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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2015	Apr. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Amendment Description	Amendment No. 1
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	HC2 Holdings, Inc.
Entity Central Index Key	0001006837
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		25,487,023
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Services revenue	$ 73,718	$ 43,354
Sales revenue	128,090	0
Net revenue	201,808	43,354
Operating expenses:
Cost of revenue - services	61,920	41,107
Cost of revenue - sales	110,536	0
Selling, general and administrative	23,512	6,204
Depreciation and amortization	5,255	210
(Gain) loss on sale or disposal of assets	473	(80)
Total operating expenses	201,696	47,441
Income/(loss) from operations	112	(4,087)
Interest expense	(8,608)	(1)
Amortization of debt discount	(92)	0
Interest income and other expense, net	544	(49)
Foreign currency transaction loss	(771)	(34)
Loss from continuing operations before income taxes and loss from equity investees	(8,815)	(4,171)
Loss from equity investees	(2,688)	0
Income tax benefit (expense)	6,014	(9)
Loss from continuing operations	(5,489)	(4,180)
Gain/(loss) from discontinued operations	(9)	17
Loss from sale of discontinued operations	0	(784)
Net loss	(5,498)	(4,947)
Less: Net loss attributable to noncontrolling interest	261	0
Net loss attributable to HC2 Holdings, Inc.	(5,237)	(4,947)
Less: Preferred stock dividends and accretion	1,088	0
Net loss attributable to common stock and participating preferred stockholders	$ (6,325)	$ (4,947)
Basic loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc. (in dollars per share)	$ (0.26)	$ (0.29)
Loss from discontinued operations (in dollars per share)	0.00	0.00
Loss from sale of discontinued operations (in dollars per share)	0.00	(0.05)
Net income (loss) attributable to HC2 Holdings, Inc. (in dollars per share)	(0.26)	(0.34)
Diluted loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc. (in dollars per share)	(0.26)	(0.29)
Loss from discontinued operations (in dollars per share)	0.00	0.00
Loss from sale of discontinued operations (in dollars per share)	0.00	(0.05)
Net loss attributable to HC2 Holdings, Inc. (in dollars per share)	$ (0.26)	$ (0.34)
Weighted average common shares outstanding:
Basic (in shares)	24,146	14,631
Diluted (in shares)	24,146	14,631
Amounts attributable to common shareholders of HC2 Holdings, Inc.
Loss from continuing operations attributable to HC2 Holdings, Inc.	$ (6,316)	$ (4,180)
Gain/(loss) from discontinued operations	(9)	17
Loss from sale of discontinued operations	0	(784)
Net loss attributable to common stock and participating preferred stockholders	$ (6,325)	$ (4,947)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (5,498)	$ (4,947)
Other comprehensive income (loss)
Foreign currency translation adjustment	(4,361)	(374)
Unrealized gain on available-for-sale securities, net of tax	149	0
Less: Comprehensive (income) loss attributable to the noncontrolling interest	261	0
Comprehensive income (loss) attributable to HC2 Holdings, Inc.	$ (9,449)	$ (5,321)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 128,872	$ 107,978	$ 13,041	$ 8,997
Short-term investments	11,768	4,867
Accounts receivable (net of allowance for doubtful accounts receivable of $2,675 and $2,760 at March 31, 2015 and December 31, 2014, respectively)	195,878	152,279
Costs and recognized earnings in excess of billings on uncompleted contracts	24,656	28,098
Deferred tax asset - current	1,701	1,701
Inventories	17,062	14,975
Prepaid expenses and other current assets	29,337	18,590
Assets held for sale	11,485	3,865
Total current assets	420,759	332,353
Restricted cash	7,063	6,467
Long-term investments	61,458	50,816
Property, plant and equipment, net	217,585	233,022
Goodwill	30,540	30,540
Other intangible assets, net	30,095	31,158
Deferred tax asset - long-term	14,498	14,019
Other assets	17,483	21,628
Total assets	799,481	720,003
Current liabilities:
Accounts payable	61,556	80,183
Accrued interconnection costs	19,507	9,717
Accrued payroll and employee benefits	22,883	20,023
Accrued expenses and other current liabilities	40,183	34,042
Billings in excess of costs and recognized earnings on uncompleted contracts	31,848	41,959
Accrued income taxes	0	512
Accrued interest	12,043	3,125
Current portion of long-term debt	38,811	10,444
Total current liabilities	226,831	200,005
Long-term debt	376,549	332,927
Pension liability	34,081	37,210
Other liabilities	8,002	1,617
Total liabilities	645,463	571,759
Commitments and contingencies
Temporary equity
Preferred stock, $0.001 par value – 20,000,000 shares authorized; Series A - 30,000 shares issued and outstanding at March 31, 2015 and December 31, 2014; Series A-1 - 10,500 and 11,000 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively; Series A-2 - 14,000 and 0 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	53,444	39,845
Redeemable non-controlling interest	4,053	4,004
Total temporary equity	57,497	43,849
Stockholders’ equity:
Common stock, $0.001 par value – 80,000,000 shares authorized; 25,400,886 and 23,844,711 shares issued and 25,369,260 and 23,813,085 shares outstanding at March 31, 2015 and December 31, 2014, respectively	25	24
Additional paid-in capital	144,088	141,948
Accumulated deficit	(49,401)	(44,164)
Treasury stock, at cost – 31,626 shares at March 31, 2015 and December 31, 2014, respectively	(378)	(378)
Accumulated other comprehensive loss	(22,455)	(18,243)
Total HC2 Holdings, Inc. stockholders' equity before noncontrolling interest	71,879	79,187
Noncontrolling interest	24,642	25,208
Total stockholders' equity	96,521	104,395
Total liabilities, temporary equity and stockholders' equity	$ 799,481	$ 720,003

