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March 31, 2019

December 31, 2018

Preferred shares authorized, $0.001 par value

Series A shares issued and outstanding

Series A-2 shares issued and outstanding

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	Apr. 30, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	HC2 Holdings, Inc.
Entity Central Index Key	0001006837
Current Fiscal Year End Date	--12-31
Entity Emerging Growth Company	false
Entity Smaller Reporting Company	false
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding (in shares)		45,629,254

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenue	$ 404.9	$ 415.5
Life, accident and health earned premiums, net	29.9	20.0
Net investment income	51.1	17.7
Net realized and unrealized gains on investments	5.5	0.5
Net revenue	491.4	453.7
Operating expenses
Cost of revenue	357.7	375.6
Policy benefits, changes in reserves, and commissions	52.7	32.3
Selling, general and administrative	52.9	52.1
Depreciation and amortization	6.9	9.7
Other operating income, net	(0.4)	(2.2)
Total operating expenses	469.8	467.5
Income (loss) from operations	21.6	(13.8)
Interest expense	(22.3)	(19.3)
Loss from equity investees	(4.9)	(5.2)
Other income, net	3.3	1.1
Loss from continuing operations before income taxes	(2.3)	(37.2)
Income tax expense	(4.0)	(1.7)
Net loss	(6.3)	(38.9)
Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interest	3.5	3.9
Net loss attributable to HC2 Holdings, Inc.	(2.8)	(35.0)
Less: Preferred dividends, deemed dividends, and repurchase gains	(1.2)	0.7
Net loss attributable to common stock and participating preferred stockholders	$ (1.6)	$ (35.7)
Loss per common share
Basic and diluted (in usd per share)	$ (0.04)	$ (0.81)
Weighted average common shares outstanding:
Basic and diluted (in shares)	44.8	44.3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (6.3)	$ (38.9)
Other comprehensive income (loss)
Foreign currency translation adjustment	0.9	4.5
Unrealized gain (loss) on available-for-sale securities	148.2	(28.7)
Other comprehensive income (loss)	149.1	(24.2)
Comprehensive income (loss)	142.8	(63.1)
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests	3.2	3.9
Comprehensive income (loss) attributable to HC2 Holdings, Inc.	$ 146.0	$ (59.2)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Investments:
Fixed maturity securities, available-for-sale at fair value	$ 3,625.9	$ 3,391.6
Equity securities	172.7	200.5
Mortgage loans	137.2	137.6
Policy loans	19.7	19.8
Other invested assets	67.9	72.5
Total investments	4,023.4	3,822.0
Cash and cash equivalents	302.2	325.0
Accounts receivable, net	328.4	379.2
Recoverable from reinsurers	975.8	1,000.2
Deferred tax asset	1.8	2.1
Property, plant and equipment, net	376.6	376.3
Goodwill	171.7	171.7
Intangibles, net	221.7	219.2
Other assets	280.8	208.1
Total assets	6,682.4	6,503.8
Liabilities, temporary equity and stockholders’ equity
Life, accident and health reserves	4,549.0	4,562.1
Annuity reserves	241.5	245.2
Value of business acquired	238.0	244.6
Accounts payable and other current liabilities	320.3	344.9
Deferred tax liability	34.6	30.3
Debt obligations	762.0	743.9
Other liabilities	187.2	110.8
Total liabilities	6,332.6	6,281.8
Commitments and contingencies
Temporary equity
Preferred stock	10.3	20.3
Redeemable noncontrolling interest	7.3	8.0
Total temporary equity	17.6	28.3
Stockholders’ equity
Common stock	0.0	0.0
Additional paid-in capital	264.4	260.5
Treasury stock, at cost: 703,915 and 483,579 shares at March 31, 2019 and December 31, 2018, respectively	(3.2)	(2.6)
Accumulated deficit	(64.3)	(57.2)
Accumulated other comprehensive income (loss)	36.2	(112.6)
Total HC2 Holdings, Inc. stockholders’ equity	233.1	88.1
Noncontrolling interest	99.1	105.6
Total stockholders’ equity	332.2	193.7
Total liabilities, temporary equity and stockholders’ equity	$ 6,682.4	$ 6,503.8

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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)	46,266,918	45,391,397
Common stock, shares outstanding (in shares)	45,563,003	44,907,818
Treasury stock (in shares)	703,915	483,579

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total HC2 Stockholders' Equity	Non-controlling Interest	Temporary Equity
Beginning balance (in shares) at Dec. 31, 2017		44.2
Beginning balance at Dec. 31, 2017	$ 188.1	$ 0.0	$ 254.7	$ (2.1)	$ (221.2)	$ 41.7	$ 73.1	$ 115.0	$ 27.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1.6		1.6				1.6
Fair value adjustment of redeemable noncontrolling interest	(2.5)		(2.5)				(2.5)		2.5
Taxes paid in lieu of shares issued for share-based compensation (in shares)		(0.1)
Taxes paid in lieu of shares issued for share-based compensation	(0.3)			(0.3)			(0.3)
Preferred stock dividend	(0.5)		(0.5)				(0.5)
Issuance of common stock (in shares)		0.4
Issuance of common stock	0.0		0.0				0.0
Transactions with noncontrolling interests	(0.2)		(0.2)				(0.2)
Net loss	(38.0)				(35.0)		(35.0)	(3.0)
Net loss	(38.9)								(0.9)
Other comprehensive income (loss)	(24.2)					(24.2)	(24.2)
Ending balance (in shares) at Mar. 31, 2018		44.5
Ending balance at Mar. 31, 2018	126.3	$ 0.0	253.1	(2.4)	(252.2)	15.8	14.3	112.0	29.5
Beginning balance (in shares) at Dec. 31, 2018		44.9
Beginning balance at Dec. 31, 2018	193.7	$ 0.0	260.5	(2.6)	(57.2)	(112.6)	88.1	105.6	28.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2.5		2.5				2.5
Fair value adjustment of redeemable noncontrolling interest	0.2		0.2				0.2		(0.2)
Taxes paid in lieu of shares issued for share-based compensation (in shares)		(0.2)
Taxes paid in lieu of shares issued for share-based compensation	(0.6)			(0.6)			(0.6)
Preferred stock dividend	(0.3)		(0.3)				(0.3)
Issuance of common stock (in shares)		0.9
Issuance of common stock	0.0						0.0
Purchase of preferred stock by subsidiary	1.7		1.7				1.7		(10.0)
Transactions with noncontrolling interests	(3.5)		(0.5)				(0.5)	(3.0)	0.0
Other	0.3		0.3				0.3
Net loss	(5.9)				(2.8)		(2.8)	(3.1)
Net loss	(6.3)								(0.4)
Other comprehensive loss	149.1					148.8	148.8	0.3	0.0
Other comprehensive income (loss)	149.1
Ending balance (in shares) at Mar. 31, 2019		45.6
Ending balance at Mar. 31, 2019	$ 332.2	$ 0.0	$ 264.4	$ (3.2)	$ (64.3)	$ 36.2	$ 233.1	$ 99.1	$ 17.6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net loss	$ (6.3)	$ (38.9)
Adjustments to reconcile net loss to cash provided by operating activities
Provision for doubtful accounts receivable	0.4	(0.3)
Share-based compensation expense	1.7	1.1
Depreciation and amortization	9.0	11.3
Amortization of deferred financing costs and debt discount	2.9	4.0
Amortization of (discount) premium on investments	1.6	1.1
Gain on sale or disposal of assets	(0.1)	(2.3)
Loss from equity investees	4.9	5.2
Net realized and unrealized gains on investments	(5.8)	(0.5)
Receipt of dividends from equity investees	1.6	1.6
Deferred income taxes	(0.6)	1.0
Annuity benefits	2.0	2.1
Other operating activities	(3.1)	0.7
Changes in assets and liabilities, net of acquisitions
Accounts receivable	50.6	(1.9)
Recoverable from reinsurers	1.9	(3.1)
Other assets	(2.6)	(6.1)
Life, accident and health reserves	7.5	14.6
Accounts payable and other current liabilities	(21.3)	4.7
Other liabilities	(6.2)	6.5
Cash provided by operating activities	38.1	0.8
Cash flows from investing activities
Purchase of property, plant and equipment	(6.4)	(9.2)
Disposal of property, plant and equipment	2.2	3.5
Purchase of investments	(257.9)	(106.8)
Sale of investments	199.0	73.4
Maturities and redemptions of investments	13.9	21.6
Cash paid on acquisitions	(6.0)	(37.5)
Other investing activities	(3.2)	(1.7)
Cash used in investing activities	(58.4)	(56.7)
Cash flows from financing activities
Proceeds from debt obligations	16.4	61.5
Principal payments on debt obligations	(5.2)	(5.4)
Cash paid by subsidiary to purchase preferred stock	(8.3)	0.0
Annuity receipts	0.5	0.7
Annuity surrenders	(4.4)	(5.7)
Transactions with noncontrolling interests	(3.5)	(0.2)
Payment of dividends	(0.4)	(0.5)
Other financing activities	(1.5)	(1.2)
Cash (used in) provided by financing activities	(6.4)	49.2
Effects of exchange rate changes on cash, cash equivalents and restricted cash	0.1	0.7
Net change in cash, cash equivalents and restricted cash	(26.6)	(6.0)
Cash, cash equivalents and restricted cash, beginning of period	330.4	98.9
Cash, cash equivalents and restricted cash, end of period	303.8	92.9
Supplemental cash flow information:
Cash paid for interest	4.0	4.4
Cash paid for taxes, net of refunds	0.2	0.1
Non-cash investing and financing activities:
Property, plant and equipment included in accounts payable	5.9	1.4
Investments included in accounts payable	6.9	24.4
Investments included in accounts receivable	7.8	0.2
Declared but unpaid dividends from equity method investments included in other assets	$ 6.0	$ 0.0

Organization and Business	3 Months Ended
Organization and Business	Mar. 31, 2019
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 GrayWolf DBMG provides services including maintenance, repair, and installation to a diverse range of end markets in order to provide high-quality outage, turnaround, and new installation services to customers. 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 Broadcasting strategically acquires and operates over-the-air 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. The Company maintains an approximately 98% controlling interests in HC2 Broadcasting and an approximately 50% controlling interest in DTV America Corporation ("DTV") as well as 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

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

The Condensed 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 March 31, 2019, 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.

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information. All such adjustments are of a normal recurring nature. Certain information and note disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to such rules and regulations. Certain prior amounts have been reclassified or combined to conform to the current year presentation. These reclassifications and combinations had no effect on previously reported net loss attributable to controlling interest or accumulated deficit. These interim financial statements should be read in conjunction with the Company’s annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with the SEC on March 12, 2019. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2019.

Use of Estimates and Assumptions

The preparation of the Company’s Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used.

Statement of Cash Flows

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



	March 31, 2019		March 31, 2018
Cash and cash equivalents, beginning of period	$	325.0	$	97.9
Restricted cash included in other assets	5.4		1.0
Total cash and cash equivalents and restricted cash	$	330.4	$	98.9

Cash and cash equivalents, end of period	$	302.2	$	92.1
Restricted cash included in other assets	1.6		0.8
Total cash and cash equivalents and restricted cash	$	303.8	$	92.9

Accounting Pronouncements Adopted in the Current Year

The Company’s 2018 Form 10-K includes discussion of significant recent accounting pronouncements that either have impacted or may impact our financial statements in the future. 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 2018 Form 10-K. The Company has implemented all new accounting pronouncements that are in effect and that may impact its Condensed 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, 2019 the Company adopted the accounting pronouncements described below.

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. The Company recognized right of use ("ROU") assets and lease liabilities in the amount of $67.1 million and $74.1 million, respectively, within Other assets and Other liabilities lines of the Condensed Consolidated Financial Statements, respectively. Utilizing the modified retrospective approach, upon adoption, we evaluated ROU assets for impairment and determined that approximately $5.1 million of newly recognized ROU assets that existed immediately prior to the effective date were impaired. The impairment of ROU assets as of January 1, 2019, was recorded as a reduction to retained earnings and noncontrolling interests.

Accounting Pronouncements to be Adopted Subsequent to December 31, 2019

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, the 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 be 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; and (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 to 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 be 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) establishing new VOBA amortization that will align with new guidance for DAC amortization; and (vii) developing, testing, and implementing controls for newly developed procedures, as well as for additional annual reporting requirements.

Subsequent Events

ASC 855, Subsequent Events requires the Company to evaluate events that occur after the balance sheet date as of which the financial statements are issued, and to determine whether adjustments to or additional disclosures in the financial statements are necessary. See Note 22. Subsequent Events for the summary of the subsequent events.

Revenue

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

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



	Three Months Ended March 31,
	2019		2018
Revenue⁽¹⁾
Construction	$	192.1	$	158.9
Marine Services	42.4		36.7
Energy	5.1		4.5
Telecommunications	155.5		202.3
Broadcasting	9.8		10.7
Other	—		2.4
Total revenue	$	404.9	$	415.5

⁽¹⁾ The Insurance segment does not have revenues in scope of ASC 606

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



	March 31, 2019		December 31, 2018
Accounts receivables with customers
Construction	$	206.1	$	196.6
Marine Services	48.6		48.3
Energy	3.4		3.3
Telecommunications	58.1		117.6
Broadcasting	8.4		9.2
Total accounts receivables with customers	$	324.6	$	375.0

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 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):



	Three Months Ended March 31,
	2019		2018
Commercial	$	59.4	$	69.7
Convention	28.7		31.7
Healthcare	8.8		27.8
Industrial	53.8		9.3
Transportation	18.1		5.2
Other	23.3		15.2
Total revenue from contracts with customers	192.1		158.9
Other revenue	—		—
Total Construction segment revenue	$	192.1	$	158.9

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 Condensed 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 Condensed Consolidated Balance Sheets.

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



	March 31, 2019			December 31, 2018
Contract assets	$	73.4		$	69.0
Contract liabilities	$	(61.2	)	$	(62.0	)

The change in contract assets is a result of the recording of $36.9 million of costs in excess of billings driven by new commercial projects, offset by $32.5 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 result of periodic billing in excess of costs of $37.7 million driven largely by new commercial projects, offset by revenue recognized that was included in the contract liability balance at the beginning of the period in the amount of $38.5 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	$	102.1	$	20.5	$	122.6
Convention	53.5		—		53.5
Healthcare	41.0		5.5		46.5
Industrial	124.8		59.4		184.2
Transportation	69.9		10.8		80.7
Other	71.1		—		71.1
Remaining unsatisfied performance obligations	$	462.4	$	96.2	$	558.6

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 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

GMSL's revenues are principally derived from contracts to provide maintenance and installation services to its customers. Contracts represent a majority of revenues at the Marine Services segment of which a majority are recognized over time.

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



	Three Months Ended March 31,
	2019		2018
Telecommunication - Maintenance	$	21.0	$	21.8
Telecommunication - Installation	5.4		7.3
Power - Operations, Maintenance & Construction Support	4.2		4.7
Power - Cable Installation & Repair	11.8		2.9
Total revenue from contracts with customers	42.4		36.7
Other revenue	—		—
Total Marine Services segment revenue	$	42.4	$	36.7

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 Condensed Consolidated Balance Sheets.

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



	March 31, 2019			December 31, 2018
Contract assets	$	7.1		$	5.2
Contract liabilities	$	(15.4	)	$	(1.0	)

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 - Maintenance	$	57.5	$	217.8	$	60.0	$	335.3
Telecommunication - Installation	15.0		—		—		15.0
Power - Operations, Maintenance & Construction Support	8.9		9.4		—		18.3
Power - Cable Installation & Repair	20.5		66.0		—		86.5
Remaining unsatisfied performance obligations	$	101.9	$	293.2	$	60.0	$	455.1

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.

Disaggregation of Revenues

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



	Three Months Ended March 31,
	2019		2018
Volume-related	$	4.8	$	4.1
Total revenue from contracts with customers	4.8		4.1
RNG Incentives	0.3		0.4
Total Energy segment revenue	$	5.1	$	4.5

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 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):



	Three Months Ended March 31,
	2019		2018
Termination of long distance minutes	$	155.5	$	202.3
Total revenue from contracts with customers	155.5		202.3
Other revenue	—		—
Total Telecommunications segment revenue	$	155.5	$	202.3

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):



	Three Months Ended March 31,
	2019		2018
Network advertising	$	5.4	$	6.8
Broadcast station	2.7		2.7
Network distribution	1.5		1.0
Other	0.2		0.2
Total revenue from contracts with customers	9.8		10.7
Other revenue	—		—
Total Broadcasting segment revenue	$	9.8	$	10.7

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 $1.1 million and $1.0 million as of March 31, 2019 and December 31, 2018, 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 $6.0 million and $0.6 million of network advertising and broadcasting station revenues, respectively of which $3.5 million is expected to be recognized within one year and $3.1 million is expected to be recognized within five years.

Acquisitions, Dispositions, and Deconsolidations

3 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

Acquisitions, Dispositions, and Deconsolidations

4. Acquisitions, Dispositions, and Deconsolidations

Construction Segment

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 acquisition of GrayWolf was $139.8 million. The transaction was accounted for as business acquisition.

The preliminary allocation of the fair value of consideration transferred 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.

Insurance Segment

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 businesses.

