% expensing for certain business assets, repealing the Sec. 199 deduction, changing the rules related to uses and limitation of NOLs for tax years beginning after December 31, 2017 and a one- time transition tax on the mandatory deemed repatriation of foreign earnings.

As a result of the enactment of TCJA on December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 ("SAB 118") to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the TCJA. SAB 118 provides that the measurement period is complete when a company’s accounting is complete, but should not extend beyond one year from the enactment date. During the year ended December 31, 2018, the Company has not recorded any measurement period adjustments to the provisional estimate recorded at December 31, 2017 for the TCJA. While our accounting for the recorded impact of the TCJA is deemed to be complete, these amounts are based on prevailing regulations and currently available information, and any additional guidance issued by the IRS could impact the aforementioned amounts in future periods.

Beginning January 1, 2018, the Company is subject to several provisions of the TCJA including computations under Global Intangible Low Taxed Income (GILTI), Base Erosion and Anti-Abuse Tax (BEAT), and the Section 163(j) interest limitation rules which the Company has included the impact of each of these provisions in their overall tax expense for the twelve months ended December 31, 2018. The Company will continue evaluating the impact of these provisions as additional guidance is issued by the IRS. As of December 31, 2018, we have adopted an accounting policy regarding the treatment of taxes due on future inclusion of non-U.S. income in U.S. taxable income under the GILTI provisions as a current period expense when incurred. Therefore, no deferred tax related to these provisions has been recorded as of December 31, 2018.

For the year ended December 31, 2016, the Company’s effective tax rate was unfavorably impacted by the establishment of valuation allowances totaling $57.8 million, primarily attributed to management’s conclusion that it was more-likely-than-not that the deferred tax assets of our HC2 U.S. consolidated group and the Insurance Company would not be realized.

Deferred income taxes reflect the net income tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and for income tax purposes. Net deferred tax balances are comprised of the following as of December 31, 2018 and 2017 (in millions):



	December 31,
	2018			2017
Deferred tax assets	$	407.2		$	210.3
Valuation allowance	(126.7		)	(133.5		)
Deferred tax liabilities	(308.7		)	(85.8		)
Net deferred taxes	$	(28.2	)	$	(9.0	)



	December 31,
	2018			2017
Allowance for bad debt	$	—		$	0.2
Basis difference in intangibles	(21.0		)	(11.6		)
Equity investments	—			5.7
Net operating loss carryforwards	97.0			49.0
Basis difference in fixed assets	(14.7		)	(2.9		)
Deferred compensation	11.7			14.0
Foreign tax credit	—			1.2
Capital loss carryforwards	—			2.2
Insurance company investments	(264.2		)	(59.3		)
UK trading loss carryforward	37.8			49.7
Unrealized gain/loss in OCI	—			0.1
Sec. 163(j) carryforward	15.9			—
Insurance claims and reserves	163.6			57.0
Value of insurance business acquired ("VOBA")	53.8			9.1
Start-up cost	—			1.2
Deferred acquisition costs	13.4			5.7
Other	5.2			3.2
Valuation allowance	(126.7		)	(133.5		)
Net deferred taxes	$	(28.2	)	$	(9.0	)

Deferred tax assets refer to assets that are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets in essence represent future savings of taxes that would otherwise be paid in cash. The realization of the deferred tax assets is dependent upon the generation of sufficient future taxable income, including capital gains. If it is determined that the deferred tax assets cannot be realized, a valuation allowance must be established, with a corresponding charge to net income.

In accordance with ASC 740, the Company establishes valuation allowances for deferred tax assets that, in its judgment are not more likely-than-not realizable. These judgments are based on projections of future income or loss and other positive and negative evidence by individual tax jurisdiction. Changes in industry and economic conditions and the competitive environment may impact these projections. In accordance with ASC Topic 740, during each reporting period the Company assesses the likelihood that its deferred tax assets will be realized and determines if adjustments to its valuation allowances are appropriate.

Management evaluated the need to maintain the valuation allowance against the deferred taxes of the HC2 Holdings, Inc. U.S. consolidated tax group (“the group”) for each of the reporting periods based on the positive and negative evidence available. The objective negative evidence evaluated was the group’s historical operating results over the prior three-year period. The group is in a cumulative three-year loss as of December 31, 2018 and is forecasting losses in the near future, which provide negative evidence that is difficult to overcome and would require a substantial amount of objectively verifiable positive evidence of future income to support the realizability of the group’s deferred tax assets. While positive evidence exists by way of unrealized gains in the Company’s investments, management concluded that the negative evidence now outweighs the positive evidence. Thus, it is more likely than not that the group’s US deferred tax assets will not be realized.

Management evaluated the need to maintain the valuation allowance against the deferred taxes of the Insurance Company for each of the reporting periods. Included in this assessment was the Insurance Company’s historical operating results over the prior three-year period. Additional positive and negative evidence was considered including the timing of the reversal of the deferred tax assets and liabilities, and projections of future income from the runoff of the insurance business. During 2018, the Insurance Company acquired Humana’s long-term care business, Kanawha Insurance Company (“KIC”). Included in the 2018 operating income is a one-time bargain purchase gain of $115.4 million related to the KIC acquisition, and a $47.0 million gain on the recapture of two reinsurance treaties, both of the bargain purchase gain and the gain on recapture are special events in 2018 that are not reflective of the combined entity’s core operating results. After excluding such one-time events, the Company including KIC has a relatively large cumulative loss. Based on the weight of the positive and negative evidence, Management concluded that it is more likely than not that the Insurance Company’s net deferred tax assets will not be realized.

Management noted that the trend of earnings results in the Insurance Company is positive, as the 2018 adjusted earnings are close to break even after excluding one-time events. Given the continued improvement in the Insurance Company’s operations and profitability levels, it is reasonably possible that positive evidence will be sufficient to release a material amount of the Insurance Company’s valuation allowance recorded against the deferred tax assets of December 31, 2018. Release of the valuation allowance would result in a decrease to income tax expense for the period the release is recorded. The exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Insurance Company is able to achieve. Management will continue to evaluate the Insurance Company’s cumulative income position and income trend on a quarterly basis, as well as future projections of sustained profitability and whether this profitability trend constitutes sufficient positive evidence to support a release of the valuation allowance.

Valuation allowances have been maintained against deferred tax assets of the European entities, including GMSL’s UK non-tonnage tax trading losses, and losses generated by certain businesses that do not qualify to be included in the HC2 Holdings, Inc. U.S. consolidated income tax return.

As of December 31, 2018, the Company had foreign operating loss carryforwards of approximately $223.7 million. Of the foreign NOLs, $209.9 million were generated by GMSL’s historical non-tonnage tax operations.

At December 31, 2018, the Company has U.S. net operating loss carryforwards available to reduce future taxable income in the amount of $116.3 million, of which $87.9 million is subject to an annual limitation under Section 382 of the Internal Revenue Code. The annual limitation relates to ownership changes that occurred in 2015 and 2014 and acquired NOLs in connection with the DBM Global’s acquisition of GrayWolf. Additionally, the Company has $277.3 million of U.S. net operating loss carryforwards from its subsidiaries that do not qualify to be included in the HC2 U.S. consolidated income tax return, including $214.6 million from the Insurance segment. $11.4 million is subject to an annual limitation under Section 382 of the Internal Revenue Code. The annual limitation relates to ownership changes that occurred in 2017 and acquired NOLs in connection with HC2’s acquisition of DTV America.

Pursuant to the rules under Section 382, the Company believes that it underwent an ownership change on May 29, 2014. This conclusion is based on an analysis of Schedule 13D and Schedule 13G filings over the prior three years made with the SEC and the impact resulting from the May 29, 2014 preferred stock issuance. Due to the Section 382 limit resulting from the ownership change, approximately $146.2 million of the Company’s net operating losses will expire unused. The $146.2 million in expiring NOLs were derecognized in the consolidated financial statements as of December 31, 2014. The remaining pre-change NOL’s of $46.1 million recorded in the consolidated financial statements are subject to an annual limitation under IRC Sec. 382 of approximately $2.3 million.

On November 4, 2015, HC2 issued 8,452,500 shares of its stock in a primary offering which the Company believes resulted in a Section 382 ownership change resulting in an additional annual limitation to the cumulative NOL carryforward of the HC2 U.S. consolidated tax group. The amount of the annual limitation is based on a number of factors, including the value of HC2’s stock and the amount of unrealized gains on the date of the ownership change.

The purchase of GrayWolf Industrial on November 30, 2018 triggered a Section 382 ownership change. $35.4 million of federal net operating losses are subject to an annual limitation of $2.9 million for the first five years beginning in 2019 and $1.1 million afterwards through 2036. The Company will continue to analyze the Section 382 limitation on the acquired net operating losses during the one year measurement period and any adjustments will be made accordingly.

The Company follows the provision of ASC 740 which prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on a tax return. The Company is subject to challenge from various taxing authorities relative to certain tax planning strategies, including certain intercompany transactions as well as regulatory taxes.

The Company did not have any unrecognized tax benefits as of December 31, 2018, 2017 and 2016, related to uncertain tax positions.

The Company conducts business globally, and as a result, HC2 or one or more of its subsidiaries files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. In the normal course of business the Company is subject to examination by taxing authorities throughout the world. Tax years 2002-2018 remain open for examination.

The Company is currently under examination in various domestic and foreign tax jurisdictions. The open tax years contain matters that could be subject to differing interpretations of applicable tax laws and regulations as they relate to the amount, character, timing or inclusion of revenue and expenses or the applicability of income tax credits for the relevant tax period. Given the nature of tax audits, there is a risk that disputes may arise.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. Commitments and Contingencies

Future minimum lease payments under purchase obligations and non-cancellable operating leases are as follows (in millions):



	Purchase Obligations		Operating Leases
2019	$	111.6	$	22.0
2020	4.3		18.7
2021	—		16.4
2022	—		8.8
2023	—		6.8
Thereafter	—		20.3
Total obligations	$	115.9	$	93.0

The Company has contractual obligations to utilize an external vendor for certain customer support functions and to utilize network facilities from certain carriers with terms greater than one year.

The Company’s expense under operating leases was $19.1 million, $11.6 million and $5.3 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Litigation

The Company is subject to claims and legal proceedings that arise in the ordinary course of business. Such matters are inherently uncertain, and there can be no guarantee that the outcome of any such matter will be decided favorably to the Company or that the resolution of any such matter will not have a material adverse effect upon the Company’s Consolidated Financial Statements. The Company does not believe that any of such pending claims and legal proceedings will have a material adverse effect on its Consolidated Financial Statements. The Company records a liability in its Consolidated Financial Statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary for its Consolidated Financial Statements not to be misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its Consolidated Financial Statements.

CGI Producer Litigation

On November 28, 2016, CGI, a subsidiary of the Company, Great American Financial Resource, Inc. ("GAFRI"), American Financial Group, Inc., and CIGNA Corporation were served with a putative class action complaint filed by John Fastrich and Universal Investment Services, Inc. in The United States District Court for the District of Nebraska alleging breach of contract, tortious interference with contract and unjust enrichment. The plaintiffs contend that they were agents of record under various CGI policies and that CGI allegedly instructed policyholders to switch to other CGI products and caused the plaintiffs to lose commissions, renewals, and overrides on policies that were replaced. The complaint also alleges breach of contract claims relating to allegedly unpaid commissions related to premium rate increases implemented on certain long-term care insurance policies. Finally, the complaint alleges breach of contract claims related to vesting of commissions. On August 21, 2017, the Court dismissed the plaintiffs’ tortious interference with contract claim. CGI believes that the remaining allegations and claims set forth in the complaint are without merit and intends to vigorously defend against them.

The case was set for voluntary mediation, which occurred on January 26, 2018. The Court stayed discovery pending the outcome of the mediation. On February 12, 2018, the parties notified the Court that mediation did not resolve the case and that the parties’ discussions regarding a possible settlement of the action were still ongoing. The Court held a status conference on March 22, 2018, during which the parties informed the Court that settlement negotiations remain ongoing. Nonetheless, the Court entered a scheduling order setting the case for trial during the week of October 15, 2019. Meanwhile, the parties’ continued settlement negotiations led to a tentative settlement. On February 4, 2019, the plaintiffs executed a class settlement agreement with CGI, Loyal American Life Insurance Company, American Retirement Life Insurance Company, GAFRI, and American Financial Group, Inc. (collectively, the Defendants). The settlement agreement, which would require GAFRI to make a $1.25 million payment on behalf of the Defendants, is subject to Court approval. On February 4, 2019, the plaintiffs filed a motion for preliminary approval of the class settlement in a parallel action in the Southern District of Ohio, Case No. 17-CV-00615-SJD, which motion remains pending. Meanwhile, the case pending before the District of Nebraska was stayed on February 6, 2019, pending final approval of the class action settlement in the Ohio action.

Further, the Company and CGI are seeking defense costs and indemnification for plaintiffs’ claims from GAFRI and Continental General Corporation ("CGC") under the terms of an Amended and Restated Stock Purchase Agreement ("SPA") related to the Company’s acquisition of CGI in December 2015. GAFRI and CGC rejected CGI’s demand for defense and indemnification and, on January 18, 2017, the Company and CGI filed a Complaint against GAFRI and CGC in the Superior Court of Delaware seeking a declaratory judgment to enforce their indemnification rights under the SPA. On February 23, 2017, GAFRI answered CGI’s complaint, denying the allegations. The dispute is ongoing and CGI intends to continue to pursue its right to a defense and indemnity under the SPA regardless of the tentative settlement in the class action. Meanwhile, the parties are currently involved in settlement negotiations.

VAT assessment

On February 20, 2017, and on August 15, 2017, the Company's subsidiary, ICS, received notices from Her Majesty’s Revenue and Customs office in the U.K. (the "HMRC") indicating that it was required to pay certain Value-Added Taxes ("VAT") for the 2015 and 2016 tax years. ICS disagrees with HMRC’s assessments on technical and factual grounds and intends to dispute the assessed liabilities and vigorously defend its interests. We do not believe the assessment to be probable and expect to prevail based on the facts and merits of our existing VAT position.

DBMG Class Action

On November 6, 2014, a putative stockholder class action complaint challenging the tender offer by which HC2 acquired approximately 721,000 of the issued and outstanding common shares of DBMG was filed in the Court of Chancery of the State of Delaware, captioned Mark Jacobs v. Philip A. Falcone, Keith M. Hladek, Paul Voigt, Michael R. Hill, Rustin Roach, D. Ronald Yagoda, Phillip O. Elbert, HC2 Holdings, Inc., and Schuff International, Inc., Civil Action No. 10323 (the "Complaint"). On November 17, 2014, a second lawsuit was filed in the Court of Chancery of the State of Delaware, captioned Arlen Diercks v. Schuff International, Inc. Philip A. Falcone, Keith M. Hladek, Paul Voigt, Michael R. Hill, Rustin Roach, D. Ronald Yagoda, Phillip O. Elbert, HC2 Holdings, Inc., Civil Action No. 10359. On February 19, 2015, the court consolidated the actions (now designated as Schuff International, Inc. Stockholders Litigation) and appointed lead plaintiff and counsel. The currently operative complaint is the Complaint filed by Mark Jacobs. The Complaint alleges, among other things, that in connection with the tender offer, the individual members of the DBMG Board of Directors and HC2, the now-controlling stockholder of DBMG, breached their fiduciary duties to members of the plaintiff class. The Complaint also purports to challenge a potential short-form merger based upon plaintiff’s expectation that the Company would cash out the remaining public stockholders of DBMG following the completion of the tender offer. The Complaint seeks rescission of the tender offer and/or compensatory damages, as well as attorney’s fees and other relief. The defendants filed answers to the Complaint on July 30, 2015.

The parties have been exploring alternative frameworks for a potential settlement. There can be no assurance that a settlement will be finalized or that the Delaware Courts would approve such a settlement even if the parties enter into a settlement agreement. If a settlement cannot be reached, the Company believes it has meritorious defenses and intends to vigorously defend this matter.

Global Marine Dispute

GMSL is in dispute with Alcatel-Lucent Submarine Networks Limited ("ASN") related to a Marine Installation Contract between the parties, dated March 11, 2016 (the "ASN Contract"). Under the ASN Contract, GMSL's obligations were to install and bury an optical fiber cable in Prudhoe Bay, Alaska. As of the date hereof, neither party has commenced legal proceedings. Pursuant to the ASN Contract any such dispute would be governed by English law and would be required to be brought in the English courts in London. ASN has alleged that GMSL committed material breaches of the ASN Contract, which entitles ASN to terminate the ASN Contract, take over the work themselves, and claim damages for their losses arising as a result of the breaches. The alleged material breaches include failure to use appropriate equipment and procedures to perform the work and failure to accurately estimate the amount of weather downtime needed. ASN has indicated to GMSL it has incurred $38.2 million in damages and $1.2 million in liquidated damages for the period from September 2016 to October 2016, plus interest and costs. GMSL believes that it has not breached the terms and conditions of the contract and also believes that ASN has not properly terminated the contract in a manner that would allow it to make a claim. However, ASN has ceased making payments to GMSL and as of December 31, 2018, the total sum of GMSL invoices raised and issued are $17.0 million, of which $8.1 million were settled by ASN and the balance of $8.9 million remains at risk. GMSL believes that the allegations and claims by ASN are without merit, and that ASN is required to make all payments under unpaid invoices and intends to defend its interests vigorously.

Tax Matters

Currently, the Canada Revenue Agency ("CRA") is auditing a subsidiary previously held by the Company. The Company intends to cooperate in audit matters. To date, CRA has not proposed any specific adjustments and the audit is ongoing.

Employee Retirement Plans

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Employee Retirement Plans

17. Employee Retirement Plans

HC2

The Company sponsors a 401(k) employee benefit plan (the "401(k) Plan") that covers substantially all United States based employees. Employees may contribute amounts to the 401(k) Plan not to exceed statutory limitations. The 401(k) Plan provides an employer matching contribution in cash of 50% of the first 6% of employee annual salary contributions capped at $6,000.

The matching contribution made during each of the years ended December 31, 2018, 2017 and 2016 was $0.4 million, $0.1 million, and $0.1 million, respectively.

DBMG

Certain of DBMG’s fabrication and erection workforce are subject to collective bargaining agreements. DBMG contributes to union-sponsored, multi-employer pension plans. Contributions are made in accordance with negotiated labor contracts. The passage of the Multi-Employer Pension Plan Amendments Act of 1980 (the "Act") may, under certain circumstances, cause DBMG to become subject to liabilities in excess of contributions made under collective bargaining agreements. Generally, liabilities are contingent upon the termination, withdrawal, or partial withdrawal from the plans. Under the Act, liabilities would be based upon DBMG’s proportionate share of each plan’s unfunded vested benefits.

DBMG made contributions to various Pension Trusts of $12.2 million and $7.0 million during the years ended December 31, 2018 and 2017, respectively. DBMG’s funding policy is to make monthly contributions to the plan. DBMG’s employees represent less than 5% of the participants in the Pension Trusts.

DBMG maintains a 401(k) retirement savings plan which covers eligible employees and permits participants to contribute to the plan, subject to Internal Revenue Code restrictions and which features matching contributions of 100% of the first 1%, and 50% of the next 5% of employee annual salary contributions, depending on the subsidiary. The matching contributions for the years ended December 31, 2018 and 2017 was $1.2 million and $1.4 million, respectively.

GMSL

GMSL has established a number of pension schemes and contribute to other pension schemes around the world covering many of its employees. The principal funds are those in the UK comprising The Global Marine Systems Pension Plan, The Global Marine Personal Pension Plan (established in 2008), and Global Marine Systems (Guernsey) Pension Plan. A small number of employees are members of the MNOPF, a centralized defined benefit scheme to which the GMSL contributes.

The Global Marine Systems Pension Plan, the Global Marine Systems (Guernsey) Pension Plan and the MNOPF are defined benefit plans with assets held in separate trustee administered funds. However as the Global Marine Systems (Guernsey) Pension Plan, which operates both a Career Average Re-valued Earnings ("CARE") defined benefit section and a defined contribution section is small with few members, the scheme is accounted for as defined contribution type plan. The Global Marine Personal Pension Plan is predominantly of the money purchase type.

The Global Marine Systems Pension Plan was a hybrid, exempt approved, occupational pension scheme for the majority of staff, which provides pension and death in service benefits. The defined benefit section of the Plan provided final salary benefits up to December 31, 2003 and CARE benefits from January 1, 2004. In 2008 the defined contribution section was closed to new contributions and all the accumulated funds attributable to the defined contribution members were transferred to a Contracted in Money Purchase Scheme ("CIMP") set up by GMSL. These funds were held on behalf of the defined contribution members and were all transferred to the Global Marine Personal Pension plan of each member on or before June 30, 2009. From August 31, 2006 the defined benefit section of the Scheme closed to future accrual and active members were offered membership of the existing defined contribution section (with some enhanced benefits).

Global Marine Systems Pension Plan - Defined Benefit Section

The defined benefit section of the Global Marine Systems Plan (prior to its closure on August 31, 2006) was contributory, with employees contributing between 5% and 8% (depending on their age) and the employer contributing at a rate of 9.2% of pensionable salary plus deficit contributions of $1.4 million per year.

The defined benefit section of the Global Marine Systems Pension Plan is funded by the payment of contributions determined with the advice of qualified independent actuaries on the basis of triennial valuations using the projected unit method. The most recent full actuarial valuation was conducted as of December 31, 2016 valuation, for the purpose of determining the funding requirements of the plan. The main assumptions used were as follows:



Assumption
Retail price inflation	Break even RPI curve
Consumer price inflation	RPI inflation curve less 1.1%
Rate of return on investments (post-retirement)	Fixed interest gilt yield curve plus 0.7%
At the actuarial valuation date the market value of the defined benefit section’s assets (in millions)	$	173.3
On a statutory funding objective basis the value of these assets covered the value of technical provisions by	80		%

Under a revised deficit recovery plan agreed between GMSL and the trustees of GMSL's pension plan dated March 20, 2018, which was subsequently submitted to the UK government’s Pension Regulator, contributions of approximately $12.7 million deferred from 2016 and 2017 due in December 2017 have been further deferred. To support this deferral, the Company has provided secured assets in the form of the CWind Phantom crew transfer vessel and two trenchers. Consistent with earlier recovery plans, the revised deficit recovery plan comprises three elements: fixed contributions, variable contributions (profit-related element) and variable contributions (dividend-related element), though the amounts and some definitions have been modified. As of December 31, 2018, the fixed contributions are payable in installments, comprise approximately approximately $6.6 million in 2019, approximately $6.8 million in 2020, approximately $7.0 million in 2021 and approximately $3.0 million in 2022. The variable contributions (profit-related element) are calculated as 10% of GMSL's audited operating profit and paid two years in arrears in December each year from 2018. The variable contributions (dividend-related) equate to 50% of any future dividend paid by GMSL.

Global Marine Personal Pension Plan

This is a defined contribution pension scheme and is contributory from the employee; the rate of contributions is split as follows:


•	ex-CARE employees contributing between 2.5% and 7.5% and the employer contributing at a matching rate plus an additional 5% fixed contributions; and


•	defined contribution employees contributing between 2% and 7.5% and the employer contributing at a matching rate.

For the year ended December 31, 2018, $3.8 million of contributions have been made to the Company's pension plans, comprising $2.6 million of fixed contributions and $1.1 million of profit-related contributions (based on 2015 profits). For the year ended December 31, 2017, GMSL made contributions of $3.0 million.

MNOPF

The MNOPF is funded by the payment of contributions determined with the advice of qualified independent actuaries on the basis of triennial valuations using the projected unit method. The most recent available full actuarial valuation was conducted as at March 31, 2015 for the purpose of determining the funding requirements of the plan. The main assumptions used were that Retail Price Inflation would be 3.1% per year, Consumer Price Inflation would be 2.1% per year, the rate of return on investments (pre-retirement) would be 4.75% per year, the rate of return on investments (post-retirement) would be 2.6% per year and with pensions increasing (where relevant) by 2.9% per year.

At the actuarial valuation date the market value of the total assets in the scheme amounted to $3.6 billion of which 0.08% ($2.8 million) relates to GMSL. On an on-going basis the value of these assets, together with the deficit contributions receivable of $394 million, covered the value of pensioner liabilities, preserved pension liabilities for former employees and the value of benefits for active members based on accrued service and projected salaries, to the extent of 99.7%.

Following the March 31, 2015 actuarial valuation, contributions are payable by the GMSL as follows:


•	Maintain employer contributions to 20% of pensionable salaries to September 30, 2016, and then no more contributions thereafter.

Global Marine Systems (Guernsey) Pension Plan

The defined benefit section of the Guernsey Scheme is contributory, with employees contributing between 5% and 8% (depending on their age), the employer ceased contributing after July 2004. The defined contribution section is also contributory, with employees contributing between 2% and 7.5% (depending on their age and individual choice) and the employer contributing at a matching rate. The defined benefit section of the Guernsey Scheme is funded by the payment of contributions determined with the advice of qualified independent actuaries on the basis of triennial valuations using the projected unit method.

The most recent full actuarial valuation was conducted as of December 31, 2016 for the purpose of determining the funding requirements of the plan. The principal actuarial assumptions used by the actuary were investment returns of 3.5% per year pre-retirement, 2.6% per year post-retirement, inflation of 3.7% per year and pension increases of 3.4% per year.

At the valuation date the market value of the assets amounted to $2.6 million. The results show a past service shortfall of $1.0 million corresponding to a funding ratio of 73%.

Following the December 31, 2016 actuarial valuation, contributions are as follows:


•	Six annual contributions of less than $0.2 million from December 31, 2019 to 2024 with a final contribution of $0.1 million on April 30, 2025.

Collectively hereafter, the defined benefit plans will be referred to as the "Plans".

Obligations and Funded Status

For all company sponsored defined benefit plans and our portion of the MNOPF, the benefit obligation is the "projected benefit obligation," the actuarial present value, as of our December 31 measurement date, of all benefits attributed by the pension benefit formula to employee service rendered to that date. The amount of benefit to be paid depends on a number of future events incorporated into the pension benefit formula, including estimates of the average life of employees/survivors and average years of service rendered. It is measured based on assumptions concerning future interest rates and future employee compensation levels.

The following table presents this reconciliation and shows the change in the projected benefit obligation for the Plans for the period from December 31, 2016 through December 31, 2018 (in millions):



Projected benefit obligation at December 31, 2016	$	192.6
Service cost - benefits earning during the period	—
Interest cost on projected benefit obligation	5.7
Contributions	—
Actuarial loss	2.7
Benefits paid	(9.9		)
Foreign currency gain	17.6
Projected benefit obligation at December 31, 2017	208.7
Service cost - benefits earning during the period	—
Interest cost on projected benefit obligation	5.3
Contributions	—
Actuarial loss	(11.6		)
Benefits paid	(10.0		)
Foreign currency loss	(11.1		)
Projected benefit obligation at December 31, 2018	$	181.3

The following table presents the change in the value of the assets of the Plans for the period from December 31, 2016 through December 31, 2018 and the plans’ funded status at December 31, 2018 (in millions):



Fair value of plan assets at December 31, 2016	$	170.8
Actual return on plan assets	10.4
Benefits paid	(9.9		)
Contributions	3.1
Foreign currency gain	15.8
Fair value of plan assets at December 31, 2017	190.2
Actual return on plan assets	(11.7		)
Benefits paid	(10.0		)
Contributions	3.8
Foreign currency loss	(9.5		)
Fair value of plan assets at December 31, 2018	162.8
Unfunded status at end of year	$	18.6

Amounts recognized in the consolidated balance sheets within Other assets and Other liabilities at December 31, 2018 and 2017 are listed below (in millions):



	December 31,
	2018		2017
Pension Asset	$	—	$	—
Pension Liability	18.6		18.6
Net amount recognized	$	18.6	$	18.6

The accumulated benefit obligation for the Plans represents the actuarial present value of benefits based on employee service and compensation as of a certain date and does not include an assumption about future compensation levels. As of December 31, 2018 contributions of $6.6 million were due to be payable to the Plans.

Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income

Periodic Benefit Costs

The aggregate net pension cost recognized in the consolidated statements of operations were benefits of $4.6 million and $2.1 million, and cost of $2.2 million for the years ended December 31, 2018, 2017 and 2016, respectively.

The following table presents the components of net periodic benefit cost are as follows (in millions):



	Years Ended December 31,
	2018			2017			2016
Service cost - benefits earning during the period	$	—		$	—		$	—
Interest cost on projected benefit obligation	5.3			5.7			6.7
Expected return on assets	(7.5		)	(7.8		)	(7.1		)
Actuarial loss	6.7			0.1			2.8
Foreign currency gain (loss)	0.1			(0.1		)	(0.2		)
Net pension (benefit) cost	$	4.6		$	(2.1	)	$	2.2

Of the amounts presented above, income of $2.1 million has been included in cost of revenue and loss of $6.7 million included in other comprehensive income for the year ended December 31, 2018, and income of $2.1 million has been included in cost of revenue and gain of $0.1 million included in other comprehensive income for the year ended December 31, 2017.

In determining the net periodic pension cost for the Plans, GMSL used the following weighted average assumptions: the pension increase assumption is that for benefits increasing with RPI limited to 5% per year, to which the majority of the Plan’s liabilities relate. GMSL employs a building block approach in determining the long-term rate of return of pension plan assets. Historical markets are studied and assets with higher volatility are assumed to generate higher returns consistent with widely accepted capital market principles. The overall expected rate of return on assets is then derived by aggregating the expected return for each asset class over the actual asset allocation for the Plans as of December 31, 2018.



	Years Ended December 31,
	2018		2017		2016
Discount rate	2.60	%	2.60	%	2.85	%
Rate of compensation increases (MNOPF only)	N/A		NA		N/A
Rate of future RPI inflation	3.15	%	3.15	%	3.20	%
Rate of future CPI inflation	2.05	%	2.05	%	2.10	%
Pension increases in payment	3.00	%	3.00	%	3.05	%
Long-term rate of return on assets	3.99	%	4.01	%	3.17	%

Other Changes in Benefit Obligations Recognized in Other Comprehensive Income

The following tables present the after-tax changes in benefit obligations recognized in comprehensive income and the after-tax prior service credits that were amortized from AOCI into net periodic costs are as follows (in millions):



	Years Ended December 31,
	2018		2017		2016
Net loss (gain)	$	4.9	$	2.3	$	2.2
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	4.9	$	2.3	$	2.2



	Years Ended December 31,
	2018		2017
Actuarial (gain) loss	$	6.7	$	0.1
Total recognized in other comprehensive (income) loss	$	6.7	$	0.1

There is zero estimated loss for pension benefits to be amortized from AOCI into net periodic benefit cost in fiscal year 2018.

Estimated Future Benefit Payments

Expected benefit payments are estimated using the same assumptions used in determining the Plan’s benefit obligation at December 31, 2018. Because benefit payments will depend on future employment and compensation levels, average years employed, average life spans, and payment elections, among other factors, changes in any of these factors could significantly affect these expected amounts. The following table provides expected benefit payments under our pension and post-retirement plans (in millions):



	Expected Benefit Payments
2019	$	9.7
2020	10.0
2021	10.3
2022	10.6
2023	10.9
Thereafter	59.1
Total	$	110.6

Aggregate expected contributions in the coming fiscal year are expected to be $6.6 million.

Plan Assets - Description of plan assets and investment objectives

The assets of the Plans consist primarily of private and public equity, government and corporate bonds, among others. The asset allocations of the Plans are maintained to meet regulatory requirements where applicable. Any contributions to the Plans are made to a pension trust for the benefit of plan participants.

The principal investment objectives are to ensure the availability of funds to pay pension benefits as they become due under a broad range of future economic scenarios, to maximize long-term investment return with an acceptable level of risk based on our pension and post-retirement obligations, and to be broadly diversified across and within the capital markets to insulate asset values against adverse experience in any one market. Each asset class has broadly diversified characteristics. Substantial biases toward any particular investing style or type of security are sought to be avoided by managing the aggregation of all accounts with portfolio benchmarks. Asset and benefit obligation forecasting studies are conducted periodically, generally every two to three years, or when significant changes have occurred in market conditions, benefits, participant demographics or funded status. Decisions regarding investment policy are made with an understanding of the effect of asset allocation on funded status, future contributions and projected expenses.