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Accounts receivable, allowance for doubtful accounts receivable	$ 2,675	$ 2,760
Temporary equity
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Stockholders’ equity:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	25,400,886	23,844,711
Common stock, shares outstanding	25,369,260	23,813,085
Treasury stock, shares	31,626	31,626
Series A Convertible Preferred Stock
Temporary equity
Preferred stock, shares issued	30,000	30,000
Preferred stock, shares outstanding	30,000	30,000
Series A-1 Convertible Preferred Stock
Temporary equity
Preferred stock, shares issued	10,500	11,000
Preferred stock, shares outstanding	10,500	11,000
Series A-2 Preferred Stock
Temporary equity
Preferred stock, shares issued	14,000	0
Preferred stock, shares outstanding	14,000	0

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2015 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-controlling Interest [Member]
Beginning balance at Dec. 31, 2014	$ 104,395	$ 24	$ 141,948	$ (378)	$ (44,164)	$ (18,243)	$ 25,208
Beginning balance, (in shares) at Dec. 31, 2014		23,813
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,694		2,694
Preferred stock dividend and accretion	(1,088)		(1,088)
Issuance of common stock	0
Issuance of common stock (in shares)		2
Issuance of restricted stock	1	$ 1
Issuance of restricted stock (in shares)		1,436
Conversion of preferred stock to common stock	500		500
Conversion of preferred stock to common stock (in shares)		118
Acquisition of noncontrolling interest	(271)						(271)
Excess book value over fair value of purchased noncontrolling interest	0		34				(34)
Net loss	(5,498)				(5,237)		(261)
Foreign currency translation adjustment	(4,361)					(4,361)
Unrealized gain on available-for-sale securities, net of tax	149					149
Ending balance at Mar. 31, 2015	$ 96,521	$ 25	$ 144,088	$ (378)	$ (49,401)	$ (22,455)	$ 24,642
Ending balance, (in shares) at Mar. 31, 2015		25,369

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income (loss)	$ (5,498)	$ (4,947)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for doubtful accounts receivable	95	107
Share-based compensation expense	2,694	238
Depreciation and amortization	7,130	210
Amortization of deferred financing costs	329	0
(Gain) loss on sale or disposal of assets	473	704
(Gain) loss on sale of investments	(515)	0
Equity investment (income)/loss	2,688	0
Amortization of debt discount	92	0
Deferred income taxes	(568)	1
Unrealized foreign currency transaction (gain) loss on intercompany and foreign debt	172	(34)
Changes in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	(45,764)	2,767
(Increase) decrease in costs and recognized earnings in excess of billings on uncompleted contracts	3,468	0
(Increase) decrease in inventories	(2,355)	0
(Increase) decrease in prepaid expenses and other current assets	(1,492)	3,462
(Increase) decrease in other assets	(2,122)	798
Increase (decrease) in accounts payable	(18,908)	(1,795)
Increase (decrease) in accrued interconnection costs	10,111	(1,181)
Increase (decrease) in accrued payroll and employee benefits	3,723	(846)
Increase (decrease) in accrued expenses and other current liabilities	5,995	279
Increase (decrease) in billings in excess of costs and recognized earnings on uncompleted contracts	(10,116)	0
Increase (decrease) in accrued income taxes	(6,238)	(4)
Increase (decrease) in accrued interest	8,918	0
Increase (decrease) in other liabilities	(146)	(856)
Increase (decrease) in pension liability	(1,125)	0
Net cash provided by (used in) operating activities	(48,959)	(1,097)
Cash flows from investing activities:
Purchase of property, plant and equipment	(3,124)	(89)
Sale of property and equipment and other assets	998	80
Purchase of equity investments	(8,644)	0
Sale of equity investments	1,026	0
Purchase of available-for-sale securities	(6,664)	0
Cash from disposition of business, net of cash disposed	0	3,200
Investment in debt securities	(3,250)	0
Purchase of noncontrolling interest	(222)	0
(Increase) decrease in restricted cash	(893)	0
Net cash used in investing activities	(20,773)	3,191
Cash flows from financing activities:
Proceeds from long-term obligations	181,303	0
Principal payments on long-term obligations	(103,690)	0
Payment of deferred financing costs	(1,136)	0
Proceeds from sale of preferred stock, net	14,032	0
Proceeds from the exercise of warrants and stock options	0	2,891
Payment of dividend equivalents	0	(550)
Net cash provided by (used) in financing activities	90,509	2,341
Effects of exchange rate changes on cash and cash equivalents	117	(391)
Net change in cash and cash equivalents	20,894	4,044
Cash and cash equivalents, beginning of period	107,978	8,997
Cash and cash equivalents, end of period	128,872	13,041
Supplemental cash flow information:
Cash paid for interest	1,287	969
Cash paid for taxes	112	22
Preferred stock dividends and accretion	1,088	0
Non-cash investing and financing activities:
Purchases of property, plant and equipment under financing arrangements	1,808	0
Property, plant and equipment included in accounts payable	1,632	0
Conversion of preferred stock to common stock	$ 500	$ 0

ORGANIZATION AND BUSINESS

3 Months Ended

Mar. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND BUSINESS

On May 29, 2014, HC2 Holdings, Inc. (“HC2” and, together with its subsidiaries, the “Company”, “we” and “our”) completed the acquisition of 2.5 million shares of common stock of Schuff International, Inc. (“Schuff”), a steel fabrication and erection company, and negotiated an agreement to purchase an additional 198,411 shares, representing an approximately 65% interest in Schuff. The aggregate consideration for the shares of Schuff acquired was approximately $85 million, which was funded using the net proceeds from (i) the issuance of $30 million of Series A Convertible Participating Preferred Stock of HC2 (the “Series A Preferred Stock”) and $6 million of common stock of HC2, and (ii) the entry into a senior secured credit facility providing for an eighteen month, floating interest rate term loan of $80 million (the “May Credit Facility”), each of which was also completed on May 29, 2014. Schuff repurchased a portion of its outstanding common stock in June 2014, which had the effect of increasing the Company’s ownership interest to 70%. During the fourth quarter of 2014, the final results of a tender offer for all outstanding shares of Schuff were announced and various open-market purchases were made, which resulted in the acquisition of 809,043 shares and an increase in our ownership interest to 91%. We intend to execute a short-form merger, which will increase our ownership of Schuff shares to 100%.