The preliminary allocation of the fair value of consideration transferred 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	—
Gain on bargain purchase	$	115.4

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 the 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. HC2 calculated VOBA 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

HC2 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. HC2 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

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 fifteen 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 Segment

During the three months ended March 31, 2019, HC2 Broadcasting completed a series of transactions for total cash consideration of $6.0 million. During the year ended December 31, 2018, HC2 Broadcasting completed a series of transactions for a total consideration of $71.4 million. All transactions were accounted for as asset acquisitions.

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



	March 31, 2019			December 31, 2018
Property, plant and equipment	$	0.3		$	1.2
Intangibles	5.7			70.2
Other assets	0.4			—
Total assets acquired	6.4			71.4
Other liabilities	(0.4		)	—
Total liabilities assumed	(0.4		)	—
Total net assets acquired	$	6.0		$	71.4

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.

Pro Forma Adjusted Summary

The following schedule presents unaudited consolidated pro forma results of operations data as if the acquisition of KMG had occurred on January 1, 2018. This information does not purport to be indicative of the actual results that would have occurred if the acquisitions had actually 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):



	Three Months Ended March 31, 2018
Net revenue	$	500.6
Net income (loss) from continuing operations	$	(9.9	)
Net income (loss) attributable to HC2 Holdings, Inc.	$	(13.9	)

Investments

3 Months Ended

Mar. 31, 2019

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):



March 31, 2019	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Government and government agencies	$	24.2	$	1.0	$	—		$	25.2
States, municipalities and political subdivisions	412.9		20.2		(0.2		)	432.9
Residential mortgage-backed securities	80.4		3.8		(0.7		)	83.5
Commercial mortgage-backed securities	100.6		1.3		(0.1		)	101.8
Asset-backed securities	522.6		0.9		(17.0		)	506.5
Corporate and other	2,417.5		84.8		(26.3		)	2,476.0
Total fixed maturity securities	$	3,558.2	$	112.0	$	(44.3	)	$	3,625.9



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

The amortized cost and fair value of fixed maturity securities available-for-sale as of March 31, 2019 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	$	24.6	$	25.1
Due after one year through five years	222.1		224.5
Due after five years through ten years	344.6		354.2
Due after ten years	2,263.3		2,330.3
Subtotal	2,854.6		2,934.1
Mortgage-backed securities	181.0		185.3
Asset-backed securities	522.6		506.5
Total	$	3,558.2	$	3,625.9

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



	March 31, 2019						December 31, 2018
	Amortized Cost		Fair Value		% of Total		Amortized Cost		Fair Value		% of Total
Finance, insurance, and real estate	$	517.4	$	523.2	21.1	%	$	469.0	$	452.9	20.2	%
Transportation, communication and other services	786.7		809.2		32.7	%	758.6		734.0		32.7	%
Manufacturing	733.0		751.9		30.4	%	712.7		693.5		30.9	%
Other	380.4		391.7		15.8	%	370.7		364.1		16.2	%
Total	$	2,417.5	$	2,476.0	100.0	%	$	2,311.0	$	2,244.5	100.0	%

A portion of certain other-than-temporary impairment ("OTTI") losses on fixed maturity securities is recognized in Accumulated Other Comprehensive Income ("AOCI"). For these securities the net amount 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 did not recognize any impairments on corporate and other fixed maturity securities for the three months ended March 31, 2019 or 2018.

The following table presents the total unrealized losses for the 283 and 749 fixed maturity securities held by the Company as of March 31, 2019 and December 31, 2018, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (in millions):



	March 31, 2019					December 31, 2018
	Unrealized Losses			% of Total		Unrealized Losses			% of Total
Less than 20%	$	(43.9	)	99.1	%	$	(116.0	)	98.8	%
20% or more for less than six months	—			—	%	(0.8		)	0.7	%
20% or more for six months or greater	(0.4		)	0.9	%	(0.6		)	0.5	%
Total	$	(44.3	)	100.0	%	$	(117.4	)	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 March 31, 2019. 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 283 and 749 fixed maturity securities held by the Company that have estimated fair values below amortized cost as of each of March 31, 2019 and December 31, 2018, 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):



March 31, 2019	Less than 12 months					12 months or greater					Total
March 31, 2019	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Government and government agencies	$	0.1	$	—		$	1.6	$	—		$	1.7	$	—
States, municipalities and political subdivisions	14.8		(0.2		)	—		—			14.8		(0.2		)
Residential mortgage-backed securities	14.0		(0.6		)	2.7		(0.1		)	16.7		(0.7		)
Commercial mortgage-backed securities	27.0		(0.1		)	—		—			27.0		(0.1		)
Asset-backed securities	382.1		(12.4		)	48.5		(4.6		)	430.6		(17.0		)
Corporate and other	393.0		(18.3		)	169.5		(8.0		)	562.5		(26.3		)
Total fixed maturity securities	$	831.0	$	(31.6	)	$	222.3	$	(12.7	)	$	1,053.3	$	(44.3	)



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	)

As of March 31, 2019, investment grade fixed maturity securities (as determined by nationally recognized rating agencies) represented approximately 79.0% of the gross unrealized loss and 87.9% of the fair value. As of December 31, 2018, investment grade fixed maturity securities represented approximately 87.9% of the gross unrealized loss and 93.1% 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

The following tables provide information relating to investments in equity securities measured at fair value (in millions):



	March 31, 2019		December 31, 2018
Common stocks	$	19.5	$	15.0
Perpetual preferred stocks	153.2		185.5
Total equity securities	$	172.7	$	200.5

Other Invested Assets

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



	March 31, 2019				December 31, 2018
	Measurement Alternative		Equity Method		Measurement Alternative		Equity Method
Common Equity	$	—	$	2.1	$	—	$	2.1
Preferred Equity	1.6		8.4		1.6		9.6
Other	—		55.8		—		59.2
Total	$	1.6	$	66.3	$	1.6	$	70.9

Net Investment Income

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



	Three Months Ended March 31,
	2019			2018
Fixed maturity securities, available-for-sale at fair value	$	43.6		$	15.6
Equity securities	2.5			0.6
Mortgage loans	3.7			1.2
Policy loans	0.3			0.3
Other invested assets	1.2			0.1
Gross investment income	51.3			17.8
External investment expense	(0.2		)	(0.1		)
Net investment income	$	51.1		$	17.7

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):



	Three Months Ended March 31,
	2019			2018
Realized gains on fixed maturity securities	$	0.8		$	1.3
Realized losses on fixed maturity securities	(1.7		)	(0.7		)
Realized gains on equity securities	0.1			—
Realized losses on equity securities	(0.9		)	—
Net unrealized gains (losses) on equity securities	7.4			(0.7		)
Net unrealized gains (losses) on derivative instruments	(0.2		)	0.6
Net realized and unrealized gains (losses)	$	5.5		$	0.5

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2019

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):



March 31, 2019			Fair Value Measurement Using:
March 31, 2019	Total		Level 1		Level 2		Level 3
Assets
Fixed maturity securities
U.S. Government and government agencies	$	25.2	$	5.8	$	19.4	$	—
States, municipalities and political subdivisions	432.9		—		432.9		—
Residential mortgage-backed securities	83.5		—		70.4		13.1
Commercial mortgage-backed securities	101.8		—		40.0		61.8
Asset-backed securities	506.5		—		34.4		472.1
Corporate and other	2,476.0		7.1		2,270.4		198.5
Total fixed maturity securities	3,625.9		12.9		2,867.5		745.5
Equity securities
Common stocks	19.5		13.4		—		6.1
Perpetual preferred stocks	153.2		7.4		90.7		55.1
Total equity securities	172.7		20.8		90.7		61.2
Total assets accounted for at fair value	$	3,798.6	$	33.7	$	2,958.2	$	806.7



Liabilities
Warrant liability	$	6.1	$	—	$	—	$	6.1
Other	2.7		—		—		2.7
Total liabilities accounted for at fair value	$	8.8	$	—	$	—	$	8.8



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

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 into Level 3 of $104.9 million primarily related to structured securities during the three months ended March 31, 2019. The Company’s assessment resulted in a net transfer into Level 3 of $6.4 million primarily related to structured securities during the three months ended March 31, 2018.

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 maturities, 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 three months ended March 31, 2019 and 2018 (in millions):



				Total realized/unrealized gains (losses) included in
	Balance at December 31, 2018				Net earnings (loss)			Other comp. income (loss)			Purchases and issuances		Sales and settlements				Transfer to Level 3		Transfer out of Level 3			Balance at March 31, 2019
Assets
Fixed maturity securities
Residential mortgage-backed securities		$	19.0		$	—			$	0.1	$	—		$	(0.3	)	$	—	$	(5.7	)	$	13.1
Commercial mortgage-backed securities		58.2			—				1.6		2.4			(0.4		)	—		—			61.8
Asset-backed securities		478.2			—				13.3		48.6			(73.6		)	5.6		—			472.1
Corporate and other		85.0			—				8.5		4.6			(4.6		)	105.0		—			198.5
Total fixed maturity securities		640.4			—				23.5		55.6			(78.9		)	110.6		(5.7		)	745.5
Equity securities
Common stocks		5.9			0.2				—		—			—			—		—			6.1
Perpetual preferred stocks		55.3			(0.2		)		—		—			—			—		—			55.1
Total equity securities		61.2			—				—		—			—			—		—			61.2
Total financial assets		$	701.6		$	—			$	23.5	$	55.6		$	(78.9	)	$	110.6	$	(5.7	)	$	806.7



				Total realized/unrealized (gains) losses included in
	Balance at December 31, 2018			Net (earnings) loss			Other comp. (income) loss			Purchases and issuances		Sales and settlements			Transfer to Level 3		Transfer out of Level 3		Balance at March 31, 2019
Liabilities
Embedded derivative		$	8.4	$	(2.3	)		$	—	$	—		$	—	$	—	$	—	$	6.1
Other		3.5		(0.8		)		—		—			—		—		—		2.7
Total financial liabilities		$	11.9	$	(3.1	)		$	—	$	—		$	—	$	—	$	—	$	8.8



				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 March 31, 2018
Assets
Fixed maturity securities
States, municipalities and political subdivisions		$	6.0	$	—		$	(0.1	)	$	0.1		$	—			$	0.4	$	—			$	6.4
Residential mortgage-backed securities		14.6		0.1			0.3			—			(4.4		)		—		(3.4		)		7.2
Commercial mortgage-backed securities		12.2		—			(0.1		)	5.7			—				—		—				17.8
Asset-backed securities		133.7		0.7			(1.5		)	49.5			(44.5		)		—		—				137.9
Corporate and other		26.3		—			—			5.2			(0.4		)		6.5		—				37.6
Total fixed maturity securities		192.8		0.8			(1.4		)	60.5			(49.3		)		6.9		(3.4		)		206.9
Equity securities
Common stocks		0.2		—			—			—			—				0.4		—				0.6
Perpetual preferred stocks		6.4		—			—			15.0			—				2.5		—				23.9
Total equity securities		6.6		—			—			15.0			—				2.9		—				24.5
Derivatives		0.3		—			—			—			—				—		—				0.3
Total financial assets		$	199.7	$	0.8		$	(1.4	)	$	75.5		$	(49.3	)		$	9.8	$	(3.4	)		$	231.7



				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 March 31, 2018
Liabilities
Other		$	4.8	$	(0.7	)		$	—	$	—		$	—		$	—	$	—		$	4.1
Total financial liabilities		$	4.8	$	(0.7	)		$	—	$	—		$	—		$	—	$	—		$	4.1

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 and cash equivalents, accounts receivable, accounts payable and other current liabilities, and other assets and liabilities approximate fair value due to relatively short periods to maturity (in millions):



March 31, 2019					Fair Value Measurement Using:
March 31, 2019	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Assets
Mortgage loans	$	137.2	$	137.2	$	—	$	—	$	137.2
Policy loans	19.7		19.7		—		19.7		—
Other invested assets	1.6		1.6		—		—		1.6
Total assets not accounted for at fair value	$	158.5	$	158.5	$	—	$	19.7	$	138.8
Liabilities
Annuity benefits accumulated ⁽¹⁾	$	240.5	$	237.8	$	—	$	—	$	237.8
Debt obligations ⁽²⁾	723.0		693.8		—		693.8		—
Total liabilities not accounted for at fair value	$	963.5	$	931.6	$	—	$	693.8	$	237.8



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

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

⁽²⁾ Excludes certain lease obligations accounted for under ASC 842, 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.

Long-term Obligations. The fair value of the Company’s long-term 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, net

3 Months Ended

Mar. 31, 2019

Receivables [Abstract]

Accounts Receivable, net

7. Accounts Receivable, net

Accounts receivable, net consist of the following (in millions):



	March 31, 2019			December 31, 2018
Contracts in progress	$	199.6		$	188.2
Trade receivables	67.2			127.5
Unbilled retentions	66.1			65.6
Other receivables	4.0			4.2
Allowance for doubtful accounts	(8.5		)	(6.3		)
Total accounts receivable, net	$	328.4		$	379.2

- 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

Recoverable from Reinsurers

3 Months Ended

Mar. 31, 2019

Insurance [Abstract]

Recoverable from Reinsurers

8. Recoverable from Reinsurers

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



		March 31, 2019				December 31, 2018
Reinsurer	A.M. Best Rating	Amount		% of Total		Amount		% of Total
Hannover Life Reassurance Company of America	A+	$	333.4	34.2	%	$	336.9	33.7	%
Munich American Reassurance Company	A+	338.9		34.7	%	335.0		33.5	%
Loyal American Life Insurance Company	A	145.9		15.0	%	146.0		14.6	%
ManhattanLife Assurance Company of America	B+	67.2		6.9	%	89.5		8.9	%
Great American Life Insurance Company	A	55.0		5.6	%	54.5		5.4	%
Other		35.4		3.6	%	38.3		3.9	%
Total		$	975.8	100.0	%	$	1,000.2	100.0	%

Property, Plant and Equipment, net

3 Months Ended

Mar. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

9. Property, Plant and Equipment, net

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



	March 31, 2019		December 31, 2018
Cable-ships and submersibles	$	248.7	$	251.1
Equipment, furniture and fixtures, and software	155.4		148.0
Building and leasehold improvements	46.6		47.3
Land	32.7		32.8
Construction in progress	18.7		12.9
Plant and transportation equipment	12.3		12.0
	514.4		504.1
Less: Accumulated depreciation	137.8		127.8
Total	$	376.6	$	376.3

Depreciation expense was $12.4 million and $11.2 million for the three months ended March 31, 2019 and 2018, respectively. These amounts included $2.2 million and $1.6 million of depreciation expense within cost of revenue for the three months ended March 31, 2019 and 2018, respectively.

Total net book value of equipment, cable-ships, and submersibles under capital leases consisted of $40.5 million and $40.0 million as of March 31, 2019 and December 31, 2018, respectively.

Goodwill and Intangibles, net

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles, net

10. Goodwill and Intangibles, net

Goodwill

The carrying amount of goodwill by segment were as follows (in millions):



	Construction			Marine Services		Energy		Telecom		Insurance		Broadcasting			Total
Balance at December 31, 2018 and March 31, 2019		$	82.2	$	14.3	$	2.1	$	4.4	$	47.3		$	21.4	$	171.7

An interim goodwill impairment evaluation was performed on each reporting unit as of March 31, 2019. After considering all quantitative and qualitative factors, 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.

Indefinite-lived Intangible Assets

Balances of indefinite-lived intangible assets as of March 31, 2019 and December 31, 2018 were as follows (in millions):



	March 31, 2019		December 31, 2018
FCC licenses	$	126.3	$	120.6
State licenses	2.5		2.5
Total	$	128.8	$	123.1

Definite Lived Intangible Assets

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



	Weighted-Average Original Useful Life	March 31, 2019							December 31, 2018
	Weighted-Average Original Useful Life	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	13 Years	$	25.9	$	(6.3	)	$	19.6	$	25.9	$	(5.9	)	$	20.0
Customer relationships	10 Years	53.6		(9.4		)	44.2		53.6		(7.2		)	46.4
Channel sharing arrangements	40 Years	25.2		(0.4		)	24.8		25.2		—			25.2
Developed technology	5 Years	1.2		(1.2		)	—		1.2		(1.2		)	—
Other	4 Years	5.5		(1.2		)	4.3		5.5		(1.0		)	4.5
Total		$	111.4	$	(18.5	)	$	92.9	$	111.4	$	(15.3	)	$	96.1

Amortization expense for definite lived intangible assets for the three months ended March 31, 2019 and 2018 was $3.2 million and $1.1 million, respectively, and was included in Depreciation and amortization in the Condensed Consolidated Statements of Operations.