The Plans’ weighted-average asset targets and actual allocations as a percentage of Plan assets, including the notional exposure of future contracts by asset categories at December 31, 2018, are as follows:



	Target		December 31, 2018
Liability hedging	33.2	%	45.5	%
Equities	18.3	%	13.8	%
Hedge funds	26.5	%	28.9	%
Corporate bonds	16.1	%	10.6	%
Property	5.4	%	1.2	%
Other	0.5	%	—%
Total	100.0	%	100.0	%

Investment Valuation

GMSL’s plan investments related to the Global Marine Systems Pension Plan consist of the following (in millions):



	December 31,
	2018			2017
Equities	$	29.6		$	38.6
Liability Hedging Assets	52.5			66.7
Hedge Funds	42.8			46.4
Corporate Bonds	25.8			25.7
Property	8.6			8.8
Other	0.7			0.6
Total market value of assets	160.0			186.8
Present value of liabilities	(178.6		)	(205.4		)
Net pension liability	$	(18.6	)	$	(18.6	)

GMSL’s plan investments related to the MNOPF consist of the following (in millions):



	December 31,
	2018			2017
Equities	$	0.3		$	0.3
Liability Hedging Assets	1.6			1.9
Hedge Funds	0.4			0.5
Corporate Bonds	0.4			0.5
Property	0.1			0.1
Total market value of assets	2.8			3.3
Present value of liabilities	(2.8		)	(3.3		)
Net pension asset (liability)	$	—		$	—

Investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Generally, investments are valued based on information provided by fund managers to our trustee as reviewed by management and its investment advisers.

Investments in securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the year. If no sale was reported on that date, they are valued at the last reported bid price. Investments in securities not traded on a national securities exchange are valued using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Over-the-counter (OTC) securities and government obligations are valued at the bid price or the average of the bid and asked price on the last business day of the year from published sources where available and, if not available, from other sources considered reliable. Depending on the types and contractual terms of OTC derivatives, fair value is measured using a series of techniques, such as Black-Scholes option pricing model, simulation models or a combination of various models.

Alternative investments, including investments in private equities, private bonds, limited partnerships, hedge funds, real assets and natural resources, do not have readily available market values. These estimated fair values may differ significantly from the values that would have been used had a ready market for these investments existed, and such differences could be material. Private equity, private bonds, limited partnership interests, hedge funds and other investments not having an established market are valued at net asset values as determined by the investment managers, which management has determined approximates fair value. Private equity investments are often valued initially based upon cost; however, valuations are reviewed utilizing available market data to determine if the carrying value of these investments should be adjusted. Such market data primarily includes observations of the trading multiples of public companies considered comparable to the private companies being valued. Investments in real assets funds are stated at the aggregate net asset value of the units of these funds, which management has determined approximates fair value. Real assets and natural resource investments are valued either at amounts based upon appraisal reports prepared by appraisers or at amounts as determined by an internal appraisal performed by the investment manager, which management has determined approximates fair value.

Purchases and sales of securities are recorded as of the trade date. Realized gains and losses on sales of securities are determined on the basis of average cost. Interest income is recognized on the accrual basis. Dividend income is recognized on the ex-dividend date.

The following table sets forth by level, within the fair value hierarchy, the pension assets and liabilities at fair value for the Global Marine Systems Pension Plan (in millions):



As of December 31, 2018	Fair Value Measurement Using:
	Level 1		Level 2		Total
Equities	$	—	$	29.6	$	29.6
Liability Hedging Assets	—		52.5		52.5
Hedge Funds	—		42.8		42.8
Corporate Bonds	—		25.8		25.8
Property	—		8.6		8.6
Other	0.4		0.3		0.7
Total Plan Net Assets	$	0.4	$	159.6	$	160.0



As of December 31, 2017	Fair Value Measurement Using:
	Level 1		Level 2		Total
Equities	$	—	$	38.6	$	38.6
Liability Hedging Assets	—		66.7		66.7
Hedge Funds	—		46.4		46.4
Corporate Bonds	—		25.7		25.7
Property	—		8.8		8.8
Other	0.2		0.4		0.6
Total Plan Net Assets	$	0.2	$	186.6	$	186.8

The following table sets forth by level, within the fair value hierarchy, the pension assets and liabilities at fair value for the MNOPF (in millions):



	Fair Value Measurement Using:
	Level 3		Total		Level 3		Total
	As of December 31, 2018				As of December 31, 2017
Equities	$	0.3	$	0.3	$	0.3	$	0.3
Hedge Funds	0.4		0.4		0.5		0.5
Corporate Bonds	0.4		0.4		0.5		0.5
Liability Hedging Assets	1.6		1.6		1.9		1.9
Property	0.1		0.1		0.1		0.1
Total Plan Net Assets	$	2.8	$	2.8	$	3.3	$	3.3

The table below set forth a summary of changes in the fair value of the Level 3 pension assets for the period from December 31, 2016 through December 31, 2018 for the MNOPF (in millions):



Balance at December 31, 2016	$	3.2
Actual return on plan assets	(0.1		)
Contributions	—
Benefits paid	(0.2		)
Foreign currency gain	0.3
Balance at December 31, 2017	3.2
Actual return on plan assets	(0.1		)
Contributions	—
Benefits paid	(0.2		)
Foreign currency loss	(0.2		)
Balance at December 31, 2018	$	2.7

Share-based Compensation

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation

18. Share-based Compensation

On April 11, 2014, HC2’s Board of Directors adopted the HC2 Holdings, Inc. Omnibus Equity Award Plan (the "2014 Plan"), which was originally approved at the annual meeting of stockholders held on June 12, 2014. On April 21, 2017, the Board of Directors, subject to stockholder approval, adopted the Amended and Restated 2014 Omnibus Equity Award Plan (the "Restated 2014 Plan"). The Restated 2014 Plan was approved by HC2's stockholders at the annual meeting of stockholders held on June 14, 2017. Subject to adjustment as provided in the Restated 2014 Plan, the Restated 2014 Plan authorizes the issuance of 3,500,000 shares of common stock of HC2, plus any shares that again become available for awards under the 2014 Plan, plus any shares that again become available for awards under the Restated 2014 Plan.

On April 20, 2018, the Board of Directors, subject to stockholder approval, adopted the Second Amended and Restated 2014 Omnibus Equity Award Plan (the "Second A&R 2014 Plan"). The Second A&R 2014 Plan was approved by HC2's stockholders at the annual meeting of stockholders held on June 13, 2018. Subject to adjustment as provided in the Second A&R 2014 Plan, the Second A&R 2014 Plan authorizes the issuance of up to 3,500,000 shares of common stock of HC2 plus any shares that again become available for awards under the 2014 Plan or the Amended 2014 Plan.

The Second A&R 2014 Plan provides that no further awards will be granted pursuant to the Amended 2014 Plan. However, awards previously granted under either the 2014 Plan or the Amended 2014 Plan will continue to be subject to and governed by the terms of the 2014 Plan and Amended 2014 Plan, respectively. The Compensation Committee of HC2's Board of Directors administers the 2014 Plan, the Amended 2014 Plan and the Second A&R 2014 Plan and has broad authority to administer, construe and interpret the plans.

The Second A&R 2014 Plan provides for the grant of awards of non-qualified stock options, incentive (qualified) stock options, stock appreciation rights, restricted stock awards, restricted stock units, other stock based awards, performance compensation awards (including cash bonus awards) or any combination of the foregoing. The Company typically issues new shares of common stock upon the exercise of stock options, as opposed to using treasury shares.

The Company follows guidance which addresses the accounting for share-based payment transactions whereby an entity receives employee services in exchange for either equity instruments of the enterprise or liabilities that are based on the fair value of the enterprise’s equity instruments or that may be settled by the issuance of such equity instruments. The guidance generally requires that such transactions be accounted for using a fair-value based method and share-based compensation expense be recorded, based on the grant date fair value, estimated in accordance with the guidance, for all new and unvested stock awards that are ultimately expected to vest as the requisite service is rendered.

The Company granted 662,769 and 331,616 options during the years ended December 31, 2018 and 2017, respectively.

The weighted average fair value at date of grant for options granted during the years ended December 31, 2018, and 2017 was $2.91 and $2.72, respectively, per option. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions shown as a weighted average for the year:



	Years Ended December 31,
	2018		2017		2016
Expected option life (in years)	0.88 - 5.84		0.39 - 6.10		4.70 - 6.00
Risk-free interest rate	2.24 - 2.85%		1.11 - 2.22%		1.27 - 1.35%
Expected volatility	47.51 - 47.89%		47.04 - 48.29%		39.58 - 55.58%
Dividend yield	—	%	—	%	—	%

Total share-based compensation expense recognized by the Company and its subsidiaries under all equity compensation arrangements was $9.0 million, $5.2 million and $8.3 million for the years ended December 31, 2018 and 2017 and 2016, respectively. All grants are time based and vest either immediately or over a period of up to 4 years. The Company recognizes compensation expense for equity awards, reduced by actual forfeitures, using the straight-line basis.

Restricted Stock

A summary of HC2’s restricted stock activity is as follows:



	Shares		Weighted Average Grant Date Fair Value
Unvested - December 31, 2016	115,921		$	5.59
Granted	1,847,473		$	5.41
Vested	(374,988	)	$	5.64
Unvested - December 31, 2017	1,588,406		$	5.36
Granted	2,073,612		$	6.21
Vested	(467,889	)	$	5.33
Forfeited	(162,660	)	$	5.70
Unvested - December 31, 2018	3,031,469		$	5.93

As of December 31, 2018, the unvested restricted stock represented $10.0 million of compensation expense that is expected to be recognized over the weighted average remaining vesting period of approximately 2.1 years. The number of shares of unvested restricted stock expected to vest is 3,031,469.

Stock Options

A summary of HC2’s stock option activity is as follows:



	Shares		Weighted Average Exercise Price
Outstanding - December 31, 2016	6,829,097		$	6.58
Granted	331,616		$	5.50
Exercised	(134,539	)	$	3.53
Expired	(36,318	)	$	9.00
Outstanding - December 31, 2017	6,989,856		$	6.57
Granted	662,769		$	5.45
Exercised	(274,037	)	$	4.37
Forfeited	(60,293	)	$	5.50
Expired	(157,434	)	$	9.00
Outstanding - December 31, 2018	7,160,861		$	6.51

Eligible for exercise	5,877,428		$	6.31

As of December 31, 2018, intrinsic value and average remaining life of the Company's outstanding options were zero and approximately 6.2 years, and intrinsic value and average remaining life of the Company's exercisable options were zero and approximately 5.9 years.

As of December 31, 2018, unvested stock options outstanding represented $1.6 million of compensation expense and are expected to be recognized over the weighted average remaining vesting period of 1.9 years. There are 1,283,433 unvested stock options expected to vest, with a weighted average remaining life of 7.4 years, a weighted average exercise price of $7.41, and an intrinsic value of zero.

Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Equity

19. Equity

Series A Preferred Stock, Series A-1 Preferred Stock and Series A-2 Preferred Stock

The Company’s preferred shares authorized, issued and outstanding consisted of the following:



	December 31,
	2018	2017
Preferred shares authorized, $0.001 par value	20,000,000	20,000,000
Series A shares issued and outstanding	6,375	12,500
Series A-2 shares issued and outstanding	14,000	14,000

In connection with the issuance of the Series A Convertible Preferred Stock, the Company adopted a Certificate of Designation of Series A Convertible Participating Preferred Stock adopted on May 29, 2014 (the "Series A Certificate"). In connection with the issuance of the Series A-1 Preferred Stock on September 22, 2014, the Company adopted the Certificate of Designation of Series A-1 Convertible Participating Preferred Stock (the "Series A-1 Certificate") and also amended and restated the Series A Certificate. In connection with the issuance of the Series A-2 Preferred Stock on January 5, 2015, the Company adopted the Certificate of Designation of Series A-2 Convertible Participating Preferred Stock (the "Series A-2 Certificate") and also amended and restated the Series A Certificate and the Series A-1 Certificate. On August 10, 2015, the Company adopted certain Certificates of Correction of the Certificates of Amendment to the Certificates of Designation of the Series A Certificate, the Series A-1 Certificate and the Series A-2 Certificate, and on June 24, 2016 the Company adopted certain amendments to the Series A-1 Certificate of Designation. The Series A Certificate, the Series A-1 Certificate and the Series A-2 Certificate together, as amended, are referred to as the "Certificates of Designation."

The following summary of the terms of the Preferred Stock and the Certificates of Designation is qualified in its entirety by the complete terms of the Certificates of Designation.

Dividends. The Preferred Stock accrues a cumulative quarterly cash dividend at an annualized rate of 7.50%. The accrued value of the Preferred Stock will accrete quarterly at an annualized rate of 4.00% that is reduced to 2.00% or 0.00% if the Company achieves specified rates of growth measured by increases in its net asset value; provided, that the accreting dividend rate will be 7.25% in the event that (i) the daily volume weighted average price ("VWAP") of the common stock is less than a certain threshold amount, (ii) the common stock is not registered under Section 12(b) of the Securities Exchange Act of 1934, as amended, (iii) following May 29, 2015, the common stock is not listed on certain national securities exchanges or (iv) the Company is delinquent in the payment of any cash dividends. The Preferred Stock is also entitled to participate in cash and in-kind distributions to holders of shares of common stock on an as-converted basis.

Optional Conversion. Each share of Preferred Stock may be converted by the holder into common stock at any time based on the then applicable conversion price. Pursuant to the Series A Certificate, each share of Series A Preferred Stock is currently convertible at a conversion price of $4.25. Pursuant to the Series A-2 Certificate, each share of Series A-2 Preferred Stock is currently convertible at a conversion price of $7.04. Such conversion prices are subject to adjustment for dividends, certain distributions, stock splits, combinations, reclassifications, reorganizations, mergers, recapitalizations and similar events, as well as in connection with issuances of equity or equity-linked or other comparable securities by the Company at a price per share (or with a conversion or exercise price or effective issue price) that is below the applicable conversion price (which adjustment shall be made on a weighted average basis).

Redemption by the Holders / Automatic Conversion. On May 29, 2021, holders of the Preferred Stock are entitled to cause the Company to redeem the Preferred Stock at the accrued value per share plus accrued but unpaid dividends (to the extent not included in the accrued value of Preferred Stock). Each share of Preferred Stock that is not so redeemed will be automatically converted into shares of common stock at the conversion price then in effect. Upon a change of control (as defined in the Certificates of Designation) holders of the Preferred Stock are entitled to cause the Company to redeem their Preferred Stock at a price per share of Preferred Stock equal to the greater of (i) the accrued value of the Preferred Stock, which amount would be multiplied by 150% in the event of a change of control occurring on or prior to May 29, 2017, plus any accrued and unpaid dividends (to the extent not included in the accrued value of Preferred Stock), and (ii) the value that would be received if the share of Preferred Stock were converted into common stock immediately prior to the change of control.

Redemption by the Company. At any time after May 29, 2017, the Company may redeem the Preferred Stock, in whole but not in part, at a price per share generally equal to 150% of the original accrued value or on that date, plus accrued but unpaid dividends (to the extent not included in the accrued value of Preferred Stock), subject to the holder’s right to convert prior to such redemption.

Forced Conversion. After May 29, 2017, the Company may force conversion of the Preferred Stock into common stock if the common stock’s thirty-day VWAP exceeds 150% of the then-applicable Conversion Price and the common stock’s daily VWAP exceeds 150% of the then applicable Conversion Price for at least twenty trading days out of the thirty trading day period used to calculate the thirty-day VWAP. In the event of a forced conversion, the holders of Preferred Stock will have the ability to elect cash settlement in lieu of conversion if certain market liquidity thresholds for the common stock are not achieved.

Liquidation Preference. The Series A Preferred Stock ranks at parity with the Series A-2 Preferred Stock. In the event of any liquidation, dissolution or winding up of the Company (any such event, a "Liquidation Event"), the holders of Preferred Stock are entitled to receive per share the greater of (i) the accrued value of the Preferred Stock, which amount would be multiplied by 150% in the event of a Liquidation Event occurring on or prior to May 29, 2017, plus any accrued and unpaid dividends (to the extent not included in the accrued value of Preferred Stock), and (ii) the value that would be received if the share of Preferred Stock were converted into common stock immediately prior to such occurrence. The Preferred Stock will rank junior to any existing or future indebtedness but senior to the common stock and any future equity securities other than any future senior or pari-passu preferred stock issued in compliance with the Certificates of Designation.

Voting Rights. Except as required by applicable law, the holders of the shares of each series of Preferred Stock are entitled to vote on an as-converted basis with the holders of the other series of Preferred Stock (on an as-converted basis) and holders of the Company’s common stock on all matters submitted to a vote of the holders of common stock. Certain series of Preferred Stock are entitled to vote with the holders of certain other series of Preferred Stock on certain matters, and separately as a class on certain limited matters. Subject to maintenance of certain ownership thresholds by the initial purchasers of the Series A Preferred Stock also have the right to vote shares of Preferred Stock as a separate class for at least one director, as discussed below under "Board Rights."

Consent Rights. For so long as any of the Preferred Stock is outstanding, consent of the holders of shares representing at least 75% of certain of the Preferred Stock then outstanding is required for certain material actions.

Participation Rights. Pursuant to the securities purchase agreements entered into with the initial purchasers of the Series A Preferred Stock and the Series A-2 Preferred Stock, subject to meeting certain ownership thresholds, certain purchasers of the Series A Preferred Stock and the Series A-2 Preferred Stock are entitled to participate, on a pro-rata basis in accordance with their ownership percentage, determined on an as-converted basis, in issuances of equity and equity linked securities by the Company. In addition, subject to meeting certain ownership thresholds, certain initial purchasers of the Series A Preferred Stock and the Series A-2 Preferred Stock will be entitled to participate in issuances of preferred securities and in debt transactions of the Company.

Preferred Share Activity

CGI Purchase

On December 18, 2018 and December 20, 2018, CGI, a wholly owned subsidiary of the Company closed on the purchase of 6,125 shares of Series A Preferred Stock, convertible into a total of 1,460,764 shares of the Company's common stock. The shares and dividends accrued related to the Series A Preferred shares owned by CGI are eliminated in consolidation.

DG Conversion

On May 2, 2017, the Company entered into an agreement with DG Value Partners, LP and DG Value Partners II Master Funds LP, holders (collectively, "DG Value") of the Company's Series A Preferred Stock and Series A-1 Preferred Stock, to convert and exchange all of DG Value's 2,308 shares of Series A Preferred Stock and 1,000 shares of Series A-1 Preferred Stock into a total of 803,469 shares of the Company's common stock. 17,500 shares of common stock issued in the conversion were issued as consideration for the agreement by DG Value to convert its Preferred Stock. The fair value of the 17,500 shares was $0.1 million on the date of issuance and was recorded as a deemed dividend.

Luxor and Corrib Conversions

On August 2, 2016, the Company converted the Preferred Shares of both Corrib Master Fund, Ltd. ("Corrib"), then a holder of 1,000 shares of Series A Preferred Stock, and certain investment entities managed by Luxor Capital Group, LP ( "Luxor"), that together then held 9,000 shares of Series A-1 Preferred Stock. In conjunction with the conversions, the Company agreed to provide the following two forms of additional consideration for as long as the Preferred Stock remained entitled to receive dividend payments (the "Additional Share Consideration"):

•

The Company agreed that in the event that Corrib and Luxor would have been entitled to any Participating Dividends payable, had they not converted the Preferred Stock (as defined in the respective Series A and Series A-1 Certificate of Designation), after the date of their Preferred Share conversion, then the Company will issue to Corrib and Luxor, on the date such Participating Dividends become payable by the Company, in a transaction exempt from the registration requirements of the Securities Act the number of shares of common stock equal to (a) the value of the Participating Dividends Corrib or Luxor would have received pursuant to Sections (2)(c) and (2)(d) of the respective Series A and Series A-1 Certificate of Designation, divided by (b) the Thirty Day VWAP (as defined in the respective Series A and Series A-1 Certificate of Designation) for the period ending two business days prior to the underlying event or transaction that would have entitled Corrib or Luxor to such Participating Dividend had Corrib’s or Luxor’s Preferred Stock remain unconverted.

•

The Company agreed that it will issue to Corrib and Luxor, on each quarterly anniversary commencing May 29, 2017 (or, if later, the date on which the corresponding dividend payment is made to the holders of the outstanding Preferred Stock), through and until the Maturity Date (as defined in the respective Series A and Series A-1 Certificate of Designation), in a transaction exempt from the registration requirements of the Securities Act the number of shares of common stock equal to (a) 1.875% the Accrued Value (as defined in the respective Series A and Series A-1 Certificate of Designation) of Corrib’s or Luxor’s Preferred Stock as of the Closing Date (as defined in applicable Voluntary Conversion Agreements) divided by (b) the Thirty Day VWAP (as defined in the respective Series A and Series A-1 Certificate of Designation) for the period ending two business days prior to the applicable Dividend Payment Date (as defined in the respective Series A and Series A-1 Certificate of Designation).

For the year ended December 31, 2018, 117,734 and 13,245 shares of the Company's common stock have been issued to Luxor and Corrib, respectively, in conjunction with the Conversion agreement.

The fair value of the Additional Share Consideration issued in 2018 was valued by the Company at $0.8 million on the dates of issuance and was recorded within Preferred stock and deemed dividends line item of the Consolidated Statements of Operations as a deemed dividend.

Preferred Share Dividends

During 2018, HC2's Board of Directors declared cash dividends with respect to HC2’s issued and outstanding Preferred Stock, as presented in the following table (in millions):

2018

Declaration Date

March 31, 2018

June 30, 2018

September 30, 2018

December 31, 2018

Holders of Record Date

March 31, 2018

June 30, 2018

September 30, 2018

December 31, 2018

Payment Date

April 16, 2018

July 17, 2018

October 15, 2018

January 15, 2019

Total Dividend

0.5

2017

Declaration Date

March 31, 2017

June 30, 2017

September 30, 2017

December 31, 2017

Holders of Record Date

March 31, 2017

June 30, 2017

September 30, 2017

December 31, 2017

Payment/Accrual Date

April 17, 2017

July 17, 2017

October 16, 2017

January 16, 2018

Total Dividend

0.6

0.5

Related Parties

12 Months Ended

Dec. 31, 2018

Related Parties

20. Related Parties

HC2

In January 2015, the Company entered into a services agreement (the "Services Agreement") with Harbinger Capital Partners, a related party of the Company, with respect to the provision of services that may include providing office space and operational support and each party making available their respective employees to provide services as reasonably requested by the other party, subject to any limitations contained in applicable employment agreements and the terms of the Services Agreement. The Company recognized $3.8 million and $3.6 million of expenses under the Services Agreement for the years ended December 31, 2018 and 2017, respectively.

In June 2018, the Company funded $0.8 million to Harbinger Capital Partners for a deposit in connection with its allocable portion of shared office space occupied by the Company.

GMSL

In November 2017, GMSL, acquired the trenching a cable lay services business from Fugro N.V. ("Fugro"). As part of the transaction, Fugro became a 23.6% holder of GMSL's parent, Global Marine Holdings, LLC ("GMH"). GMSL, in the normal course of business, incurred expenses with Fugro for various survey and other contractual services. For the year ended December 31, 2018, GMSL recognized $9.3 million of expenses for such services with Fugro.

The parent company of GMSL, GMH, incurred management fees of $0.6 million and $0.7 million for each of the years ended December 31, 2018 and 2017, respectively.

GMSL has investments in various entities for which it exercises significant influence. A summary of transactions with such entities and balances outstanding are as follows (in millions):



	Years Ended December 31,
	2018		2017
Net revenue	$	21.8	$	25.2
Operating expenses	$	4.8	$	7.4
Interest expense	$	1.3	$	1.4
Dividends	$	25.8	$	4.4



	December 31,
	2018		2017
Accounts receivable	$	5.0	$	8.7
Debt obligations	$	28.5	$	35.3
Accounts payable	$	2.2	$	1.9

Life Sciences

In 2017, R2 secured convertible drawdown promissory notes of $1.5 million to a related party, Blossom Innovations, LLC. As of December 31, 2018, the note with Blossom Innovation, LLC had an outstanding balance of $1.1 million.

In 2018 R2 made a milestone payment to Blossom Innovations, LLC and MGH for $0.4 million.

Operating Segment and Related Information

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Operating Segment and Related Information

21. Operating Segment and Related Information

The Company currently has two primary reportable geographic segments - United States and United Kingdom. The Company has eight reportable operating segments based on management’s organization of the enterprise - Construction, Marine Services, Energy, Telecommunications, Insurance, Life Sciences, Broadcasting, Other, and a non-operating Corporate segment. Net revenue and long-lived assets by geographic segment is reported on the basis of where the entity is domiciled. All inter-segment revenues are eliminated.



		Years Ended December 31,
	Segment	2018	2017	2016
Customer A	Telecommunications	11.0%	*	*

* Less than 10% revenue concentration

Summary information with respect to the Company’s geographic and operating segments is as follows (in millions):



	Years Ended December 31,
	2018		2017		2016
Net Revenue by Geographic Region
United States	$	1,757.7	$	1,447.1	$	1,115.3
United Kingdom	192.2		158.3		418.0
Other	26.8		28.7		24.8
Total	$	1,976.7	$	1,634.1	$	1,558.1



	Years Ended December 31,
	2018			2017		2016
Net revenue
Construction	$	716.4		$	579.0	$	502.6
Marine Services	194.3			169.5		161.9
Energy	20.7			16.4		6.4
Telecommunications	793.6			701.9		735.0
Insurance	217.1			151.6		142.5
Broadcasting	45.4			4.8		—
Other	3.7			10.9		9.7
Eliminations ^(*)	(14.5		)	—		—
Total net revenue	$	1,976.7		$	1,634.1	$	1,558.1

^(*) The Insurance segment revenues are inclusive of realized and unrealized gains in the amount of $14.5 million for the year ended December 31, 2018 recorded on equity securities. Such adjustments are related to transactions between entities under common control which are eliminated or are reclassified to Other income (expenses), net in consolidation.



	Years Ended December 31,
	2018			2017			2016
Income (loss) from operations
Construction	$	41.9		$	37.2		$	49.6
Marine Services	(15.4		)	(0.9		)	(0.3		)
Energy	(0.5		)	(2.8		)	(0.3		)
Telecommunications	4.8			6.4			4.2
Insurance	1.8			25.4			(0.8		)
Life Sciences	(13.8		)	(17.2		)	(10.4		)
Broadcasting	(24.0		)	(4.0		)	—
Other	(2.5		)	(5.3		)	(5.9		)
Non-operating Corporate	(33.6		)	(39.9		)	(37.6		)
Eliminations ^(*)	(14.5		)	—			—
Total loss from operations	$	(55.8	)	$	(1.1	)	$	(1.5	)



	Years Ended December 31,
	2018			2017			2016

Total loss from operations	$	(55.8	)	$	(1.1	)	$	(1.5	)
Interest expense	(75.7		)	(55.1		)	(43.4		)
Gain on sale and deconsolidation of subsidiary	105.1			—			—
Gain (loss) on contingent consideration	(0.8		)	11.4			(8.9		)
Income from equity investees	15.4			17.8			10.8
Gain on bargain purchase	115.4			—			—
Other income (expenses), net	78.7			(12.8		)	(2.8		)
Income (loss) from continuing operations before income taxes	182.3			(39.8		)	(45.8		)
Income tax expense	(2.4		)	(10.7		)	(51.6		)
Net income (loss)	179.9			(50.5		)	(97.4		)
Less: Net (income) loss attributable to noncontrolling interest and redeemable noncontrolling interests	(17.9		)	3.6			2.9
Net income (loss) attributable to HC2 Holdings, Inc.	162.0			(46.9		)	(94.5		)
Less: Preferred stock and deemed dividends from conversions	6.4			2.8			10.9
Net income (loss) attributable to common stock and participating preferred stockholders	$	155.6		$	(49.7	)	$	(105.4	)



	Years Ended December 31,
	2018			2017			2016
Depreciation and Amortization
Construction	$	7.4		$	5.6		$	1.9
Marine Services	27.2			22.9			22.0
Energy	5.5			5.1			2.2
Telecommunications	0.3			0.4			0.5
Insurance ^(*)	(12.4		)	(4.4		)	(3.8		)
Life Sciences	0.2			0.2			0.2
Broadcasting	3.3			0.3			—
Other	0.1			1.1			1.5
Non-operating Corporate	0.1			0.1			—
Total	$	31.7		$	31.3		$	24.5

^(*) Balance represents amortization of negative VOBA, which increases net income.



	Years Ended December 31,
	2018		2017		2016
Capital Expenditures ^(*)
Construction	$	14.9	$	11.7	$	8.2
Marine Services	21.7		10.5		12.2
Energy	1.5		8.6		7.2
Telecommunications	0.1		—		0.8
Insurance	0.3		0.6		0.1
Life Sciences	—		0.5		0.3
Broadcasting	1.1		—		—
Non-operating Corporate	0.1		—		0.2
Total	$	39.7	$	31.9	$	29.0

^(*)The above capital expenditures exclude assets acquired under terms of capital lease and vendor financing obligations.



	December 31,
	2018			2017
Investments
Construction	$	0.9		$	0.2
Marine Services	58.3			66.3
Insurance	3,821.4			1,493.6
Life Sciences	16.3			17.8
Other	5.6			1.5
Eliminations	(80.5		)	(35.9		)
Total	$	3,822.0		$	1,543.5



	December 31,
	2018		2017
Property, Plant, and Equipment, net
United States	$	178.2	$	162.8
United Kingdom	192.7		204.9
Other	5.4		7.0
Total	$	376.3	$	374.7



	December 31,
	2018			2017
Total Assets
Construction	$	537.9		$	342.8
Marine Services	368.6			389.5
Energy	77.6			83.6
Telecommunications	139.9			114.4
Insurance	5,213.1			2,117.0
Life Sciences	35.6			31.5
Broadcasting	202.8			136.7
Other	5.6			2.7
Non-operating Corporate	9.2			35.3
Eliminations	(86.5		)	(35.8		)
Total	$	6,503.8		$	3,217.7

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

22. Quarterly Results of Operations (Unaudited)

The following is a tabulation of the unaudited quarterly results of operations for the years ended December 31, 2018 and 2017 (in millions, except per share amounts):



	Quarters Ended
	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Net revenue	$	453.6		$	496.8		$	501.4		$	524.9
Cost of revenue	375.7			400.6			402.9			406.0
Other operating expenses	91.6			101.7			122.9			131.1
(Loss) income from operations	$	(13.7	)	$	(5.5	)	$	(24.4	)	$	(12.2	)

Net income (loss) attributable to common stock and participating preferred stockholders	$	(35.8	)	$	54.7		$	152.8		$	(16.1	)

Weighted average common shares outstanding:
Basic	44.3			44.2			44.3			44.5
Diluted	44.3			45.5			46.2			44.5

Income (loss) per common share
Basic	$	(0.81	)	$	1.11		$	3.09		$	(0.36	)
Diluted	$	(0.81	)	$	1.08		$	2.97		$	(0.36	)



	Quarters Ended
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net revenue	$	390.6		$	378.7		$	406.5		$	458.5
Cost of revenue	314.4			308.7			324.7			365.3
Other operating expenses	75.2			81.2			71.2			94.7
Income (loss) from operations	$	1.0		$	(11.2	)	$	10.6		$	(1.5	)

Net income (loss) attributable to common stock and participating preferred stockholders	$	(15.1	)	$	(18.7	)	$	(6.7	)	$	(9.2	)

Weighted average common shares outstanding-basic and diluted	41.9			42.7			43.0			43.6

Basic and Diluted income (loss) per common share:
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.36	)	$	(0.44	)	$	(0.16	)	$	(0.21	)

Quarterly and year-to-date computations of per share amounts are made independently; therefore, the sum of per share amounts for the quarters may not agree with per share amounts for the year.

Basic and Diluted Loss Per Common Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Basic and Diluted Loss Per Common Share

23. Basic and Diluted Loss Per Common Share

Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities. As such, shares of any unvested restricted stock of the Company are considered participating securities. The dilutive effect of options and their equivalents (including non-vested stock issued under stock-based compensation plans), is computed using the "treasury" method as this measurement was determined to be more dilutive between the two available methods in each period.