Schuff and its wholly-owned subsidiaries primarily operate as integrated fabricators and erectors of structural steel and heavy steel plates with headquarters in Phoenix, Arizona and operations in Arizona, Georgia, Texas, Kansas and California. Schuff’s construction projects are primarily in the aforementioned states. In addition, Schuff has construction projects in select international markets, primarily Panama. Schuff has a 49% interest in Schuff Hopsa Engineering, Inc. (“SHE”), a Panamanian joint venture with Empresas Hopsa, S.A., that provides steel fabrication services. Schuff controls the operations of SHE, as provided in the operating agreement. Therefore, the assets, liabilities, revenues and expenses of SHE are included in the Condensed Consolidated Financial Statements of Schuff. Empresas Hopsa, S.A.’s 51% interest in SHE is presented as a noncontrolling interest component of total stockholders’ equity.

On August 1, 2014, the Company paid $15.5 million to acquire 15,500 shares of Series A Convertible Preferred Stock of American Natural Gas (“ANG”), representing an approximately 51% interest in ANG. ANG is a premier distributor of natural gas motor fuel headquartered in the Northeast that designs, builds, owns, acquires, operates and maintains compressed natural gas fueling stations for transportation.

On September 22, 2014, the Company completed the acquisition of Bridgehouse Marine Limited (“Bridgehouse”), the parent holding company of Global Marine Systems Limited (“GMSL”). The purchase price reflects an enterprise value of approximately $260 million, including assumed indebtedness, and was funded using a portion of the net proceeds from (i) the issuance of $11 million of Series A-1 Convertible Participating Preferred Stock of HC2 (the “Series A-1 Preferred Stock”) and (ii) a senior secured credit facility providing for a twelve month, floating interest rate term loan of $214 million and a delayed draw term loan of $36 million (the “September Credit Facility”), each of which was also completed on September 22, 2014. With a portion of the proceeds from the September Credit Facility, the Company paid off its May Credit Facility and its senior unsecured credit facility consisting of a term loan of $17 million entered into on September 8, 2014 (the “Novatel Acquisition Term Loan”) for the purpose of acquiring an ownership interest in Novatel Wireless, Inc. The September Credit Facility was subsequently repaid using the proceeds from HC2’s issuance of its Existing Notes discussed below under Note 8—“Long-Term Obligations”. GMSL is a leading provider of engineering and underwater services on submarine cables. In conjunction with the acquisition, approximately 3% of the Company’s interest in GMSL was purchased by a group of individuals, leaving the Company’s controlling interest as of March 31, 2015 at approximately 97%.

In our Telecommunications segment, we operate a telecommunications business including a network of direct routes and provide premium voice communication services for national telecom operators, mobile operators, wholesale carriers, prepaid operators, Voice over Internet Protocol (“VoIP”) service operators and Internet service providers (“ISPs”) from our International Carrier Services (“ICS”) business unit.

In our Life Sciences segment, we operate Pansend, LLC (“Pansend”), which has an 80% interest in Genovel Orthopedics, Inc., which seeks to develop products to treat early osteoarthritis of the knee, and a 61% interest in R2 Dermatology (f/k/a “GemDerm Aesthetics, Inc.”), which develops skin lightening technology.

Additionally, in 2014 we acquired a 100% ownership interest in DMi, Inc. (“DMi”), which owns licenses to create and distribute NASCAR® video games.

The Company currently has six reportable operating segments based on management’s organization of the enterprise—Manufacturing (Schuff), Marine Services (GMSL), Utilities (ANG), Telecommunications (ICS), Life Sciences and Other, which includes operations that do not meet the separately reportable segment thresholds.

HC2 was formed as a corporation under the laws of Delaware in 1994 and operates as a holding company of operating subsidiaries primarily in the United States and the United Kingdom.

Restatement of Consolidated Financial Statements

On February 21, 2016, the Company determined that it needed to restate previously reported financial statements for the year ended December 31, 2014 and the fiscal quarters ended June 30, 2014, September 30, 2014, March 31, 2015, June 30, 2015 and September 30, 2015 to correct errors resulting from material weaknesses that the Company identified in its internal control over accounting for income taxes, valuation of a business acquisition and the application of generally accepted accounting principles (GAAP) to complex and/or non-routine transactions. In particular, the Company is restating its Condensed Consolidated Financial Statements for the three months ended March 31, 2015 to correct the improper recording of items related to the following:

•

The Company completed the acquisition of GMSL on September 22, 2014, but treated the acquisition as having closed on September 30, 2014. As a result, eight days of activity were excluded from the results of operations. In addition, the Company subsequently identified items related to the opening balance sheet as well as conforming balance sheet reclassifications related to the purchase accounting for GMSL.


•	The Company incorrectly valued our share-based compensation expense. Options were entitled to be received between May and September of 2014, but which were actually issued on October 28, 2014. The Company incorrectly recorded the fair value of the options using the issuance date of October 28, 2014 rather than the earlier measurement date under US GAAP.


•	The Company amended the valuation of the ANG business acquisition which resulted in goodwill.


•	The Company reclassified redeemable non-controlling interest from permanent equity to temporary equity.


•	The Company identified other income which was recognized in the three months ended September 30, 2015, but should have been recorded in the three months ended March 31, 2015 and June 30, 2015.


•	The Company reclassified certain pension liabilities between current and non-current as well as accrued expenses and other current assets.


•	The Company corrected the March 31, 2014 Condensed Consolidated Statement of Cash Flows to reclassify funds released from escrow which related to the sale of business units from operating activities to investing activities.

As a result, the Company concluded that the financial statements for the three month period ended March 31, 2015 were materially misstated. The consolidated statement of operations, consolidated statement of comprehensive income (loss), consolidated balance sheets, consolidated statement of stockholders' equity and consolidated statement of cash flows, as well as the corresponding Notes to the Condensed Consolidated Financial Statements have been restated to reflect the correction of the aforementioned errors.