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



Fiscal Year	Estimated Amortization Expense
2019	$	8.9
2020	$	8.1
2021	$	7.9
2022	$	7.8
2023	$	6.9

Life, Accident and Health Reserves

3 Months Ended

Mar. 31, 2019

Insurance [Abstract]

Life, Accident and Health Reserves

11. Life, Accident and Health Reserves

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



	March 31, 2019		December 31, 2018
Long-term care insurance reserves	$	4,151.1	$	4,142.5
Traditional life insurance reserves	186.5		222.8
Other accident and health insurance reserves	211.4		196.8
Total life, accident and health reserves	$	4,549.0	$	4,562.1

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



	Three Months Ended March 31,
	2019			2018
Beginning balance	$	738.7		$	243.5
Less: recoverable from reinsurers	(136.4		)	(100.6		)
Beginning balance, net	602.3			142.9
Incurred related to insured events of:
Current year	62.4			19.9
Prior years	(36.0		)	—
Total incurred	26.4			19.9
Paid related to insured events of:
Current year	(0.6		)	(0.4		)
Prior years	(36.4		)	(13.3		)
Total paid	(37.0		)	(13.7		)
Interest on liability for policy and contract claims	5.3			1.3
Ending balance, net	597.0			150.4
Add: recoverable from reinsurers	136.4			102.8
Ending balance	$	733.4		$	253.2

The Insurance segment experienced a favorable claims reserve development of $36.0 million for the claim reserves held at the beginning of the year for the three months ended March 31, 2019 as a result of favorable claim terminations and estimates for remaining benefits to be paid. Current experience has been favorable relative to the three months ended March 31, 2018, however it is too early to determine if this favorable development will be persistent or is the result of normal volatility in claims activity from period to period.

Accounts Payable and Other Current Liabilities

3 Months Ended

Mar. 31, 2019

Payables and Accruals [Abstract]

Accounts Payable and Other Current Liabilities

12. Accounts Payable and Other Current Liabilities

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



	March 31, 2019		December 31, 2018
Accounts payable	$	132.4	$	104.7
Accrued expenses and other current liabilities	73.8		83.4
Accrued interconnection costs	48.2		103.0
Accrued payroll and employee benefits	38.1		44.2
Accrued interest	23.8		8.8
Accrued income taxes	4.0		0.8
Total accounts payable and other current liabilities	$	320.3	$	344.9

Debt Obligations

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Debt Obligations

13. Debt Obligations

Debt obligations consist of the following (in millions):



	March 31, 2019			December 31, 2018
Construction
LIBOR plus 5.85% Note, due 2023	$	79.0		$	80.0
LIBOR plus 1.50% Line of Credit	44.0			34.0
Other	0.3			—
Marine Services
Obligations under capital leases	38.7			40.4
7.49% Note, due 2019	14.4			14.0
Notes payable and revolving lines of credit, various maturity dates	12.5			12.9
Energy
5.00% Term Loan due in 2022	12.1			12.4
4.50% Note due in 2022	11.0			11.3
Other, various maturity dates	3.0			3.2
Life Sciences
Notes payable due in 2019	1.7			1.7
Broadcasting
8.50% Note due 2019	42.5			35.0
Other, various maturity dates	12.2			11.1
Non-Operating Corporate
11.5% Senior Secured Notes, due 2021	470.0			470.0
7.5% Convertible Senior Notes, due 2022	55.0			55.0
Total	796.4			781.0
Issuance discount, net and deferred financing costs	(34.4		)	(37.1		)
Debt obligations	$	762.0		$	743.9

Broadcasting

In January 2019, HC2 Broadcasting issued an additional $7.5 million of 8.5% notes to institutional investors, and increased the capacity of the notes by $15.0 million to $50.0 million.

Non-Operating Corporate

Subsequent to March 31, 2019, HC2 entered into a $15.0 million secured revolving credit agreement (the “Revolving Credit Agreement”) with MSD PCOF Partners IX, LLC, as lender (the “Lender”), effective April 3, 2019. HC2 intends to use the proceeds of loans under the Revolving Credit Agreement for working capital and general corporate purposes. The Revolving Credit Agreement matures on June 1, 2021. Loans under the Revolving Credit Agreement bear interest at a per annum rate equal to, at HC2's option, one, two or three month LIBOR plus a margin of 6.75%.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes Income Tax Expense The Company used the Annual Effective Tax Rate ("ETR") approach of ASC 740-270, Interim Reporting, to calculate its 2019 interim tax provision. Income tax was an expense of $4.0 million and $1.7 million for the three months ended March 31, 2019 and 2018, respectively. The income tax expense recorded for the three months ended March 31, 2019 relates to the projected expense as calculated under ASC 740 for taxpaying entities. Additionally, the tax benefits associated with losses generated by the HC2 Holdings, Inc. U.S. consolidated income tax return and certain other businesses have been reduced by a full valuation allowance as we do not believe it is more-likely-than-not that the losses will be utilized prior to expiration. The income tax expense recorded for March 31, 2018 relates to the projected expense as calculated under ASC 740 for taxpaying entities and because no benefit is recognized on the losses of the HC2 U.S. tax consolidated group, and the losses of their subsidiaries as valuation allowances are recorded on the deferred tax assets of these companies. As a result of the enactment of Public Law 115-97, known informally as the Tax Cuts and Jobs Act (“TCJA”) on December 22, 2017, we are subject to several provisions of the TCJA including computations under Global Intangible Low Taxed Income (“GILTI”) and the interest limitation rules. We have included the impact of each of these provisions in our overall tax expense for the three months ended March 31, 2019. Unrecognized Tax Benefits The Company follows the provision of ASC 740-10, Income Taxes, 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. Examinations The Company conducts business globally, and as a result, the Company 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. 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. Tax years 2002 - 2018 remain open for examination.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

15. Commitments and Contingencies

Future minimum operating lease payments under non-cancellable operating leases as of December 31, 2018 were as follows (in millions):



	Operating Leases
2019	$	22.0
2020	18.7
2021	16.4
2022	8.8
2023	6.8
Thereafter	20.3
Total obligations	$	93.0

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 final 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 was granted by the Southern District of Ohio on April 2, 2019. 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. A final settlement hearing is currently scheduled on July 23, 2019.

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. Meanwhile, the parties’ continued settlement negotiations resulted in a settlement agreement in the Delaware action. The settlement agreement, which requires CGI to contribute $250,000 to the settlement payment made by GAFRI in the class action, is contingent on the final approval of the class action settlement in the Ohio action.

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 plaintiffs' 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 March 31, 2019, 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. We believe that the allegations and claims by ASN are without merit, and that ASN is required to make all payments under unpaid invoices and we intend to defend our 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

3 Months Ended

Mar. 31, 2019

Retirement Benefits [Abstract]

Employee Retirement Plans

16. Employee Retirement Plans

The following table presents the components of Net periodic benefit cost for the periods presented (in millions):



	Three Months Ended March 31,
	2019			2018
Service cost - benefits earning during the period	$	—		$	—
Interest cost on projected benefit obligation	1.4			1.4
Expected return on assets	(1.7		)	(2.0		)
Actuarial gain	—			—
Foreign currency gain (loss)	—			—
Net periodic benefit	$	(0.3	)	$	(0.6	)

For the three months ended March 31, 2019, $2.0 million of contributions have been made to the Company's pension plans, comprising $1.7 million of fixed contributions and $0.3 million of profit-related contributions. The Company anticipates contributing an additional $5.1 million during 2019, comprising $5.1 million of fixed contributions.

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 $13.0 million deferred from 2016 and 2017 due in December 2017 have been further deferred. To support this second deferral, the Company has provided secured assets. These are the CWind Phantom (crew transfer vessel) and Q1000 trencher. 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. The fixed contributions, payable in installments, comprise approximately $6.8 million in 2019, approximately $7.0 million in 2020, approximately $7.2 million in 2021 and approximately $3.1 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.

Share-based Compensation

3 Months Ended

Mar. 31, 2019

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

Share-based Compensation

17. 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 "Amended 2014 Plan"). The Amended 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 Amended 2014 Plan, the Amended 2014 Plan authorized 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.

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 zero options during the three months ended March 31, 2019 and 2018, respectively.

Total share-based compensation expense recognized by the Company and its subsidiaries under all equity compensation arrangements was $1.7 million and $1.1 million for the three months ended March 31, 2019 and 2018, respectively.

All grants are time based and vest either immediately or over a period established at grant. 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, 2018	3,031,469		$	5.93
Granted	395,514		$	2.62
Vested	(1,105,239	)	$	6.07
Forfeited	(306	)	$	5.45
Unvested - March 31, 2019	2,321,438		$	5.30

At March 31, 2019, the total unrecognized stock-based compensation expense related to unvested restricted stock was $9.3 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted average period of 1.9 years.

Stock Options

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



	Shares	Weighted Average Exercise Price
Outstanding - December 31, 2018	7,160,861	$	6.51
Granted	—	$	—
Exercised	—	$	—
Forfeited	—	$	—
Expired	—	$	—
Outstanding - March 31, 2019	7,160,861	$	6.51

Eligible for exercise	6,206,367	$	6.26

At March 31, 2019, the intrinsic value and average remaining life of the Company's outstanding options were zero and approximately 5.9 years, and intrinsic value and average remaining life of the Company's exercisable options were zero and approximately 5.7 years.

At March 31, 2019, total unrecognized stock-based compensation expense related to unvested stock options was $1.2 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted average period of 1.8 years. There are 954,494 unvested stock options expected to vest, with a weighted average remaining life of 7.4 years, a weighted average exercise price of $8.10, and an intrinsic value of zero.

Equity

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Equity

18. Equity

Series A Preferred Stock and Series A-2 Preferred Stock

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

Preferred Share Activity

CGI Purchase

On January 11, 2019, CGI purchased 10,000 shares of Series A-2 Preferred Stock, which are convertible into a total of 1,420,455 shares of the Company's common stock, for a total consideration of $8.3 million. The shares and dividends accrued related to the Series A-2 Preferred Stock owned by CGI are eliminated in consolidation. The shares were purchased at a discount of $1.7 million, which was recorded within the Preferred dividends, deemed dividends, and repurchase gains line item of the Condensed Consolidated Statements of Operations as a deemed dividend.

Luxor and Corrib Conversions

On August 2, 2016, the Company entered into separate agreements with each of 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 three months ended March 31, 2019, 57,543 and 6,474 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 was valued by the Company at $0.2 million on the date of issuance and was recorded within Preferred stock and deemed dividends from conversion line item of the Consolidated Statements of Operations as a deemed dividend.

Preferred Share Dividends

During the three months ended March 31, 2019 and 2018, HC2's Board of Directors declared cash dividends with respect to HC2’s issued and outstanding Preferred Stock, excluding Preferred Stock owned by CGI which is eliminated in consolidation, as presented in the following table (in millions):

2019



Declaration Date	March 31, 2019
Holders of Record Date	March 31, 2019
Payment Date	April 15, 2019
Total Dividend	$	0.2

2018



Declaration Date	March 31, 2018
Holders of Record Date	March 31, 2018
Payment Date	April 16, 2018
Total Dividend	$	0.5

Related Parties

3 Months Ended

Mar. 31, 2019

Related Parties

19. 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 $0.9 million and $1.0 million of expenses under the Services Agreement for each of the three months ended March 31, 2019 and 2018, respectively.

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 revenue and expenses with Fugro for various services. For the three months ended March 31, 2019 and 2018, GMSL recognized $0.8 million and zero, respectively, of revenues and $2.2 million and $1.1 million, respectively, of expenses for such transactions with Fugro.

The parent company of GMSL, GMH, incurred management fees of $0.2 million for each of the three months ended March 31, 2019 and 2018, respectively.

GMSL also has transactions with several of their equity method investees. A summary of transactions with such equity method investees and balances outstanding are as follows (in millions):



	Three Months Ended March 31,
	2019		2018
Net revenue	$	2.0	$	3.9
Operating expenses	$	0.6	$	0.4
Interest expense	$	0.3	$	0.4
Dividends	$	1.1	$	1.0



	March 31, 2019		December 31, 2018
Accounts receivable	$	1.5	$	5.0
Long-term obligations	$	27.2	$	28.5
Accounts payable	$	0.5	$	2.2

Life Sciences

As of March 31, 2019, R2's secured convertible note with Blossom Innovation, LLC had an outstanding principal balance of $1.0 million.

Operating Segment and Related Information

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Operating Segment and Related Information

20. 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. The Company's revenue concentrations of 10% and greater are as follows:

* Less than 10% revenue concentration

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



	Three Months Ended March 31,
	2019		2018
Net Revenue by Geographic Region
United States	$	440.6	$	412.4
United Kingdom	42.2		36.4
Other	8.6		4.9
Total	$	491.4	$	453.7



	Three Months Ended March 31,
	2019			2018
Net revenue
Construction	$	192.1		$	158.9
Marine Services	42.4			36.7
Energy	5.1			4.5
Telecommunications	155.5			202.3
Insurance	88.8			40.2
Broadcasting	9.8			10.7
Other	—			2.4
Eliminations ^(*)	(2.3		)	(2.0		)
Total net revenue	$	491.4		$	453.7

^(*)The Insurance segment revenues are inclusive of realized and unrealized gains and net investment income for the three months ended March 31, 2019 and 2018 which are related to entities under common control which are eliminated or are reclassified in consolidation.



	Three Months Ended March 31,
	2019			2018
(Loss) income from operations
Construction	$	5.7		$	6.1
Marine Services	(4.1		)	(2.8		)
Energy	(0.4		)	(0.6		)
Telecommunications	0.6			1.0
Insurance	34.4			3.0
Life Sciences	(1.8		)	(3.3		)
Broadcasting	(3.3		)	(7.7		)
Other	—			(0.2		)
Non-operating Corporate	(7.2		)	(7.3		)
Eliminations^(*)	(2.3		)	(2.0		)
Total income (loss) from operations	$	21.6		$	(13.8	)

^(*) The Insurance segment revenues are inclusive of realized and unrealized gains and net investment income for the three months ended March 31, 2019 and 2018 which are related to transactions between entities under common control which are eliminated or are reclassified in consolidation.

A reconciliation of the Company's consolidated segment operating income to consolidated earnings before income taxes is as follows (in millions):



	Three Months Ended March 31,
	2019			2018
Income (loss) from operations	$	21.6		$	(13.8	)
Interest expense	(22.3		)	(19.3		)
Loss from equity investees	(4.9		)	(5.2		)
Other income, net	3.3			1.1
Loss from continuing operations before income taxes	(2.3		)	(37.2		)
Income tax expense	(4.0		)	(1.7		)
Net loss	(6.3		)	(38.9		)
Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interest	3.5			3.9
Net loss attributable to HC2 Holdings, Inc.	(2.8		)	(35.0		)
Less: Preferred dividends, deemed dividends, and repurchase gains	(1.2		)	0.7
Net loss attributable to common stock and participating preferred stockholders	$	(1.6	)	$	(35.7	)



	Three Months Ended March 31,
	2019			2018
Depreciation and Amortization
Construction	$	3.9		$	1.5
Marine Services	6.6			6.8
Energy	1.4			1.4
Telecommunications	0.1			0.1
Insurance ^(*)	(6.5		)	(0.9		)
Life Sciences	—			0.1
Broadcasting	1.4			0.7
Total	$	6.9		$	9.7

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



	Three Months Ended March 31,
	2019		2018
Capital Expenditures ^(*)
Construction	$	2.6	$	1.3
Marine Services	3.1		6.6
Energy	0.1		0.8
Telecommunications	—		0.1
Insurance	0.2		0.3
Broadcasting	0.4		0.1
Total	$	6.4	$	9.2

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



	March 31, 2019			December 31, 2018
Investments
Construction	$	0.9		$	0.9
Marine Services	60.8			58.3
Insurance	4,039.0			3,821.4
Life Sciences	16.3			16.3
Other	6.0			5.6
Eliminations	(99.6		)	(80.5		)
Total	$	4,023.4		$	3,822.0



	March 31, 2019		December 31, 2018
Property, Plant and Equipment—Net
United States	$	179.7	$	178.2
United Kingdom	191.7		192.7
Other	5.2		5.4
Total	$	376.6	$	376.3



	March 31, 2019			December 31, 2018
Total Assets
Construction	$	561.4		$	537.9
Marine Services	387.6			368.6
Energy	81.9			77.6
Telecommunications	93.6			139.9
Insurance	5,384.3			5,213.1
Life Sciences	31.3			35.6
Broadcasting	232.1			202.8
Other	6.0			5.6
Non-operating Corporate	3.8			9.2
Eliminations	(99.6		)	(86.5		)
Total	$	6,682.4		$	6,503.8

Basic and Diluted Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Basic and Diluted Income (Loss) Per Common Share

21. Basic and Diluted Income (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 common shares were excluded from diluted EPS for the three months ended March 31, 2019 due to the results of operations being a loss from continuing operations, net of tax: 2,168,454 for outstanding warrants to purchase the Company's stock, 2,246,396 for convertible preferred stock, 12,557,078 for convertible debt, 7,160,861 outstanding employee stock options, and 389,767 of unvested restricted stock.

The following potential common shares were excluded from diluted EPS for the three months ended March 31, 2018 due to the results of operations being a loss from continuing operations, net of tax: 2,019,972 for outstanding warrants to purchase the Company's stock, 4,787,602 for convertible preferred stock, 6,967,218 outstanding employee stock options, and 1,171,019 of unvested restricted stock.