The following potential weighted average common shares were excluded from diluted EPS for the year ended December 31, 2018 as the shares were antidilutive: 2,168,454 for outstanding warrants to purchase the Company's stock 353,960 for unvested restricted stock awards, and 4,919,760 for convertible preferred stock.

The Company had no dilutive common share equivalents during the year ended December 31, 2017 and 2016 due to the results of operations being a loss from continuing operations, net of tax.

The following table presents a reconciliation of net income (loss) used in basic and diluted EPS calculations (in millions, except per share amounts):



	Years Ended December 31,
	2018			2017			2016
Loss from continuing operations attributable to common stock and participating preferred stockholders	$	155.6		$	(49.7	)	$	(105.4	)

Earnings allocable to common shares:
Numerator for basic and diluted EPS
Participating shares at end of period:
Weighted-average Common stock outstanding - basic	44.3			42.8			37.3
Unvested restricted stock	0.4			—			—
Preferred stock (as-converted basis)	4.9			—			—
Total	49.6			42.8			37.3

Percentage of loss allocated to:
Common Stock	89.3		%	100		%	100		%
Unvested restricted stock	0.8		%	—		%	—		%
Preferred Stock	9.9		%	—		%	—		%

Net Income (loss) attributable to common stock, basic	$	139.0		$	(49.7	)	$	(105.4	)

Distributed and Undistributed earnings to Common Stockholders:
Effect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments	(3,270		)	—			—
Income from the dilutive impact of subsidiary securities	—			—			—
Net Income (loss) attributable to common stock, diluted	$	135.7		$	(49.7	)	$	(105.4	)

Denominator for basic and dilutive earnings per share
Weighted average common shares outstanding - basic	44.3			42.8			37.3
Effect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments	2.6			—			—
Weighted average common shares outstanding - diluted	46.8			42.8			37.3

Net income (loss) attributable to participating security holders - basic	$	3.14		$	(1.16	)	$	(2.83	)
Net income (loss) attributable to participating security holders - diluted	$	2.90		$	(1.16	)	$	(2.83	)

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	24. Subsequent Events On January 11, 2019, CGI, a wholly owned subsidiary of the Company closed on the purchase of 10,000 shares of Series A-2 Preferred Stock, convertible into a total of 1,420,455 shares of the Company's common stock. The shares were purchased at a discount of $1.7 million. On January 22, 2019, HC2 Broadcasting issued additional $7.5 million of 8.5% notes to institutional investors, and increased the capacity of the Stations Notes by $15.0 million to $50.0 million. Subsequent to December 31, 2018, the Broadcasting segment received FCC approval and closed multiple APAs for a total consideration of $6.2 million, of which $0.3 million was previously funded at signing of the APAs. Further, Broadcasting entered into multiple APAs for a total consideration of $13.7 million.

SCHEDULE I Summary of investments — other than investments in related parties

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

SCHEDULE I Summary of investments — other than investments in related parties



	Amortized Cost		Fair Value		Amount at which shown in the balance sheet
Fixed maturity securities
Bonds
United States Government and government agencies and authorities	$	24.7	$	25.4	$	25.4
States, municipalities and political subdivisions	413.7		421.9		421.9
Foreign governments	92.6		94.4		94.4
Public utilities	423.3		403.1		403.1
Convertibles and bonds with warrants attached	8.2		8.0		8.0
All other corporate bonds	2,521.2		2,444.8		2,444.8
Total fixed maturity securities	3,483.7		3,397.6		3,397.6
Equity securities
Industrial, miscellaneous and all other	25.5		25.5		25.5
Nonredeemable preferred stocks	240.9		240.9		240.9
Total equity securities	266.4		266.4		266.4
Mortgage loans	137.6		137.6		137.6
Policy loans	19.8		19.8		19.8
Other invested assets	—		—		—
Total investments	$	3,907.5	$	3,821.4	$	3,821.4

SCHEDULE II Condensed Financial Information of the Registrant

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

SCHEDULE II Condensed Financial Information of the Registrant



	December 31,
	2018			2017
Assets
Cash and cash equivalents	$	6.5		$	29.4
Restricted cash	0.8			—
Other current assets	0.5			0.6
Total current assets	7.8			30.0
Intercompany receivable	5.0			—
Investment in subsidiaries	642.6			500.6
Other assets	1.3			5.3
Total assets	$	656.7		$	535.9

Liabilities
Accounts payable	$	1.0		$	0.7
Accrued and other current liabilities	26.3			21.4
Total current liabilities	27.3			22.1
Intercompany payable	12.5			15.6
Debt obligations	491.7			393.8
Other liabilities	10.7			5.0
Total liabilities	542.2			436.5

Temporary equity
Preferred stock	26.4			26.3

Stockholders’ equity
Common stock	—			—
Additional paid-in capital	260.5			254.7
Treasury stock	(2.6		)	(2.1		)
Accumulated deficit	(57.2		)	(221.2		)
Accumulated other comprehensive income (loss)	(112.6		)	41.7
Total stockholders’ equity	88.1			73.1
Total liabilities, temporary equity and stockholders’ equity	$	656.7		$	535.9



	For the years ended December 31,
	2018			2017			2016
Revenue	$	—		$	—		$	—
Operating expenses
General and administrative	33.5			39.8			37.6
Depreciation and amortization	0.1			0.1			—
Total operating expenses	33.6			39.9			37.6
Loss from operations	(33.6		)	(39.9		)	(37.6		)
Interest expense	(57.0		)	(44.1		)	(36.0		)
Gain (loss) on contingent consideration	—			11.4			(11.4		)
Equity in net income (loss) of subsidiaries	244.0			15.4			0.4
Other income (expense)	2.0			0.1			1.3
Income (loss) before income taxes	155.4			(57.1		)	(83.3		)
Tax (benefit) expense	(6.6		)	(10.2		)	11.2
Net income (loss)	$	162.0		$	(46.9	)	$	(94.5	)



	December 31,
	2018			2017			2016
Net cash used by operating activities	$	(98.2	)	$	(32.9	)	$	(21.2	)
Cash flows from investing activities
Contributions to subsidiaries	(108.7		)	(24.1		)	(22.4		)
Return of capital from subsidiaries	81.9			13.2			31.1
Cash paid for business acquisitions, net of cash acquired	—			(2.6		)	—
Other investing activity	—			(0.1		)	(0.2		)
Net cash used in investing activities	(26.8		)	(13.6		)	8.5
Cash flows from financing activities
Proceeds from debt obligations	615.2			91.7			—
Principal payments on debt obligations	(510.0		)	(35.0		)	—
Purchase of noncontrolling interest	—			—			(1.4		)
Payment of dividends	(2.0		)	(2.1		)	(4.2		)
Proceeds from the exercise of warrants and stock options	0.3			0.5			—
Taxes paid in lieu of shares issued for share-based compensation	(0.6		)	(0.8		)	(1.0		)
Other financing activity	—			(0.1		)	(0.1		)
Net cash provided by financing activities	102.9			54.2			(6.7		)
Net change in cash and cash equivalents	(22.1		)	7.7			(19.4		)
Cash, cash equivalents and restricted cash, beginning of period	29.4			21.7			41.1
Cash, cash equivalents and restricted cash, end of period	$	7.3		$	29.4		$	21.7

SCHEDULE III Supplementary Insurance Information

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

SCHEDULE III Supplementary Insurance Information



	As of and for the years ended December 31,
	2018		2017		2016
Insurance Company
Deferred policy acquisition cost	$	—	$	—	$	—
Future policy benefits, losses, claims and loss expenses	$	4,807.3	$	1,937.2	$	1,899.8
Unearned premiums	$	—	$	—	$	—
Net earned premiums	$	94.4	$	80.5	$	79.4
Net investment income	$	117.1	$	66.1	$	58.0
Benefits, claims, losses	$	18.2	$	24.3	$	15.7
Amortization of deferred policy acquisition cost	$	—	$	—	$	—
Other operating expenses	$	27.0	$	23.2	$	23.1
Net written premiums (excluding life)	$	87.0	$	72.5	$	70.6

SCHEDULE IV Reinsurance

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

SCHEDULE IV Reinsurance

2018



	Gross Amount		Ceded to other companies			Assumed from other companies		Net Amount		Percentage of amount assumed to net
Life insurance in force	$	2,266.6	$	(1,970.2	)	$	32.6	$	329.0	9.9	%
Premiums:						—
Life insurance	$	14.9	$	(8.3	)	$	0.8	$	7.4	10.8	%
Accident and health insurance	214.2		(132.2		)	5.0		87.0		5.7	%
Total premiums	$	229.1	$	(140.5	)	$	5.8	$	94.4	6.1	%

2017



	Gross Amount		Ceded to other companies			Assumed from other companies		Net Amount		Percentage of amount assumed to net
Life insurance in force	$	720.2	$	(467.7	)	$	34.3	$	286.8	12.0	%
Premiums:
Life insurance	$	12.2	$	(4.6	)	$	0.4	$	8.0	5.1	%
Accident and health insurance	198.0		(129.9		)	4.4		72.5		6.1	%
Total premiums	$	210.2	$	(134.5	)	$	4.8	$	80.5	6.0	%

2016



	Gross Amount		Ceded to other companies			Assumed from other companies		Net Amount		Percentage of amount assumed to net
Life insurance in force	$	764.9	$	(495.0	)	$	36.3	$	306.2	11.8	%
Premiums:
Life insurance	$	13.3	$	(4.9	)	$	0.4	$	8.8	4.7	%
Accident and health insurance	212.0		(145.9		)	4.5		70.6		6.3	%
Total premiums	$	225.3	$	(150.8	)	$	4.9	$	79.4	6.1	%

SCHEDULE V Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE V Valuation and Qualifying Accounts

Activity in the Company’s allowance accounts for the years ended December 31, 2018, 2017 and 2016 was as follows:



	Doubtful Accounts Receivable
	Balance at Beginning of Period		Charged to Costs and Expenses		Deductions		Other		Balance at End of Period
2016	$	0.8	$	2.9	$	—	$	—	$	3.6
2017	$	3.6	$	0.1	$	—	$	—	$	3.7
2018	$	3.7	$	2.6	$	—	$	—	$	6.3



	Deferred Tax Asset Valuation
	Balance at Beginning of Period		Charged to Costs and Expenses			Deductions		Other			Balance at End of Period
2016	$	68.1	$	57.8		$	—	$	12.1		$	138.0
2017	$	138.0	$	6.3		$	—	$	(10.8	)	$	133.5
2018	$	133.5	$	(43.8	)	$	—	$	37.0		$	126.7

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Principles of Consolidation

Cash and Cash Equivalents

Cash and cash equivalents are comprised principally of amounts in money market accounts with original maturities of three months or less.

Acquisitions

Investments

Fixed maturity securities

Equity securities

Fair Value Measurements

Accounts Receivable

Inventory

Reinsurance

Accounting for Income Taxes

Property, Plant and Equipment

Goodwill and Other Intangible Assets

Valuation of Long-lived Assets

Value of Business Acquired (VOBA)

Value of Business Acquired ("VOBA")

Annuity Benefits Accumulated

Life, Accident and Health Reserves

Presentation of Taxes Collected

Foreign Currency Transactions and Translation

Foreign Currency Transactions

Foreign Currency Translation

Convertible Instruments

Deferred Financing Costs

Use of Estimates

Pensions

Share-Based Compensation

Concentration of Credit Risk

Income (Loss) Per Common Share

Reclassification

Certain previous year amounts have been reclassified to conform with current year presentations, as related to the reporting of new balance sheet line items.

Accounting Pronouncements

Accounting Pronouncements Adopted in the Current Year

Effective January 1, 2018 the Company adopted the accounting pronouncements described below.

Statement of Cash Flows



	December 31,
	2018		2017		2016
Beginning of period
Cash and cash equivalents	$	97.9	$	115.4	$	158.7
Restricted cash included in other assets	1.0		0.5		0.5
Total cash and cash equivalents and restricted cash	$	98.9	$	115.9	$	159.2

End of period
Cash and cash equivalents	$	325.0	$	97.9	$	115.4
Restricted cash included in other assets	5.4		1.0		0.5
Total cash and cash equivalents and restricted cash	$	330.4	$	98.9	$	115.9

Recognition and Measurement of Financial Assets and Financial Liabilities



Equity securities which were previously classified as available-for-sale	$	1.7
Equity securities which were previously accounted for under the cost method	1.6
Stranded tax, unrelated to the adoption of ASU 2018-02	(1.7		)
Total	$	1.6

Revenue Recognition

New Accounting Pronouncements to be Adopted Subsequent to December 31, 2018

Accounting for Leases

New Credit Loss Standard

Outlined below are key areas of change, although there are other changes not noted below:


•	Financial assets (or a group of financial assets) measured at amortized cost will be required to be presented at the net amount expected to be collected, with an allowance for credit losses deducted from the amortized cost basis, resulting in a net carrying value that reflects the amount the entity expects to collect on the financial asset at purchase.

•


•	Disclosures will be required to include information around how the credit loss allowance was developed, further details on information currently disclosed about credit quality of financing receivables and net investments in leases, and a rollforward of the allowance for credit losses for available for sale fixed maturity securities as well as an aging analysis for securities that are past due.

Long-duration contracts

Outlined below are key areas of change, although there are other changes not noted below:

•


•	Disaggregated rollforwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, VOBA, as well as information about significant inputs, judgments, assumptions, and methods used in measurement are required to be disclosed.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Schedule of Other Nonoperating Income (Expense)

The following tables provide information relating to Other income (expenses), net (in millions):



	Years Ended December 31,
	2018			2017			2016
Gain on reinsurance recaptures	$	47.0		$	—		$	—
Gain on investment in Inseego	34.4			—			—
Other income (expenses), net	(2.7		)	(12.8		)	(2.8		)
Total	$	78.7		$	(12.8	)	$	(2.8	)

Restricted Cash and Cash Equivalents



	December 31,
	2018		2017		2016
Beginning of period
Cash and cash equivalents	$	97.9	$	115.4	$	158.7
Restricted cash included in other assets	1.0		0.5		0.5
Total cash and cash equivalents and restricted cash	$	98.9	$	115.9	$	159.2

End of period
Cash and cash equivalents	$	325.0	$	97.9	$	115.4
Restricted cash included in other assets	5.4		1.0		0.5
Total cash and cash equivalents and restricted cash	$	330.4	$	98.9	$	115.9

Schedule of Cash and Cash Equivalents



	December 31,
	2018		2017		2016
Beginning of period
Cash and cash equivalents	$	97.9	$	115.4	$	158.7
Restricted cash included in other assets	1.0		0.5		0.5
Total cash and cash equivalents and restricted cash	$	98.9	$	115.9	$	159.2

End of period
Cash and cash equivalents	$	325.0	$	97.9	$	115.4
Restricted cash included in other assets	5.4		1.0		0.5
Total cash and cash equivalents and restricted cash	$	330.4	$	98.9	$	115.9

Schedule of New Accounting Pronouncements and Changes in Accounting Principles



Equity securities which were previously classified as available-for-sale	$	1.7
Equity securities which were previously accounted for under the cost method	1.6
Stranded tax, unrelated to the adoption of ASU 2018-02	(1.7		)
Total	$	1.6

Revenue (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Reconciliation of Revenue from Segments to Consolidated

Revenue from contracts with customers consist of the following (in millions):



	Year Ended December 31, 2018
Revenue⁽¹⁾
Construction	$	716.4
Marine Services	194.3
Energy	20.7
Telecommunications	793.6
Broadcasting	45.4
Other	3.7
Total revenue	$	1,774.1

⁽¹⁾ The Insurance segment does not have revenues in scope of ASU 2014-09.

Schedule of Accounts Receivable

Accounts receivables, net from contracts with customers consist of the following (in millions):



	December 31,
	2018		2017
Accounts receivables with customers
Construction	$	196.6	$	162.6
Marine Services	48.3		48.7
Energy	3.3		3.7
Telecommunications	117.6		91.7
Broadcasting	9.2		10.8
Other	—		4.6
Total accounts receivables with customers	$	375.0	$	322.1

Accounts receivable consists of the following (in millions):



	December 31,
	2018			2017
Contracts in progress	$	188.2		$	167.8
Trade receivables	127.5			106.9
Unbilled retentions	65.6			51.0
Other receivables	4.2			0.4
Allowance for doubtful accounts	(6.3		)	(3.7		)
Total accounts receivable	$	379.2		$	322.4

Disaggregation of Revenue

ICS's revenues are predominantly derived from wholesale of international long distance minutes (in millions):



	Year Ended December 31, 2018
Termination of long distance minutes	$	793.6
Total revenue from contracts with customers	793.6
Other revenue	—
Total Telecommunications segment revenue	$	793.6

The following table disaggregates ANG's revenue by type (in millions):



	Year Ended December 31, 2018
Volume-related	$	16.5
Maintenance services	0.1
Total revenue from contracts with customers	16.6
RNG incentives	1.3
Alternative fuel tax credit	2.6
Other revenue	0.2
Total Energy segment revenue	$	20.7

The following table disaggregates the Broadcasting segment's revenue by type (in millions):



	Year Ended December 31, 2018
Network advertising	$	28.2
Broadcast station	10.8
Network distribution	4.8
Other	1.6
Total revenue from contracts with customers	45.4
Other revenue	—
Total Broadcasting segment revenue	$	45.4

The following table disaggregates DBMG's revenue by market (in millions):



	December 31, 2018
Commercial	$	253.4
Convention	155.8
Healthcare	105.0
Industrial	79.5
Transportation	53.0
Other	69.5
Total revenue from contracts with customers	716.2
Other revenue	0.2
Total Construction segment revenue	$	716.4

The following table disaggregates GMSL's revenue by market (in millions):



	Year Ended December 31, 2018
Telecommunication - Maintenance	$	87.0
Telecommunication - Installation	41.5
Power - Operations, Maintenance & Construction Support	31.0
Power - Cable Installation & Repair	34.8
Total revenue from contracts with customers	194.3
Other revenue	—
Total Marine Services segment revenue	$	194.3

Contract with Customer, Asset and Liability

Contract assets and contract liabilities consisted of the following (in millions):



	December 31, 2018			December 31, 2017
Contract assets	$	5.2		$	6.6
Contract liabilities	$	(1.0	)	$	(3.1	)

Contract assets and contract liabilities consisted of the following (in millions):



	December 31, 2018			December 31, 2017
Contract assets	$	69.0		$	25.7
Contract liabilities	$	(62.0	)	$	(29.9	)

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

The transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions):



	Within one year		Within five years		Thereafter		Total
Telecommunication - Installation	$	17.7	$	—	$	—	$	17.7
Telecommunication - Maintenance	75.4		215.6		60.3		351.3
Power - Operations, Maintenance & Construction Support	11.5		8.9		—		20.4
Power - Cable Installation & Repair	28.0		66.0		—		94.0
Remaining unsatisfied performance obligations	$	132.6	$	290.5	$	60.3	$	483.4

The transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions):



	Within one year		Within five years		Total
Commercial	$	133.3	$	10.4	$	143.7
Convention	77.5		—		77.5
Healthcare	38.8		1.8		40.6
Industrial	123.5		—		123.5
Other	119.4		23.8		143.2
Remaining unsatisfied performance obligations	$	492.5	$	36.0	$	528.5

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Schedule of Purchase Price Allocation

Fair value of consideration transferred and its allocation among the identified assets acquired, liabilities assumed, intangibles and residual goodwill are summarized as follows (in millions):



Cash and cash equivalents	$	0.1
Accounts receivable	9.1
Property, plant and equipment	12.1
Goodwill	21.4
Intangibles	80.4
Other assets	1.3
Total assets acquired	124.4
Accounts payable and other current liabilities	(8.0		)
Deferred tax liability	(6.1		)
Debt obligations⁽¹⁾	(4.5		)
Other liabilities	(0.1		)
Total liabilities assumed	(18.7		)
Total net assets acquired	105.7
Less fair value of noncontrolling interest	14.5
Total fair value of consideration	$	91.2

⁽¹⁾Debt obligations includes $2.0 million note with CGI, which is eliminated on the Consolidated Balance Sheet.

Fair value of consideration transferred and its allocation among the identified assets acquired, liabilities assumed, intangibles and residual goodwill are summarized as follows (in millions):



Cash and cash equivalents	$	2.2
Property, plant and equipment	73.3
Goodwill	11.8
Other assets	0.6
Total assets acquired	87.9
Accounts payable and other current liabilities	(0.7		)
Total liabilities assumed	(0.7		)
Total net assets acquired	$	87.2

Fair value of consideration transferred and its allocation among the identified assets acquired and intangibles are summarized as follows (in millions):



Property, plant and equipment	$	1.2
Intangibles	70.2
Total net assets acquired	$	71.4

During the year ended December 31, 2017, HC2 Broadcasting completed a series of transactions for a total consideration of $91.2 million (in millions):



	DTV		Mako		Azteca		Other		Total
Cash	$	13.5	$	18.2	$	—	$	12.1	$	43.8
Accounts payable	—		—		33.0		—		33.0
Equity	—		5.0		—		—		5.0
Debt obligations	2.4		5.2		—		—		7.6
Fair value of previously held interest	1.8		—		—		—		1.8
Fair value of consideration	$	17.7	$	28.4	$	33.0	$	12.1	$	91.2



Fixed maturity securities, available-for-sale at fair value	$	1,575.4
Equity securities	0.3
Mortgage loans	0.9
Policy loans	2.9
Cash and cash equivalents	806.7
Recoverable from reinsurers	901.8
Other assets	28.2
Total assets acquired	3,316.2
Life, accident and health reserves	(2,931.3		)
Annuity reserves	(11.3		)
Value of business acquired	(214.4		)
Accounts payable and other current liabilities	(6.7		)
Deferred tax liability	(25.3		)
Other liabilities	(11.8		)
Total liabilities assumed	(3,200.8		)
Total net assets acquired	115.4
Total fair value of consideration⁽¹⁾	—
Gain on bargain purchase	$	115.4

⁽¹⁾Total fair value of consideration was ten thousand dollars.



Other invested assets	$	0.9
Cash and cash equivalents	8.6
Accounts receivable	32.0
Property, plant and equipment	15.4
Goodwill	43.7
Intangibles	44.1
Other assets	22.2
Total assets acquired	166.9
Accounts payable and other current liabilities	(23.0		)
Other liabilities	(4.1		)
Total liabilities assumed	(27.1		)
Total net assets acquired	$	139.8

Fair value of consideration transferred and its allocation among the identified assets acquired, liabilities assumed, intangibles and residual goodwill are summarized as follows (in millions):



Accounts receivable	$	0.5
Property, plant and equipment	12.7
Goodwill	2.3
Intangibles	1.6
Other assets	0.9
Total assets acquired	18.0
Other liabilities	(0.2		)
Total liabilities assumed	(0.2		)
Total net assets acquired	$	17.8

Acquired Intangible Assets

The following table summarizes acquired intangible assets (in millions):



FCC licenses and channel share arrangements	$	75.9
Trade name	0.2
Other	4.3
Total intangibles	$	80.4

Business Acquisition, Pro Forma Information



	Years Ended December 31,
	2018		2017
Net revenue	$	2,106.4	$	1,775.8
Net income (loss) from continuing operations	$	234.3	$	(6.3	)
Net income (loss) attributable to HC2 Holdings, Inc.	$	203.1	$	(121.8	)

Investments (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule of Fixed Maturity and Equity Securities Available-for-Sale

The following tables provide information relating to investments in fixed maturity securities (in millions):



December 31, 2018	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Government and government agencies	$	24.7	$	0.7	$	—		$	25.4
States, municipalities and political subdivisions	413.7		9.6		(1.4		)	421.9
Residential mortgage-backed securities	92.6		3.1		(1.3		)	94.4
Commercial mortgage-backed securities	94.7		0.3		(1.1		)	93.9
Asset-backed securities	540.8		0.8		(30.1		)	511.5
Corporate and other	2,311.0		17.0		(83.5		)	2,244.5
Total fixed maturity securities	$	3,477.5	$	31.5	$	(117.4	)	$	3,391.6



December 31, 2017	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Government and government agencies	$	15.3	$	0.5	$	—		$	15.7
States, municipalities and political subdivisions	377.5		19.0		(1.1		)	395.5
Foreign government	6.3		—		(0.3		)	6.0
Residential mortgage-backed securities	102.0		4.2		(1.3		)	104.9
Commercial mortgage-backed securities	30.2		0.2		—			30.4
Asset-backed securities	145.5		2.6		(0.2		)	147.9
Corporate and other	589.8		51.9		(1.4		)	640.2
Total fixed maturity securities	$	1,266.6	$	78.4	$	(4.3	)	$	1,340.6

Schedule of Maturities of Fixed Maturity Securities Available-for-Sale



	Amortized Cost		Fair Value
Corporate, Municipal, U.S. Government and Other securities
Due in one year or less	$	21.8	$	22.3
Due after one year through five years	206.6		204.7
Due after five years through ten years	293.5		293.8
Due after ten years	2,227.5		2,171.0
Subtotal	2,749.4		2,691.8
Mortgage-backed securities	187.3		188.3
Asset-backed securities	540.8		511.5
Total	$	3,477.5	$	3,391.6

Schedule of Major Industry Types of Fixed Maturity Holdings

The table below shows the major industry types of the Company’s corporate and other fixed maturity securities (in millions):



	December 31, 2018						December 31, 2017
	Amortized Cost		Fair Value		% of Total		Amortized Cost		Fair Value		% of Total
Finance, insurance, and real estate	$	469.0	$	452.9	20.2	%	$	191.2	$	203.7	31.8	%
Transportation, communication and other services	758.6		734.0		32.7	%	186.1		201.8		31.5	%
Manufacturing	712.7		693.5		30.9	%	100.9		111.4		17.4	%
Other	370.7		364.1		16.2	%	111.6		123.3		19.3	%
Total	$	2,311.0	$	2,244.5	100.0	%	$	589.8	$	640.2	100.0	%

Other than Temporary Impairment, Credit Losses Recognized in Earnings

Any remaining difference between the fair value and amortized cost is recognized in AOCI. The Company recorded the following (in millions):



	Years Ended December 31,
	2018		2017		2016
Net realized and unrealized gains (losses) on investments	$	1.5	$	—	$	0.2
Other income (expenses), net	0.2		6.6		2.5
Total Other-Than-Temporary Impairments	$	1.7	$	6.6	$	2.7

Schedule of Unrealized Losses for Fixed Maturities and Equity Securities



	December 31, 2018					December 31, 2017
	Unrealized Losses			% of Total		Unrealized Losses			% of Total
Fixed maturity securities
Less than 20%	$	(116.0	)	98.8	%	$	(4.2	)	93.7	%
20% or more for less than six months	(0.8		)	0.7	%	(0.2		)	3.9	%
20% or more for six months or greater	(0.6		)	0.5	%	(0.1		)	2.4	%
Total	$	(117.4	)	100.0	%	$	(4.5	)	100.0	%

Schedule of Estimated Fair Value and Gross Unrealized Loss



December 31, 2018	Less than 12 months					12 months of greater					Total
December 31, 2018	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Government and government agencies	$	5.0	$	—		$	3.3	$	—		$	8.3	$	—
States, municipalities and political subdivisions	117.2		(1.3		)	1.9		(0.1		)	119.1		(1.4		)
Residential mortgage-backed securities	22.4		(1.2		)	5.7		(0.1		)	28.1		(1.3		)
Commercial mortgage-backed securities	57.8		(1.1		)	—		—			57.8		(1.1		)
Asset-backed securities	466.0		(29.6		)	5.9		(0.5		)	471.9		(30.1		)
Corporate and other	1,418.2		(71.9		)	254.6		(11.6		)	1,672.8		(83.5		)
Total fixed maturity securities	$	2,086.6	$	(105.1	)	$	271.4	$	(12.3	)	$	2,358.0	$	(117.4	)



December 31, 2017	Less than 12 months					12 months of greater					Total
December 31, 2017	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Government and government agencies	$	5.0	$	—		$	2.2	$	—		$	7.2	$	—
States, municipalities and political subdivisions	32.9		(0.8		)	10.8		(0.2		)	43.7		(1.1		)
Foreign government	—		—			6.0		(0.3		)	6.0		(0.3		)
Residential mortgage-backed securities	5.1		(0.6		)	16.2		(0.7		)	21.3		(1.3		)
Commercial mortgage-backed securities	5.1		—			1.0		—			6.1		—
Asset-backed securities	19.8		(0.1		)	3.9		(0.1		)	23.7		(0.2		)
Corporate and other	18.5		(0.8		)	19.4		(0.7		)	37.9		(1.4		)
Total fixed maturity securities	$	86.4	$	(2.3	)	$	59.5	$	(2.0	)	$	145.9	$	(4.3	)

Debt Securities, Trading, and Equity Securities, FV-NI

Fair values of equity securities were as follows (in millions):



	December 31, 2018		December 31, 2017
Equity securities
Common stocks	$	15.0	$	4.9
Perpetual preferred stocks	185.5		42.6
Total equity securities	$	200.5	$	47.5

Schedule of Other Invested Assets

Carrying values of other invested assets were as follows (in millions):



	December 31, 2018						December 31, 2017
	Measurement Alternative		Equity Method		Fair Value		Cost Method		Equity Method		Fair Value
Common equity	$	—	$	2.1	$	—	$	—	$	1.5	$	—
Preferred equity	1.6		9.6		—		2.5		14.2		—
Derivatives	—		—		—		0.4		—		0.3
Other	—		59.2		—		—		66.6		—
Total	$	1.6	$	70.9	$	—	$	2.9	$	82.3	$	0.3

Summarized Information for Equity Method Investments



	Years Ended December 31,
	2018		2017			2016
Net revenue	$	382.9	$	481.5		$	558.2
Gross profit	$	98.8	$	122.1		$	164.9
Income (loss) from continuing operations	$	38.7	$	7.6		$	51.7
Net income (loss)	$	30.9	$	(17.5	)	$	(11.1	)

Current assets	$	282.5	$	357.3		$	285.5
Noncurrent assets	$	90.5	$	188.3		$	278.8
Current liabilities	$	177.0	$	227.2		$	184.1
Noncurrent liabilities	$	19.5	$	161.0		$	131.6

Net Investment Income

The major sources of net investment income were as follows (in millions):



	Years Ended December 31,
	2018			2017			2016
Fixed maturity securities, available-for-sale at fair value	$	98.3		$	59.4		$	54.7
Equity securities	5.4			2.6			2.2
Mortgage loans	7.3			2.5			0.5
Policy loans	1.2			1.2			1.2
Other invested assets	4.8			0.6			0.3
Gross investment income	117.0			66.3			58.9
External investment expense	(0.4		)	(0.2		)	(0.9		)
Net investment income	$	116.6		$	66.1		$	58.0

Net Realized Gain (Loss) on Investments

The major sources of net realized and unrealized gains and losses on investments were as follows (in millions):



	Years Ended December 31,
	2018			2017			2016
Realized gains on fixed maturity securities	$	5.6		$	4.4		$	4.9
Realized losses on fixed maturity securities	(1.5		)	(1.0		)	(2.4		)
Realized gains on equity securities	0.3			1.0			4.5
Realized losses on equity securities	—			(0.6		)	(0.3		)
Net unrealized gains (losses) on equity securities	(11.6		)	—			—
Net unrealized gains (losses) on derivative instruments	0.3			1.2			(1.5		)
Impairment losses	(1.5		)	—			(0.2		)
Net realized and unrealized gains (losses)	$	(8.4	)	$	5.0		$	5.0

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured At Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):



December 31, 2018			Fair Value Measurement Using:
December 31, 2018	Total		Level 1		Level 2		Level 3
Assets
Fixed maturity securities
U.S. Government and government agencies	$	25.4	$	6.1	$	19.3	$	—
States, municipalities and political subdivisions	421.9		—		421.9		—
Residential mortgage-backed securities	94.4		—		75.4		19.0
Commercial mortgage-backed securities	93.9		—		35.7		58.2
Asset-backed securities	511.5		—		33.3		478.2
Corporate and other	2,244.5		6.6		2,152.9		85.0
Total fixed maturity securities	3,391.6		12.7		2,738.5		640.4
Equity securities
Common stocks	15.0		9.1		—		5.9
Perpetual preferred stocks	185.5		7.2		123.0		55.3
Total equity securities	200.5		16.3		123.0		61.2
Total assets accounted for at fair value	$	3,592.1	$	29.0	$	2,861.5	$	701.6