The following tables provide a reconciliation of the amounts previously reported to the restated amounts for the quarter ended March 31, 2015:

HC2 HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)



	Three Months Ended March 31, 2015
	As Reported		Adjustments		As Restated
Services revenue	$	73,718	$	—	$	73,718
Sales revenue	128,090		—		128,090
Net revenue	201,808		—		201,808
Operating expenses:
Cost of revenue - services	61,920		—		61,920



Cost of revenue - sales	110,536			—			110,536
Selling, general and administrative	23,053			459			23,512
Depreciation and amortization	5,006			249			5,255
(Gain) loss on sale or disposal of assets	473			—			473
Total operating expenses	200,988			708			201,696
Income/(loss) from operations	820			(708		)	112
Interest expense	(8,608		)	—			(8,608		)
Amortization of debt discount	(92		)	—			(92		)
Interest income and other expense, net	193			351			544
Foreign currency transaction loss	(771		)	—			(771		)
Loss from continuing operations before income taxes and loss from equity investees	(8,458		)	(357		)	(8,815		)
Loss from equity investees	(2,688		)	—			(2,688		)
Income tax benefit (expense)	5,833			181			6,014
Loss from continuing operations	(5,313		)	(176		)	(5,489		)
Gain/(loss) from discontinued operations	(9		)	—			(9		)
Loss from sale of discontinued operations	—			—			—
Net loss	(5,322		)	(176		)	(5,498		)
Less: Net loss attributable to noncontrolling interest	261			—			261
Net loss attributable to HC2 Holdings, Inc.	(5,061		)	(176		)	(5,237		)
Less: Preferred stock dividends and accretion	1,088			—			1,088
Net loss attributable to common stock and participating preferred stockholders	$	(6,149	)	$	(176	)	$	(6,325	)
Basic loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc.	$	(0.25	)	$	(0.01	)	$	(0.26	)
Loss from discontinued operations	—			—			—
Loss from sale of discontinued operations	—			—			—
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.25	)	$	(0.01	)	$	(0.26	)
Diluted loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc.	$	(0.25	)	$	(0.01	)	$	(0.26	)
Loss from discontinued operations	—			—			—
Loss from sale of discontinued operations	—			—			—
Net loss attributable to HC2 Holdings, Inc.	$	(0.25	)	$	(0.01	)	$	(0.26	)
Weighted average common shares outstanding:
Basic	24,146			—			24,146
Diluted	24,146			—			24,146
Amounts attributable to common shareholders of HC2 Holdings, Inc.
Loss from continuing operations attributable to HC2 Holdings, Inc.	$	(6,140	)	$	(176	)	$	(6,316	)
Gain/(loss) from discontinued operations	(9		)	—			(9		)
Loss from sale of discontinued operations	—			—			—
Net loss attributable to HC2 Holdings, Inc.	$	(6,149	)	$	(176	)	$	(6,325	)

HC2 HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)



	Three Months Ended March 31, 2015
	As Reported			Adjustments			As Restated
Net income (loss)	$	(5,322	)	$	(176	)	$	(5,498	)
Other comprehensive income (loss)
Foreign currency translation adjustment	(4,361		)	—			(4,361		)
Unrealized gain (loss) on available-for-sale securities, net of tax	(762		)	911			149
Less: Comprehensive (income) loss attributable to the noncontrolling interest	261			—			261
Comprehensive income (loss) attributable to HC2 Holdings, Inc.	$	(10,184	)	$	735		$	(9,449	)

HC2 HOLDING, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)



	As of March 31, 2015
	As Reported		Adjustments			As Restated
Assets
Current assets:
Cash and cash equivalents	$	128,872	$	—		$	128,872
Short-term investments	11,768		—			11,768
Accounts receivable (net of allowance for doubtful accounts receivable of $2,675 and $2,760 at March 31, 2015 and December 31, 2014, respectively)	195,878		—			195,878
Costs and recognized earnings in excess of billings on uncompleted contracts	24,656		—			24,656
Deferred tax asset - current	1,701		—			1,701
Inventories	17,062		—			17,062
Prepaid expenses and other current assets	29,337		—			29,337
Assets held for sale	11,485		—			11,485
Total current assets	420,759		—			420,759
Restricted cash	7,063		—			7,063
Long-term investments	58,827		2,631			61,458
Property, plant and equipment, net	224,815		(7,230		)	217,585
Goodwill	27,990		2,550			30,540
Other intangible assets, net	30,067		28			30,095
Deferred tax asset - long-term	15,198		(700		)	14,498
Other assets	18,334		(851		)	17,483
Total assets	$	803,053	$	(3,572	)	$	799,481
Liabilities, temporary equity and stockholders’ equity
Current liabilities:
Accounts payable	$	61,888	$	(332	)	$	61,556
Accrued interconnection costs	19,507		—			19,507
Accrued payroll and employee benefits	22,883		—			22,883
Accrued expenses and other current liabilities	40,183		—			40,183



Billings in excess of costs and recognized earnings on uncompleted contracts	31,848			—			31,848
Accrued income taxes	—			—			—
Accrued interest	12,043			—			12,043
Current portion of long-term debt	38,811			—			38,811
Current portion of pension liability	5,697			(5,697		)	—
Total current liabilities	232,860			(6,029		)	226,831
Long-term debt	376,549			—			376,549
Pension liability	28,384			5,697			34,081
Other liabilities	8,002			—			8,002
Total liabilities	645,795			(332		)	645,463
Commitments and contingencies (See Note 10)
Temporary equity (See Note 12)
Preferred stock, $0.001 par value – 20,000,000 shares authorized; Series A - 30,000 shares issued and outstanding at March 31, 2015 and December 31, 2014; Series A-1 - 10,500 and 11,000 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively; Series A-2 - 14,000 and 0 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	53,444			—			53,444
Redeemable non-controlling interest	—			4,053			4,053
Total temporary equity	53,444			4,053			57,497
Stockholders’ equity:
Common stock, $0.001 par value – 80,000,000 shares authorized; 25,400,886 and 23,844,711 shares issued and 25,369,260 and 23,813,085 shares outstanding at March 31, 2015 and December 31, 2014, respectively	25			—			25
Additional paid-in capital	148,762			(4,674		)	144,088
Accumulated deficit	(46,941		)	(2,460		)	(49,401		)
Treasury stock, at cost – 31,626 shares at March 31, 2015 and December 31, 2014, respectively	(378		)	—			(378		)
Accumulated other comprehensive loss	(20,301		)	(2,154		)	(22,455		)
Total HC2 Holdings, Inc. stockholders' equity before noncontrolling interest	81,167			(9,288		)	71,879
Noncontrolling interest	22,647			1,995			24,642
Total stockholders' equity	103,814			(7,293		)	96,521
Total liabilities, temporary equity and stockholders' equity	$	803,053		$	(3,572	)	$	799,481