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



	Three Months Ended March 31,
	2019			2018
Net loss attributable to common stock and participating preferred stockholders	$	(1.6	)	$	(35.7	)
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share
Participating shares at end of period:
Weighted-average common stock outstanding	44.8			44.3
Percentage of loss allocated to:
Common stock	100		%	100		%
Preferred stock	—		%	—		%

Net Income (loss) attributable to common stock, basic	$	(1.6	)	$	(35.7	)

Denominator for basic and dilutive earnings per share
Weighted average common shares outstanding - basic and diluted	44.8			44.3

Net income (loss) attributable to participating security holders - basic and diluted	$	(0.04	)	$	(0.81	)

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	22. Subsequent Events Subsequent to March 31, 2019, HC2 entered into a $15.0 million Revolving Credit Agreement with MSD PCOF Partners IX, LLC, as lender, effective April 3, 2019. HC2 intends to use the proceeds of loans under the Revolving Credit Agreement for working capital and general corporate purposes. The Revolving Credit Agreement matures on June 1, 2021. Loans under the Revolving Credit Agreement bear interest at a per annum rate equal to, at HC2's option, one, two or three month LIBOR plus a margin of 6.75%.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Principles of Consolidation

Basis of Presentation

Use of Estimates and Assumptions

Accounting Pronouncements Adopted in the Current Year

Effective January 1, 2019 the Company adopted the accounting pronouncements described below.

Accounting for Leases

Accounting Pronouncements to be Adopted Subsequent to December 31, 2019

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.

Subsequent Events

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Restrictions on Cash and Cash Equivalents



	March 31, 2019		March 31, 2018
Cash and cash equivalents, beginning of period	$	325.0	$	97.9
Restricted cash included in other assets	5.4		1.0
Total cash and cash equivalents and restricted cash	$	330.4	$	98.9

Cash and cash equivalents, end of period	$	302.2	$	92.1
Restricted cash included in other assets	1.6		0.8
Total cash and cash equivalents and restricted cash	$	303.8	$	92.9

Schedule of Cash and Cash Equivalents



	March 31, 2019		March 31, 2018
Cash and cash equivalents, beginning of period	$	325.0	$	97.9
Restricted cash included in other assets	5.4		1.0
Total cash and cash equivalents and restricted cash	$	330.4	$	98.9

Cash and cash equivalents, end of period	$	302.2	$	92.1
Restricted cash included in other assets	1.6		0.8
Total cash and cash equivalents and restricted cash	$	303.8	$	92.9

Revenue (Tables)

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

Reconciliation of Revenue from Segments to Consolidated

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



	Three Months Ended March 31,
	2019		2018
Revenue⁽¹⁾
Construction	$	192.1	$	158.9
Marine Services	42.4		36.7
Energy	5.1		4.5
Telecommunications	155.5		202.3
Broadcasting	9.8		10.7
Other	—		2.4
Total revenue	$	404.9	$	415.5

⁽¹⁾ The Insurance segment does not have revenues in scope of ASC 606

Schedule of Accounts Receivable

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



	March 31, 2019		December 31, 2018
Accounts receivables with customers
Construction	$	206.1	$	196.6
Marine Services	48.6		48.3
Energy	3.4		3.3
Telecommunications	58.1		117.6
Broadcasting	8.4		9.2
Total accounts receivables with customers	$	324.6	$	375.0

Accounts receivable, net consist of the following (in millions):



	March 31, 2019			December 31, 2018
Contracts in progress	$	199.6		$	188.2
Trade receivables	67.2			127.5
Unbilled retentions	66.1			65.6
Other receivables	4.0			4.2
Allowance for doubtful accounts	(8.5		)	(6.3		)
Total accounts receivable, net	$	328.4		$	379.2

Disaggregation of Revenue

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



	Three Months Ended March 31,
	2019		2018
Volume-related	$	4.8	$	4.1
Total revenue from contracts with customers	4.8		4.1
RNG Incentives	0.3		0.4
Total Energy segment revenue	$	5.1	$	4.5

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



	Three Months Ended March 31,
	2019		2018
Commercial	$	59.4	$	69.7
Convention	28.7		31.7
Healthcare	8.8		27.8
Industrial	53.8		9.3
Transportation	18.1		5.2
Other	23.3		15.2
Total revenue from contracts with customers	192.1		158.9
Other revenue	—		—
Total Construction segment revenue	$	192.1	$	158.9

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



	Three Months Ended March 31,
	2019		2018
Network advertising	$	5.4	$	6.8
Broadcast station	2.7		2.7
Network distribution	1.5		1.0
Other	0.2		0.2
Total revenue from contracts with customers	9.8		10.7
Other revenue	—		—
Total Broadcasting segment revenue	$	9.8	$	10.7

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



	Three Months Ended March 31,
	2019		2018
Telecommunication - Maintenance	$	21.0	$	21.8
Telecommunication - Installation	5.4		7.3
Power - Operations, Maintenance & Construction Support	4.2		4.7
Power - Cable Installation & Repair	11.8		2.9
Total revenue from contracts with customers	42.4		36.7
Other revenue	—		—
Total Marine Services segment revenue	$	42.4	$	36.7

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



	Three Months Ended March 31,
	2019		2018
Termination of long distance minutes	$	155.5	$	202.3
Total revenue from contracts with customers	155.5		202.3
Other revenue	—		—
Total Telecommunications segment revenue	$	155.5	$	202.3

Contract with Customer, Asset and Liability

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



	March 31, 2019			December 31, 2018
Contract assets	$	7.1		$	5.2
Contract liabilities	$	(15.4	)	$	(1.0	)

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



	March 31, 2019			December 31, 2018
Contract assets	$	73.4		$	69.0
Contract liabilities	$	(61.2	)	$	(62.0	)

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		Total
Commercial	$	102.1	$	20.5	$	122.6
Convention	53.5		—		53.5
Healthcare	41.0		5.5		46.5
Industrial	124.8		59.4		184.2
Transportation	69.9		10.8		80.7
Other	71.1		—		71.1
Remaining unsatisfied performance obligations	$	462.4	$	96.2	$	558.6

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



	Within one year		Within five years		Thereafter		Total
Telecommunication - Maintenance	$	57.5	$	217.8	$	60.0	$	335.3
Telecommunication - Installation	15.0		—		—		15.0
Power - Operations, Maintenance & Construction Support	8.9		9.4		—		18.3
Power - Cable Installation & Repair	20.5		66.0		—		86.5
Remaining unsatisfied performance obligations	$	101.9	$	293.2	$	60.0	$	455.1

Acquisitions, Dispositions, and Deconsolidations (Tables)

3 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

Schedule of Purchase Price Allocation

reliminary allocation of the fair value of consideration transferred 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 preliminary allocation of the fair value of consideration transferred 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	—
Gain on bargain purchase	$	115.4

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



	March 31, 2019			December 31, 2018
Property, plant and equipment	$	0.3		$	1.2
Intangibles	5.7			70.2
Other assets	0.4			—
Total assets acquired	6.4			71.4
Other liabilities	(0.4		)	—
Total liabilities assumed	(0.4		)	—
Total net assets acquired	$	6.0		$	71.4

Business Acquisition, Pro Forma Information



	Three Months Ended March 31, 2018
Net revenue	$	500.6
Net income (loss) from continuing operations	$	(9.9	)
Net income (loss) attributable to HC2 Holdings, Inc.	$	(13.9	)

Investments (Tables)

3 Months Ended

Mar. 31, 2019

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):



March 31, 2019	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Government and government agencies	$	24.2	$	1.0	$	—		$	25.2
States, municipalities and political subdivisions	412.9		20.2		(0.2		)	432.9
Residential mortgage-backed securities	80.4		3.8		(0.7		)	83.5
Commercial mortgage-backed securities	100.6		1.3		(0.1		)	101.8
Asset-backed securities	522.6		0.9		(17.0		)	506.5
Corporate and other	2,417.5		84.8		(26.3		)	2,476.0
Total fixed maturity securities	$	3,558.2	$	112.0	$	(44.3	)	$	3,625.9



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

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	$	24.6	$	25.1
Due after one year through five years	222.1		224.5
Due after five years through ten years	344.6		354.2
Due after ten years	2,263.3		2,330.3
Subtotal	2,854.6		2,934.1
Mortgage-backed securities	181.0		185.3
Asset-backed securities	522.6		506.5
Total	$	3,558.2	$	3,625.9

Schedule of Major Industry Types of Fixed Maturity Holdings

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



	March 31, 2019						December 31, 2018
	Amortized Cost		Fair Value		% of Total		Amortized Cost		Fair Value		% of Total
Finance, insurance, and real estate	$	517.4	$	523.2	21.1	%	$	469.0	$	452.9	20.2	%
Transportation, communication and other services	786.7		809.2		32.7	%	758.6		734.0		32.7	%
Manufacturing	733.0		751.9		30.4	%	712.7		693.5		30.9	%
Other	380.4		391.7		15.8	%	370.7		364.1		16.2	%
Total	$	2,417.5	$	2,476.0	100.0	%	$	2,311.0	$	2,244.5	100.0	%

Schedule of Unrealized Losses for Fixed Maturities and Equity Securities



	March 31, 2019					December 31, 2018
	Unrealized Losses			% of Total		Unrealized Losses			% of Total
Less than 20%	$	(43.9	)	99.1	%	$	(116.0	)	98.8	%
20% or more for less than six months	—			—	%	(0.8		)	0.7	%
20% or more for six months or greater	(0.4		)	0.9	%	(0.6		)	0.5	%
Total	$	(44.3	)	100.0	%	$	(117.4	)	100.0	%

Schedule of Estimated Fair Value and Gross Unrealized Loss



March 31, 2019	Less than 12 months					12 months or greater					Total
March 31, 2019	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Government and government agencies	$	0.1	$	—		$	1.6	$	—		$	1.7	$	—
States, municipalities and political subdivisions	14.8		(0.2		)	—		—			14.8		(0.2		)
Residential mortgage-backed securities	14.0		(0.6		)	2.7		(0.1		)	16.7		(0.7		)
Commercial mortgage-backed securities	27.0		(0.1		)	—		—			27.0		(0.1		)
Asset-backed securities	382.1		(12.4		)	48.5		(4.6		)	430.6		(17.0		)
Corporate and other	393.0		(18.3		)	169.5		(8.0		)	562.5		(26.3		)
Total fixed maturity securities	$	831.0	$	(31.6	)	$	222.3	$	(12.7	)	$	1,053.3	$	(44.3	)



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	)

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following tables provide information relating to investments in equity securities measured at fair value (in millions):



	March 31, 2019		December 31, 2018
Common stocks	$	19.5	$	15.0
Perpetual preferred stocks	153.2		185.5
Total equity securities	$	172.7	$	200.5

Schedule of Other Invested Assets

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



	March 31, 2019				December 31, 2018
	Measurement Alternative		Equity Method		Measurement Alternative		Equity Method
Common Equity	$	—	$	2.1	$	—	$	2.1
Preferred Equity	1.6		8.4		1.6		9.6
Other	—		55.8		—		59.2
Total	$	1.6	$	66.3	$	1.6	$	70.9

Net Investment Income

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



	Three Months Ended March 31,
	2019			2018
Fixed maturity securities, available-for-sale at fair value	$	43.6		$	15.6
Equity securities	2.5			0.6
Mortgage loans	3.7			1.2
Policy loans	0.3			0.3
Other invested assets	1.2			0.1
Gross investment income	51.3			17.8
External investment expense	(0.2		)	(0.1		)
Net investment income	$	51.1		$	17.7

Net Realized Gain (Loss) on Investments

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



	Three Months Ended March 31,
	2019			2018
Realized gains on fixed maturity securities	$	0.8		$	1.3
Realized losses on fixed maturity securities	(1.7		)	(0.7		)
Realized gains on equity securities	0.1			—
Realized losses on equity securities	(0.9		)	—
Net unrealized gains (losses) on equity securities	7.4			(0.7		)
Net unrealized gains (losses) on derivative instruments	(0.2		)	0.6
Net realized and unrealized gains (losses)	$	5.5		$	0.5

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

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



March 31, 2019			Fair Value Measurement Using:
March 31, 2019	Total		Level 1		Level 2		Level 3
Assets
Fixed maturity securities
U.S. Government and government agencies	$	25.2	$	5.8	$	19.4	$	—
States, municipalities and political subdivisions	432.9		—		432.9		—
Residential mortgage-backed securities	83.5		—		70.4		13.1
Commercial mortgage-backed securities	101.8		—		40.0		61.8
Asset-backed securities	506.5		—		34.4		472.1
Corporate and other	2,476.0		7.1		2,270.4		198.5
Total fixed maturity securities	3,625.9		12.9		2,867.5		745.5
Equity securities
Common stocks	19.5		13.4		—		6.1
Perpetual preferred stocks	153.2		7.4		90.7		55.1
Total equity securities	172.7		20.8		90.7		61.2
Total assets accounted for at fair value	$	3,798.6	$	33.7	$	2,958.2	$	806.7



Liabilities
Warrant liability	$	6.1	$	—	$	—	$	6.1
Other	2.7		—		—		2.7
Total liabilities accounted for at fair value	$	8.8	$	—	$	—	$	8.8



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

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



				Total realized/unrealized gains (losses) included in
	Balance at December 31, 2018				Net earnings (loss)			Other comp. income (loss)			Purchases and issuances		Sales and settlements				Transfer to Level 3		Transfer out of Level 3			Balance at March 31, 2019
Assets
Fixed maturity securities
Residential mortgage-backed securities		$	19.0		$	—			$	0.1	$	—		$	(0.3	)	$	—	$	(5.7	)	$	13.1
Commercial mortgage-backed securities		58.2			—				1.6		2.4			(0.4		)	—		—			61.8
Asset-backed securities		478.2			—				13.3		48.6			(73.6		)	5.6		—			472.1
Corporate and other		85.0			—				8.5		4.6			(4.6		)	105.0		—			198.5
Total fixed maturity securities		640.4			—				23.5		55.6			(78.9		)	110.6		(5.7		)	745.5
Equity securities
Common stocks		5.9			0.2				—		—			—			—		—			6.1
Perpetual preferred stocks		55.3			(0.2		)		—		—			—			—		—			55.1
Total equity securities		61.2			—				—		—			—			—		—			61.2
Total financial assets		$	701.6		$	—			$	23.5	$	55.6		$	(78.9	)	$	110.6	$	(5.7	)	$	806.7



				Total realized/unrealized (gains) losses included in
	Balance at December 31, 2018			Net (earnings) loss			Other comp. (income) loss			Purchases and issuances		Sales and settlements			Transfer to Level 3		Transfer out of Level 3		Balance at March 31, 2019
Liabilities
Embedded derivative		$	8.4	$	(2.3	)		$	—	$	—		$	—	$	—	$	—	$	6.1
Other		3.5		(0.8		)		—		—			—		—		—		2.7
Total financial liabilities		$	11.9	$	(3.1	)		$	—	$	—		$	—	$	—	$	—	$	8.8



				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 March 31, 2018
Assets
Fixed maturity securities
States, municipalities and political subdivisions		$	6.0	$	—		$	(0.1	)	$	0.1		$	—			$	0.4	$	—			$	6.4
Residential mortgage-backed securities		14.6		0.1			0.3			—			(4.4		)		—		(3.4		)		7.2
Commercial mortgage-backed securities		12.2		—			(0.1		)	5.7			—				—		—				17.8
Asset-backed securities		133.7		0.7			(1.5		)	49.5			(44.5		)		—		—				137.9
Corporate and other		26.3		—			—			5.2			(0.4		)		6.5		—				37.6
Total fixed maturity securities		192.8		0.8			(1.4		)	60.5			(49.3		)		6.9		(3.4		)		206.9
Equity securities
Common stocks		0.2		—			—			—			—				0.4		—				0.6
Perpetual preferred stocks		6.4		—			—			15.0			—				2.5		—				23.9
Total equity securities		6.6		—			—			15.0			—				2.9		—				24.5
Derivatives		0.3		—			—			—			—				—		—				0.3
Total financial assets		$	199.7	$	0.8		$	(1.4	)	$	75.5		$	(49.3	)		$	9.8	$	(3.4	)		$	231.7



				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 March 31, 2018
Liabilities
Other		$	4.8	$	(0.7	)		$	—	$	—		$	—		$	—	$	—		$	4.1
Total financial liabilities		$	4.8	$	(0.7	)		$	—	$	—		$	—		$	—	$	—		$	4.1

Schedule of Financial Instruments Measured at Fair Value on Nonrecurring Basis



March 31, 2019					Fair Value Measurement Using:
March 31, 2019	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Assets
Mortgage loans	$	137.2	$	137.2	$	—	$	—	$	137.2
Policy loans	19.7		19.7		—		19.7		—
Other invested assets	1.6		1.6		—		—		1.6
Total assets not accounted for at fair value	$	158.5	$	158.5	$	—	$	19.7	$	138.8
Liabilities
Annuity benefits accumulated ⁽¹⁾	$	240.5	$	237.8	$	—	$	—	$	237.8
Debt obligations ⁽²⁾	723.0		693.8		—		693.8		—
Total liabilities not accounted for at fair value	$	963.5	$	931.6	$	—	$	693.8	$	237.8



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

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

⁽²⁾ Excludes certain lease obligations accounted for under ASC 842, Leases.