Liabilities
Embedded derivative	$	8.4	$	—	$	—	$	8.4
Other	3.5		—		—		3.5
Total liabilities accounted for at fair value	$	11.9	$	—	$	—	$	11.9



December 31, 2017			Fair Value Measurement Using:
December 31, 2017	Total		Level 1		Level 2		Level 3
Assets
Fixed maturity securities
U.S. Government and government agencies	$	15.7	$	5.1	$	10.6	$	—
States, municipalities and political subdivisions	395.4		—		389.4		6.0
Foreign government	6.0		—		6.0		—
Residential mortgage-backed securities	104.9		—		90.3		14.6
Commercial mortgage-backed securities	30.5		—		18.3		12.2
Asset-backed securities	147.9		—		14.2		133.7
Corporate and other	640.2		2.1		611.8		26.3
Total fixed maturity securities	1,340.6		7.2		1,140.6		192.8
Equity securities
Common stocks	5.0		4.8		—		0.2
Perpetual preferred stocks	42.5		7.6		28.5		6.4
Total equity securities	47.5		12.4		28.5		6.6
Derivatives	0.3		—		—		0.3
Total assets accounted for at fair value	$	1,388.4	$	19.6	$	1,169.1	$	199.7



Liabilities
Other	$	4.8	$	—	$	—	$	4.8
Total liabilities accounted for at fair value	$	4.8	$	—	$	—	$	4.8

Schedule of Changes in Balances of Level 3 Financial Assets at Fair Value



				Total realized/unrealized gains (losses) included in
	Balance at December 31, 2017				Net earnings (loss)			Other comp. income (loss)				Purchases and issuances		Sales and settlements				Transfer to Level 3			Transfer out of Level 3			Balance at December 31, 2018
Assets
Fixed maturity securities
U.S. Government and government agencies		$	—		$	—			$	—		$	2.3		$	—			$	—	$	(2.3	)	$	—
States, municipalities and political subdivisions		6.0			—				(0.1		)	0.1			—				0.4		(6.4		)	—
Residential mortgage-backed securities		14.6			0.2				0.2			33.7			(8.0		)		8.1		(29.8		)	19.0
Commercial mortgage-backed securities		12.2			(0.1		)		(0.9		)	47.5			(0.1		)		1.8		(2.2		)	58.2
Asset-backed securities		133.7			1.2				(31.6		)	445.4			(79.8		)		12.9		(3.6		)	478.2
Corporate and other		26.3			(0.2		)		(6.1		)	116.8			(15.0		)		24.8		(61.6		)	85.0
Total fixed maturity securities		192.8			1.1				(38.5		)	645.8			(102.9		)		48.0		(105.9		)	640.4
Equity securities
Common stocks		0.2			0.8				—			0.1			—				4.8		—			5.9
Perpetual preferred stocks		6.4			(0.5		)		—			56.0			(0.4		)		3.5		(9.7		)	55.3
Total equity securities		6.6			0.3				—			56.1			(0.4		)		8.3		(9.7		)	61.2
Derivatives		0.3			(0.3		)		—			—			—				—		—			—
Total financial assets		$	199.7		$	1.1			$	(38.5	)	$	701.9		$	(103.3	)		$	56.3	$	(115.6	)	$	701.6



				Total realized/unrealized (gains) losses included in
	Balance at December 31, 2017			Net (earnings) loss			Other comp. (income) loss			Purchases and issuances		Sales and settlements				Transfer to Level 3			Transfer out of Level 3		Balance at December 31, 2018
Liabilities
Embedded derivative		$	—	$	(4.1	)		$	—	$	12.5		$	—			$	—	$	—	$	8.4
Other		4.7		(2.2		)		—		1.2			(0.2		)		—		—		3.5
Total financial liabilities		$	4.7	$	(6.3	)		$	—	$	13.7		$	(0.2	)		$	—	$	—	$	11.9



				Total realized/unrealized gains (losses) included in
	Balance at December 31, 2016			Net earnings (loss)			Other comp. income (loss)				Purchases and issuances		Sales and settlements				Transfer to Level 3			Transfer out of Level 3			Balance at December 31, 2017
Assets
Fixed maturity securities
States, municipalities and political subdivisions		$	5.7	$	(0.1	)		$	(0.1	)	$	0.5		$	—			$	1.6	$	(1.6	)		$	6.0
Residential mortgage-backed securities		56.0		(0.4		)		1.2			3.5			(9.0		)		3.2		(39.9		)		14.6
Commercial mortgage-backed securities		43.0		(0.3		)		0.3			0.2			(10.1		)		8.6		(29.5		)		12.2
Asset-backed securities		73.2		1.2				1.5			149.0			(80.6		)		1.1		(11.7		)		133.7
Corporate and other		20.4		(3.4		)		3.8			12.7			(7.9		)		10.6		(9.9		)		26.3
Total fixed maturity securities		198.3		(3.0		)		6.7			165.9			(107.6		)		25.1		(92.6		)		192.8
Equity securities
Common stocks		4.6		(3.2		)		0.2			0.1			—				0.3		(1.8		)		0.2
Perpetual preferred stocks		—		—				0.3			—			—				6.1		—				6.4
Total equity securities		4.6		(3.2		)		0.5			0.1			—				6.4		(1.8		)		6.6
Derivatives		3.8		(1.6		)		—			0.1			(2.0		)		—		—				0.3
Total financial assets		$	206.7	$	(7.8	)		$	7.2		$	166.1		$	(109.6	)		$	31.5	$	(94.4	)		$	199.7



				Total realized/unrealized (gains) losses included in
	Balance at December 31, 2016			Net (earnings) loss			Other comp. (income) loss			Purchases and issuances		Sales and settlements				Transfer to Level 3			Transfer out of Level 3		Balance at December 31, 2017
Liabilities
Other		$	16.3	$	(11.5	)		$	—	$	—		$	(0.1	)		$	—	$	—		$	4.7
Total financial liabilities		$	16.3	$	(11.5	)		$	—	$	—		$	(0.1	)		$	—	$	—		$	4.7

Schedule of Financial Instruments Measured at Fair Value on Nonrecurring Basis



December 31, 2018					Fair Value Measurement Using:
December 31, 2018	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Assets
Mortgage loans	$	137.6	$	137.6	$	—	$	—	$	137.6
Policy loans	19.8		19.8		—		19.8		—
Other invested assets	1.6		1.6		—		—		1.6
Total assets not accounted for at fair value	$	159.0	$	159.0	$	—	$	19.8	$	139.2
Liabilities
Annuity benefits accumulated ⁽¹⁾	$	244.0	$	241.7	$	—	$	—	$	241.7
Debt obligations ⁽²⁾	702.5		703.0		—		703.0		—
Total liabilities not accounted for at fair value	$	946.5	$	944.7	$	—	$	703.0	$	241.7



December 31, 2017					Fair Value Measurement Using:
December 31, 2017	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Assets
Mortgage loans	$	52.1	$	52.1	$	—	$	—	$	52.1
Policy loans	17.9		17.9		—		17.9		—
Other invested assets	3.0		3.7		—		—		3.7
Total assets not accounted for at fair value	$	73.0	$	73.7	$	—	$	17.9	$	55.8
Liabilities
Annuity benefits accumulated ⁽¹⁾	$	243.2	$	240.4	$	—	$	—	$	240.4
Debt obligations ⁽²⁾	544.2		552.4		—		552.4		—
Total liabilities not accounted for at fair value	$	787.4	$	792.8	$	—	$	552.4	$	240.4

⁽¹⁾Excludes life contingent annuities in the payout phase.

⁽²⁾ Excludes certain lease obligations accounted for under ASC 840, Leases.

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivables, net from contracts with customers consist of the following (in millions):



	December 31,
	2018		2017
Accounts receivables with customers
Construction	$	196.6	$	162.6
Marine Services	48.3		48.7
Energy	3.3		3.7
Telecommunications	117.6		91.7
Broadcasting	9.2		10.8
Other	—		4.6
Total accounts receivables with customers	$	375.0	$	322.1

Accounts receivable consists of the following (in millions):



	December 31,
	2018			2017
Contracts in progress	$	188.2		$	167.8
Trade receivables	127.5			106.9
Unbilled retentions	65.6			51.0
Other receivables	4.2			0.4
Allowance for doubtful accounts	(6.3		)	(3.7		)
Total accounts receivable	$	379.2		$	322.4

Inventory (Tables)

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventory is recognized in the consolidated balance sheets within Other assets, and consists of the following (in millions):



	December 31,
	2018		2017
Raw materials and consumables	$	19.3	$	11.8
Work in process	1.6		0.7
Finished goods	0.4		0.2
	$	21.3	$	12.7

Recoverable from Reinsurers (Tables)

12 Months Ended

Dec. 31, 2018

Insurance [Abstract]

Ceded Credit Risk

Recoverable from reinsurers consists of the following (in millions):



		December 31, 2018				December 31, 2017
Reinsurer	A.M. Best Rating	Amount		% of Total		Amount		% of Total
Hannover Life Reassurance Company of America	A+	$	336.9	33.7	%	$	336.9	64.0	%
Munich American Reassurance Company	A+	335.0		33.5	%	—		—	%
Loyal American Life Insurance Company	A	146.0		14.6	%	140.5		26.7	%
Manhattan Life Assurance Company of America	B+	89.5		8.9	%	—		—	%
Great American Life Insurance Company	A	54.5		5.4	%	48.9		9.3	%
Other		38.3		3.9	%	—		—	%
Total		$	1,000.2	100.0	%	$	526.3	100.0	%

Property, Plant, and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Summary of Property, Plant, and Equipment

Property, plant, and equipment consists of the following (in millions):



	December 31,
	2018		2017
Cable-ships and submersibles	$	251.1	$	251.8
Equipment, furniture and fixtures, and software	148.0		127.4
Building and leasehold improvements	47.3		34.6
Land	32.8		30.3
Construction in progress	12.9		20.0
Plant and transportation equipment	12.0		6.6
	504.1		470.7
Less: Accumulated depreciation	127.8		96.0
Total	$	376.3	$	374.7

Goodwill and Intangibles, net (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of the Changes in the Carrying Amount of Goodwill by Reporting Unit

The changes in the carrying amount of goodwill by segment are as follows (in millions):



	Construction			Marine Services		Energy			Telecom		Insurance		Life Sciences			Broadcasting			Other			Total
Balance at December 31, 2016		$	36.3	$	2.5	$	2.6		$	3.4	$	47.3	$	3.6			$	—	$	2.4		$	98.1
Measurement period adjustment		—		—		(0.5		)	—		—		—				—		—			(0.5		)
Acquisitions		2.3		11.8		—			—		—		—				20.6		—			34.7
Impairments		—		—		—			—		—		—				—		(0.6		)	(0.6		)
Balance at December 31, 2017		38.6		14.3		2.1			3.4		47.3		3.6				20.6		1.8			131.7
Measurement period adjustment		—		—		—			—		—		—				0.8		—			0.8
Acquisitions		43.6		—		—			1.0		—		—				—		—			44.6
Dispositions		—		—		—			—		—		(3.6		)		—		(1.8		)	(5.4		)
Balance at December 31, 2018		$	82.2	$	14.3	$	2.1		$	4.4	$	47.3	$	—			$	21.4	$	—		$	171.7

Schedule of Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets consists of the following (in millions):



	December 31,
	2018		2017
FCC licenses	$	120.6	$	76.4
State licenses	2.5		2.5
Developed technology	—		6.4
Total	$	123.1	$	85.3

Schedule of Intangible Assets Subject to Amortization

The gross carrying amount and accumulated amortization of amortizable intangible assets by major intangible asset class is as follows (in millions):



	Weighted-Average Original Useful Life	December 31, 2018							December 31, 2017
	Weighted-Average Original Useful Life	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	13 Years	$	25.9	$	(5.9	)	$	20.0	$	14.0	$	(4.5	)	$	9.5
Customer relationships	10 Years	53.6		(7.2		)	46.4		21.7		(4.7		)	17.0
Channel sharing arrangement	40 Years	25.2		—			25.2		—		—			—
Developed technology	5 Years	1.2		(1.2		)	—		3.8		(3.6		)	0.2
Other	4 Years	5.5		(1.0		)	4.5		5.4		(0.3		)	5.1
Total		$	111.4	$	(15.3	)	$	96.1	$	44.9	$	(13.1	)	$	31.8

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense



	Estimated Amortization
	Definite Lived Intangible Assets		Negative VOBA
2019	$	11.8	$	(22.2	)
2020	8.1		(20.9		)
2021	7.9		(19.7		)
2022	7.8		(18.5		)
2023	6.9		(17.2		)
Thereafter	53.6		(146.1		)
Total	$	96.1	$	(244.6	)

Life, Accident and Health Reserves (Tables)

12 Months Ended

Dec. 31, 2018

Insurance [Abstract]

Schedule of Life, Accident and Health Reserves

Life, accident and health reserves consist of the following (in millions):



	December 31,
	2018		2017
Long-term care insurance reserves	$	4,142.5	$	1,453.4
Other accident and health insurance reserves	222.8		140.6
Traditional life insurance reserves	196.8		100.0
Total life, accident and health reserves	$	4,562.1	$	1,694.0

The following table sets forth changes in the liability for claims for the portion of our long-term care insurance reserves in scope of the ASU 2015-09 disclosure requirements (in millions):



	Years Ended December 31,
	2018			2017
Beginning balance	$	243.5		$	227.0
Less: recoverable from reinsurers	(100.6		)	(97.9		)
Beginning balance, net	142.9			129.1

Opening balance due to business acquired	295.4			—
Less: recoverable from reinsurers	(55.9		)	—
Net Balance of business acquired	239.5			—
Incurred related to insured events of:
Current year	216.6			55.4
Prior years	81.6			(1.3		)
Total incurred	298.2			54.1
Paid related to insured events of:
Current year	(15.0		)	(6.7		)
Prior years	(72.1		)	(38.5		)
Total paid	(87.1		)	(45.2		)
Interest on liability for policy and contract claims	8.8			4.9
Ending balance, net	602.3			142.9
Add: recoverable from reinsurers	136.4			100.6
Ending balance	$	738.7		$	243.5

Accounts Payable and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Other Current Liabilities

Accounts payable and other current liabilities consist of the following (in millions):



	December 31,
	2018		2017
Accounts payable	$	104.7	$	119.2
Accrued interconnection costs	103.0		73.4
Accrued expenses and other current liabilities	83.4		99.5
Accrued payroll and employee benefits	44.2		44.4
Accrued interest	8.8		4.6
Accrued income taxes	0.8		6.4
Total accounts payable and other current liabilities	$	344.9	$	347.5

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule Of Debt And Capital Lease Obligations

Debt obligations consist of the following (in millions):



	December 31,
	2018			2017
Construction
LIBOR plus 5.85% Note, due in 2023	$	80.0		$	—
LIBOR plus 1.50%, due in 2023	34.0			19.7
LIBOR plus 2.5%, due in 2019	—			6.7
Marine Services
Obligations under capital leases	40.4			48.5
7.49% Note, due in 2019	14.0			—
10% Notes, due 2018	—			7.5
Notes payable and revolving lines of credit, various maturity dates	12.9			16.2
Energy
5.0% Term Loan due in 2022	12.4			13.7
4.5% Note due in 2022	11.3			12.5
Other, various maturity dates	3.2			4.3
Life Sciences
Notes due in 2019	1.7			1.8
Broadcasting
8.50% Secured Note due 2019⁽¹⁾	35.0			—
Other, various maturity dates	11.1			10.1
LIBOR plus applicable margin Bridge Note, due in 2018	—			60.0
Other
Notes payable, various maturity dates	—			0.1
Non-operating Corporate
11.5% Senior Secured Notes, due in 2021	470.0			—
7.5% Convertible Senior Notes, due in 2022	55.0			—
11.0% Senior Secured Notes, due in 2019	—			400.0
Total	781.0			601.1
Issuance discount, net and deferred financing costs	(37.1		)	(7.9		)
Debt obligations	$	743.9		$	593.2

Schedule Of Maturities Of Debt And Capital Lease Obligations

Aggregate capital lease and debt payments, including interest are as follows (in millions):



	Capital Leases			Debt			Total
2019	$	10.5		$	159.0		$	169.5
2020	10.2			81.1			91.3
2021	10.0			543.0			553.0
2022	9.8			75.2			85.0
2023	4.3			81.1			85.4
Thereafter	3.6			12.5			16.1
Total minimum principal & interest payments	48.4			951.9			1,000.3
Less: Amount representing interest	(7.0		)	(212.3		)	(219.3		)
Total aggregate capital lease and debt payments	$	41.4		$	739.6		$	781.0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Provisions (Benefits) for Income Taxes

The provisions (benefits) for income taxes for the years ended December 31, 2018, 2017 and 2016 are as follows (in millions):



	Years Ended December 31,
	2018			2017			2016
Current: Federal	$	0.5		$	17.4		$	20.9
State	3.6			3.2			2.1
Foreign	1.0			0.6			1.5
Subtotal Current	5.1			21.2			24.5
Deferred: Federal	(1.4		)	(9.5		)	26.7
State	(0.2		)	0.2			0.4
Foreign	(1.1		)	(1.2		)	—
Subtotal Deferred	(2.7		)	(10.5		)	27.1
Income tax (benefit) expense	$	2.4		$	10.7		$	51.6

Components of Income from Continuing Operations Before Income Taxes

The US and foreign components of income (loss) from continuing operations before income taxes for the years ended December 31, 2018, 2017 and 2016 are as follows (in millions):



	Years Ended December 31,
	2018		2017			2016
US	$	179.6	$	(56.3	)	$	(71.6	)
Foreign	2.7		16.5			25.8
Income (loss) from continuing operations before income taxes	$	182.3	$	(39.8	)	$	(45.8	)

Federal Statutory Income Tax Rate to Income (Loss) Before Income Taxes



	Years Ended December 31,
	2018			2017			2016
Tax provision (benefit) at federal statutory rate	$	38.3		$	(13.9	)	$	(16.0	)
Permanent differences	1.5			0.5			1.6
State tax (net of federal benefit)	6.2			2.4			1.8
Foreign rate differential	(0.9		)	(1.5		)	1.5
Minority interest	(4.6		)	—			—
Executive and stock compensation	3.5			0.6			1.4
Adjustment to net operating losses	15.6			(7.6		)	—
Increase (decrease) in valuation allowance	(43.8		)	6.3			57.8
Transaction costs	1.5			2.3			1.2
Tax credits generated/utilized	—			(0.2		)	(0.4		)
Outside basis difference	—			1.1			2.7
Gain/Loss on Sale or Deconsolidation of a Subsidiary	5.7			—			—
Bargain Purchase Gain	(24.2		)	—			—
Other	3.6			(0.4		)	—
Transition to the U.S. Tax Cuts and Jobs Act	—			21.1			—
Income tax expense	$	2.4		$	10.7		$	51.6

Net Deferred Tax Assets and Liabilities



	December 31,
	2018			2017
Deferred tax assets	$	407.2		$	210.3
Valuation allowance	(126.7		)	(133.5		)
Deferred tax liabilities	(308.7		)	(85.8		)
Net deferred taxes	$	(28.2	)	$	(9.0	)

Significant Components of Company's Deferred Tax Assets and Liabilities



	December 31,
	2018			2017
Allowance for bad debt	$	—		$	0.2
Basis difference in intangibles	(21.0		)	(11.6		)
Equity investments	—			5.7
Net operating loss carryforwards	97.0			49.0
Basis difference in fixed assets	(14.7		)	(2.9		)
Deferred compensation	11.7			14.0
Foreign tax credit	—			1.2
Capital loss carryforwards	—			2.2
Insurance company investments	(264.2		)	(59.3		)
UK trading loss carryforward	37.8			49.7
Unrealized gain/loss in OCI	—			0.1
Sec. 163(j) carryforward	15.9			—
Insurance claims and reserves	163.6			57.0
Value of insurance business acquired ("VOBA")	53.8			9.1
Start-up cost	—			1.2
Deferred acquisition costs	13.4			5.7
Other	5.2			3.2
Valuation allowance	(126.7		)	(133.5		)
Net deferred taxes	$	(28.2	)	$	(9.0	)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Purchase Obligations and Non-Cancellable Operating Leases

Future minimum lease payments under purchase obligations and non-cancellable operating leases are as follows (in millions):



	Purchase Obligations		Operating Leases
2019	$	111.6	$	22.0
2020	4.3		18.7
2021	—		16.4
2022	—		8.8
2023	—		6.8
Thereafter	—		20.3
Total obligations	$	115.9	$	93.0

Employee Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Weighted Average Rate of Assumptions for Asset Allocation Plans

The overall expected rate of return on assets is then derived by aggregating the expected return for each asset class over the actual asset allocation for the Plans as of December 31, 2018.



	Years Ended December 31,
	2018		2017		2016
Discount rate	2.60	%	2.60	%	2.85	%
Rate of compensation increases (MNOPF only)	N/A		NA		N/A
Rate of future RPI inflation	3.15	%	3.15	%	3.20	%
Rate of future CPI inflation	2.05	%	2.05	%	2.10	%
Pension increases in payment	3.00	%	3.00	%	3.05	%
Long-term rate of return on assets	3.99	%	4.01	%	3.17	%

The main assumptions used were as follows:



Assumption
Retail price inflation	Break even RPI curve
Consumer price inflation	RPI inflation curve less 1.1%
Rate of return on investments (post-retirement)	Fixed interest gilt yield curve plus 0.7%
At the actuarial valuation date the market value of the defined benefit section’s assets (in millions)	$	173.3
On a statutory funding objective basis the value of these assets covered the value of technical provisions by	80		%

Schedule of Change in Projected Benefit Obligation

The following table presents this reconciliation and shows the change in the projected benefit obligation for the Plans for the period from December 31, 2016 through December 31, 2018 (in millions):



Projected benefit obligation at December 31, 2016	$	192.6
Service cost - benefits earning during the period	—
Interest cost on projected benefit obligation	5.7
Contributions	—
Actuarial loss	2.7
Benefits paid	(9.9		)
Foreign currency gain	17.6
Projected benefit obligation at December 31, 2017	208.7
Service cost - benefits earning during the period	—
Interest cost on projected benefit obligation	5.3
Contributions	—
Actuarial loss	(11.6		)
Benefits paid	(10.0		)
Foreign currency loss	(11.1		)
Projected benefit obligation at December 31, 2018	$	181.3

Schedule of Change in Value of Assets of Plans



Fair value of plan assets at December 31, 2016	$	170.8
Actual return on plan assets	10.4
Benefits paid	(9.9		)
Contributions	3.1
Foreign currency gain	15.8
Fair value of plan assets at December 31, 2017	190.2
Actual return on plan assets	(11.7		)
Benefits paid	(10.0		)
Contributions	3.8
Foreign currency loss	(9.5		)
Fair value of plan assets at December 31, 2018	162.8
Unfunded status at end of year	$	18.6

Schedule of Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets within Other assets and Other liabilities at December 31, 2018 and 2017 are listed below (in millions):



	December 31,
	2018		2017
Pension Asset	$	—	$	—
Pension Liability	18.6		18.6
Net amount recognized	$	18.6	$	18.6

Components of Net Periodic Benefit Cost

The following table presents the components of net periodic benefit cost are as follows (in millions):



	Years Ended December 31,
	2018			2017			2016
Service cost - benefits earning during the period	$	—		$	—		$	—
Interest cost on projected benefit obligation	5.3			5.7			6.7
Expected return on assets	(7.5		)	(7.8		)	(7.1		)
Actuarial loss	6.7			0.1			2.8
Foreign currency gain (loss)	0.1			(0.1		)	(0.2		)
Net pension (benefit) cost	$	4.6		$	(2.1	)	$	2.2

Changes in Benefit Obligations Recognized in Comprehensive Income and Prior Service Credits Amortized from Accumulated Other Comprehensive Income



	Years Ended December 31,
	2018		2017		2016
Net loss (gain)	$	4.9	$	2.3	$	2.2
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	4.9	$	2.3	$	2.2



	Years Ended December 31,
	2018		2017
Actuarial (gain) loss	$	6.7	$	0.1
Total recognized in other comprehensive (income) loss	$	6.7	$	0.1

Schedule of Expected Benefit Payments under Pension and Postretirement Plans

The following table provides expected benefit payments under our pension and post-retirement plans (in millions):



	Expected Benefit Payments
2019	$	9.7
2020	10.0
2021	10.3
2022	10.6
2023	10.9
Thereafter	59.1
Total	$	110.6

Summary of Plans' Weighted-Average Asset Targets and Actual Allocations as Percentage of Plan Assets



	Target		December 31, 2018
Liability hedging	33.2	%	45.5	%
Equities	18.3	%	13.8	%
Hedge funds	26.5	%	28.9	%
Corporate bonds	16.1	%	10.6	%
Property	5.4	%	1.2	%
Other	0.5	%	—%
Total	100.0	%	100.0	%

Summary of GMSL's Investments Plan

GMSL’s plan investments related to the Global Marine Systems Pension Plan consist of the following (in millions):



	December 31,
	2018			2017
Equities	$	29.6		$	38.6
Liability Hedging Assets	52.5			66.7
Hedge Funds	42.8			46.4
Corporate Bonds	25.8			25.7
Property	8.6			8.8
Other	0.7			0.6
Total market value of assets	160.0			186.8
Present value of liabilities	(178.6		)	(205.4		)
Net pension liability	$	(18.6	)	$	(18.6	)

GMSL’s plan investments related to the MNOPF consist of the following (in millions):



	December 31,
	2018			2017
Equities	$	0.3		$	0.3
Liability Hedging Assets	1.6			1.9
Hedge Funds	0.4			0.5
Corporate Bonds	0.4			0.5
Property	0.1			0.1
Total market value of assets	2.8			3.3
Present value of liabilities	(2.8		)	(3.3		)
Net pension asset (liability)	$	—		$	—

Summary of Fair Value of Pension Assets and Liabilities

The following table sets forth by level, within the fair value hierarchy, the pension assets and liabilities at fair value for the Global Marine Systems Pension Plan (in millions):



As of December 31, 2018	Fair Value Measurement Using:
	Level 1		Level 2		Total
Equities	$	—	$	29.6	$	29.6
Liability Hedging Assets	—		52.5		52.5
Hedge Funds	—		42.8		42.8
Corporate Bonds	—		25.8		25.8
Property	—		8.6		8.6
Other	0.4		0.3		0.7
Total Plan Net Assets	$	0.4	$	159.6	$	160.0



As of December 31, 2017	Fair Value Measurement Using:
	Level 1		Level 2		Total
Equities	$	—	$	38.6	$	38.6
Liability Hedging Assets	—		66.7		66.7
Hedge Funds	—		46.4		46.4
Corporate Bonds	—		25.7		25.7
Property	—		8.8		8.8
Other	0.2		0.4		0.6
Total Plan Net Assets	$	0.2	$	186.6	$	186.8

The following table sets forth by level, within the fair value hierarchy, the pension assets and liabilities at fair value for the MNOPF (in millions):



	Fair Value Measurement Using:
	Level 3		Total		Level 3		Total
	As of December 31, 2018				As of December 31, 2017
Equities	$	0.3	$	0.3	$	0.3	$	0.3
Hedge Funds	0.4		0.4		0.5		0.5
Corporate Bonds	0.4		0.4		0.5		0.5
Liability Hedging Assets	1.6		1.6		1.9		1.9
Property	0.1		0.1		0.1		0.1
Total Plan Net Assets	$	2.8	$	2.8	$	3.3	$	3.3

Summary of Changes in Fair Value of Level 3 Pension Assets

The table below set forth a summary of changes in the fair value of the Level 3 pension assets for the period from December 31, 2016 through December 31, 2018 for the MNOPF (in millions):



Balance at December 31, 2016	$	3.2
Actual return on plan assets	(0.1		)
Contributions	—
Benefits paid	(0.2		)
Foreign currency gain	0.3
Balance at December 31, 2017	3.2
Actual return on plan assets	(0.1		)
Contributions	—
Benefits paid	(0.2		)
Foreign currency loss	(0.2		)
Balance at December 31, 2018	$	2.7

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Fair Value of Each Option Grant Estimated

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions shown as a weighted average for the year:



	Years Ended December 31,
	2018		2017		2016
Expected option life (in years)	0.88 - 5.84		0.39 - 6.10		4.70 - 6.00
Risk-free interest rate	2.24 - 2.85%		1.11 - 2.22%		1.27 - 1.35%
Expected volatility	47.51 - 47.89%		47.04 - 48.29%		39.58 - 55.58%
Dividend yield	—	%	—	%	—	%

Summary of Company's Restricted Stock Activity

A summary of HC2’s restricted stock activity is as follows:



	Shares		Weighted Average Grant Date Fair Value
Unvested - December 31, 2016	115,921		$	5.59
Granted	1,847,473		$	5.41
Vested	(374,988	)	$	5.64
Unvested - December 31, 2017	1,588,406		$	5.36
Granted	2,073,612		$	6.21
Vested	(467,889	)	$	5.33
Forfeited	(162,660	)	$	5.70
Unvested - December 31, 2018	3,031,469		$	5.93

Summary of Company's Stock Option Activity

A summary of HC2’s stock option activity is as follows:



	Shares		Weighted Average Exercise Price
Outstanding - December 31, 2016	6,829,097		$	6.58
Granted	331,616		$	5.50
Exercised	(134,539	)	$	3.53
Expired	(36,318	)	$	9.00
Outstanding - December 31, 2017	6,989,856		$	6.57
Granted	662,769		$	5.45
Exercised	(274,037	)	$	4.37
Forfeited	(60,293	)	$	5.50
Expired	(157,434	)	$	9.00
Outstanding - December 31, 2018	7,160,861		$	6.51

Eligible for exercise	5,877,428		$	6.31

Equity (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Schedule of Stock by Class

The Company’s preferred shares authorized, issued and outstanding consisted of the following:



	December 31,
	2018	2017
Preferred shares authorized, $0.001 par value	20,000,000	20,000,000
Series A shares issued and outstanding	6,375	12,500
Series A-2 shares issued and outstanding	14,000	14,000

Summary of Cash, PIK and Special Cash Dividends

During 2018, HC2's Board of Directors declared cash dividends with respect to HC2’s issued and outstanding Preferred Stock, as presented in the following table (in millions):

2018

Declaration Date

March 31, 2018

June 30, 2018

September 30, 2018

December 31, 2018

Holders of Record Date

March 31, 2018

June 30, 2018

September 30, 2018

December 31, 2018

Payment Date

April 16, 2018

July 17, 2018

October 15, 2018

January 15, 2019

Total Dividend

0.5

2017

Declaration Date

March 31, 2017

June 30, 2017

September 30, 2017

December 31, 2017

Holders of Record Date

March 31, 2017

June 30, 2017

September 30, 2017

December 31, 2017

Payment/Accrual Date

April 17, 2017

July 17, 2017

October 16, 2017

January 16, 2018

Total Dividend

0.6

0.5

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 235
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21488-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Subparagraph (SX 210.5-02(27))
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+ Details

Related Parties (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Balance Outstanding of Related Parties

A summary of transactions with such entities and balances outstanding are as follows (in millions):



	Years Ended December 31,
	2018		2017
Net revenue	$	21.8	$	25.2
Operating expenses	$	4.8	$	7.4
Interest expense	$	1.3	$	1.4
Dividends	$	25.8	$	4.4



	December 31,
	2018		2017
Accounts receivable	$	5.0	$	8.7
Debt obligations	$	28.5	$	35.3
Accounts payable	$	2.2	$	1.9

Operating Segment and Related Information (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Schedules of Concentration of Risk, by Risk Factor



		Years Ended December 31,
	Segment	2018	2017	2016
Customer A	Telecommunications	11.0%	*	*

* Less than 10% revenue concentration

Summary of Company's Geographic and Operating Segments

Summary information with respect to the Company’s geographic and operating segments is as follows (in millions):



	Years Ended December 31,
	2018		2017		2016
Net Revenue by Geographic Region
United States	$	1,757.7	$	1,447.1	$	1,115.3
United Kingdom	192.2		158.3		418.0
Other	26.8		28.7		24.8
Total	$	1,976.7	$	1,634.1	$	1,558.1



	Years Ended December 31,
	2018			2017		2016
Net revenue
Construction	$	716.4		$	579.0	$	502.6
Marine Services	194.3			169.5		161.9
Energy	20.7			16.4		6.4
Telecommunications	793.6			701.9		735.0
Insurance	217.1			151.6		142.5
Broadcasting	45.4			4.8		—
Other	3.7			10.9		9.7
Eliminations ^(*)	(14.5		)	—		—
Total net revenue	$	1,976.7		$	1,634.1	$	1,558.1



	Years Ended December 31,
	2018			2017			2016
Income (loss) from operations
Construction	$	41.9		$	37.2		$	49.6
Marine Services	(15.4		)	(0.9		)	(0.3		)
Energy	(0.5		)	(2.8		)	(0.3		)
Telecommunications	4.8			6.4			4.2
Insurance	1.8			25.4			(0.8		)
Life Sciences	(13.8		)	(17.2		)	(10.4		)
Broadcasting	(24.0		)	(4.0		)	—
Other	(2.5		)	(5.3		)	(5.9		)
Non-operating Corporate	(33.6		)	(39.9		)	(37.6		)
Eliminations ^(*)	(14.5		)	—			—
Total loss from operations	$	(55.8	)	$	(1.1	)	$	(1.5	)



	Years Ended December 31,
	2018			2017			2016

Total loss from operations	$	(55.8	)	$	(1.1	)	$	(1.5	)
Interest expense	(75.7		)	(55.1		)	(43.4		)
Gain on sale and deconsolidation of subsidiary	105.1			—			—
Gain (loss) on contingent consideration	(0.8		)	11.4			(8.9		)
Income from equity investees	15.4			17.8			10.8
Gain on bargain purchase	115.4			—			—
Other income (expenses), net	78.7			(12.8		)	(2.8		)
Income (loss) from continuing operations before income taxes	182.3			(39.8		)	(45.8		)
Income tax expense	(2.4		)	(10.7		)	(51.6		)
Net income (loss)	179.9			(50.5		)	(97.4		)
Less: Net (income) loss attributable to noncontrolling interest and redeemable noncontrolling interests	(17.9		)	3.6			2.9
Net income (loss) attributable to HC2 Holdings, Inc.	162.0			(46.9		)	(94.5		)
Less: Preferred stock and deemed dividends from conversions	6.4			2.8			10.9
Net income (loss) attributable to common stock and participating preferred stockholders	$	155.6		$	(49.7	)	$	(105.4	)



	Years Ended December 31,
	2018			2017			2016
Depreciation and Amortization
Construction	$	7.4		$	5.6		$	1.9
Marine Services	27.2			22.9			22.0
Energy	5.5			5.1			2.2
Telecommunications	0.3			0.4			0.5
Insurance ^(*)	(12.4		)	(4.4		)	(3.8		)
Life Sciences	0.2			0.2			0.2
Broadcasting	3.3			0.3			—
Other	0.1			1.1			1.5
Non-operating Corporate	0.1			0.1			—
Total	$	31.7		$	31.3		$	24.5

^(*) Balance represents amortization of negative VOBA, which increases net income.