HC2 HOLDINGS, INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

(in thousands)



	As of March 31, 2015
	As Reported			Adjustments			As Restated
Common Stock	$	25		$	—		$	25
Additional Paid-In Capital	148,762			(4,674		)	144,088
Treasury Stock	(378		)	—			(378		)
Earnings (Accumulated Deficit)	(46,941		)	(2,460		)	(49,401		)
Accumulated Other Comprehensive Income (Loss)	(20,301		)	(2,154		)	(22,455		)
Noncontrolling Interest	22,647			1,995			24,642
Total Stockholders' Equity	$	103,814		$	(7,293	)	$	96,521

HC2 HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)



	Three Months Ended March 31, 2015
	As Reported			Adjustments			As Restated
Cash flows from operating activities:
Net income (loss)	$	(5,322	)	$	(176	)	$	(5,498	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for doubtful accounts receivable	95			—			95
Share-based compensation expense	2,235			459			2,694
Depreciation and amortization	6,881			249			7,130
Amortization of deferred financing costs	329			—			329
(Gain) loss on sale or disposal of assets	473			—			473
(Gain) loss on sale of investments	(164		)	(351		)	(515		)
Equity investment (income)/loss	2,688			—			2,688
Amortization of debt discount	92			—			92
Deferred income taxes	(387		)	(181		)	(568		)
Unrealized foreign currency transaction (gain) loss on intercompany and foreign debt	172			—			172
Changes in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	(45,764		)	—			(45,764		)
(Increase) decrease in costs and recognized earnings in excess of billings on uncompleted contracts	3,468			—			3,468
(Increase) decrease in inventories	(2,355		)	—			(2,355		)
(Increase) decrease in prepaid expenses and other current assets	(1,492		)	—			(1,492		)
(Increase) decrease in other assets	(2,122		)	—			(2,122		)
Increase (decrease) in accounts payable	(18,908		)	—			(18,908		)
Increase (decrease) in accrued interconnection costs	10,111			—			10,111
Increase (decrease) in accrued payroll and employee benefits	3,723			—			3,723
Increase (decrease) in accrued expenses and other current liabilities	5,995			—			5,995
Increase (decrease) in billings in excess of costs and recognized earnings on uncompleted contracts	(10,116		)	—			(10,116		)
Increase (decrease) in accrued income taxes	(6,238		)	—			(6,238		)
Increase (decrease) in accrued interest	8,918			—			8,918
Increase (decrease) in other liabilities	(146		)	—			(146		)
Increase (decrease) in pension liability	(1,125		)	—			(1,125		)
Net cash provided by (used in) operating activities	(48,959		)	—			(48,959		)
Cash flows from investing activities:
Purchase of property, plant and equipment	(3,124		)	—			(3,124		)
Sale of property and equipment and other assets	998			—			998
Purchase of equity investments	(8,644		)	—			(8,644		)
Sale of equity investments	1,026			—			1,026
Purchase of available-for-sale securities	(6,664		)	—			(6,664		)
Investment in debt securities	(3,250		)	—			(3,250		)
Purchase of noncontrolling interest	(222		)	—			(222		)
(Increase) decrease in restricted cash	(893		)	—			(893		)
Net cash used in investing activities	(20,773		)	—			(20,773		)
Cash flows from financing activities:
Proceeds from long-term obligations	181,303			—			181,303
Principal payments on long-term obligations	(103,690		)	—			(103,690		)
Payment of deferred financing costs	(1,136		)	—			(1,136		)
Proceeds from sale of preferred stock, net	14,032			—			14,032
Proceeds from the exercise of warrants and stock options	—			—			—
Payment of dividend equivalents	—			—			—
Net cash provided by (used) in financing activities	90,509			—			90,509
Effects of exchange rate changes on cash and cash equivalents	117			—			117
Net change in cash and cash equivalents	20,894			—			20,894



Cash and cash equivalents, beginning of period	107,978		—		107,978
Cash and cash equivalents, end of period	$	128,872	$	—	$	128,872
Supplemental cash flow information:
Cash paid for interest	$	1,287	$	—	$	1,287
Cash paid for taxes	$	112	$	—	$	112
Preferred stock dividends and accretion	$	1,088	$	—	$	1,088
Non-cash investing and financing activities:
Purchases of property, plant and equipment under financing arrangements	$	1,808	$	—	$	1,808
Property, plant and equipment included in accounts payable	$	1,632	$	—	$	1,632
Conversion of preferred stock to common stock	$	500	$	—	$	500