Accounts Receivable, net (Tables)

3 Months Ended

Mar. 31, 2019

Receivables [Abstract]

Schedule of Accounts Receivable

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



	March 31, 2019		December 31, 2018
Accounts receivables with customers
Construction	$	206.1	$	196.6
Marine Services	48.6		48.3
Energy	3.4		3.3
Telecommunications	58.1		117.6
Broadcasting	8.4		9.2
Total accounts receivables with customers	$	324.6	$	375.0

Accounts receivable, net consist of the following (in millions):



	March 31, 2019			December 31, 2018
Contracts in progress	$	199.6		$	188.2
Trade receivables	67.2			127.5
Unbilled retentions	66.1			65.6
Other receivables	4.0			4.2
Allowance for doubtful accounts	(8.5		)	(6.3		)
Total accounts receivable, net	$	328.4		$	379.2

Recoverable from Reinsurers (Tables)

3 Months Ended

Mar. 31, 2019

Insurance [Abstract]

Ceded Credit Risk

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



		March 31, 2019				December 31, 2018
Reinsurer	A.M. Best Rating	Amount		% of Total		Amount		% of Total
Hannover Life Reassurance Company of America	A+	$	333.4	34.2	%	$	336.9	33.7	%
Munich American Reassurance Company	A+	338.9		34.7	%	335.0		33.5	%
Loyal American Life Insurance Company	A	145.9		15.0	%	146.0		14.6	%
ManhattanLife Assurance Company of America	B+	67.2		6.9	%	89.5		8.9	%
Great American Life Insurance Company	A	55.0		5.6	%	54.5		5.4	%
Other		35.4		3.6	%	38.3		3.9	%
Total		$	975.8	100.0	%	$	1,000.2	100.0	%

Property, Plant and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2019

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

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



	March 31, 2019		December 31, 2018
Cable-ships and submersibles	$	248.7	$	251.1
Equipment, furniture and fixtures, and software	155.4		148.0
Building and leasehold improvements	46.6		47.3
Land	32.7		32.8
Construction in progress	18.7		12.9
Plant and transportation equipment	12.3		12.0
	514.4		504.1
Less: Accumulated depreciation	137.8		127.8
Total	$	376.6	$	376.3

Goodwill and Intangibles, net (Tables)

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

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

The carrying amount of goodwill by segment were as follows (in millions):



	Construction			Marine Services		Energy		Telecom		Insurance		Broadcasting			Total
Balance at December 31, 2018 and March 31, 2019		$	82.2	$	14.3	$	2.1	$	4.4	$	47.3		$	21.4	$	171.7

Schedule of Indefinite-Lived Intangible Assets

Balances of indefinite-lived intangible assets as of March 31, 2019 and December 31, 2018 were as follows (in millions):



	March 31, 2019		December 31, 2018
FCC licenses	$	126.3	$	120.6
State licenses	2.5		2.5
Total	$	128.8	$	123.1

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:



	Weighted-Average Original Useful Life	March 31, 2019							December 31, 2018
	Weighted-Average Original Useful Life	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	13 Years	$	25.9	$	(6.3	)	$	19.6	$	25.9	$	(5.9	)	$	20.0
Customer relationships	10 Years	53.6		(9.4		)	44.2		53.6		(7.2		)	46.4
Channel sharing arrangements	40 Years	25.2		(0.4		)	24.8		25.2		—			25.2
Developed technology	5 Years	1.2		(1.2		)	—		1.2		(1.2		)	—
Other	4 Years	5.5		(1.2		)	4.3		5.5		(1.0		)	4.5
Total		$	111.4	$	(18.5	)	$	92.9	$	111.4	$	(15.3	)	$	96.1

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense



Fiscal Year	Estimated Amortization Expense
2019	$	8.9
2020	$	8.1
2021	$	7.9
2022	$	7.8
2023	$	6.9

Life, Accident and Health Reserves (Tables)

3 Months Ended

Mar. 31, 2019

Insurance [Abstract]

Schedule of Life, Accident and Health Reserves

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



	March 31, 2019		December 31, 2018
Long-term care insurance reserves	$	4,151.1	$	4,142.5
Traditional life insurance reserves	186.5		222.8
Other accident and health insurance reserves	211.4		196.8
Total life, accident and health reserves	$	4,549.0	$	4,562.1

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



	Three Months Ended March 31,
	2019			2018
Beginning balance	$	738.7		$	243.5
Less: recoverable from reinsurers	(136.4		)	(100.6		)
Beginning balance, net	602.3			142.9
Incurred related to insured events of:
Current year	62.4			19.9
Prior years	(36.0		)	—
Total incurred	26.4			19.9
Paid related to insured events of:
Current year	(0.6		)	(0.4		)
Prior years	(36.4		)	(13.3		)
Total paid	(37.0		)	(13.7		)
Interest on liability for policy and contract claims	5.3			1.3
Ending balance, net	597.0			150.4
Add: recoverable from reinsurers	136.4			102.8
Ending balance	$	733.4		$	253.2

Accounts Payable and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Other Current Liabilities

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



	March 31, 2019		December 31, 2018
Accounts payable	$	132.4	$	104.7
Accrued expenses and other current liabilities	73.8		83.4
Accrued interconnection costs	48.2		103.0
Accrued payroll and employee benefits	38.1		44.2
Accrued interest	23.8		8.8
Accrued income taxes	4.0		0.8
Total accounts payable and other current liabilities	$	320.3	$	344.9

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Obligations

Debt obligations consist of the following (in millions):



	March 31, 2019			December 31, 2018
Construction
LIBOR plus 5.85% Note, due 2023	$	79.0		$	80.0
LIBOR plus 1.50% Line of Credit	44.0			34.0
Other	0.3			—
Marine Services
Obligations under capital leases	38.7			40.4
7.49% Note, due 2019	14.4			14.0
Notes payable and revolving lines of credit, various maturity dates	12.5			12.9
Energy
5.00% Term Loan due in 2022	12.1			12.4
4.50% Note due in 2022	11.0			11.3
Other, various maturity dates	3.0			3.2
Life Sciences
Notes payable due in 2019	1.7			1.7
Broadcasting
8.50% Note due 2019	42.5			35.0
Other, various maturity dates	12.2			11.1
Non-Operating Corporate
11.5% Senior Secured Notes, due 2021	470.0			470.0
7.5% Convertible Senior Notes, due 2022	55.0			55.0
Total	796.4			781.0
Issuance discount, net and deferred financing costs	(34.4		)	(37.1		)
Debt obligations	$	762.0		$	743.9

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Lessee, Operating Lease, Liability, Maturity

Future minimum operating lease payments under non-cancellable operating leases as of December 31, 2018 were as follows (in millions):



	Operating Leases
2019	$	22.0
2020	18.7
2021	16.4
2022	8.8
2023	6.8
Thereafter	20.3
Total obligations	$	93.0

Employee Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2019

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

The following table presents the components of Net periodic benefit cost for the periods presented (in millions):



	Three Months Ended March 31,
	2019			2018
Service cost - benefits earning during the period	$	—		$	—
Interest cost on projected benefit obligation	1.4			1.4
Expected return on assets	(1.7		)	(2.0		)
Actuarial gain	—			—
Foreign currency gain (loss)	—			—
Net periodic benefit	$	(0.3	)	$	(0.6	)

Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2019

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

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, 2018	3,031,469		$	5.93
Granted	395,514		$	2.62
Vested	(1,105,239	)	$	6.07
Forfeited	(306	)	$	5.45
Unvested - March 31, 2019	2,321,438		$	5.30

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, 2018	7,160,861	$	6.51
Granted	—	$	—
Exercised	—	$	—
Forfeited	—	$	—
Expired	—	$	—
Outstanding - March 31, 2019	7,160,861	$	6.51

Eligible for exercise	6,206,367	$	6.26

Equity (Tables)

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Schedule of Stock by Class

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

Summary of Cash, PIK and Special Cash Dividends

2019



Declaration Date	March 31, 2019
Holders of Record Date	March 31, 2019
Payment Date	April 15, 2019
Total Dividend	$	0.2

2018



Declaration Date	March 31, 2018
Holders of Record Date	March 31, 2018
Payment Date	April 16, 2018
Total Dividend	$	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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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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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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21484-112644

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Related Parties (Tables)

3 Months Ended

Mar. 31, 2019

Summary of Balance Outstanding of Related Parties

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



	Three Months Ended March 31,
	2019		2018
Net revenue	$	2.0	$	3.9
Operating expenses	$	0.6	$	0.4
Interest expense	$	0.3	$	0.4
Dividends	$	1.1	$	1.0



	March 31, 2019		December 31, 2018
Accounts receivable	$	1.5	$	5.0
Long-term obligations	$	27.2	$	28.5
Accounts payable	$	0.5	$	2.2

Operating Segment and Related Information (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Schedules of Concentration of Risk, by Risk Factor

The Company's revenue concentrations of 10% and greater are as follows:

* 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):



	Three Months Ended March 31,
	2019		2018
Net Revenue by Geographic Region
United States	$	440.6	$	412.4
United Kingdom	42.2		36.4
Other	8.6		4.9
Total	$	491.4	$	453.7



	Three Months Ended March 31,
	2019			2018
Net revenue
Construction	$	192.1		$	158.9
Marine Services	42.4			36.7
Energy	5.1			4.5
Telecommunications	155.5			202.3
Insurance	88.8			40.2
Broadcasting	9.8			10.7
Other	—			2.4
Eliminations ^(*)	(2.3		)	(2.0		)
Total net revenue	$	491.4		$	453.7



	Three Months Ended March 31,
	2019			2018
(Loss) income from operations
Construction	$	5.7		$	6.1
Marine Services	(4.1		)	(2.8		)
Energy	(0.4		)	(0.6		)
Telecommunications	0.6			1.0
Insurance	34.4			3.0
Life Sciences	(1.8		)	(3.3		)
Broadcasting	(3.3		)	(7.7		)
Other	—			(0.2		)
Non-operating Corporate	(7.2		)	(7.3		)
Eliminations^(*)	(2.3		)	(2.0		)
Total income (loss) from operations	$	21.6		$	(13.8	)

^(*) The Insurance segment revenues are inclusive of realized and unrealized gains and net investment income for the three months ended March 31, 2019 and 2018 which are related to transactions between entities under common control which are eliminated or are reclassified in consolidation.

A reconciliation of the Company's consolidated segment operating income to consolidated earnings before income taxes is as follows (in millions):



	Three Months Ended March 31,
	2019			2018
Income (loss) from operations	$	21.6		$	(13.8	)
Interest expense	(22.3		)	(19.3		)
Loss from equity investees	(4.9		)	(5.2		)
Other income, net	3.3			1.1
Loss from continuing operations before income taxes	(2.3		)	(37.2		)
Income tax expense	(4.0		)	(1.7		)
Net loss	(6.3		)	(38.9		)
Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interest	3.5			3.9
Net loss attributable to HC2 Holdings, Inc.	(2.8		)	(35.0		)
Less: Preferred dividends, deemed dividends, and repurchase gains	(1.2		)	0.7
Net loss attributable to common stock and participating preferred stockholders	$	(1.6	)	$	(35.7	)



	Three Months Ended March 31,
	2019			2018
Depreciation and Amortization
Construction	$	3.9		$	1.5
Marine Services	6.6			6.8
Energy	1.4			1.4
Telecommunications	0.1			0.1
Insurance ^(*)	(6.5		)	(0.9		)
Life Sciences	—			0.1
Broadcasting	1.4			0.7
Total	$	6.9		$	9.7

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



	Three Months Ended March 31,
	2019		2018
Capital Expenditures ^(*)
Construction	$	2.6	$	1.3
Marine Services	3.1		6.6
Energy	0.1		0.8
Telecommunications	—		0.1
Insurance	0.2		0.3
Broadcasting	0.4		0.1
Total	$	6.4	$	9.2

^(*)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



	March 31, 2019			December 31, 2018
Investments
Construction	$	0.9		$	0.9
Marine Services	60.8			58.3
Insurance	4,039.0			3,821.4
Life Sciences	16.3			16.3
Other	6.0			5.6
Eliminations	(99.6		)	(80.5		)
Total	$	4,023.4		$	3,822.0



	March 31, 2019		December 31, 2018
Property, Plant and Equipment—Net
United States	$	179.7	$	178.2
United Kingdom	191.7		192.7
Other	5.2		5.4
Total	$	376.6	$	376.3



	March 31, 2019			December 31, 2018
Total Assets
Construction	$	561.4		$	537.9
Marine Services	387.6			368.6
Energy	81.9			77.6
Telecommunications	93.6			139.9
Insurance	5,384.3			5,213.1
Life Sciences	31.3			35.6
Broadcasting	232.1			202.8
Other	6.0			5.6
Non-operating Corporate	3.8			9.2
Eliminations	(99.6		)	(86.5		)
Total	$	6,682.4		$	6,503.8

Basic and Diluted Income (Loss) Per Common Share (Tables)

3 Months Ended

Mar. 31, 2019

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):



	Three Months Ended March 31,
	2019			2018
Net loss attributable to common stock and participating preferred stockholders	$	(1.6	)	$	(35.7	)
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share
Participating shares at end of period:
Weighted-average common stock outstanding	44.8			44.3
Percentage of loss allocated to:
Common stock	100		%	100		%
Preferred stock	—		%	—		%

Net Income (loss) attributable to common stock, basic	$	(1.6	)	$	(35.7	)

Denominator for basic and dilutive earnings per share
Weighted average common shares outstanding - basic and diluted	44.8			44.3

Net income (loss) attributable to participating security holders - basic and diluted	$	(0.04	)	$	(0.81	)

Organization and Business (Details)	3 Months Ended
Organization and Business (Details)	Mar. 31, 2019 segment
Business And Organization [Line Items]
Number of reportable segments	8
DBMG
Business And Organization [Line Items]
Parents controlling interest	92.00%
GMSL
Business And Organization [Line Items]
Parents controlling interest	73.00%
ANG
Business And Organization [Line Items]
Parents controlling interest	68.00%
ICS
Business And Organization [Line Items]
Parents controlling interest	100.00%
CGI
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%
Medibeacon Inc., and Triple Ring Technologies, Inc
Business And Organization [Line Items]
Parents controlling interest	50.00%
HC2 Broadcasting Holdings, Inc
Business And Organization [Line Items]
Parents controlling interest	98.00%
DTV America
Business And Organization [Line Items]
Parents controlling interest	50.00%
Percentage of proxy and voting rights from minority holders	10.00%

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 302.2	$ 325.0	$ 92.1	$ 97.9
Restricted cash included in other assets	1.6	5.4	0.8	1.0
Total cash and cash equivalents and restricted cash	$ 303.8	$ 330.4	$ 92.9	$ 98.9

Summary of Significant Accounting Policies - Narrative (Details) - Accounting Standards Update 2016-02 $ in Millions	Jan. 01, 2019 USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating lease, right-of-use asset	$ 67.1
Operating lease, liability	74.1
Operating Lease, right-of-use asset, impaired	$ 5.1

Revenue - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	$ 404.9	$ 415.5
Construction
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	192.1	158.9
Marine Services
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	42.4	36.7
Energy
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	4.8	4.1
Telecommunications
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	155.5	202.3
Broadcasting
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	9.8	10.7
Operating Segments \| Construction
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	192.1	158.9
Operating Segments \| Marine Services
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	42.4	36.7
Operating Segments \| Energy
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	5.1	4.5
Operating Segments \| Telecommunications
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	155.5	202.3
Operating Segments \| Broadcasting
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	9.8	10.7
Operating Segments \| Other
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	$ 0.0	$ 2.4

Revenue - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Total accounts receivables with customers	$ 324.6	$ 375.0
Construction
Segment Reporting Information [Line Items]
Total accounts receivables with customers	206.1	196.6
Marine Services
Segment Reporting Information [Line Items]
Total accounts receivables with customers	48.6	48.3
Energy
Segment Reporting Information [Line Items]
Total accounts receivables with customers	3.4	3.3
Telecommunications
Segment Reporting Information [Line Items]
Total accounts receivables with customers	58.1	117.6
Broadcasting
Segment Reporting Information [Line Items]
Total accounts receivables with customers	$ 8.4	$ 9.2

Revenue - Construction Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 404.9	$ 415.5
Net revenue	491.4	453.7
Construction
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	192.1	158.9
Other revenue	0.0	0.0
Net revenue	192.1	158.9
Construction \| Commercial
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	59.4	69.7
Construction \| Convention
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	28.7	31.7
Construction \| Healthcare
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	8.8	27.8
Construction \| Industrial
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	53.8	9.3
Construction \| Transportation
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	18.1	5.2
Construction \| Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 23.3	$ 15.2

Revenue - Construction Segment Contract with Customer, Asset and Liability (Details) - Construction - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Contract assets	$ 73.4	$ 69.0
Contract liabilities	$ (61.2)	$ (62.0)

Revenue - Narrative (Details) $ in Millions	3 Months Ended
Revenue - Narrative (Details) $ in Millions	Mar. 31, 2019 USD ($) provider	Dec. 31, 2018 USD ($)
Construction
Revenue from External Customer [Line Items]
Change in contract assets costs in excess of billings, new commercial contracts	$ 36.9
Change in contract assets costs in excess of billings, transfer to receivables	32.5
Change in contract liabilities costs in excess of billings, new commercial contracts	37.7
Change in contract liabilities costs in excess of billings, transfer to receivables	38.5
Contract liabilities	61.2	$ 62.0
Marine Services
Revenue from External Customer [Line Items]
Contract liabilities	15.4	1.0
Broadcasting
Revenue from External Customer [Line Items]
Contract liabilities	$ 1.1	$ 1.0
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 - Broadcasting Segment, Performance Obligation (Details) - Broadcasting $ in Millions	Mar. 31, 2019 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 3.5
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	3.1
Network 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	6.0
Broadcast Station Revenue \| 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