	Years Ended December 31,
	2018		2017		2016
Capital Expenditures ^(*)
Construction	$	14.9	$	11.7	$	8.2
Marine Services	21.7		10.5		12.2
Energy	1.5		8.6		7.2
Telecommunications	0.1		—		0.8
Insurance	0.3		0.6		0.1
Life Sciences	—		0.5		0.3
Broadcasting	1.1		—		—
Non-operating Corporate	0.1		—		0.2
Total	$	39.7	$	31.9	$	29.0

^(*)The above capital expenditures exclude assets acquired under terms of capital lease and vendor financing obligations.

Segment Reporting for Long-term investments, Property and Equipment - Net and Assets



	December 31,
	2018			2017
Investments
Construction	$	0.9		$	0.2
Marine Services	58.3			66.3
Insurance	3,821.4			1,493.6
Life Sciences	16.3			17.8
Other	5.6			1.5
Eliminations	(80.5		)	(35.9		)
Total	$	3,822.0		$	1,543.5



	December 31,
	2018		2017
Property, Plant, and Equipment, net
United States	$	178.2	$	162.8
United Kingdom	192.7		204.9
Other	5.4		7.0
Total	$	376.3	$	374.7



	December 31,
	2018			2017
Total Assets
Construction	$	537.9		$	342.8
Marine Services	368.6			389.5
Energy	77.6			83.6
Telecommunications	139.9			114.4
Insurance	5,213.1			2,117.0
Life Sciences	35.6			31.5
Broadcasting	202.8			136.7
Other	5.6			2.7
Non-operating Corporate	9.2			35.3
Eliminations	(86.5		)	(35.8		)
Total	$	6,503.8		$	3,217.7

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Results of Operations

The following is a tabulation of the unaudited quarterly results of operations for the years ended December 31, 2018 and 2017 (in millions, except per share amounts):



	Quarters Ended
	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Net revenue	$	453.6		$	496.8		$	501.4		$	524.9
Cost of revenue	375.7			400.6			402.9			406.0
Other operating expenses	91.6			101.7			122.9			131.1
(Loss) income from operations	$	(13.7	)	$	(5.5	)	$	(24.4	)	$	(12.2	)

Net income (loss) attributable to common stock and participating preferred stockholders	$	(35.8	)	$	54.7		$	152.8		$	(16.1	)

Weighted average common shares outstanding:
Basic	44.3			44.2			44.3			44.5
Diluted	44.3			45.5			46.2			44.5

Income (loss) per common share
Basic	$	(0.81	)	$	1.11		$	3.09		$	(0.36	)
Diluted	$	(0.81	)	$	1.08		$	2.97		$	(0.36	)



	Quarters Ended
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net revenue	$	390.6		$	378.7		$	406.5		$	458.5
Cost of revenue	314.4			308.7			324.7			365.3
Other operating expenses	75.2			81.2			71.2			94.7
Income (loss) from operations	$	1.0		$	(11.2	)	$	10.6		$	(1.5	)

Net income (loss) attributable to common stock and participating preferred stockholders	$	(15.1	)	$	(18.7	)	$	(6.7	)	$	(9.2	)

Weighted average common shares outstanding-basic and diluted	41.9			42.7			43.0			43.6

Basic and Diluted income (loss) per common share:
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.36	)	$	(0.44	)	$	(0.16	)	$	(0.21	)

Basic and Diluted Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Calculation of Basic Income (Loss) Per Common Share to Diluted Income (Loss) Per Common Share

The following table presents a reconciliation of net income (loss) used in basic and diluted EPS calculations (in millions, except per share amounts):



	Years Ended December 31,
	2018			2017			2016
Loss from continuing operations attributable to common stock and participating preferred stockholders	$	155.6		$	(49.7	)	$	(105.4	)

Earnings allocable to common shares:
Numerator for basic and diluted EPS
Participating shares at end of period:
Weighted-average Common stock outstanding - basic	44.3			42.8			37.3
Unvested restricted stock	0.4			—			—
Preferred stock (as-converted basis)	4.9			—			—
Total	49.6			42.8			37.3

Percentage of loss allocated to:
Common Stock	89.3		%	100		%	100		%
Unvested restricted stock	0.8		%	—		%	—		%
Preferred Stock	9.9		%	—		%	—		%

Net Income (loss) attributable to common stock, basic	$	139.0		$	(49.7	)	$	(105.4	)

Distributed and Undistributed earnings to Common Stockholders:
Effect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments	(3,270		)	—			—
Income from the dilutive impact of subsidiary securities	—			—			—
Net Income (loss) attributable to common stock, diluted	$	135.7		$	(49.7	)	$	(105.4	)

Denominator for basic and dilutive earnings per share
Weighted average common shares outstanding - basic	44.3			42.8			37.3
Effect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments	2.6			—			—
Weighted average common shares outstanding - diluted	46.8			42.8			37.3

Net income (loss) attributable to participating security holders - basic	$	3.14		$	(1.16	)	$	(2.83	)
Net income (loss) attributable to participating security holders - diluted	$	2.90		$	(1.16	)	$	(2.83	)

Organization and Business (Details)	12 Months Ended
Organization and Business (Details)	Dec. 31, 2018 segment
Business And Organization [Line Items]
Number of reportable segments	8
DBMG
Business And Organization [Line Items]
Parents controlling interest	92.00%
Marine Services
Business And Organization [Line Items]
Parents controlling interest	73.00%
ANG
Business And Organization [Line Items]
Parents controlling interest	68.00%
PTGI-ICS
Business And Organization [Line Items]
Parents controlling interest	100.00%
Insurance Companies
Business And Organization [Line Items]
Parents controlling interest	100.00%
Genoval Orthopedics inc.
Business And Organization [Line Items]
Parents controlling interest	80.00%
R2 Dermatology, Inc.
Business And Organization [Line Items]
Parents controlling interest	74.00%
BeneVir Biopharm, Inc.
Business And Organization [Line Items]
Parents controlling interest	98.00%
Medibeacon Inc., and Triple Ring Technologies, Inc
Business And Organization [Line Items]
Parents controlling interest	50.00%
Dmi Incorporation
Business And Organization [Line Items]
Percentage of ownership	10.00%
DTV America
Business And Organization [Line Items]
Parents controlling interest	49.00%

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Jan. 01, 2019
Cable-ships and Submersibles
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Useful lives	35 years
Minimum \| Buildings and Leasehold Improvements
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Useful lives	5 years
Minimum \| Equipment, Furniture and Fixtures
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Useful lives	3 years
Minimum \| Plant and Transportation Equipment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Useful lives	3 years
Maximum \| Buildings and Leasehold Improvements
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Useful lives	40 years
Maximum \| Equipment, Furniture and Fixtures
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Useful lives	15 years
Maximum \| Plant and Transportation Equipment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Useful lives	20 years
Licensing Agreements
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Renewal period	2 years 8 months 15 days
Scenario, Forecast \| Accounting Standards Update 2016-02 \| Minimum
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Right-of-use asset		$ 68.0
Operating lease, liability		68.0
Scenario, Forecast \| Accounting Standards Update 2016-02 \| Maximum
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Right-of-use asset		74.0
Operating lease, liability		$ 74.0

Summary of Significant Accounting Policies - Schedule of Other Income (Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Gain on reinsurance recaptures	$ 47.0	$ 0.0	$ 0.0
Gain on investment in Inseego	34.4	0.0	0.0
Other income (expenses), net	(2.7)	(12.8)	(2.8)
Total	$ 78.7	$ (12.8)	$ (2.8)

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Cash and cash equivalents	$ 325.0	$ 97.9	$ 115.4	$ 158.7
Restricted cash included in other assets	5.4	1.0	0.5	0.5
Total cash and cash equivalents and restricted cash	$ 330.4	$ 98.9	$ 115.9	$ 159.2

Summary of Significant Accounting Policies - Schedule of New Accounting Pronouncements (Details) - Accounting Standards Update 2016-01
$ in Thousands

Jan. 01, 2018

USD ($)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect of new accounting principle

$ 1,700

^[1]

Retained Earnings (Accumulated Deficit)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect of new accounting principle

1,600

^[1]

Retained Earnings (Accumulated Deficit) | Equity securities which were previously classified as available-for-sale

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect of new accounting principle

1,700

Retained Earnings (Accumulated Deficit) | Equity securities which were previously accounted for under the cost method

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect of new accounting principle

1,600

Retained Earnings (Accumulated Deficit) | Stranded tax, unrelated to the adoption of ASU 2018-02

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect of new accounting principle

$ (1,700)

[1]	See Note 2 to Consolidated Financial Statements for further information about adjustments resulting from the Company’s adoption

Revenue - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenue	$ 524.9	$ 501.4	$ 496.8	$ 453.6	$ 458.5	$ 406.5	$ 378.7	$ 390.6	$ 1,774.1	$ 1,482.5	$ 1,415.7
Construction
Segment Reporting Information [Line Items]
Revenue									716.2
Marine Services
Segment Reporting Information [Line Items]
Revenue									194.3
Energy
Segment Reporting Information [Line Items]
Revenue									16.6
Telecommunications
Segment Reporting Information [Line Items]
Revenue									793.6
Broadcasting
Segment Reporting Information [Line Items]
Revenue									45.4
Operating Segments \| Construction
Segment Reporting Information [Line Items]
Revenue									716.4
Operating Segments \| Marine Services
Segment Reporting Information [Line Items]
Revenue									194.3
Operating Segments \| Energy
Segment Reporting Information [Line Items]
Revenue									20.7
Operating Segments \| Telecommunications
Segment Reporting Information [Line Items]
Revenue									793.6
Operating Segments \| Broadcasting
Segment Reporting Information [Line Items]
Revenue									45.4
Operating Segments \| Other
Segment Reporting Information [Line Items]
Revenue									$ 3.7

Revenue - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total accounts receivables with customers	$ 375.0	$ 322.1
Construction
Segment Reporting Information [Line Items]
Total accounts receivables with customers	196.6	162.6
Marine Services
Segment Reporting Information [Line Items]
Total accounts receivables with customers	48.3	48.7
Energy
Segment Reporting Information [Line Items]
Total accounts receivables with customers	3.3	3.7
Telecommunications
Segment Reporting Information [Line Items]
Total accounts receivables with customers	117.6	91.7
Broadcasting
Segment Reporting Information [Line Items]
Total accounts receivables with customers	9.2	10.8
Other
Segment Reporting Information [Line Items]
Total accounts receivables with customers	$ 0.0	$ 4.6

Revenue - Construction Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of Revenue [Line Items]
Revenue	$ 524.9	$ 501.4	$ 496.8	$ 453.6	$ 458.5	$ 406.5	$ 378.7	$ 390.6	$ 1,774.1	$ 1,482.5	$ 1,415.7
Net revenue									1,976.7	$ 1,634.1	$ 1,558.1
Construction
Disaggregation of Revenue [Line Items]
Revenue									716.2
Other revenue									0.2
Net revenue									716.4
Construction \| Commercial
Disaggregation of Revenue [Line Items]
Revenue									253.4
Construction \| Convention
Disaggregation of Revenue [Line Items]
Revenue									155.8
Construction \| Healthcare
Disaggregation of Revenue [Line Items]
Revenue									105.0
Construction \| Industrial
Disaggregation of Revenue [Line Items]
Revenue									79.5
Construction \| Transportation
Disaggregation of Revenue [Line Items]
Revenue									53.0
Construction \| Other
Disaggregation of Revenue [Line Items]
Revenue									$ 69.5

Revenue - Construction Segment Contract with Customer, Asset and Liability (Details) - Construction - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Contract assets	$ 69.0	$ 25.7
Contract liabilities	$ (62.0)	$ (29.9)

Revenue - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
Revenue - Narrative (Details) $ in Millions	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($) provider	Dec. 31, 2017 USD ($)
Construction
Revenue from External Customer [Line Items]
Change in contract assets costs in excess of billings, new commercial contracts		$ 45.5
Change in contract assets costs in excess of billings, transfer to receivables		20.9
Change in contract assets costs in excess of billings, transfer to receivables from contract assets		23.1
Change in contract liabilities costs in excess of billings, new commercial contracts		59.5
Change in contract liabilities costs in excess of billings, acquired through business acquisition		4.0
Change in contract liabilities costs in excess of billings, transfer to receivables		31.4
Contract liabilities		62.0	$ 29.9
Marine Services
Revenue from External Customer [Line Items]
Contract liabilities		1.0	3.1
Energy
Revenue from External Customer [Line Items]
Revenue after customer rebates tax credits	$ 2.6
Broadcasting
Revenue from External Customer [Line Items]
Contract liabilities		$ 1.0	$ 1.6
Telecommunication - Maintenance \| Marine Services
Revenue from External Customer [Line Items]
Number of global telecommunications providers \| provider		60
Telecommunication - Maintenance \| Marine Services \| Minimum
Revenue from External Customer [Line Items]
Term of contract		5 years
Telecommunication - Maintenance \| Marine Services \| Maximum
Revenue from External Customer [Line Items]
Term of contract		7 years
Telecommunication - Installation \| Marine Services \| Minimum
Revenue from External Customer [Line Items]
Term of contract		1 month
Telecommunication - Installation \| Marine Services \| Maximum
Revenue from External Customer [Line Items]
Term of contract		5 months

Revenue - Marine Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenue	$ 524.9	$ 501.4	$ 496.8	$ 453.6	$ 458.5	$ 406.5	$ 378.7	$ 390.6	$ 1,774.1	$ 1,482.5	$ 1,415.7
Net revenue									1,976.7	$ 1,634.1	$ 1,558.1
Marine Services
Segment Reporting Information [Line Items]
Revenue									194.3
Other revenue									0.0
Net revenue									194.3
Telecommunication - Maintenance \| Marine Services
Segment Reporting Information [Line Items]
Revenue									87.0
Telecommunication - Installation \| Marine Services
Segment Reporting Information [Line Items]
Revenue									41.5
Power - Operations, Maintenance & Construction Support \| Marine Services
Segment Reporting Information [Line Items]
Revenue									31.0
Power - Cable Installation & Repair \| Marine Services
Segment Reporting Information [Line Items]
Revenue									$ 34.8

Revenue - Marine Segment Contract with Customer, Asset and Liability (Details) - Marine Services - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Contract assets	$ 5.2	$ 6.6
Contract liabilities	$ (1.0)	$ (3.1)

Revenue - Energy Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenue	$ 524.9	$ 501.4	$ 496.8	$ 453.6	$ 458.5	$ 406.5	$ 378.7	$ 390.6	$ 1,774.1	$ 1,482.5	$ 1,415.7
Net revenue									1,976.7	$ 1,634.1	$ 1,558.1
Energy
Segment Reporting Information [Line Items]
Revenue									16.6
RNG Incentives									1.3
Alternative Fuel Tax Credit									2.6
Other revenue									0.2
Net revenue									20.7
Volume-related \| Energy
Segment Reporting Information [Line Items]
Revenue									16.5
Maintenance services \| Energy
Segment Reporting Information [Line Items]
Revenue									$ 0.1

Revenue - Telecommunications Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of Revenue [Line Items]
Revenue	$ 524.9	$ 501.4	$ 496.8	$ 453.6	$ 458.5	$ 406.5	$ 378.7	$ 390.6	$ 1,774.1	$ 1,482.5	$ 1,415.7
Net revenue									1,976.7	$ 1,634.1	$ 1,558.1
Telecommunications
Disaggregation of Revenue [Line Items]
Revenue									793.6
Other revenue									0.0
Net revenue									793.6
Telecommunications \| Termination of long distance minutes
Disaggregation of Revenue [Line Items]
Revenue									$ 793.6

Revenue - Broadcasting Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenue	$ 524.9	$ 501.4	$ 496.8	$ 453.6	$ 458.5	$ 406.5	$ 378.7	$ 390.6	$ 1,774.1	$ 1,482.5	$ 1,415.7
Net revenue									1,976.7	$ 1,634.1	$ 1,558.1
Broadcasting
Segment Reporting Information [Line Items]
Revenue									45.4
Other revenue									0.0
Net revenue									45.4
Advertising \| Broadcasting
Segment Reporting Information [Line Items]
Revenue									28.2
Broadcast station \| Broadcasting
Segment Reporting Information [Line Items]
Revenue									10.8
Network distribution \| Broadcasting
Segment Reporting Information [Line Items]
Revenue									4.8
Other \| Broadcasting
Segment Reporting Information [Line Items]
Revenue									$ 1.6

Revenue - Broadcasting Segment Remaining Unsatisfied Performance Obligations (Details) - Broadcasting $ in Millions	Dec. 31, 2018 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 4.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	4.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	0.7
Advertising \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	8.3
Broadcast station \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 0.6

Business Combinations - Construction Segment (Details) - USD ($) $ in Millions	Nov. 01, 2017	Dec. 31, 2018	Nov. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill		$ 171.7		$ 131.7	$ 98.1
DBMG
Business Acquisition [Line Items]
Total net assets acquired	$ 17.8		$ 139.8
Goodwill	$ 2.3		43.7
Acquisition costs		3.3
DBMG \| Assembled and Trained Workforce
Business Acquisition [Line Items]
Goodwill		$ 10.9		$ 1.5
DBMG \| GrayWolf Industrial
Business Acquisition [Line Items]
Acquisition costs			$ 4.2
DBMG \| Candraft
Business Acquisition [Line Items]
Percentage of ownership interest acquired	100.00%
DBMG \| Candraft and MSS
Business Acquisition [Line Items]
Consideration paid	$ 17.8
Cash paid in acquisition	$ 16.1

Business Combinations - Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 09, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Nov. 30, 2018	Nov. 30, 2017	Nov. 01, 2017
Purchase price allocation
Goodwill		$ 171,700	$ 131,700	$ 98,100
Bargain purchase gain		(115,400)	0	$ 0
KMG America
Purchase price allocation
Fixed maturity securities, available-for-sale at fair value	$ 1,575,400
Equity securities	300
Mortgage loans	900
Policy loans	2,900
Cash and cash equivalents	806,700
Recoverable from reinsurers	901,800
Other assets	28,200
Total assets acquired	3,316,200
Life, accident and health reserves	(2,931,300)
Annuity reserves	(11,300)
Value of business acquired	(214,400)
Accounts payable and other current liabilities	(6,700)
Deferred tax liability	(25,300)
Other liabilities	(11,800)
Total liabilities assumed	(3,200,800)
Total net assets acquired	115,400
Bargain purchase gain	(115,400)
Consideration paid	0
Other
Purchase price allocation
Cash and cash equivalents			100
Accounts receivable			9,100
Property, plant and equipment			12,100
Goodwill			21,400
Intangibles			80,400
Other assets			1,300
Total assets acquired			124,400
Accounts payable and other current liabilities			(8,000)
Deferred tax liability			(6,100)
Other liabilities			(100)
Total liabilities assumed			(18,700)
Total fair value of consideration			91,200
Total net assets acquired			105,700
Long-term debt			(4,500)
Fair value of previously held interest			14,500
Insurance Companies
Purchase price allocation
Outstanding debt			2,000
DBMG
Purchase price allocation
Other invested assets					$ 900
Cash and cash equivalents					8,600
Accounts receivable					32,000		$ 500
Property, plant and equipment					15,400		12,700
Goodwill					43,700		2,300
Intangibles					44,100		1,600
Other assets					22,200		900
Total assets acquired					166,900		18,000
Accounts payable and other current liabilities					(23,000)
Other liabilities					(4,100)		(200)
Total liabilities assumed					(27,100)		(200)
Total net assets acquired					$ 139,800		$ 17,800
Marine Services \| CWind Limited
Purchase price allocation
Cash and cash equivalents						$ 2,200
Property, plant and equipment						73,300
Goodwill						11,800
Other assets						600
Total assets acquired						87,900
Accounts payable and other current liabilities						(700)
Total liabilities assumed						(700)
Total fair value of consideration						87,200
Broadcasting
Purchase price allocation
Cash and cash equivalents			43,800
Property, plant and equipment		1,200
Intangibles		70,200
Total fair value of consideration			91,200
Accounts payable			33,000
Equity			(5,000)
Long-term debt			(7,600)
Fair value of previously held interest			1,800
Consideration paid		$ 71,400
Broadcasting \| DTV
Purchase price allocation
Cash and cash equivalents			13,500
Total fair value of consideration						17,700
Accounts payable			0
Equity			0
Long-term debt			(2,400)
Fair value of previously held interest			1,800
Broadcasting \| Mako
Purchase price allocation
Cash and cash equivalents			18,200
Total fair value of consideration						28,400
Accounts payable			0
Equity			(5,000)
Long-term debt			(5,200)
Fair value of previously held interest			0
Broadcasting \| Azteca
Purchase price allocation
Cash and cash equivalents			0
Total fair value of consideration			33,000
Accounts payable			33,000
Equity			0
Long-term debt			0
Fair value of previously held interest			0
Broadcasting \| Other
Purchase price allocation
Cash and cash equivalents			12,100
Total fair value of consideration						$ 12,100
Accounts payable			0
Equity			0
Long-term debt			0
Fair value of previously held interest			$ 0
Kanawha Insurance Company \| KMG America
Purchase price allocation
Consideration paid	$ 10

Business Combinations - Marine Services Segment (Details) - Marine Services $ in Millions	Nov. 30, 2017 USD ($) asset employee	Dec. 31, 2017 USD ($)
Subsidiary Of Fugro N.V. (AMS:FUR)
Business Acquisition [Line Items]
Number of assets acquired \| asset	5
Number of employees acquired \| employee	19
Consideration paid	$ 87.2
Short-term loan	$ 7.5
CWind Limited
Business Acquisition [Line Items]
Acquisition costs		$ 1.8
GMH LLC \| Subsidiary Of Fugro N.V. (AMS:FUR)
Business Acquisition [Line Items]
Percentage of ownership	23.60%

Business Combinations - Insurance Acquisitions (Details) - KMG America $ in Thousands	Aug. 09, 2018 USD ($)
Business Acquisition [Line Items]
Consideration paid	$ 0
Recoverable from reinsurers	901,800
Kanawha Insurance Company
Business Acquisition [Line Items]
Consideration paid	$ 10

Business Combinations - Life Sciences Acquisition (Details) - Life Sciences Segment - BeneVir Biopharm, Inc.	Jun. 08, 2018 USD ($)
Business Acquisition [Line Items]
Proceeds from divestiture of businesses	$ 72,800,000
Consideration paid	106,700,000
Cash payment to be received upon release of escrow	9,200,000
Payments to be received upon achievement of specified development milestone	$ 512,200,000.0
Janssen Biotech, Inc.
Business Acquisition [Line Items]
Percentage of ownership interest acquired	75.90%
Cash paid in acquisition	$ 140,000,000
Pansend
Business Acquisition [Line Items]
Proceeds from divestiture of businesses	93,400,000
Cash payment held in escrow	13,300,000
Gain on sale of business	102,100,000
Payments to be received upon achievement of specified development milestone	189,700,000.0
Payments to be received upon achievement of specified levels of annual net sales of licensed products	493,100,000.0
Noncontrolling Interest \| Pansend
Business Acquisition [Line Items]
Gain on sale of business	$ 21,700,000

Business Combinations - Broadcasting Acquisitions (Details) $ in Millions		1 Months Ended	12 Months Ended
	Nov. 30, 2017 USD ($) station operating_station television_broadcast_networks city	Feb. 28, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Other Acquisitions
Business Acquisition [Line Items]
Total fair value of consideration				$ 91.2
Broadcasting
Business Acquisition [Line Items]
Consideration paid			$ 71.4
Cash paid in acquisition			$ 71.0
Total fair value of consideration				91.2
Broadcasting \| DTV
Business Acquisition [Line Items]
Percentage of ownership interest acquired	50.00%
Total fair value of consideration	$ 17.7
Number of LPTV stations acquired \| station	52
Number of cities with LPTV stations \| city	40
Number of television broadcast networks \| television_broadcast_networks	30
Broadcasting \| Mako
Business Acquisition [Line Items]
Total fair value of consideration	$ 28.4
Number of operating stations acquired \| operating_station	38
Number of cities with operating stations \| city	28
Broadcasting \| Other Acquisitions
Business Acquisition [Line Items]
Total fair value of consideration	$ 12.1
HC2 Network Inc. \| Northstar's Broadcast Television Stations
Business Acquisition [Line Items]
Consideration paid		$ 33.0		$ 33.0

Business Combinations - Acquired Intangible Assets (Details) - Other Acquisitions $ in Millions	Dec. 31, 2017 USD ($)
Business Acquisition [Line Items]
Intangibles	$ 80.4
FCC licenses
Business Acquisition [Line Items]
Intangibles	75.9
Trade names
Business Acquisition [Line Items]
Intangibles	0.2
Other
Business Acquisition [Line Items]
Intangibles	$ 4.3

Business Combinations - Other Segments (Details) - 704Games $ in Millions	Aug. 14, 2018 USD ($)
Business Acquisition [Line Items]
Percentage of ownership interest acquired	26.20%
Gain on sale of business	$ 3.0
Motorsport Network
Business Acquisition [Line Items]
Percentage of ownership	53.50%

Business Combinations - Business Acquisition, Pro Forma Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Business Combinations [Abstract]
Net revenue	$ 2,106.4	$ 1,775.8
Net income (loss) from continuing operations	234.3	(6.3)
Net income (loss) attributable to HC2 Holdings, Inc.	$ 203.1	$ (121.8)

Investments - Schedule of Fixed Maturity and Equity Securities Available-for-Sale (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Total	$ 3,477.5
Unrealized Losses	(117.4)	$ (4.5)
Fair Value	3,391.6	1,340.6
U.S. Government and government agencies
Debt Securities, Available-for-sale [Line Items]
Total	24.7	15.3
Unrealized Gains	0.7	0.5
Unrealized Losses	0.0	0.0
Fair Value	25.4	15.7
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Total	413.7	377.5
Unrealized Gains	9.6	19.0
Unrealized Losses	(1.4)	(1.1)
Fair Value	421.9	395.5
Foreign government
Debt Securities, Available-for-sale [Line Items]
Total		6.3
Unrealized Gains		0.0
Unrealized Losses		(0.3)
Fair Value		6.0
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Total	92.6	102.0
Unrealized Gains	3.1	4.2
Unrealized Losses	(1.3)	(1.3)
Fair Value	94.4	104.9
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Total	94.7	30.2
Unrealized Gains	0.3	0.2
Unrealized Losses	(1.1)	0.0
Fair Value	93.9	30.4
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Total	540.8	145.5
Unrealized Gains	0.8	2.6
Unrealized Losses	(30.1)	(0.2)
Fair Value	511.5	147.9
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Total	2,311.0	589.8
Unrealized Gains	17.0	51.9
Unrealized Losses	(83.5)	(1.4)
Fair Value	2,244.5	640.2
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Total	3,477.5	1,266.6
Unrealized Gains	31.5	78.4
Unrealized Losses	(117.4)	(4.3)
Fair Value	$ 3,391.6	$ 1,340.6

Investments - Narrative (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Dec. 04, 2018 USD ($)	Aug. 04, 2018 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) security shares	Dec. 31, 2017 USD ($) security shares	Dec. 31, 2016 USD ($)
Debt Securities, Available-for-sale [Line Items]
Number of fixed maturity and equity securities \| security			749	126
Percentage of gross unrealized loss			100.00%	100.00%
Common stock, shares issued (in shares) \| shares			45,391,397	44,570,004
Gain in other operating (income) expenses			$ 0.1	$ 0.7	$ (5.0)
Fixed maturity securities \| Investment grade
Debt Securities, Available-for-sale [Line Items]
Percentage of gross unrealized loss			87.90%	7.30%
Percentage of fair value			93.10%	10.40%
Not designated as hedging instrument \| Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Investments at fair value			$ 9.9	$ 12.3
Gain resulting for changes in fair value of securities			0.3	$ 0.9	$ 1.2
Inseego Corp
Debt Securities, Available-for-sale [Line Items]
Common stock, shares issued (in shares) \| shares		12,000,000
Price per share (in dollars per share) \| $ / shares		$ 1.63
Proceeds from sale of common stock, net	$ 34.4	$ 19.7
Gain in other operating (income) expenses			$ 34.4

Investments - Schedule of Maturities of Fixed Maturity Securities Available-for-Sale (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Amortized Cost
Due in one year or less	$ 21.8
Due after one year through five years	206.6
Due after five years through ten years	293.5
Due after ten years	2,227.5
Subtotal	2,749.4
Total	3,477.5
Fair Value
Due in one year or less	22.3
Due after one year through five years	204.7
Due after five years through ten years	293.8
Due after ten years	2,171.0
Subtotal	2,691.8
Total	3,391.6	$ 1,340.6
Mortgage-backed securities
Amortized Cost
Amortized cost, without single maturity date	187.3
Fair Value
Fair value, without single maturity date	188.3
Asset-backed securities
Amortized Cost
Amortized cost, without single maturity date	540.8
Total	540.8	145.5
Fair Value
Fair value, without single maturity date	511.5
Total	$ 511.5	$ 147.9