	Three Months Ended March 31, 2014
	As Reported			Adjustments			As Restated
Cash flows from operating activities:
Net income (loss)	$	(4,947	)	$	—		$	(4,947	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for doubtful accounts receivable	107			—			107
Share-based compensation expense	238			—			238
Depreciation and amortization	210			—			210
Amortization of deferred financing costs	—			—			—
(Gain) loss on sale or disposal of assets	704			—			704
(Gain) loss on sale of investments	—			—			—
Equity investment (income)/loss	—			—			—
Amortization of debt discount	—			—			—
Deferred income taxes	1			—			1
Unrealized foreign currency transaction (gain) loss on intercompany and foreign debt	(34		)	—			(34		)
Changes in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	2,767			—			2,767
(Increase) decrease in costs and recognized earnings in excess of billings on uncompleted contracts	—			—			—
(Increase) decrease in inventories	—			—			—
(Increase) decrease in prepaid expenses and other current assets	6,662			(3,200		)	3,462
(Increase) decrease in other assets	798			—			798
Increase (decrease) in accounts payable	(1,795		)	—			(1,795		)
Increase (decrease) in accrued interconnection costs	(1,181		)	—			(1,181		)
Increase (decrease) in accrued payroll and employee benefits	(846		)	—			(846		)
Increase (decrease) in accrued expenses and other current liabilities	279			—			279
Increase (decrease) in billings in excess of costs and recognized earnings on uncompleted contracts	—			—			—
Increase (decrease) in accrued income taxes	(4		)	—			(4		)
Increase (decrease) in accrued interest	—			—			—
Increase (decrease) in other liabilities	(856		)	—			(856		)
Increase (decrease) in pension liability	—			—			—
Net cash provided by (used in) operating activities	2,103			(3,200		)	(1,097		)
Cash flows from investing activities:
Purchase of property, plant and equipment	(89		)	—			(89		)
Sale of property and equipment and other assets	80			—			80
Purchase of equity investments	—			—			—
Sale of equity investments	—			—			—
Purchase of available-for-sale securities	—			—			—
Cash from disposition of business, net	—			3,200			3,200



Investment in debt securities	—			—		—
Purchase of noncontrolling interest	—			—		—
(Increase) decrease in restricted cash	—			—		—
Net cash used in investing activities	(9		)	3,200		3,191
Cash flows from financing activities:
Proceeds from long-term obligations	—			—		—
Principal payments on long-term obligations	—			—		—
Payment of deferred financing costs	—			—		—
Proceeds from sale of preferred stock, net	—			—		—
Proceeds from the exercise of warrants and stock options	2,891			—		2,891
Payment of dividend equivalents	(550		)	—		(550		)
Net cash provided by (used) in financing activities	2,341			—		2,341
Effects of exchange rate changes on cash and cash equivalents	(391		)	—		(391		)
Net change in cash and cash equivalents	4,044			—		4,044
Cash and cash equivalents, beginning of period	8,997			—		8,997
Cash and cash equivalents, end of period	$	13,041		$	—	$	13,041

Supplemental cash flow information:
Cash paid for interest	$	969		$	—	$	969
Cash paid for taxes	$	22		$	—	$	22
Preferred stock dividends and accretion	$	—		$	—	$	—
Non-cash investing and financing activities:
Purchases of property, plant and equipment under financing arrangements	$	—		$	—	$	—
Property, plant and equipment included in accounts payable	$	—		$	—	$	—
Conversion of preferred stock to common stock	$	—		$	—	$	—