Revenue - Performance Obligation, Narrative (Details)	Mar. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 \| Marine Services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligation period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 \| Construction
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligation period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 \| Marine Services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligation period	60 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 \| Construction
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligation period	60 months
DBMG \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligation period	24 months

Revenue - Marine Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	$ 404.9	$ 415.5
Net revenue	491.4	453.7
Marine Services
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	42.4	36.7
Other revenue	0.0	0.0
Net revenue	42.4	36.7
Telecommunication - Maintenance \| Marine Services
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	21.0	21.8
Telecommunication - Installation \| Marine Services
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	5.4	7.3
Power - Operations, Maintenance & Construction Support \| Marine Services
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	4.2	4.7
Power - Cable Installation & Repair \| Marine Services
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	$ 11.8	$ 2.9

Revenue - Marine Segment Contract with Customer, Asset and Liability (Details) - Marine Services - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Contract assets	$ 7.1	$ 5.2
Contract liabilities	$ (15.4)	$ (1.0)

Revenue - Energy Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	$ 404.9	$ 415.5
Net revenue	491.4	453.7
Energy
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	4.8	4.1
RNG Incentives	0.3	0.4
Net revenue	5.1	4.5
Volume-related \| Energy
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	$ 4.8	$ 4.1

Revenue - Telecommunications Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 404.9	$ 415.5
Net revenue	491.4	453.7
Telecommunications
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	155.5	202.3
Other revenue	0.0	0.0
Net revenue	$ 155.5	$ 202.3

Revenue - Broadcasting Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	$ 404.9	$ 415.5
Net revenue	491.4	453.7
Broadcasting
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	9.8	10.7
Other revenue	0.0	0.0
Net revenue	9.8	10.7
Network advertising \| Broadcasting
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	5.4	6.8
Broadcast station \| Broadcasting
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	2.7	2.7
Network distribution \| Broadcasting
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	1.5	1.0
Other \| Broadcasting
Segment Reporting Information [Line Items]
Total revenue from contracts with customers	$ 0.2	$ 0.2

Acquisitions, Dispositions, and Deconsolidations - Construction Segment (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Nov. 30, 2018
Business Acquisition [Line Items]
Goodwill	$ 171.7	$ 171.7
DBMG
Business Acquisition [Line Items]
Consideration transferred			$ 139.8
Goodwill			43.7
DBMG \| Assembled and Trained Workforce
Business Acquisition [Line Items]
Goodwill	$ 10.9
DBMG \| GrayWolf Industrial
Business Acquisition [Line Items]
Acquisition costs			$ 4.2

Acquisitions, Dispositions, and Deconsolidations - Schedule of Purchase Price Allocations (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Nov. 30, 2018
Purchase price allocation
Goodwill	$ 171.7	$ 171.7
DBMG
Purchase price allocation
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
Broadcasting
Purchase price allocation
Property, plant and equipment	0.3	1.2
Intangibles	5.7	70.2
Other assets	0.4	0.0
Total assets acquired	6.4	71.4
Other liabilities	(0.4)	0.0
Total liabilities assumed	(0.4)	0.0
Total fair value of consideration	$ 6.0	$ 71.4

Acquisitions, Dispositions, and Deconsolidations - Insurance Segment (Details) - KMG America $ in Thousands	Aug. 09, 2018 USD ($)
Business Acquisition [Line Items]
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
Total fair value of consideration	0
Gain on bargain purchase	115,400
Kanawha Insurance Company
Business Acquisition [Line Items]
Total fair value of consideration	$ 10

Acquisitions, Dispositions, and Deconsolidations - Life Sciences Segment (Details) - BeneVir - Life Sciences Segment	Jun. 08, 2018 USD ($)
Business Acquisition [Line Items]
Payment received	$ 72,800,000
Consideration paid	106,700,000
Cash payment to be received upon release of escrow	9,200,000
Payment to be received upon achievement of specified development milestones	512,200,000.0
Pansend
Business Acquisition [Line Items]
Payment received	93,400,000
Cash payment held in escrow	13,300,000
Gain on sale of business	102,100,000
Payment to be received upon achievement of specified development milestones	189,700,000.0
Payments to be received upon achievement of specified levels of annual net sales of licensed products	493,100,000.0
Pansend \| Non-controlling Interest
Business Acquisition [Line Items]
Gain on sale of business	$ 21,700,000
Janssen Biotech, Inc.
Business Acquisition [Line Items]
Percentage of ownership interest acquired	75.90%
Cash paid in acquisition	$ 140,000,000

Acquisitions, Dispositions, and Deconsolidations - Broadcasting Segment (Details) - Broadcasting - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Consideration paid	$ 6.0	$ 71.4
Total assets acquired	$ 6.4	$ 71.4

Acquisitions, Dispositions, and Deconsolidations - Other Segment (Details) - 704Games	Aug. 14, 2018
Business Acquisition [Line Items]
Percentage of proxy and voting rights from minority holders	26.20%
Motorsport Network
Business Acquisition [Line Items]
Ownership percentage	53.50%

Acquisitions, Dispositions, and Deconsolidations - Business Acquisition, Pro Forma Information (Details) - Azteca $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Business Acquisition [Line Items]
Net revenue	$ 500,600
Net income (loss) from continuing operations	(9,900)
Net income (loss) attributable to HC2 Holdings, Inc.	$ (13,900)

Investments - Schedule of Fixed Maturity Securities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 3,558.2
Unrealized Losses	(44.3)	$ (117.4)
Fair Value	3,625.9	3,391.6
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,558.2	3,477.5
Unrealized Gains	112.0	31.5
Unrealized Losses	(44.3)	(117.4)
Fair Value	3,625.9	3,391.6
U.S. Government and government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	24.2	24.7
Unrealized Gains	1.0	0.7
Unrealized Losses	0.0	0.0
Fair Value	25.2	25.4
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	412.9	413.7
Unrealized Gains	20.2	9.6
Unrealized Losses	(0.2)	(1.4)
Fair Value	432.9	421.9
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	80.4	92.6
Unrealized Gains	3.8	3.1
Unrealized Losses	(0.7)	(1.3)
Fair Value	83.5	94.4
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	100.6	94.7
Unrealized Gains	1.3	0.3
Unrealized Losses	(0.1)	(1.1)
Fair Value	101.8	93.9
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	522.6	540.8
Unrealized Gains	0.9	0.8
Unrealized Losses	(17.0)	(30.1)
Fair Value	506.5	511.5
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,417.5	2,311.0
Unrealized Gains	84.8	17.0
Unrealized Losses	(26.3)	(83.5)
Fair Value	$ 2,476.0	$ 2,244.5

Investments - Narrative (Details) - security	Mar. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Number of fixed maturity and equity securities	283	749
Percentage of gross unrealized loss	100.00%	100.00%
Fixed maturity securities \| Investment grade
Debt Securities, Available-for-sale [Line Items]
Percentage of gross unrealized loss	79.00%	87.90%
Percentage of fair value	87.90%	93.10%

Investments - Schedule of Maturities of Fixed Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Amortized Cost
Amortized Cost	$ 3,558.2
Fair Value
Total	3,625.9	$ 3,391.6
Corporate, Municipal, U.S. Government and Other securities
Amortized Cost
Due in one year or less	24.6
Due after one year through five years	222.1
Due after five years through ten years	344.6
Due after ten years	2,263.3
Subtotal	2,854.6
Fair Value
Due in one year or less	25.1
Due after one year through five years	224.5
Due after five years through ten years	354.2
Due after ten years	2,330.3
Subtotal	2,934.1
Mortgage-backed securities
Amortized Cost
Amortized cost, without single maturity date	181.0
Fair Value
Fair value, without single maturity date	185.3
Asset-backed securities
Amortized Cost
Amortized cost, without single maturity date	522.6
Amortized Cost	522.6	540.8
Fair Value
Fair value, without single maturity date	506.5
Total	$ 506.5	$ 511.5

Investments - Schedule of Major Industry Types of Fixed Maturity Holdings (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 3,558.2
Fair Value	3,625.9	$ 3,391.6
Corporate And Other Fixed Maturities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,417.5	2,311.0
Fair Value	$ 2,476.0	$ 2,244.5
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	$ 517.4	$ 469.0
Fair Value	$ 523.2	$ 452.9
Percentage of Total	21.10%	20.20%
Corporate And Other Fixed Maturities \| Transportation, communications, electric, gas and sanitary services
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 786.7	$ 758.6
Fair Value	$ 809.2	$ 734.0
Percentage of Total	32.70%	32.70%
Corporate And Other Fixed Maturities \| Manufacturing
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 733.0	$ 712.7
Fair Value	$ 751.9	$ 693.5
Percentage of Total	30.40%	30.90%
Corporate And Other Fixed Maturities \| Other
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 380.4	$ 370.7
Fair Value	$ 391.7	$ 364.1
Percentage of Total	15.80%	16.20%

Investments - Schedule of Unrealized Losses for Fixed Maturities Securities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Unrealized Losses
Less than 20%	$ (43.9)	$ (116.0)
20% or more for less than six months	0.0	(0.8)
20% or more for six months or greater	$ (0.4)	$ (0.6)
Percentage of Total
Less than 20%	99.10%	98.80%
20% or more for less than six months	0.00%	0.70%
20% or more for six months or greater	0.90%	0.50%
Unrealized Losses	$ (44.3)	$ (117.4)
Total	100.00%	100.00%

Investments - Schedule of Estimated Fair Values and Gross Unrealized Losses (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Fixed maturity securities
Less than 12 months
Fair Value	$ 831.0	$ 2,086.6
Unrealized Losses	(31.6)	(105.1)
12 months or greater
Fair Value	222.3	271.4
Unrealized Losses	(12.7)	(12.3)
Fair Value	1,053.3	2,358.0
Unrealized Losses	(44.3)	(117.4)
U.S. Government and government agencies
Less than 12 months
Fair Value	0.1	5.0
Unrealized Losses	0.0	0.0
12 months or greater
Fair Value	1.6	3.3
Unrealized Losses	0.0	0.0
Fair Value	1.7	8.3
Unrealized Losses	0.0	0.0
States, municipalities and political subdivisions
Less than 12 months
Fair Value	14.8	117.2
Unrealized Losses	(0.2)	(1.3)
12 months or greater
Fair Value	0.0	1.9
Unrealized Losses	0.0	(0.1)
Fair Value	14.8	119.1
Unrealized Losses	(0.2)	(1.4)
Residential mortgage-backed securities
Less than 12 months
Fair Value	14.0	22.4
Unrealized Losses	(0.6)	(1.2)
12 months or greater
Fair Value	2.7	5.7
Unrealized Losses	(0.1)	(0.1)
Fair Value	16.7	28.1
Unrealized Losses	(0.7)	(1.3)
Commercial mortgage-backed securities
Less than 12 months
Fair Value	27.0	57.8
Unrealized Losses	(0.1)	(1.1)
12 months or greater
Fair Value	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	27.0	57.8
Unrealized Losses	(0.1)	(1.1)
Asset-backed securities
Less than 12 months
Fair Value	382.1	466.0
Unrealized Losses	(12.4)	(29.6)
12 months or greater
Fair Value	48.5	5.9
Unrealized Losses	(4.6)	(0.5)
Fair Value	430.6	471.9
Unrealized Losses	(17.0)	(30.1)
Corporate and other
Less than 12 months
Fair Value	393.0	1,418.2
Unrealized Losses	(18.3)	(71.9)
12 months or greater
Fair Value	169.5	254.6
Unrealized Losses	(8.0)	(11.6)
Fair Value	562.5	1,672.8
Unrealized Losses	$ (26.3)	$ (83.5)

Investments - Equity Securities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Equity securities	$ 172.7	$ 200.5
Common stocks
Debt Securities, Available-for-sale [Line Items]
Equity securities	19.5	15.0
Perpetual preferred stocks
Debt Securities, Available-for-sale [Line Items]
Equity securities	$ 153.2	$ 185.5

Investments - Schedule of Other Invested Assets (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Summary of Investment Holdings [Line Items]
Measurement Alternative	$ 1.6	$ 1.6
Equity Method	66.3	70.9
Common Equity
Summary of Investment Holdings [Line Items]
Measurement Alternative	0.0	0.0
Equity Method	2.1	2.1
Preferred Equity
Summary of Investment Holdings [Line Items]
Measurement Alternative	1.6	1.6
Equity Method	8.4	9.6
Other
Summary of Investment Holdings [Line Items]
Measurement Alternative	0.0	0.0
Equity Method	$ 55.8	$ 59.2

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Investment [Line Items]
Gross investment income	$ 51.3	$ 17.8
External investment expense	(0.2)	(0.1)
Net investment income	51.1	17.7
Fixed maturity securities, available-for-sale at fair value
Investment [Line Items]
Gross investment income	43.6	15.6
Equity securities
Investment [Line Items]
Gross investment income	2.5	0.6
Mortgage loans
Investment [Line Items]
Gross investment income	3.7	1.2
Policy loans
Investment [Line Items]
Gross investment income	0.3	0.3
Other invested assets
Investment [Line Items]
Gross investment income	$ 1.2	$ 0.1

Investments - Net Realized Gain (Loss) on Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Realized gains on fixed maturity securities	$ 0.8	$ 1.3
Realized losses on fixed maturity securities	(1.7)	(0.7)
Realized gains on equity securities	0.1	0.0
Realized losses on equity securities	(0.9)	0.0
Net unrealized gains (losses) on equity securities	7.4	(0.7)
Net unrealized gains (losses) on derivative instruments	(0.2)	0.6
Net realized and unrealized gains (losses)	$ 5.5	$ 0.5