Investments - Schedule of Major Industry Types of Fixed Maturity Holdings (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 3,477.5
Fair Value	3,391.6	$ 1,340.6
Corporate And Other Fixed Maturities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,311.0	589.8
Fair Value	$ 2,244.5	$ 640.2
Percentage of Total	100.00%	100.00%
Corporate And Other Fixed Maturities \| Finance, insurance, and real estate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 469.0	$ 191.2
Fair Value	$ 452.9	$ 203.7
Percentage of Total	20.20%	31.80%
Corporate And Other Fixed Maturities \| Transportation, communications, electric, gas and sanitary services
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 758.6	$ 186.1
Fair Value	$ 734.0	$ 201.8
Percentage of Total	32.70%	31.50%
Corporate And Other Fixed Maturities \| Manufacturing
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 712.7	$ 100.9
Fair Value	$ 693.5	$ 111.4
Percentage of Total	30.90%	17.40%
Corporate And Other Fixed Maturities \| Other
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 370.7	$ 111.6
Fair Value	$ 364.1	$ 123.3
Percentage of Total	16.20%	19.30%

Investments - Other than Temporary Impairment, Credit Losses Recognized in Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investment [Line Items]
Total Other-Than-Temporary Impairments	$ 1.7	$ 6.6	$ 2.7
Net realized and unrealized gains (losses) on investments
Investment [Line Items]
Total Other-Than-Temporary Impairments	1.5	0.0	0.2
Other income (expenses), net
Investment [Line Items]
Total Other-Than-Temporary Impairments	$ 0.2	$ 6.6	$ 2.5

Investments - Schedule of Unrealized Losses for Fixed Maturities and Equity Securities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Unrealized Losses
Less than 20%	$ (116.0)	$ (4.2)
20% or more for less than six months	(0.8)	(0.2)
20% or more for six months or greater	(0.6)	(0.1)
Total	$ 117.4	$ 4.5
% of Total
Less than 20%	98.80%	93.70%
20% or more for less than six months	0.70%	3.90%
20% or more for six months or greater	0.50%	2.40%
Total	100.00%	100.00%

Investments - Schedule of Estimated Fair Values and Gross Unrealized Losses (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Less than 12 months
Fair Value	$ 2,086.6	$ 86.4
Unrealized Losses	(105.1)	(2.3)
12 months or greater
Fair Value	271.4	59.5
Unrealized Losses	(12.3)	(2.0)
Fair Value	2,358.0	145.9
Unrealized Losses	(117.4)	(4.3)
U.S. Government and government agencies
Less than 12 months
Fair Value	5.0	5.0
Unrealized Losses	0.0	0.0
12 months or greater
Fair Value	3.3	2.2
Unrealized Losses	0.0	0.0
Fair Value	8.3	7.2
Unrealized Losses	0.0	0.0
States, municipalities and political subdivisions
Less than 12 months
Fair Value	117.2	32.9
Unrealized Losses	(1.3)	(0.8)
12 months or greater
Fair Value	1.9	10.8
Unrealized Losses	(0.1)	(0.2)
Fair Value	119.1	43.7
Unrealized Losses	(1.4)	(1.1)
Foreign government
Less than 12 months
Fair Value		0.0
Unrealized Losses		0.0
12 months or greater
Fair Value		6.0
Unrealized Losses		(0.3)
Fair Value		6.0
Unrealized Losses		(0.3)
Residential mortgage-backed securities
Less than 12 months
Fair Value	22.4	5.1
Unrealized Losses	(1.2)	(0.6)
12 months or greater
Fair Value	5.7	16.2
Unrealized Losses	(0.1)	(0.7)
Fair Value	28.1	21.3
Unrealized Losses	(1.3)	(1.3)
Commercial mortgage-backed securities
Less than 12 months
Fair Value	57.8	5.1
Unrealized Losses	(1.1)	0.0
12 months or greater
Fair Value	0.0	1.0
Unrealized Losses	0.0	0.0
Fair Value	57.8	6.1
Unrealized Losses	(1.1)	0.0
Asset-backed securities
Less than 12 months
Fair Value	466.0	19.8
Unrealized Losses	(29.6)	(0.1)
12 months or greater
Fair Value	5.9	3.9
Unrealized Losses	(0.5)	(0.1)
Fair Value	471.9	23.7
Unrealized Losses	(30.1)	(0.2)
Corporate and other
Less than 12 months
Fair Value	1,418.2	18.5
Unrealized Losses	(71.9)	(0.8)
12 months or greater
Fair Value	254.6	19.4
Unrealized Losses	(11.6)	(0.7)
Fair Value	1,672.8	37.9
Unrealized Losses	$ (83.5)	$ (1.4)

Investments - Equity Securities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Total equity securities	$ 200.5	$ 47.5
Common stocks
Debt Securities, Available-for-sale [Line Items]
Total equity securities	15.0	4.9
Perpetual preferred stocks
Debt Securities, Available-for-sale [Line Items]
Total equity securities	$ 185.5	$ 42.6

Investments - Schedule of Other Invested Assets (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Summary of Investment Holdings [Line Items]
Measurement Alternative	$ 1.6	$ 2.9
Equity Method	70.9	82.3
Fair Value	0.0	0.3
Common Equity
Summary of Investment Holdings [Line Items]
Measurement Alternative	0.0	0.0
Equity Method	2.1	1.5
Fair Value	0.0	0.0
Preferred Equity
Summary of Investment Holdings [Line Items]
Measurement Alternative	1.6	2.5
Equity Method	9.6	14.2
Fair Value	0.0	0.0
Derivatives
Summary of Investment Holdings [Line Items]
Measurement Alternative	0.0	0.4
Equity Method	0.0	0.0
Fair Value	0.0	0.3
Other
Summary of Investment Holdings [Line Items]
Measurement Alternative	0.0	0.0
Equity Method	59.2	66.6
Fair Value	$ 0.0	$ 0.0

Investments - Summarized Information for Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Net revenue	$ 382.9	$ 481.5	$ 558.2
Gross profit	98.8	122.1	164.9
Income (loss) from continuing operations	38.7	7.6	51.7
Net income (loss)	30.9	(17.5)	(11.1)
Current assets	282.5	357.3	285.5
Noncurrent assets	90.5	188.3	278.8
Current liabilities	177.0	227.2	184.1
Noncurrent liabilities	$ 19.5	$ 161.0	$ 131.6

Investments - Net Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investment [Line Items]
Gross investment income	$ 117.0	$ 66.3	$ 58.9
External investment expense	(0.4)	(0.2)	(0.9)
Net investment income	116.6	66.1	58.0
Total fixed maturity securities
Investment [Line Items]
Gross investment income	98.3	59.4	54.7
Equity securities
Investment [Line Items]
Gross investment income	5.4	2.6	2.2
Mortgage loans
Investment [Line Items]
Gross investment income	7.3	2.5	0.5
Policy loans
Investment [Line Items]
Gross investment income	1.2	1.2	1.2
Other invested assets
Investment [Line Items]
Gross investment income	$ 4.8	$ 0.6	$ 0.3

Investments - Net Realized Gain (Loss) on Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investment [Line Items]
Realized gains on fixed maturity securities	$ 5.6	$ 4.4	$ 4.9
Realized losses on fixed maturity securities	(1.5)	(1.0)	(2.4)
Realized gains on equity securities	0.3	1.0	4.5
Realized losses on equity securities	0.0	(0.6)	(0.3)
Net unrealized gains (losses) on equity securities	(11.6)	0.0	0.0
Net unrealized gains (losses) on derivative instruments	0.3	1.2	(1.5)
Impairment losses	(1.7)	(10.0)	(4.3)
Net realized and unrealized gains (losses)	(8.4)	5.0	5.0
Net realized and unrealized gains (losses) on investments
Investment [Line Items]
Impairment losses	$ (1.5)	$ 0.0	$ (0.2)

Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured At Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Fixed maturity securities, available-for-sale at fair value	$ 3,391.6	$ 1,340.6
Equity securities	200.5	47.5
Liabilities
Other	0.8
Total liabilities accounted for at fair value	11.9	4.7	$ 16.3
Transfer out of level 3	115.6	94.4
U.S. Government and government agencies
Assets
Fixed maturity securities, available-for-sale at fair value	25.4	15.7
Liabilities
Transfer out of level 3	2.3
States, municipalities and political subdivisions
Assets
Fixed maturity securities, available-for-sale at fair value	421.9	395.5
Liabilities
Transfer out of level 3	6.4	1.6
Foreign government
Assets
Fixed maturity securities, available-for-sale at fair value		6.0
Residential mortgage-backed securities
Assets
Fixed maturity securities, available-for-sale at fair value	94.4	104.9
Liabilities
Transfer out of level 3	29.8	39.9
Commercial mortgage-backed securities
Assets
Fixed maturity securities, available-for-sale at fair value	93.9	30.4
Liabilities
Transfer out of level 3	2.2	29.5
Asset-backed securities
Assets
Fixed maturity securities, available-for-sale at fair value	511.5	147.9
Liabilities
Transfer out of level 3	3.6	11.7
Corporate and other
Assets
Fixed maturity securities, available-for-sale at fair value	2,244.5	640.2
Liabilities
Transfer out of level 3	61.6	9.9
Structured securities
Liabilities
Transfer out of level 3	59.3	62.9
Equity securities
Liabilities
Transfer out of level 3	9.7	1.8
Common Stock
Assets
Equity securities	15.0	4.9
Liabilities
Transfer out of level 3	0.0	1.8
Perpetual preferred stocks
Assets
Equity securities	185.5	42.6
Liabilities
Transfer out of level 3	(9.7)	0.0
Recurring
Assets
Fixed maturity securities, available-for-sale at fair value	3,391.6	1,340.6
Equity securities	200.5	47.5
Derivatives		0.3
Total assets not accounted for at fair value	3,592.1	1,388.4
Liabilities
Embedded derivative	8.4
Other	3.5	4.8
Total liabilities accounted for at fair value	11.9	4.8
Recurring \| Level 1
Assets
Fixed maturity securities, available-for-sale at fair value	12.7	7.2
Equity securities	16.3	12.4
Derivatives		0.0
Total assets not accounted for at fair value	29.0	19.6
Liabilities
Embedded derivative	0.0
Other	0.0	0.0
Total liabilities accounted for at fair value	0.0	0.0
Recurring \| Level 2
Assets
Fixed maturity securities, available-for-sale at fair value	2,738.5	1,140.6
Equity securities	123.0	28.5
Derivatives		0.0
Total assets not accounted for at fair value	2,861.5	1,169.1
Liabilities
Embedded derivative	0.0
Other	0.0	0.0
Total liabilities accounted for at fair value	0.0	0.0
Recurring \| Level 3
Assets
Fixed maturity securities, available-for-sale at fair value	640.4	192.8
Equity securities	61.2	6.6
Derivatives		0.3
Total assets not accounted for at fair value	701.6	199.7
Liabilities
Embedded derivative	8.4
Other	3.5	4.8
Total liabilities accounted for at fair value	11.9	4.8
Recurring \| U.S. Government and government agencies
Assets
Fixed maturity securities, available-for-sale at fair value	25.4	15.7
Recurring \| U.S. Government and government agencies \| Level 1
Assets
Fixed maturity securities, available-for-sale at fair value	6.1	5.1
Recurring \| U.S. Government and government agencies \| Level 2
Assets
Fixed maturity securities, available-for-sale at fair value	19.3	10.6
Recurring \| U.S. Government and government agencies \| Level 3
Assets
Fixed maturity securities, available-for-sale at fair value	0.0	0.0
Recurring \| States, municipalities and political subdivisions
Assets
Fixed maturity securities, available-for-sale at fair value	421.9	395.4
Recurring \| States, municipalities and political subdivisions \| Level 1
Assets
Fixed maturity securities, available-for-sale at fair value	0.0	0.0
Recurring \| States, municipalities and political subdivisions \| Level 2
Assets
Fixed maturity securities, available-for-sale at fair value	421.9	389.4
Recurring \| States, municipalities and political subdivisions \| Level 3
Assets
Fixed maturity securities, available-for-sale at fair value	0.0	6.0
Recurring \| Foreign government
Assets
Fixed maturity securities, available-for-sale at fair value		6.0
Recurring \| Foreign government \| Level 1
Assets
Fixed maturity securities, available-for-sale at fair value		0.0
Recurring \| Foreign government \| Level 2
Assets
Fixed maturity securities, available-for-sale at fair value		6.0
Recurring \| Foreign government \| Level 3
Assets
Fixed maturity securities, available-for-sale at fair value		0.0
Recurring \| Residential mortgage-backed securities
Assets
Fixed maturity securities, available-for-sale at fair value	94.4	104.9
Recurring \| Residential mortgage-backed securities \| Level 1
Assets
Fixed maturity securities, available-for-sale at fair value	0.0	0.0
Recurring \| Residential mortgage-backed securities \| Level 2
Assets
Fixed maturity securities, available-for-sale at fair value	75.4	90.3
Recurring \| Residential mortgage-backed securities \| Level 3
Assets
Fixed maturity securities, available-for-sale at fair value	19.0	14.6
Recurring \| Commercial mortgage-backed securities
Assets
Fixed maturity securities, available-for-sale at fair value	93.9	30.5
Recurring \| Commercial mortgage-backed securities \| Level 1
Assets
Fixed maturity securities, available-for-sale at fair value	0.0	0.0
Recurring \| Commercial mortgage-backed securities \| Level 2
Assets
Fixed maturity securities, available-for-sale at fair value	35.7	18.3
Recurring \| Commercial mortgage-backed securities \| Level 3
Assets
Fixed maturity securities, available-for-sale at fair value	58.2	12.2
Recurring \| Asset-backed securities
Assets
Fixed maturity securities, available-for-sale at fair value	511.5	147.9
Recurring \| Asset-backed securities \| Level 1
Assets
Fixed maturity securities, available-for-sale at fair value	0.0	0.0
Recurring \| Asset-backed securities \| Level 2
Assets
Fixed maturity securities, available-for-sale at fair value	33.3	14.2
Recurring \| Asset-backed securities \| Level 3
Assets
Fixed maturity securities, available-for-sale at fair value	478.2	133.7
Recurring \| Corporate and other
Assets
Fixed maturity securities, available-for-sale at fair value	2,244.5	640.2
Recurring \| Corporate and other \| Level 1
Assets
Fixed maturity securities, available-for-sale at fair value	6.6	2.1
Recurring \| Corporate and other \| Level 2
Assets
Fixed maturity securities, available-for-sale at fair value	2,152.9	611.8
Recurring \| Corporate and other \| Level 3
Assets
Fixed maturity securities, available-for-sale at fair value	85.0	26.3
Recurring \| Common Stock
Assets
Equity securities	15.0	5.0
Recurring \| Common Stock \| Level 1
Assets
Equity securities	9.1	4.8
Recurring \| Common Stock \| Level 2
Assets
Equity securities	0.0	0.0
Recurring \| Common Stock \| Level 3
Assets
Equity securities	5.9	0.2
Recurring \| Perpetual preferred stocks
Assets
Equity securities	185.5	42.5
Recurring \| Perpetual preferred stocks \| Level 1
Assets
Equity securities	7.2	7.6
Recurring \| Perpetual preferred stocks \| Level 2
Assets
Equity securities	123.0	28.5
Recurring \| Perpetual preferred stocks \| Level 3
Assets
Equity securities	$ 55.3	$ 6.4

Fair Value of Financial Instruments - Schedule of Changes in Balances of Level 3 Financial Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Changes in balances of Level 3 financial assets
Balance at beginning of period	$ 199.7	$ 206.7
Total realized/unrealized net earnings (loss)	1.1	(7.8)
Total realized/unrealized other comp. income (loss)	(38.5)	7.2
Purchases and issuances	701.9	166.1
Sales and settlements	(103.3)	(109.6)
Transfer into Level 3	56.3	31.5
Transfer out of Level 3	(115.6)	(94.4)
Balance at end of period	701.6	199.7
Changes in balances of Level 3 financial liabilities
Balance at beginning of period	4.7	16.3
Total realized/unrealized net earnings (loss)	(6.3)	(11.5)
Total realized/unrealized other comp. income (loss)	0.0	0.0
Purchases and issuances	13.7	0.0
Sales and settlements	(0.2)	(0.1)
Transfer into Level 3	0.0	0.0
Transfer out of Level 3	0.0	0.0
Balance at end of period	$ 11.9	4.7
Assets, Total \| Level 3
Changes in balances of Level 3 financial liabilities
Percent of total assets (less than)	1.00%
Fixed maturity securities
Changes in balances of Level 3 financial assets
Balance at beginning of period	$ 192.8	198.3
Total realized/unrealized net earnings (loss)	1.1	(3.0)
Total realized/unrealized other comp. income (loss)	(38.5)	6.7
Purchases and issuances	645.8	165.9
Sales and settlements	(102.9)	(107.6)
Transfer into Level 3	48.0	25.1
Transfer out of Level 3	(105.9)	(92.6)
Balance at end of period	640.4	192.8
U.S. Government and government agencies
Changes in balances of Level 3 financial assets
Balance at beginning of period	0.0
Total realized/unrealized net earnings (loss)	0.0
Total realized/unrealized other comp. income (loss)	0.0
Purchases and issuances	2.3
Sales and settlements	0.0
Transfer into Level 3	0.0
Transfer out of Level 3	(2.3)
Balance at end of period	0.0	0.0
States, municipalities and political subdivisions
Changes in balances of Level 3 financial assets
Balance at beginning of period	6.0	5.7
Total realized/unrealized net earnings (loss)	0.0	(0.1)
Total realized/unrealized other comp. income (loss)	(0.1)	(0.1)
Purchases and issuances	0.1	0.5
Sales and settlements	0.0	0.0
Transfer into Level 3	0.4	1.6
Transfer out of Level 3	(6.4)	(1.6)
Balance at end of period	0.0	6.0
Residential mortgage-backed securities
Changes in balances of Level 3 financial assets
Balance at beginning of period	14.6	56.0
Total realized/unrealized net earnings (loss)	0.2	(0.4)
Total realized/unrealized other comp. income (loss)	0.2	1.2
Purchases and issuances	33.7	3.5
Sales and settlements	(8.0)	(9.0)
Transfer into Level 3	8.1	3.2
Transfer out of Level 3	(29.8)	(39.9)
Balance at end of period	19.0	14.6
Commercial mortgage-backed securities
Changes in balances of Level 3 financial assets
Balance at beginning of period	12.2	43.0
Total realized/unrealized net earnings (loss)	(0.1)	(0.3)
Total realized/unrealized other comp. income (loss)	(0.9)	0.3
Purchases and issuances	47.5	0.2
Sales and settlements	(0.1)	(10.1)
Transfer into Level 3	1.8	8.6
Transfer out of Level 3	(2.2)	(29.5)
Balance at end of period	58.2	12.2
Asset-backed securities
Changes in balances of Level 3 financial assets
Balance at beginning of period	133.7	73.2
Total realized/unrealized net earnings (loss)	1.2	1.2
Total realized/unrealized other comp. income (loss)	(31.6)	1.5
Purchases and issuances	445.4	149.0
Sales and settlements	(79.8)	(80.6)
Transfer into Level 3	12.9	1.1
Transfer out of Level 3	(3.6)	(11.7)
Balance at end of period	478.2	133.7
Corporate and other
Changes in balances of Level 3 financial assets
Balance at beginning of period	26.3	20.4
Total realized/unrealized net earnings (loss)	(0.2)	(3.4)
Total realized/unrealized other comp. income (loss)	(6.1)	3.8
Purchases and issuances	116.8	12.7
Sales and settlements	(15.0)	(7.9)
Transfer into Level 3	24.8	10.6
Transfer out of Level 3	(61.6)	(9.9)
Balance at end of period	85.0	26.3
Derivatives
Changes in balances of Level 3 financial assets
Balance at beginning of period	0.3	3.8
Total realized/unrealized net earnings (loss)	(0.3)	(1.6)
Total realized/unrealized other comp. income (loss)	0.0	0.0
Purchases and issuances	0.0	0.1
Sales and settlements	0.0	(2.0)
Transfer into Level 3	0.0	0.0
Transfer out of Level 3	0.0	0.0
Balance at end of period	0.0	0.3
Embedded derivative
Changes in balances of Level 3 financial liabilities
Balance at beginning of period	0.0
Total realized/unrealized net earnings (loss)	(4.1)
Total realized/unrealized other comp. income (loss)	0.0
Purchases and issuances	12.5
Sales and settlements	0.0
Transfer into Level 3	0.0
Transfer out of Level 3	0.0
Balance at end of period	8.4	0.0
Other
Changes in balances of Level 3 financial liabilities
Balance at beginning of period	4.7	16.3
Total realized/unrealized net earnings (loss)	(2.2)	(11.5)
Total realized/unrealized other comp. income (loss)	0.0	0.0
Purchases and issuances	1.2	0.0
Sales and settlements	(0.2)	(0.1)
Transfer into Level 3	0.0	0.0
Transfer out of Level 3	0.0	0.0
Balance at end of period	3.5	4.7
Equity securities
Changes in balances of Level 3 financial assets
Balance at beginning of period	6.6	4.6
Total realized/unrealized net earnings (loss)	0.3	(3.2)
Total realized/unrealized other comp. income (loss)	0.0	0.5
Purchases and issuances	56.1	0.1
Sales and settlements	(0.4)	0.0
Transfer into Level 3	8.3	6.4
Transfer out of Level 3	(9.7)	(1.8)
Balance at end of period	61.2	6.6
Common Stock
Changes in balances of Level 3 financial assets
Balance at beginning of period	0.2	4.6
Total realized/unrealized net earnings (loss)	0.8	(3.2)
Total realized/unrealized other comp. income (loss)	0.0	0.2
Purchases and issuances	0.1	0.1
Sales and settlements	0.0	0.0
Transfer into Level 3	4.8	0.3
Transfer out of Level 3	0.0	(1.8)
Balance at end of period	5.9	0.2
Perpetual preferred stocks
Changes in balances of Level 3 financial assets
Balance at beginning of period	6.4	0.0
Total realized/unrealized net earnings (loss)	(0.5)	0.0
Total realized/unrealized other comp. income (loss)	0.0	0.3
Purchases and issuances	56.0	0.0
Sales and settlements	(0.4)	0.0
Transfer into Level 3	3.5	6.1
Transfer out of Level 3	9.7	0.0
Balance at end of period	$ 55.3	$ 6.4

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured on Not Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Assets
Mortgage loans		$ 52.1
Policy loans		17.9
Other invested assets	$ 72.5	85.4
Nonrecurring \| Level 1
Assets
Mortgage loans	0.0	0.0
Policy loans	0.0	0.0
Other invested assets	0.0	0.0
Total assets not accounted for at fair value	0.0	0.0
Liabilities
Annuity benefits accumulated	0.0	0.0
Long-term obligations	0.0	0.0
Total liabilities not accounted for at fair value	0.0	0.0
Nonrecurring \| Level 2
Assets
Mortgage loans	0.0	0.0
Policy loans	19.8	17.9
Other invested assets	0.0	0.0
Total assets not accounted for at fair value	19.8	17.9
Liabilities
Annuity benefits accumulated	0.0	0.0
Long-term obligations	703.0	552.4
Total liabilities not accounted for at fair value	703.0	552.4
Nonrecurring \| Level 3
Assets
Mortgage loans	137.6	52.1
Policy loans	0.0	0.0
Other invested assets	1.6	3.7
Total assets not accounted for at fair value	139.2	55.8
Liabilities
Annuity benefits accumulated	241.7	240.4
Long-term obligations	0.0	0.0
Total liabilities not accounted for at fair value	241.7	240.4
Nonrecurring \| Carrying Value
Assets
Mortgage loans	137.6	52.1
Policy loans	19.8	17.9
Other invested assets	1.6	3.0
Total assets not accounted for at fair value	159.0	73.0
Liabilities
Annuity benefits accumulated	244.0	243.2
Long-term obligations	702.5	544.2
Total liabilities not accounted for at fair value	946.5	787.4
Nonrecurring \| Estimated Fair Value
Assets
Mortgage loans	137.6	52.1
Policy loans	19.8	17.9
Other invested assets	1.6	3.7
Total assets not accounted for at fair value	159.0	73.7
Liabilities
Annuity benefits accumulated	241.7	240.4
Long-term obligations	703.0	552.4
Total liabilities not accounted for at fair value	$ 944.7	$ 792.8

Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Contracts in progress	$ 188.2	$ 167.8
Trade receivables	127.5	106.9
Unbilled retentions	65.6	51.0
Other receivables	4.2	0.4
Allowance for doubtful accounts	(6.3)	(3.7)
Total accounts receivable	$ 379.2	$ 322.4

Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials and consumables	$ 19.3	$ 11.8
Work in process	1.6	0.7
Finished goods	0.4	0.2
Inventory	$ 21.3	$ 12.7

Recoverable from Reinsurers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Ceded Credit Risk [Line Items]
Amount	$ 1,000.2	$ 526.3
Percentage of Total, Reinsurance recoverable \| Reinsurer Concentration Risk
Ceded Credit Risk [Line Items]
Percentage of total	100.00%	100.00%
Hannover Life Reassurance Company of America \| A
Ceded Credit Risk [Line Items]
Amount	$ 336.9	$ 336.9
Hannover Life Reassurance Company of America \| A \| Percentage of Total, Reinsurance recoverable \| Reinsurer Concentration Risk
Ceded Credit Risk [Line Items]
Percentage of total	33.70%	64.00%
Munich American Reassurance Company \| A
Ceded Credit Risk [Line Items]
Amount	$ 335.0	$ 0.0
Munich American Reassurance Company \| A \| Percentage of Total, Reinsurance recoverable \| Reinsurer Concentration Risk
Ceded Credit Risk [Line Items]
Percentage of total	33.50%	0.00%
Loyal American Life Insurance Company \| A
Ceded Credit Risk [Line Items]
Amount	$ 146.0	$ 140.5
Loyal American Life Insurance Company \| A \| Percentage of Total, Reinsurance recoverable \| Reinsurer Concentration Risk
Ceded Credit Risk [Line Items]
Percentage of total	14.60%	26.70%
Manhattan Life Assurance Company of America \| B
Ceded Credit Risk [Line Items]
Amount	$ 89.5	$ 0.0
Manhattan Life Assurance Company of America \| B \| Percentage of Total, Reinsurance recoverable \| Reinsurer Concentration Risk
Ceded Credit Risk [Line Items]
Percentage of total	8.90%	0.00%
Great American Life Insurance Company \| A
Ceded Credit Risk [Line Items]
Amount	$ 54.5	$ 48.9
Great American Life Insurance Company \| A \| Percentage of Total, Reinsurance recoverable \| Reinsurer Concentration Risk
Ceded Credit Risk [Line Items]
Percentage of total	5.40%	9.30%
Other
Ceded Credit Risk [Line Items]
Amount	$ 38.3	$ 0.0
Other \| Percentage of Total, Reinsurance recoverable \| Reinsurer Concentration Risk
Ceded Credit Risk [Line Items]
Percentage of total	3.90%	0.00%
First Insurance Treaty
Ceded Credit Risk [Line Items]
Cash proceeds received	$ 161.4
Ceded reinsurance reduction	140.8
Gain recognized from recapture	20.6
Second Insurance Treaty
Ceded Credit Risk [Line Items]
Cash proceeds received	168.0
Ceded reinsurance reduction	141.7
Gain recognized from recapture	$ 26.3

Property, Plant, and Equipment, net - Summary of Property, Plant, and Equipment, net (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 504.1	$ 470.7
Less: Accumulated depreciation	127.8	96.0
Property, plant and equipment, net	376.3	374.7
Cable-ships and submersibles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	251.1	251.8
Equipment, furniture and fixtures, and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	148.0	127.4
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	47.3	34.6
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	32.8	30.3
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	12.9	20.0
Plant and transportation equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 12.0	$ 6.6

Property, Plant, and Equipment, net - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 46,600,000	$ 35,800,000	$ 28,900,000
Depreciation expense with cost of revenue	7,000,000	5,300,000	$ 4,400,000
Write down amount	376,300,000	374,700,000
Cable-ships and Submersibles
Property, Plant and Equipment [Line Items]
Net book value of equipment under capital leases	40,000,000	45,300,000
Other
Property, Plant and Equipment [Line Items]
Impairment charges		1,200,000
Other \| Computer software and other fixed assets
Property, Plant and Equipment [Line Items]
Write down amount		$ 0
ANG
Property, Plant and Equipment [Line Items]
Impairment charges	700,000
ANG \| Station Performance
Property, Plant and Equipment [Line Items]
Impairment charges	400,000
ANG \| Station Project
Property, Plant and Equipment [Line Items]
Impairment charges	$ 300,000

Goodwill and Intangibles, net - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Beginning balance	$ 131.7	$ 98.1
Acquisitions	44.6	34.7
Impairments		(0.6)
Measurement period adjustment	0.8	(0.5)
Dispositions	(5.4)
Ending balance	171.7	131.7
Construction
Goodwill [Roll Forward]
Beginning balance	38.6	36.3
Acquisitions	43.6	2.3
Impairments		0.0
Measurement period adjustment	0.0	0.0
Dispositions	0.0
Ending balance	82.2	38.6
Marine Services
Goodwill [Roll Forward]
Beginning balance	14.3	2.5
Acquisitions	0.0	11.8
Impairments		0.0
Measurement period adjustment	0.0	0.0
Dispositions	0.0
Ending balance	14.3	14.3
Energy
Goodwill [Roll Forward]
Beginning balance	2.1	2.6
Acquisitions	0.0	0.0
Impairments		0.0
Measurement period adjustment	0.0	(0.5)
Dispositions	0.0
Ending balance	2.1	2.1
Telecom
Goodwill [Roll Forward]
Beginning balance	3.4	3.4
Acquisitions	1.0	0.0
Impairments		0.0
Measurement period adjustment	0.0	0.0
Dispositions	0.0
Ending balance	4.4	3.4
Insurance
Goodwill [Roll Forward]
Beginning balance	47.3	47.3
Acquisitions	0.0	0.0
Impairments		0.0
Measurement period adjustment	0.0	0.0
Dispositions	0.0
Ending balance	47.3	47.3
Life Sciences
Goodwill [Roll Forward]
Beginning balance	3.6	3.6
Acquisitions	0.0	0.0
Impairments		0.0
Measurement period adjustment	0.0	0.0
Dispositions	(3.6)
Ending balance	0.0	3.6
Broadcasting
Goodwill [Roll Forward]
Beginning balance	20.6	0.0
Acquisitions	0.0	20.6
Impairments		0.0
Measurement period adjustment	0.8	0.0
Dispositions	0.0
Ending balance	21.4	20.6
Other
Goodwill [Roll Forward]
Beginning balance	1.8	2.4
Acquisitions	0.0	0.0
Impairments		(0.6)
Measurement period adjustment	0.0	0.0
Dispositions	(1.8)
Ending balance	$ 0.0	$ 1.8

Goodwill and Intangibles, net - Narrative (Details) - USD ($)	3 Months Ended			12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Fair value goodwill				$ 171,700,000	$ 131,700,000	$ 98,100,000
Impairment charge					600,000
Dispositions				(5,400,000)
Written off related to sale of business				6,400,000
Indefinite-lived intangible assets				123,100,000	85,300,000
Amortization expense				4,900,000	5,400,000	3,800,000
Negative amortization				15,300,000	13,100,000
Other
Finite-Lived Intangible Assets [Line Items]
Fair value goodwill				0	1,800,000	2,400,000
Impairment charge					600,000
Dispositions				(1,800,000)
Life Sciences
Finite-Lived Intangible Assets [Line Items]
Fair value goodwill				0	3,600,000	3,600,000
Impairment charge					0
Dispositions				(3,600,000)
NerVve \| Other
Finite-Lived Intangible Assets [Line Items]
Fair value goodwill			$ 0
Impairment charge			$ 600,000
Negative VOBA
Finite-Lived Intangible Assets [Line Items]
Negative amortization				12,800,000	4,600,000	$ 3,900,000
Developed technology
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets				0	6,400,000
FCC licenses
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, period increase				44,200,000
Intangible assets acquired				45,000,000
Measurement period adjustments				600,000
Impairment of indefinite-lived assets				200,000
Indefinite-lived intangible assets				$ 120,600,000	$ 76,400,000
BeneVir Biopharm, Inc.
Finite-Lived Intangible Assets [Line Items]
Dispositions		$ (3,600,000)
704Games
Finite-Lived Intangible Assets [Line Items]
Dispositions	$ (1,800,000)