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation—The accompanying unaudited Condensed Consolidated Financial Statements of HC2 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting and Securities and Exchange Commission (“SEC”) regulations. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such principles and regulations. In the opinion of management, the financial statements reflect all adjustments (all of which are of a normal and recurring nature), which are necessary to present fairly the financial position, results of operations, cash flows and comprehensive income (loss) for the interim periods. The results for the Company’s three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s most recently filed Annual Report on Form 10-K/A. 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, 2015, the Company has a 97% interest in GMSL, a 91% interest in Schuff, a 51% interest in ANG and a 100% interest in DMi. Through its subsidiary, Pansend, the Company has an 80% interest in Genovel Orthopedics, Inc. and a 61% interest in R2 Dermatology (f/k/a “GemDerm Aesthetics, Inc.”). The results of each of these entities are consolidated with the Company’s results from and after their respective acquisition dates based on guidance from the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 810, “Consolidation” (“ASC 810”). The remaining interests not owned by the Company are presented as a noncontrolling interest component of total equity. Schuff uses a 4-4-5 week quarterly cycle, which for the first quarter of 2015 ended on March 29, 2015. Foreign Currency Transactions—Foreign currency transactions are transactions denominated in a currency other than a subsidiary’s functional currency. A change in the exchange rates between a subsidiary’s functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is reported by the Company as a foreign currency transaction gain (loss). Foreign Currency Translation—The assets and liabilities of the Company’s foreign subsidiaries are translated at the exchange rates in effect on the reporting date. Income and expenses are translated at the average exchange rate during the period. The net effect of such translation gains and losses are reflected within accumulated other comprehensive income (loss) in the stockholders’ equity section of the condensed consolidated balance sheets. Inventories Schuff—Inventories, primarily steel components, are stated at the lower of cost or market under the first-in, first-out method. GMSL—Inventory is valued at the lower of cost or market value under the first-in first-out method. Provision for obsolescence is made where appropriate and is charged to cost of revenue in the condensed consolidated statements of operations. Short-term work in progress on contracts is stated at cost less foreseeable losses. These costs include only direct labor and expenses incurred to date and exclude any allocation of overhead. The policy for long-term work in progress contracts is disclosed within the Revenue and Cost Recognition accounting policy for GMSL. Short-term Investments—The current investments are classified as available-for-sale securities and the change in value is recognized within accumulated other comprehensive income (loss). Long-term Investments —Investments in non-wholly-owned companies are generally consolidated if the Company’s interest exceeds 50% or if the Company has the power to direct the economic activities of the entity and the obligation to absorb losses, or accounted for under the equity method of accounting when the Company exercises significant influence over the venture. Under the equity method of accounting, the Company records its proportionate interest in the underlying income or loss of the equity method investee. Additional investments made or distributions received are recorded as increases and decreases, respectively, to the carrying value of the equity method investment. Equity method investments are evaluated for potential impairment as circumstances warrant and an impairment charge is recorded when an impairment is deemed to be other-than-temporary. When the Company’s investment in an equity method investee is greater than its proportionate share of the underlying net assets of that investee, a basis difference is created under ASC No. 323, “Investments—Equity Method and Joint Ventures” (“ASC 323”). When this situation occurs, the Company is required to determine the acquisition date fair value of the identifiable assets and assumed liabilities in the same manner as for a business combination under ASC No. 805, “Business Combinations” (“ASC 805”). If the basis difference is assigned to amortizable assets, it is amortized (net of tax) against the Company’s investment in the equity method investee. Property, Plant and Equipment—Property, plant and equipment are stated at cost less accumulated depreciation, which is provided on the straight-line method over the estimated useful lives of the assets. Cost includes major expenditures for improvements and replacements which extend useful lives or increase capacity of the assets as well as expenditures necessary to place assets into readiness for use. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Cost includes finance costs incurred prior to the asset being available for use. Expenditures for maintenance and repairs are expensed as incurred. Depreciation is determined on a straight-line basis over the estimated useful lives of the assets, which range from 15 to 40 years for buildings and improvements, up to 35 years for cable-ships and submersibles, 3 to 15 years for machinery and equipment, and 3 to 20 years for plant and motor vehicles. Plant includes equipment on the cable-ships that is portable and can be moved around the fleet and computer equipment. Leasehold improvements are amortized over the lives of the leases or estimated useful lives of the assets, whichever is shorter. Assets under construction are not depreciated until they are complete and available for use. Costs for internal use software that are incurred in the preliminary project stage and in the post-implementation stage are expensed as incurred. Costs incurred during the application development stage are capitalized and amortized over the estimated useful life of the software. When assets are sold or otherwise retired, the costs and accumulated depreciation are removed from the books and the resulting gain or loss is included in operating results. Property, plant and equipment that have been included as part of the assets held for sale are no longer depreciated from the time that they are classified as such. The Company periodically evaluates the carrying value of its property, plant and equipment based upon the estimated cash flows to be generated by the related assets. If impairment is indicated, a loss is recognized. Use of Estimates—The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of net revenue and expenses during the reporting period. Actual results may differ from these estimates. Significant estimates include allowance for doubtful accounts receivable, the extent of progress towards completion on contracts, contract revenue and costs on long-term contracts, market assumptions used in estimating the fair values of certain assets and liabilities, the calculation used in determining the fair value of HC2’s stock options required by ASC No. 718, “Compensation—Stock Compensation” (“ASC 718”), income taxes and various other contingencies. Estimates of fair value represent the Company’s best estimates developed with the assistance of independent appraisals or various valuation techniques and, where the foregoing have not yet been completed or are not available, industry data and trends and by reference to relevant market rates and transactions. The estimates and assumptions are inherently subject to significant uncertainties and contingencies beyond the control of the Company. Accordingly, the Company cannot provide assurance that the estimates, assumptions, and values reflected in the valuations will be realized, and actual results could vary materially. Revenue and Cost Recognition GMSL—GMSL generates revenue by providing maintenance services for subsea telecommunications cabling. GMSL also generates revenue from the design and installation of subsea cables under contracts. GMSL also provides installation, maintenance and repair of fiber optic communication and power infrastructure to offshore oil and gas platforms and installs inter-array power cables for use in offshore wind farms and in the offshore wind market. Telecommunication/Maintenance—GMSL provides vessels on standby to repair fiber optic telecommunications cables in defined geographic zones, and its maintenance business is provided through contracts with consortia of up to 60 global telecommunications providers. Typically, GMSL enters into five to seven year contracts to provide maintenance to cable systems that are located in specific geographical areas. Revenue from these maintenance agreements is recognized on a straight line basis unless the pattern of costs associated with repairs indicates otherwise. Telecommunications/Installation—GMSL provides installation of cable systems including route planning, mapping, route engineering, cable laying, and trenching and burial. GMSL’s installation business is project-based with fixed price contracts typically lasting one to five months. Revenue is recognized as time and costs are incurred. Charter hire—rentals from short term operating leases in respect of vessels are recognized as revenue on a straight line basis over the term of the lease. Oil & Gas—GMSL provides installation, maintenance and repair of fiber optic communication and power infrastructure to offshore platforms. Its primary activities include providing power from shore, enabling fiber-based communication between platforms and shore-based systems and installing permanent reservoir monitoring systems which allow customers to monitor subsea seismic data. The majority of GMSL’s oil & gas business is contracted on a project-by-project basis with major energy producers or tier I engineering, procurement and construction (EPC) contractors. Revenue is recognized as time and costs are incurred. A loss is recognized immediately if the expected costs during any contract exceed expected revenues. Amounts billed in advance of revenue recognition are recorded as deferred revenue. Schuff —Schuff performs its services primarily under fixed-price contracts and recognizes revenues and costs from construction projects using the percentage of completion method. Under this method, revenue is recognized based upon either the ratio of the costs incurred to date to the total estimated costs to complete the project or the ratio of tons fabricated to date to total estimated tons. 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 the work has commenced, Schuff has made an estimate of the amount that is probable of being paid for the change and there is a high degree of probability that the charges will be approved by the customer or general contractor. At March 31, 2015, Schuff had $66.9 million of unapproved change orders on open projects, for which it has recognized revenues on a percentage of completion basis. While Schuff has been successful in having the majority of its change orders approved in prior years, there is no guarantee that the unapproved change orders at March 31, 2015 will be approved. 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. Costs and recognized earnings in excess of billings on uncompleted contracts primarily represent revenue earned under the percentage of completion method which has not been billed. Billings in excess of related costs and recognized earnings on uncompleted contracts represent amounts billed on contracts in excess of the revenue allowed to be recognized under the percentage of completion method on those contracts. ICS—Net revenue is derived from carrying a mix of business, residential and carrier long-distance traffic, data and Internet traffic. For certain voice services, net revenue is earned based on the number of minutes during a call, and is recorded upon completion of a call. Revenue for a period is calculated from information received through the Company’s network switches. Customized software has been designed to track the information from the switch and analyze the call detail records against stored detailed information about revenue rates. This software provides the Company the ability to do a timely and accurate analysis of revenue earned in a period. Separate prepaid services software is used to track additional information related to prepaid service usage such as activation date, monthly usage amounts and expiration date. Revenue on these prepaid services is recognized as service is provided until expiration, when all unused minutes, which are no longer available to the customers, are recognized as revenue. Net revenue is also earned on a fixed monthly fee basis for unlimited local and long-distance voice plans and for the provision of data/Internet services (including retail VoIP), hosting, and colocation. In the United States, we charge customers Federal Universal Service Fund (“USF”) fees. We recognize revenue on a gross basis for USF and related fees. We record these fees as revenue when billed. 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 the Company’s cost of revenue is variable, primarily based upon minutes of use, with transmission and termination costs being the most significant expense. Cost of revenue also includes fees such as Federal USF fees. Such costs are recognized when incurred in connection with the provision of telecommunications services. Share-Based Compensation—The Company accounts for share-based compensation under ASC No. 718, “Compensation—Stock Compensation” (“ASC 718”), which addresses the accounting for share-based payment transactions whereby an entity receives employee services in exchange for equity instruments, including stock options and restricted stock units. ASC 718 generally requires that share-based compensation be accounted for using a fair-value based method. The Company records share-based compensation expense for all new and unvested stock options that are ultimately expected to vest as the requisite service is rendered. The Company issues new shares of common stock upon the exercise of stock options. The Company elected to adopt the alternative transition method for calculating the tax effects of share-based compensation. The alternative transition method includes simplified methods to determine the beginning balance of the additional paid in capital (“APIC”) pool related to the tax effects of share-based compensation and to determine the subsequent impact on the APIC pool and the statement of cash flows of the tax effects of share-based awards that were fully vested and outstanding upon the adoption of ASC 718. The Company uses a Black-Scholes option valuation model to determine the fair value of share-based compensation under ASC 718. The Black-Scholes model incorporates various assumptions including the expected term of awards, volatility of stock price, risk-free rates of return and dividend yield. The expected term of an award is no less than the option vesting period and is based on the Company’s historical experience. Expected volatility is based upon the historical volatility of the Company’s stock price. The risk-free interest rate is approximated using rates available on U.S. Treasury securities with a remaining term similar to the option’s expected life. The Company uses a dividend yield of zero in the Black-Scholes option valuation model as it does not anticipate paying cash dividends in the foreseeable future that do not contain antidilution provisions requiring the adjustment of exercise prices and option shares. Share-based compensation is recorded net of expected forfeitures. Income (Loss) Per Common Share—Basic income (loss) per common share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per common share is computed using the weighted average number of shares of common stock, adjusted for the dilutive effect of potential common stock and related income from continuing operations, net of tax. Potential common stock, computed using the treasury stock method or the if-converted method, includes options, restricted stock, restricted stock units and convertible preferred stock. In periods when the Company generates income, the Company calculates basic earnings per share using the two-class method, pursuant to ASC No. 260, “Earnings Per Share.” The two-class method is required as the shares of the Company’s Preferred Stock qualify as participating securities, having the right to receive dividends should dividends be declared on common stock. Under this method, earnings for the period are allocated on a pro-rata basis to the common stockholders and to the holders of preferred stock based on the weighted average number of common shares outstanding and the number of shares that could be converted. The Company does not use the two-class method in periods when it generates a loss as the holders of the Preferred Stock do not participate in losses. Reclassification —Certain previous year amounts have been reclassified to conform with current year presentations, as related to the reporting of new balance sheet line items. Newly Adopted Accounting Principles In April 2014, an update was issued to the Presentation of Financial Statements Topic No. 205 and Property, Plant and Equipment Topic No. 360, ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changes the criteria for reporting discontinued operations. The ASU revises the definition of a discontinued operation and expands the disclosure requirements. Entities should not apply the amendments to a component of an entity that is classified as held for sale before the effective date even if it is disposed of after the effective date. That is, the ASU must be adopted prospectively. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been previously reported in the financial statements. On January 1, 2015, the Company adopted this update, which did not have a material impact on the Condensed Consolidated Financial Statements. New Accounting Pronouncements In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis”, which amends the consolidation requirements in ASC 810 and significantly changes the consolidation analysis required under U.S. GAAP relating to whether or not to consolidate certain legal entities. Early adoption is permitted. The Company’s effective date for adoption is January 1, 2016. The Company does not expect this accounting update to have a material effect on its consolidated financial statements in future periods, although that could change. In January 2015, the FASB issued ASU 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items”, which eliminates the concept from U.S. GAAP the concept of an extraordinary item. Under the ASU, an entity will no longer (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; or (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. Early adoption is permitted. The Company’s effective date for adoption is January 1, 2016. The Company does not expect this accounting update to have a material effect on its consolidated financial statements in future periods, although that could change.