Fair Value of Financial Instruments - Measured on Recurring Basis (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Assets
Fixed maturity securities	$ 3,625.9		$ 3,391.6
Equity securities	172.7		200.5
Liabilities
Liabilities accounted for at fair value	8.8	$ 4.1	11.9	$ 4.8
Transfer out of level 3	5.7	3.4
U.S. Government and government agencies
Assets
Fixed maturity securities	25.2		25.4
States, municipalities and political subdivisions
Assets
Fixed maturity securities	432.9		421.9
Liabilities
Transfer out of level 3		0.0
Residential mortgage-backed securities
Assets
Fixed maturity securities	83.5		94.4
Liabilities
Transfer out of level 3	5.7	3.4
Commercial mortgage-backed securities
Assets
Fixed maturity securities	101.8		93.9
Liabilities
Transfer out of level 3	0.0	0.0
Asset-backed securities
Assets
Fixed maturity securities	506.5		511.5
Liabilities
Transfer out of level 3	0.0	0.0
Corporate and other
Assets
Fixed maturity securities	2,476.0		2,244.5
Liabilities
Transfer out of level 3	0.0	0.0
Common Stock
Assets
Equity securities	19.5		15.0
Liabilities
Transfer out of level 3	0.0	0.0
Perpetual preferred stocks
Assets
Equity securities	153.2		185.5
Liabilities
Transfer out of level 3	0.0	0.0
Other
Liabilities
Liabilities accounted for at fair value	2.7	4.1	3.5	$ 4.8
Equity securities
Liabilities
Transfer out of level 3	104.9	$ 6.4
Recurring
Assets
Fixed maturity securities	3,625.9		3,391.6
Equity securities	172.7		200.5
Total assets	3,798.6		3,592.1
Liabilities
Other	0.2		3.5
Liabilities accounted for at fair value	8.8		11.9
Recurring \| Level 1
Assets
Fixed maturity securities	12.9		12.7
Equity securities	20.8		16.3
Total assets	33.7		29.0
Liabilities
Other			0.0
Liabilities accounted for at fair value	0.0		0.0
Recurring \| Level 2
Assets
Fixed maturity securities	2,867.5		2,738.5
Equity securities	90.7		123.0
Total assets	2,958.2		2,861.5
Liabilities
Other			0.0
Liabilities accounted for at fair value	0.0		0.0
Recurring \| Level 3
Assets
Fixed maturity securities	745.5		640.4
Equity securities	61.2		61.2
Total assets	806.7		701.6
Liabilities
Other			3.5
Liabilities accounted for at fair value	8.8		11.9
Recurring \| U.S. Government and government agencies
Assets
Fixed maturity securities	25.2		25.4
Recurring \| U.S. Government and government agencies \| Level 1
Assets
Fixed maturity securities	5.8		6.1
Recurring \| U.S. Government and government agencies \| Level 2
Assets
Fixed maturity securities	19.4		19.3
Recurring \| U.S. Government and government agencies \| Level 3
Assets
Fixed maturity securities	0.0		0.0
Recurring \| States, municipalities and political subdivisions
Assets
Fixed maturity securities	432.9		421.9
Recurring \| States, municipalities and political subdivisions \| Level 1
Assets
Fixed maturity securities	0.0		0.0
Recurring \| States, municipalities and political subdivisions \| Level 2
Assets
Fixed maturity securities	432.9		421.9
Recurring \| States, municipalities and political subdivisions \| Level 3
Assets
Fixed maturity securities	0.0		0.0
Recurring \| Residential mortgage-backed securities
Assets
Fixed maturity securities	83.5		94.4
Recurring \| Residential mortgage-backed securities \| Level 1
Assets
Fixed maturity securities	0.0		0.0
Recurring \| Residential mortgage-backed securities \| Level 2
Assets
Fixed maturity securities	70.4		75.4
Recurring \| Residential mortgage-backed securities \| Level 3
Assets
Fixed maturity securities	13.1		19.0
Recurring \| Commercial mortgage-backed securities
Assets
Fixed maturity securities	101.8		93.9
Recurring \| Commercial mortgage-backed securities \| Level 1
Assets
Fixed maturity securities	0.0		0.0
Recurring \| Commercial mortgage-backed securities \| Level 2
Assets
Fixed maturity securities	40.0		35.7
Recurring \| Commercial mortgage-backed securities \| Level 3
Assets
Fixed maturity securities	61.8		58.2
Recurring \| Asset-backed securities
Assets
Fixed maturity securities	506.5		511.5
Recurring \| Asset-backed securities \| Level 1
Assets
Fixed maturity securities	0.0		0.0
Recurring \| Asset-backed securities \| Level 2
Assets
Fixed maturity securities	34.4		33.3
Recurring \| Asset-backed securities \| Level 3
Assets
Fixed maturity securities	472.1		478.2
Recurring \| Corporate and other
Assets
Fixed maturity securities	2,476.0		2,244.5
Recurring \| Corporate and other \| Level 1
Assets
Fixed maturity securities	7.1		6.6
Recurring \| Corporate and other \| Level 2
Assets
Fixed maturity securities	2,270.4		2,152.9
Recurring \| Corporate and other \| Level 3
Assets
Fixed maturity securities	198.5		85.0
Recurring \| Common Stock
Assets
Equity securities	19.5		15.0
Recurring \| Common Stock \| Level 1
Assets
Equity securities	13.4		9.1
Recurring \| Common Stock \| Level 2
Assets
Equity securities	0.0		0.0
Recurring \| Common Stock \| Level 3
Assets
Equity securities	6.1		5.9
Recurring \| Perpetual preferred stocks
Assets
Equity securities	153.2		185.5
Recurring \| Perpetual preferred stocks \| Level 1
Assets
Equity securities	7.4		7.2
Recurring \| Perpetual preferred stocks \| Level 2
Assets
Equity securities	90.7		123.0
Recurring \| Perpetual preferred stocks \| Level 3
Assets
Equity securities	55.1		55.3
Recurring \| Warrant liability
Liabilities
Warrant liability	6.1
Embedded derivative			8.4
Recurring \| Warrant liability \| Level 1
Liabilities
Warrant liability	0.0
Embedded derivative			0.0
Recurring \| Warrant liability \| Level 2
Liabilities
Warrant liability	0.0
Embedded derivative			0.0
Recurring \| Warrant liability \| Level 3
Liabilities
Warrant liability	6.1
Embedded derivative			$ 8.4
Recurring \| Other
Liabilities
Other	2.7
Recurring \| Other \| Level 1
Liabilities
Other	0.0
Recurring \| Other \| Level 2
Liabilities
Other	0.0
Recurring \| Other \| Level 3
Liabilities
Other	$ 2.7

Fair Value of Financial Instruments - Schedule of Changes in Level 3 Financial Assets (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Changes in balances of Level 3 financial assets
Balance at beginning of period	$ 701.6	$ 199.7	$ 199.7
Total realized/unrealized net earnings (loss)	0.0	0.8
Total realized/unrealized other comp. income (loss)	23.5	(1.4)
Purchases and issuances	55.6	75.5
Sales and settlements	(78.9)	(49.3)
Transfer into Level 3	110.6	9.8
Transfer out of Level 3	(5.7)	(3.4)
Balance at end of period	806.7	231.7	701.6
Changes in balances of Level 3 financial liabilities
Balance at beginning of period	11.9	4.8	4.8
Total realized/unrealized net earnings (loss)	(3.1)	(0.7)
Total realized/unrealized other comp. income (loss)	0.0	0.0
Purchases and issuances	0.0	0.0
Sales and settlements	0.0	0.0
Transfer into Level 3	0.0	0.0
Transfer out of Level 3	0.0	0.0
Balance at end of period	$ 8.8	4.1	11.9
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	$ 640.4	192.8	192.8
Total realized/unrealized net earnings (loss)	0.0	0.8
Total realized/unrealized other comp. income (loss)	23.5	(1.4)
Purchases and issuances	55.6	60.5
Sales and settlements	(78.9)	(49.3)
Transfer into Level 3	110.6	6.9
Transfer out of Level 3	(5.7)	(3.4)
Balance at end of period	745.5	206.9	640.4
States, municipalities and political subdivisions
Changes in balances of Level 3 financial assets
Balance at beginning of period		6.0	6.0
Total realized/unrealized net earnings (loss)		0.0
Total realized/unrealized other comp. income (loss)		(0.1)
Purchases and issuances		0.1
Sales and settlements		0.0
Transfer into Level 3		0.4
Transfer out of Level 3		0.0
Balance at end of period		6.4
Residential mortgage-backed securities
Changes in balances of Level 3 financial assets
Balance at beginning of period	19.0	14.6	14.6
Total realized/unrealized net earnings (loss)	0.0	0.1
Total realized/unrealized other comp. income (loss)	0.1	0.3
Purchases and issuances	0.0	0.0
Sales and settlements	(0.3)	(4.4)
Transfer into Level 3	0.0	0.0
Transfer out of Level 3	(5.7)	(3.4)
Balance at end of period	13.1	7.2	19.0
Commercial mortgage-backed securities
Changes in balances of Level 3 financial assets
Balance at beginning of period	58.2	12.2	12.2
Total realized/unrealized net earnings (loss)	0.0	0.0
Total realized/unrealized other comp. income (loss)	1.6	(0.1)
Purchases and issuances	2.4	5.7
Sales and settlements	(0.4)	0.0
Transfer into Level 3	0.0	0.0
Transfer out of Level 3	0.0	0.0
Balance at end of period	61.8	17.8	58.2
Asset-backed securities
Changes in balances of Level 3 financial assets
Balance at beginning of period	478.2	133.7	133.7
Total realized/unrealized net earnings (loss)	0.0	0.7
Total realized/unrealized other comp. income (loss)	13.3	(1.5)
Purchases and issuances	48.6	49.5
Sales and settlements	(73.6)	(44.5)
Transfer into Level 3	5.6	0.0
Transfer out of Level 3	0.0	0.0
Balance at end of period	472.1	137.9	478.2
Corporate and other
Changes in balances of Level 3 financial assets
Balance at beginning of period	85.0	26.3	26.3
Total realized/unrealized net earnings (loss)	0.0	0.0
Total realized/unrealized other comp. income (loss)	8.5	0.0
Purchases and issuances	4.6	5.2
Sales and settlements	(4.6)	(0.4)
Transfer into Level 3	105.0	6.5
Transfer out of Level 3	0.0	0.0
Balance at end of period	198.5	37.6	85.0
Total equity securities
Changes in balances of Level 3 financial assets
Balance at beginning of period	61.2	6.6	6.6
Total realized/unrealized net earnings (loss)	0.0	0.0
Total realized/unrealized other comp. income (loss)	0.0	0.0
Purchases and issuances	0.0	15.0
Sales and settlements	0.0	0.0
Transfer into Level 3	0.0	2.9
Transfer out of Level 3	0.0	0.0
Balance at end of period	61.2	24.5	61.2
Common Stock
Changes in balances of Level 3 financial assets
Balance at beginning of period	5.9	0.2	0.2
Total realized/unrealized net earnings (loss)	0.2	0.0
Total realized/unrealized other comp. income (loss)	0.0	0.0
Purchases and issuances	0.0	0.0
Sales and settlements	0.0	0.0
Transfer into Level 3	0.0	0.4
Transfer out of Level 3	0.0	0.0
Balance at end of period	6.1	0.6	5.9
Perpetual preferred stocks
Changes in balances of Level 3 financial assets
Balance at beginning of period	55.3	6.4	6.4
Total realized/unrealized net earnings (loss)	(0.2)	0.0
Total realized/unrealized other comp. income (loss)	0.0	0.0
Purchases and issuances	0.0	15.0
Sales and settlements	0.0	0.0
Transfer into Level 3	0.0	2.5
Transfer out of Level 3	0.0	0.0
Balance at end of period	55.1	23.9	55.3
Derivatives
Changes in balances of Level 3 financial assets
Balance at beginning of period		0.3	0.3
Total realized/unrealized net earnings (loss)		0.0
Total realized/unrealized other comp. income (loss)		0.0
Purchases and issuances		0.0
Sales and settlements		0.0
Transfer into Level 3		0.0
Transfer out of Level 3		0.0
Balance at end of period		0.3
Other
Changes in balances of Level 3 financial liabilities
Balance at beginning of period	3.5	4.8	4.8
Total realized/unrealized net earnings (loss)	(0.8)	(0.7)
Total realized/unrealized other comp. income (loss)	0.0	0.0
Purchases and issuances	0.0	0.0
Sales and settlements	0.0	0.0
Transfer into Level 3	0.0	0.0
Transfer out of Level 3	0.0	0.0
Balance at end of period	2.7	$ 4.1	3.5
Embedded derivative
Changes in balances of Level 3 financial liabilities
Balance at beginning of period	8.4
Total realized/unrealized net earnings (loss)	(2.3)
Total realized/unrealized other comp. income (loss)	0.0
Purchases and issuances	0.0
Sales and settlements	0.0
Transfer into Level 3	0.0
Transfer out of Level 3	0.0
Balance at end of period	$ 6.1		$ 8.4

Fair Value of Financial Instruments - Measured on Nonrecurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets
Mortgage loans	$ 137.2	$ 137.6
Policy loans	19.7	19.8
Other invested assets	67.9	72.5
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	0.0	0.0
Liabilities
Annuity benefits accumulated	0.0	0.0
Debt 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	19.7	19.8
Other invested assets	0.0	0.0
Total assets	19.7	19.8
Liabilities
Annuity benefits accumulated	0.0	0.0
Debt obligations	693.8	703.0
Total liabilities not accounted for at fair value	693.8	703.0
Nonrecurring \| Level 3
Assets
Mortgage loans	137.2	137.6
Policy loans	0.0	0.0
Other invested assets	1.6	1.6
Total assets	138.8	139.2
Liabilities
Annuity benefits accumulated	237.8	241.7
Debt obligations	0.0	0.0
Total liabilities not accounted for at fair value	237.8	241.7
Nonrecurring \| Carrying Value
Assets
Mortgage loans	137.2	137.6
Policy loans	19.7	19.8
Other invested assets	1.6	1.6
Total assets	158.5	159.0
Liabilities
Annuity benefits accumulated	240.5	244.0
Debt obligations	723.0	702.5
Total liabilities not accounted for at fair value	963.5	946.5
Nonrecurring \| Estimated Fair Value
Assets
Mortgage loans	137.2	137.6
Policy loans	19.7	19.8
Other invested assets	1.6	1.6
Total assets	158.5	159.0
Liabilities
Annuity benefits accumulated	237.8	241.7
Debt obligations	693.8	703.0
Total liabilities not accounted for at fair value	$ 931.6	$ 944.7

Accounts Receivable, net (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Contracts in progress	$ 199.6	$ 188.2
Trade receivables	67.2	127.5
Unbilled retentions	66.1	65.6
Other receivables	4.0	4.2
Allowance for doubtful accounts	(8.5)	(6.3)
Total accounts receivable, net	$ 328.4	$ 379.2

Recoverable from Reinsurers (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Ceded Credit Risk [Line Items]
Amount	$ 975.8	$ 1,000.2
Percentage of Total, Reinsurance recoverable \| Reinsurer Concentration Risk
Ceded Credit Risk [Line Items]
Recoverable from reinsurers assets percent	100.00%	100.00%
Hannover Life Reassurance Company of America \| A Plus Rating
Ceded Credit Risk [Line Items]
Amount	$ 333.4	$ 336.9
Hannover Life Reassurance Company of America \| A Plus Rating \| Percentage of Total, Reinsurance recoverable \| Reinsurer Concentration Risk
Ceded Credit Risk [Line Items]
Recoverable from reinsurers assets percent	34.20%	33.70%
Munich American Reassurance Company \| A Plus Rating
Ceded Credit Risk [Line Items]
Amount	$ 338.9	$ 335.0
Munich American Reassurance Company \| A Plus Rating \| Percentage of Total, Reinsurance recoverable \| Reinsurer Concentration Risk
Ceded Credit Risk [Line Items]
Recoverable from reinsurers assets percent	34.70%	33.50%
Loyal American Life Insurance Company \| A Rating
Ceded Credit Risk [Line Items]
Amount	$ 145.9	$ 146.0
Loyal American Life Insurance Company \| A Rating \| Percentage of Total, Reinsurance recoverable \| Reinsurer Concentration Risk
Ceded Credit Risk [Line Items]
Recoverable from reinsurers assets percent	15.00%	14.60%
ManhattanLife Assurance Company of America \| B Plus Rating
Ceded Credit Risk [Line Items]
Amount	$ 67.2	$ 89.5
ManhattanLife Assurance Company of America \| B Plus Rating \| Percentage of Total, Reinsurance recoverable \| Reinsurer Concentration Risk
Ceded Credit Risk [Line Items]
Recoverable from reinsurers assets percent	6.90%	8.90%
Great American Life Insurance Company \| A Rating
Ceded Credit Risk [Line Items]
Amount	$ 55.0	$ 54.5
Great American Life Insurance Company \| A Rating \| Percentage of Total, Reinsurance recoverable \| Reinsurer Concentration Risk
Ceded Credit Risk [Line Items]
Recoverable from reinsurers assets percent	5.60%	5.40%
Other
Ceded Credit Risk [Line Items]
Amount	$ 35.4	$ 38.3
Other \| Percentage of Total, Reinsurance recoverable \| Reinsurer Concentration Risk
Ceded Credit Risk [Line Items]
Recoverable from reinsurers assets percent	3.60%	3.90%

Property, Plant and Equipment, net - Summary of Property, Plant and Equipment, net (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 514.4	$ 504.1
Less: Accumulated depreciation	137.8	127.8
Total	376.6	376.3
Cable-ships and submersibles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	248.7	251.1
Equipment, furniture and fixtures, and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	155.4	148.0
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	46.6	47.3
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	32.7	32.8
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	18.7	12.9
Plant and transportation equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 12.3	$ 12.0

Property, Plant and Equipment, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 12.4	$ 11.2
Depreciation expense with cost of revenue	2.2	$ 1.6
Property, plant and equipment, net	376.6		$ 376.3
Assets Held Under Finance Leases
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 40.5
Net book value, prior year			$ 40.0

Goodwill and Intangibles, net - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Goodwill	$ 171.7	$ 171.7
Construction
Goodwill [Roll Forward]
Goodwill	82.2	82.2
Marine Services
Goodwill [Roll Forward]
Goodwill	14.3	14.3
Energy
Goodwill [Roll Forward]
Goodwill	2.1	2.1
Telecom
Goodwill [Roll Forward]
Goodwill	4.4	4.4
Insurance
Goodwill [Roll Forward]
Goodwill	47.3	47.3
Broadcasting
Goodwill [Roll Forward]
Goodwill	$ 21.4	$ 21.4

Goodwill and Intangibles, net - Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 128.8	$ 123.1
FCC licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	126.3	120.6
State licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 2.5	$ 2.5

Goodwill and Intangibles, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3.2	$ 1.1

Goodwill and Intangibles, net - Definite Lived Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 111.4	$ 111.4
Accumulated Amortization	(18.5)	(15.3)
Net	$ 92.9	96.1
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	13 years
Gross Carrying Amount	$ 25.9	25.9
Accumulated Amortization	(6.3)	(5.9)
Net	$ 19.6	20.0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	10 years
Gross Carrying Amount	$ 53.6	53.6
Accumulated Amortization	(9.4)	(7.2)
Net	$ 44.2	46.4
Channel sharing arrangements
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	40 years
Gross Carrying Amount	$ 25.2	25.2
Accumulated Amortization	(0.4)	0.0
Net	$ 24.8	25.2
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	5 years
Gross Carrying Amount	$ 1.2	1.2
Accumulated Amortization	(1.2)	(1.2)
Net	$ 0.0	0.0
Other
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	4 years
Gross Carrying Amount	$ 5.5	5.5
Accumulated Amortization	(1.2)	(1.0)
Net	$ 4.3	$ 4.5

Goodwill and Intangibles, net - Schedule of Amortization Expense (Details) $ in Millions	Mar. 31, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2019	$ 8.9
2020	8.1
2021	7.9
2022	7.8
2023	$ 6.9