Goodwill and Intangibles, net - Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 123.1	$ 85.3
FCC licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	120.6	76.4
State licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	2.5	2.5
Developed technology
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 0.0	$ 6.4

Goodwill and Intangibles, net - Definite Lived Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 111.4	$ 44.9
Accumulated Amortization	(15.3)	(13.1)
Total	$ 96.1	31.8
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	13 years
Gross Carrying Amount	$ 25.9	14.0
Accumulated Amortization	(5.9)	(4.5)
Total	$ 20.0	9.5
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	10 years
Gross Carrying Amount	$ 53.6	21.7
Accumulated Amortization	(7.2)	(4.7)
Total	$ 46.4	17.0
Channel sharing arrangement
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	40 years
Gross Carrying Amount	$ 25.2	0.0
Accumulated Amortization	0.0	0.0
Total	$ 25.2	0.0
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	5 years
Gross Carrying Amount	$ 1.2	3.8
Accumulated Amortization	(1.2)	(3.6)
Total	$ 0.0	0.2
Other
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	4 years
Gross Carrying Amount	$ 5.5	5.4
Accumulated Amortization	(1.0)	(0.3)
Total	$ 4.5	$ 5.1

Goodwill and Intangibles, net - Estimated Amortization Expense (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
2019	$ 11.8
2020	8.1
2021	7.9
2022	7.8
2023	6.9
Thereafter	53.6
Total	96.1	$ 31.8
Negative VOBA
Business Acquisition [Line Items]
2019	22.2
2020	20.9
2021	19.7
2022	18.5
2023	17.2
Thereafter	146.1
Total	$ 244.6

Life, Accident and Health Reserves - By Product Line (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Liability for Claims and Claims Adjustment Expense [Line Items]
Total life, accident and health reserves	$ 4,562.1	$ 1,694.0
Long-term care insurance reserves
Liability for Claims and Claims Adjustment Expense [Line Items]
Total life, accident and health reserves	4,142.5	1,453.4
Other accident and health insurance reserves
Liability for Claims and Claims Adjustment Expense [Line Items]
Total life, accident and health reserves	222.8	140.6
Traditional life insurance reserves
Liability for Claims and Claims Adjustment Expense [Line Items]
Total life, accident and health reserves	$ 196.8	$ 100.0

Life, Accident and Health Reserves - Liability for Claims of Long-Term Care Insurance Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	$ 1,694.0
Paid related to insured events of:
Ending balance	4,562.1	$ 1,694.0
Other Long Duration Insurance Product Line
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	243.5	227.0
Less: recoverable from reinsurers	(100.6)	(97.9)
Beginning balance, net	142.9	129.1
Incurred related to insured events of:
Current year	216.6	55.4
Prior years	81.6	(1.3)
Total incurred	298.2	54.1
Paid related to insured events of:
Current year	(15.0)	(6.7)
Prior years	(72.1)	(38.5)
Total paid	(87.1)	(45.2)
Interest on liability for policy and contract claims	8.8	4.9
Ending balance, net	602.3	142.9
Add: recoverable from reinsurers	136.4	100.6
Ending balance	738.7	243.5
Other Acquisitions \| Other Long Duration Insurance Product Line
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	295.4	0.0
Less: recoverable from reinsurers	(55.9)	0.0
Beginning balance, net	$ 239.5	0.0
Paid related to insured events of:
Ending balance, net		239.5
Add: recoverable from reinsurers		55.9
Ending balance		$ 295.4

Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Accounts payable	$ 104.7	$ 119.2
Accrued interconnection costs	103.0	73.4
Accrued expenses and other current liabilities	83.4	99.5
Accrued payroll and employee benefits	44.2	44.4
Accrued interest	8.8	4.6
Accrued income taxes	0.8	6.4
Total accounts payable and other current liabilities	$ 344.9	$ 347.5

Debt Obligations - Schedule of Debt (Details) - USD ($)	12 Months Ended
Debt Obligations - Schedule of Debt (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Jan. 22, 2019
Debt Instrument [Line Items]
Total	$ 781,000,000	$ 601,100,000
Issuance discount, net and deferred financing costs	(37,100,000)	(7,900,000)
Debt obligations	743,900,000	593,200,000
HC2 Broadcasting Holdings, Inc \| Senior Notes
Debt Instrument [Line Items]
Line of credit, maximum amount	$ 15,000,000.0
Construction \| LIBOR \| LIBOR plus 5.85% Note, due in 2023 \| Real Estate Term Advance
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	58.50%
Outstanding debt	$ 80,000,000	0
Construction \| LIBOR \| LIBOR plus 1.50%, due in 2023 \| Real Estate Term Advance
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Outstanding debt	$ 34,000,000	$ 19,700,000
Construction \| LIBOR \| LIBOR plus 2.5%, due in 2019 \| Real Estate Term Advance
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.50%
Outstanding debt	0	$ 6,700,000
Marine Services
Debt Instrument [Line Items]
Obligations under capital leases	$ 40,400,000	48,500,000
Marine Services \| 7.49% Note, due in 2019
Debt Instrument [Line Items]
Interest rate (as a percent)	7.49%
Outstanding debt	$ 14,000,000	$ 0
Marine Services \| 10% Notes, due 2018
Debt Instrument [Line Items]
Interest rate (as a percent)		10.00%
Outstanding debt	0	$ 7,500,000
Marine Services \| Notes payable, various maturity dates
Debt Instrument [Line Items]
Obligations under capital leases	12,900,000	16,200,000
Energy
Debt Instrument [Line Items]
Other, various maturity dates	$ 3,200,000	4,300,000
Energy \| 5.0% Term Loan due in 2022
Debt Instrument [Line Items]
Interest rate (as a percent)	5.00%
Outstanding debt	$ 12,400,000	13,700,000
Energy \| 4.5% Note due in 2022
Debt Instrument [Line Items]
Interest rate (as a percent)	4.50%
Outstanding debt	$ 11,300,000	12,500,000
Life Sciences Segment \| Notes due in 2019
Debt Instrument [Line Items]
Outstanding debt	1,700,000	1,800,000
Broadcasting \| Notes payable, various maturity dates
Debt Instrument [Line Items]
Outstanding debt	$ 11,100,000	10,100,000
Broadcasting \| Notes due in 2019
Debt Instrument [Line Items]
Interest rate (as a percent)	8.50%
Outstanding debt	$ 35,000,000	0
Broadcasting \| LIBOR plus applicable margin Bridge Note, due in 2018
Debt Instrument [Line Items]
Outstanding debt	0	60,000,000
Other \| Notes payable, various maturity dates
Debt Instrument [Line Items]
Outstanding debt	$ 0	100,000
Non-operating Corporate \| 11.5% Senior Secured Notes, due in 2021
Debt Instrument [Line Items]
Interest rate (as a percent)	11.50%
Outstanding debt	$ 470,000,000	0
Non-operating Corporate \| 7.5% Convertible Senior Notes, due in 2022
Debt Instrument [Line Items]
Interest rate (as a percent)	7.50%
Outstanding debt	$ 55,000,000	$ 0
Non-operating Corporate \| 11.0% Senior Secured Notes, due in 2019
Debt Instrument [Line Items]
Interest rate (as a percent)		11.00%
Outstanding debt	$ 0	$ 400,000,000
Subsequent Event \| HC2 Broadcasting Holdings, Inc \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)			8.50%
Additional borrowing capacity			$ 7,500,000
Line of credit, maximum amount			$ 50,000,000.0

Debt Obligations - Schedule of Aggregate Debt Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Capital Leases
2019	$ 10.5
2020	10.2
2021	10.0
2022	9.8
2023	4.3
Thereafter	3.6
Total minimum principal & interest payments	48.4
Less: Amount representing interest	(7.0)
Capital Leases	41.4
Debt
2019	159.0
2020	81.1
2021	543.0
2022	75.2
2023	81.1
Thereafter	12.5
Total minimum principal & interest payments	951.9
Less: Amount representing interest	(212.3)
Debt	739.6
Total
2019	169.5
2020	91.3
2021	553.0
2022	85.0
2023	85.4
Thereafter	16.1
Total minimum principal & interest payments	1,000.3
Less: Amount representing interest	(219.3)
Total	$ 781.0	$ 601.1

Debt Obligations - Narrative (Details)							1 Months Ended		3 Months Ended	12 Months Ended
Debt Obligations - Narrative (Details)	Nov. 30, 2018 USD ($)	Nov. 20, 2018 USD ($) $ / shares	Aug. 07, 2018 USD ($)	Jul. 24, 2018 USD ($)	May 07, 2018 USD ($)	Apr. 05, 2018 USD ($)	Aug. 31, 2018 USD ($)	Jan. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 21, 2018 USD ($)	Sep. 21, 2018 GBP (£)	Jul. 31, 2018 USD ($)	Apr. 04, 2018 USD ($)	Apr. 04, 2018 GBP (£)	Feb. 06, 2018 USD ($)	Feb. 04, 2018 USD ($)	Jan. 11, 2018	Dec. 15, 2017 USD ($)	Nov. 30, 2017 USD ($)	Nov. 09, 2017 USD ($)	Jun. 30, 2017 USD ($)	May 31, 2017 USD ($)	Jan. 01, 2017 USD ($)
Debt Instrument [Line Items]
Loss on early extinguishment of debt										$ 5,100,000	$ 0	$ 0
Other financing activities										(1,500,000)	(300,000)	1,300,000
Less: Preferred stock and deemed dividends										6,400,000	2,800,000	10,900,000
Interest cost relating to amortization of discount										$ 6,200,000	$ 8,000,000	11,400,000
Minimum
Debt Instrument [Line Items]
Capital leases rate (as a percent)										10.67%
Maximum
Debt Instrument [Line Items]
Capital leases rate (as a percent)										12.45%
DBM Global Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum amount	$ 80,000,000.0									$ 50,000,000.0
Long-term line of credit										18,700,000
Increase to current borrowing capacity				$ 10,000,000.0
DBM Global Credit Facilities \| Letter of Credit
Debt Instrument [Line Items]
Line of credit, maximum amount	$ 8,400,000.0									$ 14,500,000.0
Marine Services \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum amount																$ 9,400,000.0	£ 7,200,000.0
Interest rate (as a percent)																7.49%	7.49%
LIBOR \| DBM Global Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				2.50%						2.00%
Term Loan \| DBM Global Credit Facilities
Debt Instrument [Line Items]
Long-term line of credit										$ 15,400,000
Debt instrument, term	60 days
Interest rate (as a percent)	5.85%
TCW Loan \| DBM Global Credit Facilities
Debt Instrument [Line Items]
Face amount	$ 80,000,000.0
Notes due in 2019 \| Marine Services \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum amount													$ 14,400,000.0	£ 11,000,000.0
Term Loan Due 2022 \| ANG
Debt Instrument [Line Items]
Interest rate (as a percent)									4.85%																5.00%
Face amount																									$ 12,000,000.0
Increase in face amount									$ 2,500,000.0
Notes Due 2022 \| ANG \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding debt								$ 1,000,000
Surplus Note
Debt Instrument [Line Items]
Outstanding debt															$ 32,000,000
R2 Convertible Notes Maturing December 2018
Debt Instrument [Line Items]
Interest rate (as a percent)											11.00%
Face amount											$ 1,250,000.00
Face amount increase										500,000.0
R2 Convertible Notes
Debt Instrument [Line Items]
Face amount											500,000.0
Repayments of lines of credit							$ 500,000
Secured Indenture
Debt Instrument [Line Items]
Interest rate (as a percent)		98.75%
Debt discount		$ 5,900,000
Line of Credit \| Line Of Credit Collateralized By Assets \| ANG
Debt Instrument [Line Items]
Face amount									$ 1,500,000.0
Outstanding debt										1,100,000
Line of Credit \| Line Of Credit Collateralized By Assets \| LIBOR \| ANG
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)								3.00%
Medium-term Notes \| Notes Due 2022, 4.3% \| ANG
Debt Instrument [Line Items]
Outstanding debt										11,300,000
Real Estate Term Advance \| Note Payable Collateralized By Equipment \| DBM Global Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum amount										$ 10,000,000.0
Real Estate Term Advance \| Note Payable Collateralized By Equipment \| LIBOR \| DBM Global Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)										2.50%
Real Estate Term Advance \| Note Payable Collateralized By Real Estate \| DBM Global Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from notes payable										$ 15,000,000
Real Estate Term Advance \| Senior Notes Due 2025 \| DBM Global Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum amount						$ 70,000,000.0
Long-term line of credit						$ 17,000,000
Real Estate Term Advance \| Senior Notes Due 2023 \| LIBOR \| DBM Global Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)						1.50%
Real Estate Term Advance \| Senior Notes Due 2024 \| LIBOR \| DBM Global Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)						2.25%
Term Loan \| Notes Due 2022 \| ANG
Debt Instrument [Line Items]
Interest rate (as a percent)								4.50%
Secured Debt \| HC2 Station And HC2LPTV
Debt Instrument [Line Items]
Debt instrument, term			364 days
Interest rate (as a percent)			8.50%
Face amount			$ 35,000,000.0
Convertible Debt [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)		100.00%
Debt discount										12,200,000
Conversion price (in dollars per share) \| $ / shares		$ 4.38
Embedded conversion feature, fair value		$ 12,500,000								8,400,000
Less: Preferred stock and deemed dividends		$ 3,800,000
Long-term debt, gross										$ 40,900,000
Share price (in dollars per share) \| $ / shares										$ 2.64
Interest cost relating to contractual interest coupon										$ 500,000
Interest cost relating to amortization of discount										$ 300,000
Convertible notes, conversion ratio										0.2283105
Subsidiary Of Fugro N.V. (AMS:FUR) \| Marine Services
Debt Instrument [Line Items]
Debt instrument, term										363 days
Short-term loan																						$ 7,500,000
Interest rate (as a percent)										10.00%										4.00%
HC2 Broadcasting Holdings, Inc
Debt Instrument [Line Items]
Interest rate (as a percent)		11.00%			11.00%																			11.00%
Face amount					$ 110,000,000.0																			$ 38,000,000.0
Redemption price, percentage					102.00%
Redemption premium					$ 2,200,000
HC2 Broadcasting Holdings, Inc \| Senior Notes Due 2021
Debt Instrument [Line Items]
Interest rate (as a percent)		11.50%
Face amount		$ 470,000,000
HC2 Broadcasting Holdings, Inc \| Senior Notes Due 2022
Debt Instrument [Line Items]
Interest rate (as a percent)		7.50%
Face amount		$ 55,000,000
Interest rate, effective percentage		17.54%
Debt discount		$ 12,500,000
Debt issuance costs		$ 1,900,000
HC2 Broadcasting Holdings, Inc \| Bridge Loan \| The Bridge Loan
Debt Instrument [Line Items]
Interest rate (as a percent)																							11.00%			11.00%
Face amount					102,000,000.0																		$ 75,000,000.0			$ 55,000,000.0
Outstanding debt																		$ 42,000,000
Face amount increase																			$ 27,000,000.0				$ 45,000,000.0
Repayments of lines of credit								$ 35,000,000
Additional borrowing capacity																					$ 15,000,000
Loss on early extinguishment of debt					$ 2,500,000					$ 2,600,000	0	$ 0
Broadcasting
Debt Instrument [Line Items]
Other financing activities			$ 38,100,000
Broadcasting \| Notes due in 2019
Debt Instrument [Line Items]
Interest rate (as a percent)										8.50%
Outstanding debt										$ 35,000,000	$ 0

Income Taxes - Provisions (Benefits) for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Current: Federal	$ 0.5	$ 17.4	$ 20.9
State	3.6	3.2	2.1
Foreign	1.0	0.6	1.5
Subtotal Current	5.1	21.2	24.5
Deferred: Federal	(1.4)	(9.5)	26.7
State	(0.2)	0.2	0.4
Foreign	(1.1)	(1.2)	0.0
Subtotal Deferred	(2.7)	(10.5)	27.1
Income tax (benefit) expense	$ 2.4	$ 10.7	$ 51.6

Income Taxes - Components of Income from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
US	$ 179.6	$ (56.3)	$ (71.6)
Foreign	2.7	16.5	25.8
Income (loss) from continuing operations before income taxes	$ 182.3	$ (39.8)	$ (45.8)

Income Taxes - Federal Statutory Income Tax Rate to Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Tax provision (benefit) at federal statutory rate	$ 38.3	$ (13.9)	$ (16.0)
Permanent differences	1.5	0.5	1.6
State tax (net of federal benefit)	6.2	2.4	1.8
Foreign rate differential	(0.9)	(1.5)	1.5
Minority interest	(4.6)	0.0	0.0
Executive and stock compensation	3.5	0.6	1.4
Adjustment to net operating losses	15.6	(7.6)	0.0
Increase (decrease) in valuation allowance	(43.8)	6.3	57.8
Transaction costs	1.5	2.3	1.2
Tax credits generated/utilized	0.0	(0.2)	(0.4)
Outside basis difference	0.0	1.1	2.7
Gain/Loss on Sale or Deconsolidation of a Subsidiary	5.7	0.0	0.0
Bargain Purchase Gain	(24.2)	0.0	0.0
Other	3.6	(0.4)	0.0
Transition to the U.S. Tax Cuts and Jobs Act	0.0	21.1	0.0
Income tax (benefit) expense	$ 2.4	$ 10.7	$ 51.6

Income Taxes - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Nov. 04, 2015	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Bargain purchase gain		$ 115.4	$ 0.0	$ 0.0
Gain on recapture of insurance treaties		47.0
Release of valuation allowances		43.8	(6.3)	$ (57.8)
Insurance company investments		264.2	59.3
Foreign operating loss carryforward		37.8	$ 49.7
Operating loss carryforwards					$ 46.1
Operating loss carryforward limitation					2.3
Amount subject to annual limitation		87.9
Net operating losses subject to expiration					$ 146.2
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Foreign operating loss carryforward		223.7
United Kingdom
Operating Loss Carryforwards [Line Items]
Foreign operating loss carryforward		209.9
Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 116.3
Common Equity
Operating Loss Carryforwards [Line Items]
Issuance and sale of common stock (in shares)	8,452,500	700,000	500,000	300,000
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 277.3
Amount subject to annual limitation		11.4
KIC
Operating Loss Carryforwards [Line Items]
Bargain purchase gain		115.4
GrayWolf Industrial \| Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforward limitation		35.4
Tax Year 2019 \| GrayWolf Industrial \| Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforward limitation		2.9
Tax Year 2036 \| GrayWolf Industrial \| Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforward limitation		1.1
Insurance \| Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 214.6

Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 407.2	$ 210.3
Valuation allowance	(126.7)	(133.5)
Deferred tax liabilities	(308.7)	(85.8)
Net deferred taxes	$ (28.2)	$ (9.0)

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Allowance for bad debt	$ 0.0	$ 0.2
Basis difference in intangibles	(21.0)	(11.6)
Equity investments	0.0	5.7
Net operating loss carryforwards	97.0	49.0
Basis difference in fixed assets	(14.7)	(2.9)
Deferred compensation	11.7	14.0
Foreign tax credit	0.0	1.2
Capital loss carryforwards	0.0	2.2
Insurance company investments	(264.2)	(59.3)
UK trading loss carryforward	37.8	49.7
Unrealized gain/loss in OCI	0.0	0.1
Sec. 163(j) carryforward	15.9	0.0
Insurance claims and reserves	163.6	57.0
Value of insurance business acquired (VOBA)	53.8	9.1
Start-up cost	0.0	1.2
Deferred acquisition costs	13.4	5.7
Other	5.2	3.2
Valuation allowance	(126.7)	(133.5)
Net deferred taxes	$ (28.2)	$ (9.0)

Commitments and Contingencies - Purchase Obligations and Non-Cancellable Operating Leases (Details) $ in Millions	Dec. 31, 2018 USD ($)
Purchase Obligations
2019	$ 111.6
2020	4.3
2021	0.0
2022	0.0
2022	0.0
Thereafter	0.0
Total obligations	115.9
Operating Leases
2019	22.0
2020	18.7
2021	16.4
2022	8.8
2023	6.8
Thereafter	20.3
Total obligations	$ 93.0

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands		2 Months Ended	12 Months Ended
	Feb. 04, 2019	Oct. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Nov. 06, 2014
Loss Contingencies [Line Items]
Rent expense			$ 19,100	$ 11,600	$ 5,300
Common stock, shares issued (in shares)			45,391,397	44,570,004
Global Marine Dispute
Loss Contingencies [Line Items]
Invoices raised and issued			$ 17,000
Amounts settled			8,100
Remaining risk			$ 8,900
Global Marine Dispute \| Mistaken Payment
Loss Contingencies [Line Items]
Damages sought		$ 38,200
Global Marine Dispute \| Liquidated Damages
Loss Contingencies [Line Items]
Damages sought		$ 1,200
DBMG
Loss Contingencies [Line Items]
Common stock, shares issued (in shares)						721,000
Subsequent Event
Loss Contingencies [Line Items]
Damages sought	$ 1,250

Employee Retirement Plans - Narrative (Details)		3 Months Ended	12 Months Ended
Employee Retirement Plans - Narrative (Details)	Mar. 20, 2018 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) installment	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined contribution section employees contribution (as a percent)							50.00%
Defined benefit, maximum employees contributions percentage							6.00%
Employee annual salary contributions capped							$ 6,000
Defined benefit, matching contribution amount							400,000	$ 100,000	$ 100,000
Defined benefit pension plan contribution made by employer							0	0
Market value of defined benefit plan assets							162,800,000	190,200,000	$ 170,800,000
Percentage of funding ratio									80.00%
Contributions due to payable to plans							6,600,000
Net pension cost							4,600,000	(2,100,000)	$ 2,200,000
Net recognized benefit cost and other comprehensive income							2,100,000	2,100,000
Gain included in other comprehensive income							$ (6,700,000)	100,000
Benefits increasing with RPI limited, percentage							5.00%
Estimated aggregate net actuarial loss and prior service cost to be amortized next year							$ 0
Aggregate expected contributions towards benefit plans							$ 6,600,000
Global Marine Systems Pension Plan—Defined Benefit Section
Defined Benefit Plan Disclosure [Line Items]
Defined benefit, maximum employees contributions percentage							5.00%
Defined benefit, minimum employees contributions percentage							8.00%
Percentage of pensionable salaries							9.20%
Defined benefit, employer deficit contributions per year							$ 1,400,000
Market value of defined benefit plan assets		$ 2,800,000
Percentage of market value of defined benefit plan assets		0.08%
Deficit contributions receivable amount		$ 394,000,000
Percentage of accrued service and projected salaries		99.70%
Percentage of pensionable salaries		20.00%
Merchant Navy Officers Pension Fund
Defined Benefit Plan Disclosure [Line Items]
Actuarial valuation assumption used, retail price Inflation rate per year (as a percent)							3.10%
Actuarial valuation assumption used, consumer price Inflation rate per year (as a percent)							2.10%
Actuarial valuation assumption used, pre-retirement return on investment per year (as a percent)							4.75%
Actuarial valuation assumption used, post-retirement return on investment per year (as a percent)							2.60%
Market value of defined benefit plan assets		$ 3,600,000,000
Expected rate of pensions increase per year (as a percent)							2.90%
Global Marine Systems (Guernsey) Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Actuarial valuation assumption used, pre-retirement return on investment per year (as a percent)									3.50%
Actuarial valuation assumption used, post-retirement return on investment per year (as a percent)									2.60%
Market value of defined benefit plan assets									$ 2,600,000
Expected rate of pensions increase per year (as a percent)									3.40%
Inflation rate percentage									3.70%
Amount of past service shortfall									$ 1,000,000
Percentage of funding ratio									73.00%
Number of annual contributions \| installment							6
Amount of annual contributions, through 2024							$ 153,000.000
Final contribution to plans, expected April 2025							$ 100,000
Global Marine Systems (Guernsey) Pension Plan \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution section employees contribution (as a percent)							2.00%
Defined benefit, minimum employees contributions percentage							5.00%
Global Marine Systems (Guernsey) Pension Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution section employees contribution (as a percent)							7.50%
Defined benefit, minimum employees contributions percentage							8.00%
Schuff
Defined Benefit Plan Disclosure [Line Items]
Defined benefit, matching contribution amount							$ 1,200,000	1,400,000
Marine Services
Defined Benefit Plan Disclosure [Line Items]
Deferred contributions	$ 12,700,000
Profit percent	10.00%
Payment period	2 years
Dividend percent	50.00%
Domestic Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit, matching contribution amount							3,800,000
Domestic Plan \| Profit-Related Contributions
Defined Benefit Plan Disclosure [Line Items]
Defined benefit, matching contribution amount							1,100,000
Domestic Plan \| Schuff
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plan contribution made by employer							$ 12,200,000	7,000,000
Domestic Plan \| Schuff \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Percentage of employees covered under plan							5.00%
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Market value of defined benefit plan assets							$ 160,000,000	186,800,000
Foreign Plan \| Global Marine Personal Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit, maximum employees contributions percentage							7.50%
Defined benefit, matching contribution amount								3,000,000
Defined benefit, minimum employees contributions percentage							2.00%
Defined benefit, employer matching rate plus an additional fixed contributions percentage (as a percent)							5.00%
Foreign Plan \| Fixed Contributions
Defined Benefit Plan Disclosure [Line Items]
Defined benefit, matching contribution amount							$ 2,600,000
Foreign Plan \| Marine Services
Defined Benefit Plan Disclosure [Line Items]
Market value of defined benefit plan assets							$ 160,000,000	$ 186,800,000
Foreign Plan \| Ex Care \| Global Marine Personal Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit, maximum employees contributions percentage							7.50%
Defined benefit, minimum employees contributions percentage							2.50%
Defined Contribution Plan, Employer Matching Contribution, Tranche One \| Schuff
Defined Benefit Plan Disclosure [Line Items]
Defined contribution section employees contribution (as a percent)							100.00%
Defined benefit, maximum employees contributions percentage							1.00%
Defined Contribution Plan, Employer Matching Contribution, Tranche Two \| Schuff
Defined Benefit Plan Disclosure [Line Items]
Defined contribution section employees contribution (as a percent)							50.00%
Defined benefit, maximum employees contributions percentage							5.00%
Scenario, Forecast \| Marine Services
Defined Benefit Plan Disclosure [Line Items]
Defined benefit, matching contribution amount			$ 3,000,000	$ 7,000,000	$ 6,800,000	$ 6,600,000

Employee Retirement Plans - Weighted Average Rate of Assumptions for Asset Allocation Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Retirement Benefits [Abstract]
Consumer price inflation			1.10%
Rate of return on investments (post-retirement)			0.70%
At the actuarial valuation date the market value of the defined benefit section’s assets			$ 173.3
On a statutory funding objective basis the value of these assets covered the value of technical provisions by			80.00%
Discount rate	2.60%	2.60%	2.85%
Rate of future RPI inflation	3.15%	3.15%	3.20%
Rate of future CPI inflation	2.05%	2.05%	2.10%
Pension increases in payment	3.00%	3.00%	3.05%
Long-term rate of return on assets	3.99%	4.01%	3.17%

Employee Retirement Plans - Schedule of Change in Projected Benefit Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation, beginning balance	$ 208.7	$ 192.6
Service cost - benefits earning during the period	0.0	0.0	$ 0.0
Interest cost on projected benefit obligation	5.3	5.7	6.7
Contributions	0.0	0.0
Actuarial loss	(11.6)	2.7
Benefits paid	(10.0)	(9.9)
Foreign currency gain	(11.1)	17.6
Projected benefit obligation, ending balance	$ 181.3	$ 208.7	$ 192.6

Employee Retirement Plans - Schedule of Change in Value of Assets of Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance	$ 190.2	$ 170.8
Actual return on plan assets	(11.7)	10.4
Benefits paid	(10.0)	(9.9)
Contributions	3.8	3.1
Foreign currency gain	(9.5)	15.8
Ending balance	162.8	$ 190.2
Unfunded status at end of year	$ 18.6

Employee Retirement Plans - Schedule of Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Pension Asset	$ 0.0	$ 0.0
Pension Liability	18.6	18.6
Net amount recognized	$ 18.6	$ 18.6

Employee Retirement Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Retirement Benefits [Abstract]
Service cost - benefits earning during the period	$ 0.0	$ 0.0	$ 0.0
Interest cost on projected benefit obligation	5.3	5.7	6.7
Expected return on assets	(7.5)	(7.8)	(7.1)
Actuarial loss	6.7	0.1	2.8
Foreign currency gain (loss)	0.1	(0.1)	(0.2)
Net pension (benefit) cost	$ 4.6	$ (2.1)	$ 2.2

Employee Retirement Plans - Net Actuarial Loss (Gain) and Prior Service Cost Included in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Retirement Benefits [Abstract]
Net loss (gain)	$ 4.9	$ 2.3	$ 2.2
Total recognized in net periodic benefit cost and other comprehensive income (loss)	4.9	2.3	$ 2.2
Actuarial (gain) loss	6.7	0.1
Total recognized in other comprehensive (income) loss	$ 6.7	$ 0.1

Employee Retirement Plans - Schedule of Expected Benefit Payments under Pension and Postretirement Plans (Details) $ in Millions	Dec. 31, 2018 USD ($)
Retirement Benefits [Abstract]
2019	$ 9.7
2020	10.0
2021	10.3
2022	10.6
2023	10.9
Thereafter	59.1
Total	$ 110.6

Employee Retirement Plans - Summary of Plans' Weighted-Average Asset Targets and Actual Allocations as Percentage of Plan Assets (Details)	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Target Allocations (as a percent)	100.00%
Actual Allocations (as a percent)	100.00%
Liability hedging
Defined Benefit Plan Disclosure [Line Items]
Target Allocations (as a percent)	33.20%
Actual Allocations (as a percent)	45.50%
Equities
Defined Benefit Plan Disclosure [Line Items]
Target Allocations (as a percent)	18.30%
Actual Allocations (as a percent)	13.80%
Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Target Allocations (as a percent)	26.50%
Actual Allocations (as a percent)	28.90%
Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Target Allocations (as a percent)	16.10%
Actual Allocations (as a percent)	10.60%
Property
Defined Benefit Plan Disclosure [Line Items]
Target Allocations (as a percent)	5.40%
Actual Allocations (as a percent)	1.20%
Other
Defined Benefit Plan Disclosure [Line Items]
Target Allocations (as a percent)	0.50%

Employee Retirement Plans - Summary of GMSL's Investments Plan (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	$ 162.8	$ 190.2	$ 170.8
Present value of liabilities	(181.3)	(208.7)	$ (192.6)
Net pension liability	(18.6)
Merchant Navy Officers Pension Fund
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	2.8	3.3
Merchant Navy Officers Pension Fund \| Equities
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	0.3	0.3
Merchant Navy Officers Pension Fund \| Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	1.6	1.9
Merchant Navy Officers Pension Fund \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	0.4	0.5
Merchant Navy Officers Pension Fund \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	0.4	0.5
Merchant Navy Officers Pension Fund \| Property
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	0.1	0.1
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	160.0	186.8
Foreign Plan \| Equities
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	29.6	38.6
Foreign Plan \| Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	52.5	66.7
Foreign Plan \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	42.8	46.4
Foreign Plan \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	25.8	25.7
Foreign Plan \| Property
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	8.6	8.8
Foreign Plan \| Other
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	0.7	0.6
Marine Services \| Merchant Navy Officers Pension Fund
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	2.8	3.3
Present value of liabilities	(2.8)	(3.3)
Net pension liability	0.0	0.0
Marine Services \| Merchant Navy Officers Pension Fund \| Equities
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	0.3	0.3
Marine Services \| Merchant Navy Officers Pension Fund \| Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	1.6	1.9
Marine Services \| Merchant Navy Officers Pension Fund \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	0.4	0.5
Marine Services \| Merchant Navy Officers Pension Fund \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	0.4	0.5
Marine Services \| Merchant Navy Officers Pension Fund \| Property
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	0.1	0.1
Marine Services \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	160.0	186.8
Present value of liabilities	(178.6)	(205.4)
Net pension liability	(18.6)	(18.6)
Marine Services \| Foreign Plan \| Equities
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	29.6	38.6
Marine Services \| Foreign Plan \| Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	52.5	66.7
Marine Services \| Foreign Plan \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	42.8	46.4
Marine Services \| Foreign Plan \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	25.8	25.7
Marine Services \| Foreign Plan \| Property
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	8.6	8.8
Marine Services \| Foreign Plan \| Other
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	$ 0.7	$ 0.6