Life, Accident and Health Reserves - By Product Line (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Liability for Claims and Claims Adjustment Expense [Line Items]
Total life, accident and health reserves	$ 4,549.0	$ 4,562.1
Long-term care insurance reserves
Liability for Claims and Claims Adjustment Expense [Line Items]
Total life, accident and health reserves	4,151.1	4,142.5
Traditional life insurance reserves
Liability for Claims and Claims Adjustment Expense [Line Items]
Total life, accident and health reserves	186.5	222.8
Other accident and health insurance reserves
Liability for Claims and Claims Adjustment Expense [Line Items]
Total life, accident and health reserves	$ 211.4	$ 196.8

Life, Accident and Health Reserves - Liability for Claims of Long-Term Care Insurance Reserves (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	$ 4,562.1
Paid related to insured events of:
Ending balance	4,549.0
Other Long Duration Insurance Product Line
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	738.7	$ 243.5
Less: recoverable from reinsurers	136.4	100.6
Beginning balance, net	597.0	150.4	$ 602.3	$ 142.9
Incurred related to insured events of:
Current year	62.4	19.9
Prior years	(36.0)	0.0
Total incurred	26.4	19.9
Paid related to insured events of:
Current year	(0.6)	(0.4)
Prior years	(36.4)	(13.3)
Total paid	(37.0)	(13.7)
Interest on liability for policy and contract claims	5.3	1.3
Ending balance, net	597.0	150.4
Add: recoverable from reinsurers	136.4	102.8
Ending balance	$ 733.4	$ 253.2

Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accounts payable	$ 132.4	$ 104.7
Accrued expenses and other current liabilities	73.8	83.4
Accrued interconnection costs	48.2	103.0
Accrued payroll and employee benefits	38.1	44.2
Accrued interest	23.8	8.8
Accrued income taxes	4.0	0.8
Total accounts payable and other current liabilities	$ 320.3	$ 344.9

Debt Obligations - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total	$ 796.4	$ 781.0
Issuance discount, net and deferred financing costs	(34.4)	(37.1)
Debt obligations	762.0	743.9
Construction \| Other
Debt Instrument [Line Items]
Long-term debt	0.3	0.0
Construction \| LIBOR \| LIBOR plus 5.85% Note, due 2023
Debt Instrument [Line Items]
Long-term debt	$ 79.0	80.0
Basis spread on variable rate (as a percent)	5.85%
Construction \| LIBOR \| LIBOR plus 1.50% Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 44.0	34.0
Basis spread on variable rate (as a percent)	1.50%
Marine Services
Debt Instrument [Line Items]
Obligations under capital leases	$ 38.7	40.4
Marine Services \| Other
Debt Instrument [Line Items]
Long-term debt	12.5	12.9
Marine Services \| 7.49% Note, due 2019
Debt Instrument [Line Items]
Long-term debt	$ 14.4	14.0
Interest rate (as a percent)	7.49%
Energy
Debt Instrument [Line Items]
Other, various maturity dates	$ 3.0	3.2
Energy \| 5.00% Term Loan due in 2022
Debt Instrument [Line Items]
Long-term debt	$ 12.1	12.4
Interest rate (as a percent)	5.00%
Energy \| 4.50% Note due in 2022
Debt Instrument [Line Items]
Long-term debt	$ 11.0	11.3
Interest rate (as a percent)	4.50%
Life Sciences \| Notes payable due in 2019
Debt Instrument [Line Items]
Long-term debt	$ 1.7	1.7
Broadcasting \| Other
Debt Instrument [Line Items]
Long-term debt	12.2	11.1
Broadcasting \| Notes payable due in 2019
Debt Instrument [Line Items]
Long-term debt	$ 42.5	35.0
Interest rate (as a percent)	8.50%
Non-Operating Corporate \| 11.5% Senior Secured Notes, due 2021
Debt Instrument [Line Items]
Long-term debt	$ 470.0	470.0
Interest rate (as a percent)	11.50%
Non-Operating Corporate \| 7.5% Convertible Senior Notes, due 2022
Debt Instrument [Line Items]
Long-term debt	$ 55.0	$ 55.0
Interest rate (as a percent)	7.50%

Debt Obligations - Broadcasting and NonOperating Corporate (Details) - USD ($)	Apr. 03, 2019	Jan. 31, 2019	Dec. 31, 2018
HC2 Broadcasting Holdings, Inc \| Senior Notes
Debt Instrument [Line Items]
Additional borrowing capacity		$ 7,500,000
Interest rate (as a percent)		8.50%
Maximum borrowing capacity		$ 50,000,000.0	$ 15,000,000.0
Subsequent Event \| Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Face amount	$ 15,000,000
Basis spread on variable rate (as a percent)	6.75%

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ (4.0)	$ (1.7)

Commitments and Contingencies - Schedule Of Operating Lease Maturity (Details) $ in Millions	Dec. 31, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
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	3 Months Ended
	Feb. 04, 2019	Feb. 23, 2017	Oct. 31, 2016	Mar. 31, 2019	Dec. 31, 2018	Nov. 06, 2014
Loss Contingencies [Line Items]
Damages incurred	$ 1,250	$ 250
Common stock, shares issued (in shares)				46,266,918	45,391,397
Global Marine Dispute
Loss Contingencies [Line Items]
Damages incurred			$ 38,200
Invoices rejected				$ 17,000
Loss contingency, damages paid				8,100
Loss contingency accrual				$ 8,900
Global Marine Dispute \| Liquidated Damages
Loss Contingencies [Line Items]
Damages incurred			$ 1,200
DBMG
Loss Contingencies [Line Items]
Common stock, shares issued (in shares)						721,000

Employee Retirement Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Retirement Benefits [Abstract]
Service cost - benefits earning during the period	$ 0.0	$ 0.0
Interest cost on projected benefit obligation	1.4	1.4
Expected return on assets	(1.7)	(2.0)
Actuarial gain	0.0	0.0
Foreign currency gain (loss)	0.0	0.0
Net periodic benefit	$ (0.3)	$ (0.6)

Employee Retirement Plans - Narrative (Details) $ in Millions		3 Months Ended	12 Months Ended
	Mar. 20, 2018 USD ($) trencher element	Mar. 31, 2019 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Contribution made		$ 2.0
Contribution made, fixed contributions		1.7
Contribution made, profit related contributions		0.3
Expected contributions		5.1
Expected contributions, fixed contributions		$ 5.1
GMSL
Defined Contribution Plan Disclosure [Line Items]
Deferred contribution	$ 13.0
Number of trenchers \| trencher	2
Number of elements \| element	3
Percent of operating profit	10.00%
Years in arrears	2 years
Variable contribution, percent of dividends	50.00%
GMSL \| Scenario, Forecast
Defined Contribution Plan Disclosure [Line Items]
Fixed contributions			$ 3.1	$ 7.2	$ 7.0	$ 6.8

Share-based Compensation - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0	0
Share-based compensation expense	$ 1,700,000	$ 1,100,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 9,300,000
Weighted average remaining period	1 year 10 months 21 days
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining period	1 year 9 months 15 days
Intrinsic value of options outstanding	$ 0
Average remaining life of option outstanding	5 years 11 months 5 days
Intrinsic value of exercisable options	$ 0
Average remaining life of exercisable options	5 years 8 months 12 days
Unrecognized unvested compensation expense	$ 1,200,000
Unvested shares expected to vest (in shares)	954,494
Weighted average remaining life	7 years 4 months 28 days
Weighted average exercise price (in usd per share)	$ 8.10
Intrinsic value	$ 0
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 - Summary of Company's Restricted Stock Activity (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2019 $ / shares shares
Shares
Unvested at beginning of period (in shares) \| shares	3,031,469
Granted (in shares) \| shares	395,514
Vested (in shares) \| shares	(1,105,239)
Forfeited (in shares) \| shares	(306)
Unvested at end of period (in shares) \| shares	2,321,438
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in usd per share) \| $ / shares	$ 5.93
Granted (in usd per share) \| $ / shares	2.62
Vested (in usd per share) \| $ / shares	6.07
Forfeited (in usd per share) \| $ / shares	5.45
Unvested at end of period (in usd per share) \| $ / shares	$ 5.30

Share-based Compensation - Summary of Company's Stock Option Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Shares
Outstanding at beginning of period (in shares)	7,160,861
Granted (in shares)	0	0
Exercised (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Outstanding at end of period (in shares)	7,160,861
Eligible for exercise (in shares)	6,206,367
Weighted Average Exercise Price
Outstanding at beginning of period (in usd per share)	$ 6.51
Granted (in usd per share)	0.00
Exercised (in usd per share)	0.00
Forfeited (in usd per share)	0.00
Expired (in usd per share)	0.00
Outstanding at end of period (in usd per share)	6.51
Eligible for exercise (in usd per share)	$ 6.26

Equity - Preferred Stock (Details) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	6,375
Shares outstanding (in shares)	6,375	6,375
Series A-2 shares issued and outstanding
Class of Stock [Line Items]
Shares issued (in shares)	4,000	14,000
Shares outstanding (in shares)	4,000	14,000

Equity - Narrative (Details) - USD ($) $ in Millions			3 Months Ended
Equity - Narrative (Details) - USD ($) $ in Millions	Jan. 11, 2019	Aug. 02, 2016	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Class of Warrant or Right [Line Items]
Issuance of common stock			$ 0.0	$ 0.0
Series A- 2 Preferred Stock
Class of Warrant or Right [Line Items]
Shares issued (in shares)			4,000		14,000
Series A shares issued and outstanding
Class of Warrant or Right [Line Items]
Shares issued (in shares)			6,375		6,375
CGI \| Series A- 2 Preferred Stock
Class of Warrant or Right [Line Items]
Issuance and sale of common stock (in shares)	10,000
Number of shares of preferred stock converted (in shares)	1,420,455
Issuance of common stock	$ 8.3
Deemed divided	$ 1.7
Corrib Master Fund, Ltd. \| Series A shares issued and outstanding
Class of Warrant or Right [Line Items]
Issuance and sale of common stock (in shares)		1,000
Number of shares of preferred stock converted (in shares)			6,474
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)			57,543
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			$ 0.2		$ 3.5

Equity - Summary of Cash Dividends (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Equity [Abstract]
Total Dividend	$ 0.2	$ 0.5

Related Parties - Narrative (Details) - USD ($)	3 Months Ended
Related Parties - Narrative (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018	Nov. 30, 2017
Related Party Transaction [Line Items]
Revenue from related parties	$ 2,000,000	$ 3,900,000
Subsidiary Of Fugro N.V. (AMS:FUR)
Related Party Transaction [Line Items]
Ownership percent			23.60%
Revenue from related parties	800,000	0
Expenses for services	2,200,000	1,100,000
GMH
Related Party Transaction [Line Items]
Management fees paid	200,000	200,000
Affiliated Entity \| Harbinger Capital Partners
Related Party Transaction [Line Items]
Expenses under service agreement	900,000	$ 1,000,000
Issuance Of Secured Convertible Notes \| Life Sciences \| Blossom Innovations, LLC \| R2 Dermatology, Inc.
Related Party Transaction [Line Items]
Debt issued to related party	$ 1,000,000

Related Parties - Summary of Balance Outstanding of Related Parties (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transactions [Abstract]
Net revenue	$ 2.0	$ 3.9
Operating expenses	0.6	0.4
Interest expense	0.3	0.4
Dividends received	1.1	$ 1.0
Accounts receivable	1.5		$ 5.0
Long-term debt	27.2		28.5
Accounts payable	$ 0.5		$ 2.2

Operating Segment and Related Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2019 segment
Segment Reporting [Abstract]
Number of reportable geographic segments	2
Number of reportable operating segments	8

Operating Segment and Related Information - Schedules of Concentration of Risk (Details)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Customer A \| Telecommunications \| Customer risk \| Sales Revenue
Concentration Risk [Line Items]
Concentration risk	10.50%	10.40%

Operating Segment and Related Information - Geographic and Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 491.4	$ 453.7
Total revenue from contracts with customers	404.9	415.5
Income (loss) from operations	21.6	(13.8)
Interest expense	(22.3)	(19.3)
Loss from equity investees	(4.9)	(5.2)
Other income, net	3.3	1.1
Loss from continuing operations before income taxes	(2.3)	(37.2)
Income tax expense	(4.0)	(1.7)
Net loss	(6.3)	(38.9)
Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interest	3.5	3.9
Net loss attributable to HC2 Holdings, Inc.	(2.8)	(35.0)
Less: Preferred dividends, deemed dividends, and repurchase gains	(1.2)	0.7
Net loss attributable to common stock and participating preferred stockholders	(1.6)	(35.7)
Depreciation and Amortization	6.9	9.7
Capital Expenditures	6.4	9.2
Construction
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	192.1	158.9
Total revenue from contracts with customers	192.1	158.9
Depreciation and Amortization	3.9	1.5
Capital Expenditures	2.6	1.3
Marine Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	42.4	36.7
Total revenue from contracts with customers	42.4	36.7
Depreciation and Amortization	6.6	6.8
Capital Expenditures	3.1	6.6
Energy
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	5.1	4.5
Total revenue from contracts with customers	4.8	4.1
Depreciation and Amortization	1.4	1.4
Capital Expenditures	0.1	0.8
Telecommunications
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	155.5	202.3
Total revenue from contracts with customers	155.5	202.3
Depreciation and Amortization	0.1	0.1
Capital Expenditures	0.0	0.1
Insurance
Revenues from External Customers and Long-Lived Assets [Line Items]
Depreciation and Amortization	(6.5)	(0.9)
Capital Expenditures	0.2	0.3
Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Depreciation and Amortization	0.0	0.1
Broadcasting
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	9.8	10.7
Total revenue from contracts with customers	9.8	10.7
Depreciation and Amortization	1.4	0.7
Capital Expenditures	0.4	0.1
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	440.6	412.4
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	42.2	36.4
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	8.6	4.9
Operating Segments \| Construction
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		158.9
Total revenue from contracts with customers	192.1	158.9
Income (loss) from operations	5.7	6.1
Operating Segments \| Marine Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		36.7
Total revenue from contracts with customers	42.4	36.7
Income (loss) from operations	(4.1)	(2.8)
Operating Segments \| Energy
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		4.5
Total revenue from contracts with customers	5.1	4.5
Income (loss) from operations	(0.4)	(0.6)
Operating Segments \| Telecommunications
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		202.3
Total revenue from contracts with customers	155.5	202.3
Income (loss) from operations	0.6	1.0
Operating Segments \| Insurance
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	88.8	40.2
Income (loss) from operations	34.4	3.0
Operating Segments \| Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Income (loss) from operations	(1.8)	(3.3)
Operating Segments \| Broadcasting
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		10.7
Total revenue from contracts with customers	9.8	10.7
Income (loss) from operations	(3.3)	(7.7)
Operating Segments \| Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		2.4
Total revenue from contracts with customers	0.0	2.4
Income (loss) from operations	0.0	(0.2)
Operating Segments \| Non-Operating Corporate
Revenues from External Customers and Long-Lived Assets [Line Items]
Income (loss) from operations	(7.2)	(7.3)
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	(2.3)	(2.0)
Income (loss) from operations	$ (2.3)	$ (2.0)

Operating Segment and Related Information - Long-term investments, Property and Equipment and Assets (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	$ 4,023.4	$ 3,822.0
Property, Plant and Equipment—Net	376.6	376.3
Total Assets	6,682.4	6,503.8
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, Plant and Equipment—Net	179.7	178.2
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, Plant and Equipment—Net	191.7	192.7
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, Plant and Equipment—Net	5.2	5.4
Operating Segments \| Construction
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	0.9	0.9
Total Assets	561.4	537.9
Operating Segments \| Marine Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	60.8	58.3
Total Assets	387.6	368.6
Operating Segments \| Insurance
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	4,039.0	3,821.4
Total Assets	5,384.3	5,213.1
Operating Segments \| Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	16.3	16.3
Total Assets	31.3	35.6
Operating Segments \| Energy
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	81.9	77.6
Operating Segments \| Telecommunications
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	93.6	139.9
Operating Segments \| Broadcasting
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	232.1	202.8
Operating Segments \| Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	6.0	5.6
Total Assets	6.0	5.6
Operating Segments \| Non-operating Corporate
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	3.8	9.2
Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	(99.6)	(80.5)
Total Assets	$ (99.6)	$ (86.5)

Basic and Diluted Income (Loss) Per Common Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation (in shares)	2,168,454	2,019,972
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation (in shares)	2,246,396	4,787,602
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation (in shares)	12,557,078
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation (in shares)	7,160,861	6,967,218
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation (in shares)	389,767	1,171,019

Basic and Diluted Income (Loss) Per Common Share - Computation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net loss attributable to common stock and participating preferred stockholders	$ (1.6)	$ (35.7)
Participating shares at end of period:
Weighted-average Common stock outstanding (in shares)	44.8	44.3
Percentage of loss allocated to:
Common stock	100.00%	100.00%
Preferred stock	0.00%	0.00%
Net Income (loss) attributable to common stock, basic	$ (1.6)	$ (35.7)
Denominator for basic and diluted earnings per share
Weighted average common shares outstanding - basic and diluted (in shares)	44.8	44.3
Net income (loss) attributable to participating security holders - basic and diluted (in usd per share)	$ (0.04)	$ (0.81)

Label

Element

Value

Accounting Standards Update 2014-09 [Member]

Cumulative Effect of New Accounting Principle in Period of Adoption