Employee Retirement Plans - Summary of Fair Value of Pension Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	$ 162.8	$ 190.2	$ 170.8
Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	2.7	3.2	$ 3.2
Merchant Navy Officers Pension Fund
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	2.8	3.3
Merchant Navy Officers Pension Fund \| Equities
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.3	0.3
Merchant Navy Officers Pension Fund \| Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	1.6	1.9
Merchant Navy Officers Pension Fund \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.4	0.5
Merchant Navy Officers Pension Fund \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.4	0.5
Merchant Navy Officers Pension Fund \| Property
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.1	0.1
Merchant Navy Officers Pension Fund \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	2.8	3.3
Merchant Navy Officers Pension Fund \| Level 3 \| Equities
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.3	0.3
Merchant Navy Officers Pension Fund \| Level 3 \| Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	1.6	1.9
Merchant Navy Officers Pension Fund \| Level 3 \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.4	0.5
Merchant Navy Officers Pension Fund \| Level 3 \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.4	0.5
Merchant Navy Officers Pension Fund \| Level 3 \| Property
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.1	0.1
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	160.0	186.8
Foreign Plan \| Equities
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	29.6	38.6
Foreign Plan \| Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	52.5	66.7
Foreign Plan \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	42.8	46.4
Foreign Plan \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	25.8	25.7
Foreign Plan \| Property
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	8.6	8.8
Foreign Plan \| Other
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.7	0.6
Foreign Plan \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.4	0.2
Foreign Plan \| Level 1 \| Equities
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.0	0.0
Foreign Plan \| Level 1 \| Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.0	0.0
Foreign Plan \| Level 1 \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.0	0.0
Foreign Plan \| Level 1 \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.0	0.0
Foreign Plan \| Level 1 \| Property
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.0	0.0
Foreign Plan \| Level 1 \| Other
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0.4	0.2
Foreign Plan \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	159.6	186.6
Foreign Plan \| Level 2 \| Equities
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	29.6	38.6
Foreign Plan \| Level 2 \| Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	52.5	66.7
Foreign Plan \| Level 2 \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	42.8	46.4
Foreign Plan \| Level 2 \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	25.8	25.7
Foreign Plan \| Level 2 \| Property
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	8.6	8.8
Foreign Plan \| Level 2 \| Other
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	$ 0.3	$ 0.4

Employee Retirement Plans - Summary of Changes in Fair Value of Level 3 Pension Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	$ 190.2	$ 170.8
Actual return on plan assets	(11.7)	10.4
Contributions	0.0	0.0
Benefits paid	(10.0)	(9.9)
Foreign currency gain	(9.5)	15.8
Ending balance	162.8	190.2
Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	3.2	3.2
Actual return on plan assets	(0.1)	(0.1)
Contributions	0.0	0.0
Benefits paid	(0.2)	(0.2)
Foreign currency gain	(0.2)	0.3
Ending balance	$ 2.7	$ 3.2

Share-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	662,769.00	331,616
Weighted average fair value at date of grant for options granted (in usd per share)	$ 2.91	$ 2.72
Share-based compensation expense	$ 9.0	$ 5.2	$ 8.3
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum vesting period	4 years
Weighted average remaining period	1 year 10 months 17 days
Intrinsic value of options outstanding	$ 0.0
Average remaining life of option outstanding	6 years 2 months 5 days
Intrinsic value of exercisable options	$ 0.0
Average remaining life of exercisable options	5 years 10 months 28 days
Compensation expense	$ 1.6
Unvested shares expected to vest (in shares)	1,283,433
Weighted average remaining life	7 years 4 months 28 days
Weighted average exercise price (in usd per share)	$ 7.41
Intrinsic value	$ 0.0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 10.0
Weighted average remaining period	2 years 1 month 2 days
Shares expected to vest (in shares)	3,031,469	1,588,406	115,921
Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares authorized to issue (in shares)	3,500,000

Share-based Compensation - Fair Value of Each Option Grant Estimated (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate minimum	2.24%	1.11%	1.27%
Risk-free interest rate maximum	2.85%	2.22%	1.35%
Expected volatility minimum	47.51%	47.04%	39.58%
Expected volatility maximum	47.89%	48.29%	55.58%
Dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life (in years)	10 months 17 days	4 months 21 days	4 years 8 months 12 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life (in years)	5 years 10 months 2 days	6 years 1 month 6 days	6 years

Share-based Compensation - Summary of Company's Restricted Stock Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Shares
Unvested at beginning of period (in shares)	1,588,406	115,921
Granted (in shares)	2,073,612.00	1,847,473
Vested (in shares)	(467,889)	(374,988)
Forfeited (in shares)	(162,660)
Unvested at end of period (in shares)	3,031,469	1,588,406
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in usd per share)	$ 5.36	$ 5.59
Granted (in usd per share)	6.21	5.41
Vested (in usd per share)	5.33	5.64
Forfeited (in usd per share)	5.70
Unvested at end of period (in usd per share)	$ 5.93	$ 5.36

Share-based Compensation - Summary of Company's Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Shares
Outstanding at beginning of period (in shares)	6,989,856	6,829,097.00
Granted (in shares)	662,769.00	331,616
Exercised (in shares)	(274,037)	(134,539)
Forfeited (in shares)	(60,293)
Expired (in shares)	(157,434)	(36,318)
Outstanding at end of period (in shares)	7,160,861.00	6,989,856
Eligible for exercise (in shares)	5,877,428.00
Weighted Average Exercise Price
Outstanding at beginning of period (in usd per share)	$ 6.57	$ 6.58
Granted (in usd per share)	5.45	5.50
Exercised (in usd per share)	4.37	3.53
Forfeited (in usd per share)	5.50
Expired (in usd per share)	9.00	9.00
Outstanding at end of period (in usd per share)	6.51	$ 6.57
Eligible for exercise (in usd per share)	$ 6.31

Equity - Preferred Stock (Details) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	20,000,000	20,000,000
Series A shares issued and outstanding
Class of Stock [Line Items]
Shares issued (in shares)	6,375	12,500
Shares outstanding (in shares)	6,375	12,500
Series A-2 shares issued and outstanding
Class of Stock [Line Items]
Shares issued (in shares)	14,000	14,000
Shares outstanding (in shares)	14,000	14,000

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions					12 Months Ended
	Dec. 20, 2018	Dec. 18, 2018	May 02, 2017	Aug. 02, 2016	Dec. 31, 2018	Dec. 31, 2017
Class of Warrant or Right [Line Items]
Preferred stock cumulative cash dividend rate					7.50%
Preferred stock dividend rate					4.00%
Accreting dividend threshold rate					7.25%
Volume weighted average price threshold percentage					150.00%
Preferred stock trading days to calculate volume weighted average price (at least)					20 days
Preferred stock force conversion, trading days to calculate volume weighted average price					30 days
Consent rights percentage (at least)					75.00%
Additional share consideration valued at					$ 0.8
Maximum
Class of Warrant or Right [Line Items]
Preferred stock dividend rate					2.00%
Minimum
Class of Warrant or Right [Line Items]
Preferred stock dividend rate					0.00%
Common Stock
Class of Warrant or Right [Line Items]
Common stock (in shares)			17,500
Fair value upon issuance			$ 0.1
Series A- One Preferred Stock
Class of Warrant or Right [Line Items]
Preferred stock conversion price (in usd per share)					$ 4.25
Series A-2 Preferred Stock
Class of Warrant or Right [Line Items]
Preferred stock conversion price (in usd per share)					$ 7.04
Series A shares issued and outstanding
Class of Warrant or Right [Line Items]
Shares issued (in shares)					6,375	12,500
CGI \| Series A shares issued and outstanding
Class of Warrant or Right [Line Items]
Shares issued (in shares)	6,125	6,125
Number of shares of preferred stock converted (in shares)	1,460,764
DG Value Partners, LP and DG Value Partners II Master Funds LP \| Common Stock
Class of Warrant or Right [Line Items]
Number of shares of common stock from conversion (in shares)			803,469
DG Value Partners, LP and DG Value Partners II Master Funds LP \| Series A shares issued and outstanding
Class of Warrant or Right [Line Items]
Number of shares of preferred stock converted (in shares)		1,460,764	2,308
DG Value Partners, LP and DG Value Partners II Master Funds LP \| Series A-1 Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Number of shares of preferred stock converted (in shares)			1,000
Corrib Master Fund, Ltd. \| Series A shares issued and outstanding
Class of Warrant or Right [Line Items]
Number of shares of preferred stock converted (in shares)					13,245
Issuance and sale of common stock (in shares)				1,000
Luxor Capital Partners, LP \| Series A shares issued and outstanding
Class of Warrant or Right [Line Items]
Number of shares of preferred stock converted (in shares)					117,734
Luxor Capital Partners, LP \| Series A-1 shares issued and outstanding
Class of Warrant or Right [Line Items]
Issuance and sale of common stock (in shares)				9,000
Corrib Master Fund, Ltd. and Luxor Capital Partners, LP
Class of Warrant or Right [Line Items]
Percent of accrued value					1.875%
Recurring
Class of Warrant or Right [Line Items]
Additional share consideration valued at					$ 3.5	$ 4.8

Equity - Summary of Cash Dividends (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017
Equity [Abstract]
Total Dividend	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.5	$ 0.6

Related Parties - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Nov. 30, 2017
GMH
Related Party Transaction [Line Items]
Management fees paid		$ 0.6	$ 0.7
Affiliated Entity \| Harbinger Capital Partners
Related Party Transaction [Line Items]
Expenses under service agreement		3.8	3.6
GMH \| Subsidiary Of Fugro N.V. (AMS:FUR)
Related Party Transaction [Line Items]
Transaction expense		9.3
Issuance Of Secured Convertible Notes \| Life Sciences \| Blossom Innovations, LLC \| R2 Dermatology, Inc.
Related Party Transaction [Line Items]
Due from related parties		1.1	$ 1.5
Issuance Of Secured Convertible Notes \| Life Sciences \| Blossom Innovations, LLC and MGH \| R2 Dermatology, Inc.
Related Party Transaction [Line Items]
Milestone achievement amount paid		$ 0.4
Subsidiary Of Fugro N.V. (AMS:FUR) \| GMH
Related Party Transaction [Line Items]
Percentage of ownership interest acquired				23.60%
Letter of Credit \| Affiliated Entity \| Harbinger Capital Partners
Related Party Transaction [Line Items]
Expenses under service agreement	$ 0.8

Related Parties - Summary of Balance Outstanding of Related Parties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Related Party Transactions [Abstract]
Net revenue	$ 21.8	$ 25.2
Operating expenses	4.8	7.4
Interest expense	1.3	1.4
Dividends received	25.8	4.4
Accounts receivable	5.0	8.7
Long-term debt	28.5	35.3
Accounts payable	$ 2.2	$ 1.9

Operating Segment and Related Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2018 segment
Segment Reporting [Abstract]
Number of reportable geographic segments	2
Number of reportable operating segments	8

Operating Segment and Related Information - Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2018
Customer A \| Sales Revenue, Net \| Customer Concentration Risk \| Telecommunications
Segment Reporting Information [Line Items]
Percentage of total	11.00%

Operating Segment and Related Information - Geographic and Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									$ 1,976.7	$ 1,634.1	$ 1,558.1
Income (loss) from operations	$ (12.2)	$ (24.4)	$ (5.5)	$ (13.7)	$ (1.5)	$ 10.6	$ (11.2)	$ 1.0	(55.8)	(1.1)	(1.5)
Interest expense									(75.7)	(55.1)	(43.4)
Gain on sale and deconsolidation of subsidiary									105.1	0.0	0.0
Gain (loss) on contingent consideration									(0.8)	11.4	(8.9)
Income from equity investees									15.4	17.8	10.8
Gain on bargain purchase									115.4	0.0	0.0
Gain in other operating (income) expenses									0.1	0.7	(5.0)
Other income (expenses), net									78.7	(12.8)	(2.8)
Income (loss) from continuing operations before income taxes									182.3	(39.8)	(45.8)
Income tax expense									(2.4)	(10.7)	(51.6)
Net income (loss)									179.9	(50.5)	(97.4)
Less: Net (income) loss attributable to noncontrolling interest and redeemable noncontrolling interests									(17.9)	3.6	2.9
Net income (loss) attributable to HC2 Holdings, Inc.									162.0	(46.9)	(94.5)
Less: Preferred stock and deemed dividends from conversions									6.4	2.8	10.9
Net income (loss) attributable to common stock and participating preferred stockholders	$ (16.1)	$ 152.8	$ 54.7	$ (35.8)	$ (9.2)	$ (6.7)	$ (18.7)	$ (15.1)	155.6	(49.7)	(105.4)
Depreciation and Amortization									31.7	31.3	24.5
Capital Expenditures									39.7	31.9	29.0
Construction
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									716.4
Marine Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									194.3
Energy
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									20.7
Telecommunications
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									793.6
Broadcasting
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									45.4
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									1,757.7	1,447.1	1,115.3
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									192.2	158.3	418.0
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									26.8	28.7	24.8
Operating Segments \| Construction
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									716.4	579.0	502.6
Income (loss) from operations									41.9	37.2	49.6
Depreciation and Amortization									7.4	5.6	1.9
Capital Expenditures									14.9	11.7	8.2
Operating Segments \| Marine Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									194.3	169.5	161.9
Income (loss) from operations									(15.4)	(0.9)	(0.3)
Depreciation and Amortization									27.2	22.9	22.0
Capital Expenditures									21.7	10.5	12.2
Operating Segments \| Energy
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									20.7	16.4	6.4
Income (loss) from operations									(0.5)	(2.8)	(0.3)
Depreciation and Amortization									5.5	5.1	2.2
Capital Expenditures									1.5	8.6	7.2
Operating Segments \| Telecommunications
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									793.6	701.9	735.0
Income (loss) from operations									4.8	6.4	4.2
Depreciation and Amortization									0.3	0.4	0.5
Capital Expenditures									0.1	0.0	0.8
Operating Segments \| Insurance
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									217.1	151.6	142.5
Income (loss) from operations									1.8	25.4	(0.8)
Depreciation and Amortization									(12.4)	(4.4)	(3.8)
Capital Expenditures									0.3	0.6	0.1
Operating Segments \| Broadcasting
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									45.4	4.8	0.0
Income (loss) from operations									(24.0)	(4.0)	0.0
Depreciation and Amortization									3.3	0.3	0.0
Capital Expenditures									1.1	0.0	0.0
Operating Segments \| Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Income (loss) from operations									(13.8)	(17.2)	(10.4)
Depreciation and Amortization									0.2	0.2	0.2
Capital Expenditures									0.0	0.5	0.3
Operating Segments \| Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									3.7	10.9	9.7
Income (loss) from operations									(2.5)	(5.3)	(5.9)
Depreciation and Amortization									0.1	1.1	1.5
Non-operating Corporate
Revenues from External Customers and Long-Lived Assets [Line Items]
Income (loss) from operations									(33.6)	(39.9)	(37.6)
Depreciation and Amortization									0.1	0.1	0.0
Capital Expenditures									0.1	0.0	0.2
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									(14.5)	0.0	0.0
Income (loss) from operations									$ (14.5)	$ 0.0	$ 0.0

Operating Segment and Related Information - Long-term investments, Property and Equipment and Assets (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	$ 3,822.0	$ 1,543.5
Property, Plant, and Equipment, net	376.3	374.7
Total Assets	6,503.8	3,217.7
Operating Segments \| Construction
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	0.9	0.2
Total Assets	537.9	342.8
Operating Segments \| Marine Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	58.3	66.3
Total Assets	368.6	389.5
Operating Segments \| Insurance
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	3,821.4	1,493.6
Total Assets	5,213.1	2,117.0
Operating Segments \| Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	16.3	17.8
Total Assets	35.6	31.5
Operating Segments \| Broadcasting
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	202.8	136.7
Operating Segments \| Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	5.6	1.5
Total Assets	5.6	2.7
Operating Segments \| Energy
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	77.6	83.6
Operating Segments \| Telecommunications
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	139.9	114.4
Non-operating Corporate
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	9.2	35.3
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	(80.5)	(35.9)
Total Assets	(86.5)	(35.8)
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, Plant, and Equipment, net	178.2	162.8
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, Plant, and Equipment, net	192.7	204.9
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, Plant, and Equipment, net	$ 5.4	$ 7.0

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 524.9	$ 501.4	$ 496.8	$ 453.6	$ 458.5	$ 406.5	$ 378.7	$ 390.6	$ 1,774.1	$ 1,482.5	$ 1,415.7
Cost of revenue	406.0	402.9	400.6	375.7	365.3	324.7	308.7	314.4	1,585.2	1,313.1	1,254.0
Other operating expenses	131.1	122.9	101.7	91.6	94.7	71.2	81.2	75.2
Income (loss) from operations	(12.2)	(24.4)	(5.5)	(13.7)	(1.5)	10.6	(11.2)	1.0	(55.8)	(1.1)	(1.5)
Net income (loss) attributable to common stock and participating preferred stockholders	$ (16.1)	$ 152.8	$ 54.7	$ (35.8)	$ (9.2)	$ (6.7)	$ (18.7)	$ (15.1)	$ 155.6	$ (49.7)	$ (105.4)
Weighted average common shares outstanding-basic and diluted (in shares)					43.6	43.0	42.7	41.9
Basic and Diluted income (loss) per common share:
Net income (loss) attributable to HC2 Holdings, Inc. (in usd per share)					$ (0.21)	$ (0.16)	$ (0.44)	$ (0.36)
Weighted average common shares outstanding:
Basic (in shares)	44.5	44.3	44.2	44.3					44.3	42.8	37.3
Diluted (in shares)	44.5	46.2	45.5	44.3					46.8	42.8	37.3
Income (loss) per common share
Basic (in dollars per share)	$ (0.36)	$ 3.09	$ 1.11	$ (0.81)					$ 3.14	$ (1.16)	$ (2.83)
Diluted (in dollars per share)	$ (0.36)	$ 2.97	$ 1.08	$ (0.81)					$ 2.90	$ (1.16)	$ (2.83)

Basic and Diluted Loss Per Common Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common share equivalents (in shares)		0	0
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,168,454
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	353,960
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,919,760

Basic and Diluted Loss Per Common Share - Basic Income (Loss) Per Common Share to Diluted Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Net income (loss) attributable to common stock and participating preferred stockholders	$ (16.1)	$ 152.8	$ 54.7	$ (35.8)	$ (9.2)	$ (6.7)	$ (18.7)	$ (15.1)	$ 155.6	$ (49.7)	$ (105.4)
Participating shares at end of period:
Basic (in shares)	44.5	44.3	44.2	44.3					44.3	42.8	37.3
Unvested restricted stock (in shares)									0.4	0.0	0.0
Preferred stock (as-converted basis) (in shares)									4.9	0.0	0.0
Total (in shares)									49.6	42.8	37.3
Percentage of loss allocated to:
Common Stock									89.30%	100.00%	100.00%
Unvested restricted stock									0.80%	0.00%	0.00%
Preferred Stock									9.90%	0.00%	0.00%
Net Income (loss) attributable to common stock, basic									$ 139.0	$ (49.7)	$ (105.4)
Distributed and Undistributed earnings to Common Stockholders:
Effect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments									(3.3)	0.0	0.0
Income from the dilutive impact of subsidiary securities									0.0	0.0	0.0
Net Income (loss) attributable to common stock, diluted									$ 135.7	$ (49.7)	$ (105.4)
Denominator for basic and dilutive earnings per share
Weighted-average Common stock outstanding (in shares)	44.5	44.3	44.2	44.3					44.3	42.8	37.3
Effect of assumed shares under treasury stock method for stock options and restricted shares (in shares)									2.6	0.0	0.0
Weighted average common shares outstanding - diluted (in shares)	44.5	46.2	45.5	44.3					46.8	42.8	37.3
Net income (loss) attributable to participating security holders - basic (in dollars per share)	$ (0.36)	$ 3.09	$ 1.11	$ (0.81)					$ 3.14	$ (1.16)	$ (2.83)
Net income (loss) attributable to participating security holders - diluted (in dollars per share)	$ (0.36)	$ 2.97	$ 1.08	$ (0.81)					$ 2.90	$ (1.16)	$ (2.83)

Subsequent Events (Details) - USD ($)			12 Months Ended
Subsequent Events (Details) - USD ($)	Mar. 12, 2019	Jan. 11, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 22, 2019
Subsequent Event [Line Items]
Preferred stock			$ 20,300,000	$ 26,300,000
Purchase of property, plant and equipment			39,700,000	$ 31,900,000	$ 29,000,000
Subsequent Event
Subsequent Event [Line Items]
Consideration paid	$ 13,700,000
HC2 Broadcasting Holdings, Inc \| Senior Notes
Subsequent Event [Line Items]
Line of credit, maximum amount			$ 15,000,000.0
HC2 Broadcasting Holdings, Inc \| Senior Notes \| Subsequent Event
Subsequent Event [Line Items]
Additional borrowing capacity						$ 7,500,000
Interest rate (as a percent)						8.50%
Line of credit, maximum amount						$ 50,000,000.0
Series A-2 shares issued and outstanding
Subsequent Event [Line Items]
Shares issued (in shares)			14,000	14,000
CGI \| Series A-2 shares issued and outstanding \| Subsequent Event
Subsequent Event [Line Items]
Shares issued (in shares)		10,000
Number of shares of preferred stock converted (in shares)		1,420,455
Preferred stock		$ 1,700,000
Broadcasting \| Subsequent Event
Subsequent Event [Line Items]
Consideration paid	6,200,000
Purchase of property, plant and equipment	$ 300,000

SCHEDULE I Summary of investments — other than investments in related parties (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	$ 3,477.5
Fair Value	3,391.6	$ 1,340.6
Amortized Cost	3,907.5
Fair Value	3,821.4
Amount at which shown in the balance sheet	3,821.4
Equity securities	200.5	47.5
Mortgage loans		52.1
Policy loans		17.9
Public utilities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	423.3
Fair Value	403.1
Amount at which shown in the balance sheet	403.1
Total equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	266.4
Fair Value	266.4
Amount at which shown in the balance sheet	266.4
Mortgage loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Mortgage loans	137.6
Policy loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Policy loans	19.8
Other invested assets
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	0.0
Fair Value	0.0
Amount at which shown in the balance sheet	0.0
All other corporate bonds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	2,521.2
Fair Value	2,444.8
Amount at which shown in the balance sheet	2,444.8
Total fixed maturity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	3,477.5	1,266.6
Fair Value	3,391.6	1,340.6
Amortized Cost	3,483.7
Fair Value	3,397.6
Amount at which shown in the balance sheet	3,397.6
U.S. Government and government agencies
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	24.7	15.3
Fair Value	25.4	15.7
States, municipalities and political subdivisions
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	413.7	377.5
Fair Value	421.9	395.5
Foreign governments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	92.6	102.0
Fair Value	94.4	104.9
Convertibles and bonds with warrants attached
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	8.2
Fair Value	8.0
Amount at which shown in the balance sheet	8.0
Common Stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Equity securities	15.0	4.9
Common Stock \| Industrial, miscellaneous and all other
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Equity securities	25.5
Perpetual preferred stocks
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Equity securities	185.5	$ 42.6
Perpetual preferred stocks \| Nonredeemable preferred stocks
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Equity securities	$ 240.9

SCHEDULE II Condensed Financial Information of the Registrant - BALANCE SHEETS (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 325.0	$ 97.9	$ 115.4	$ 158.7
Restricted cash	5.4	1.0	0.5	0.5
Other assets	208.1	102.4
Total assets	6,503.8	3,217.7
Liabilities
Other liabilities	110.8	70.1
Total liabilities	6,281.8	3,001.7
Temporary equity
Preferred stock	20.3	26.3
Stockholders’ equity
Common stock	0.0	0.0
Additional paid-in capital	260.5	254.7
Treasury stock	(2.6)	(2.1)
Accumulated deficit	(57.2)	(221.2)
Accumulated other comprehensive income (loss)	(112.6)	41.7
Total stockholders’ equity	193.7	188.1	$ 67.4	$ 117.5
Total liabilities, temporary equity and stockholders’ equity	6,503.8	3,217.7
Parent Company
Assets
Cash and cash equivalents	6.5	29.4
Restricted cash	0.8	0.0
Other current assets	0.5	0.6
Total current assets	7.8	30.0
Intercompany receivable	5.0	0.0
Investment in subsidiaries	642.6	500.6
Other assets	1.3	5.3
Total assets	656.7	535.9
Liabilities
Accounts payable	1.0	0.7
Accrued and other current liabilities	26.3	21.4
Total current liabilities	27.3	22.1
Intercompany payable	12.5	15.6
Debt obligations	491.7	393.8
Other liabilities	10.7	5.0
Total liabilities	542.2	436.5
Temporary equity
Preferred stock	26.4	26.3
Stockholders’ equity
Common stock	0.0	0.0
Additional paid-in capital	260.5	254.7
Treasury stock	(2.6)	(2.1)
Accumulated deficit	(57.2)	(221.2)
Accumulated other comprehensive income (loss)	(112.6)	41.7
Total stockholders’ equity	88.1	73.1
Total liabilities, temporary equity and stockholders’ equity	$ 656.7	$ 535.9

SCHEDULE II Condensed Financial Information of the Registrant - STATEMENT OF OPERATIONS (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Balance Sheet Statements, Captions [Line Items]
Revenue									$ 1,976,700	$ 1,634,100	$ 1,558,100
Operating expenses
General and administrative									218,400	182,800	152,900
Depreciation and amortization									31,700	31,300	24,500
Total operating expenses									2,032,500	1,635,200	1,559,600
Loss from operations	$ (12,200)	$ (24,400)	$ (5,500)	$ (13,700)	$ (1,500)	$ 10,600	$ (11,200)	$ 1,000	(55,800)	(1,100)	(1,500)
Interest expense									(75,700)	(55,100)	(43,400)
Gain (loss) on contingent consideration									(800)	11,400	(8,900)
Other income (expense)									78,700	(12,800)	(2,800)
Income (loss) from continuing operations before income taxes									182,300	(39,800)	(45,800)
Tax (benefit) expense									2,400	10,700	51,600
Net income (loss)									179,900	(50,500)	(97,400)
Parent Company
Condensed Balance Sheet Statements, Captions [Line Items]
Revenue									0	0	0
Operating expenses
General and administrative									33,500	39,800	37,600
Depreciation and amortization									100	100	0
Total operating expenses									33,600	39,900	37,600
Loss from operations									(33,600)	(39,900)	(37,600)
Interest expense									(57,000)	(44,100)	(36,000)
Gain (loss) on contingent consideration									0	11,400	(11,400)
Equity in net income (loss) of subsidiaries									244,000	15,400	400
Other income (expense)									2,000	100	1,300
Income (loss) from continuing operations before income taxes									155,400	(57,100)	(83,300)
Tax (benefit) expense									(6,600)	(10,200)	11,200
Net income (loss)									$ 162,000	$ (46,900)	$ (94,500)

SCHEDULE II Condensed Financial Information of the Registrant - STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used by operating activities	$ 341.4	$ 6.6	$ 79.1
Cash flows from investing activities:
Cash paid for business acquisitions, net of cash acquired	572.1	(57.8)	(66.3)
Other investing activity	0.4	0.4	(0.6)
Cash used in investing activities	(224.6)	(139.3)	(140.2)
Cash flows from financing activities:
Proceeds from debt obligations	850.6	186.9	56.1
Principal payments on debt obligations	(697.0)	(51.6)	(22.3)
Payment of dividends	(2.0)	(3.6)	(4.2)
Other financing activity	(1.5)	(0.3)	1.3
Cash provided by financing activities:	115.2	115.4	18.8
Net change in cash and cash equivalents	231.5	(17.0)	(43.3)
Cash, cash equivalents and restricted cash, beginning of period	98.9	115.9	159.2
Cash, cash equivalents and restricted cash, end of period	330.4	98.9	115.9
Parent Company
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used by operating activities	(98.2)	(32.9)	(21.2)
Cash flows from investing activities:
Contributions to subsidiaries	(108.7)	(24.1)	(22.4)
Return of capital from subsidiaries	81.9	13.2	31.1
Cash paid for business acquisitions, net of cash acquired	0.0	(2.6)	0.0
Other investing activity	0.0	(0.1)	(0.2)
Cash used in investing activities	(26.8)	(13.6)	8.5
Cash flows from financing activities:
Proceeds from debt obligations	615.2	91.7	0.0
Principal payments on debt obligations	(510.0)	(35.0)	0.0
Purchase of noncontrolling interest	0.0	0.0	(1.4)
Payment of dividends	(2.0)	(2.1)	(4.2)
Proceeds from the exercise of warrants and stock options	0.3	0.5	0.0
Taxes paid in lieu of shares issued for share-based compensation	(0.6)	(0.8)	(1.0)
Other financing activity	0.0	(0.1)	(0.1)
Cash provided by financing activities:	102.9	54.2	(6.7)
Net change in cash and cash equivalents	(22.1)	7.7	(19.4)
Cash, cash equivalents and restricted cash, beginning of period	29.4	21.7	41.1
Cash, cash equivalents and restricted cash, end of period	$ 7.3	$ 29.4	$ 21.7

SCHEDULE III Supplementary Insurance Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Deferred policy acquisition cost	$ 0.0	$ 0.0	$ 0.0
Future policy benefits, losses, claims and loss expenses	4,807.3	1,937.2	1,899.8
Unearned premiums	0.0	0.0	0.0
Net earned premiums	94.4	80.5	79.4
Net investment income	117.1	66.1	58.0
Benefits, claims, losses	18.2	24.3	15.7
Amortization of deferred policy acquisition cost	0.0	0.0	0.0
Other operating expenses	27.0	23.2	23.1
Net written premiums (excluding life)	$ 87.0	$ 72.5	$ 70.6

SCHEDULE IV Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
SCHEDULE IV Reinsurance (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Life insurance in force
Gross Amount	$ 2,266.6	$ 720.2	$ 764.9
Ceded to other companies	(1,970.2)	(467.7)	(495.0)
Assumed from other companies	32.6	34.3	36.3
Net Amount	$ 329.0	$ 286.8	$ 306.2
Percentage of amount assumed to net	9.90%	12.00%	11.80%
Premiums:
Gross Amount	$ 229.1	$ 210.2	$ 225.3
Ceded to other companies	(140.5)	(134.5)	(150.8)
Assumed from other companies	5.8	4.8	4.9
Net Amount	$ 94.4	$ 80.5	$ 79.4
Percentage of amount assumed to net	6.10%	6.00%	6.10%
Life insurance
Premiums:
Gross Amount	$ 14.9	$ 12.2	$ 13.3
Ceded to other companies	(8.3)	(4.6)	(4.9)
Assumed from other companies	0.8	0.4	0.4
Net Amount	$ 7.4	$ 8.0	$ 8.8
Percentage of amount assumed to net	10.80%	5.10%	4.70%
Accident and health insurance
Premiums:
Gross Amount	$ 214.2	$ 198.0	$ 212.0
Ceded to other companies	(132.2)	(129.9)	(145.9)
Assumed from other companies	5.0	4.4	4.5
Net Amount	$ 87.0	$ 72.5	$ 70.6
Percentage of amount assumed to net	5.70%	6.10%	6.30%

SCHEDULE V Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Doubtful Accounts Receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 3.7	$ 3.6	$ 0.8
Charged to Costs and Expenses	2.6	0.1	2.9
Deductions	0.0	0.0	0.0
Other	0.0	0.0	0.0
Balance at End of Period	6.3	3.7	3.6
Deferred Tax Asset Valuation
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	133.5	138.0	68.1
Charged to Costs and Expenses	(43.8)	6.3	57.8
Deductions	0.0	0.0	0.0
Other	37.0	(10.8)	12.1
Balance at End of Period	$ 126.7	$ 133.5	$ 138.0

Label

Element

Value

Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member]

Cumulative Effect of New Accounting Principle in Period of Adoption