ACCOUNTS RECEIVABLE AND CONTRACTS IN PROGRESS

3 Months Ended

Mar. 31, 2015

Receivables [Abstract]

ACCOUNTS RECEIVABLE AND CONTRACTS IN PROGRESS

Accounts receivable consist of the following (in thousands):



	March 31, 2015			December 31, 2014
Contract receivables:
Contracts in progress	$	134,457		$	112,929
Unbilled retentions	35,213			32,850
Trade receivables	28,667			9,065
Other receivables	216			195
Allowance for doubtful accounts	(2,675		)	(2,760		)
	$	195,878		$	152,279

Costs and recognized earnings in excess of billings on uncompleted contracts and billings in excess of costs and recognized earnings on uncompleted contracts consist of the following:



	March 31, 2015			December 31, 2014
Costs incurred on contracts in progress	$	576,733		$	531,129
Estimated earnings	79,192			73,540
	655,925			604,669
Less progress billings	663,117			618,530
	$	(7,192	)	$	(13,861	)
The above is included in the accompanying condensed consolidated balance sheet under the following captions:
Costs and recognized earnings in excess of billings on uncompleted contracts	24,656			28,098
Billings in excess of costs and recognized earnings on uncompleted contracts	(31,848		)	(41,959		)
	$	(7,192	)	$	(13,861	)

INVENTORIES

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consist of the following (in thousands):



	March 31, 2015		December 31, 2014
Raw materials	$	14,908	$	12,956
Work in process	1,918		1,779
Finished goods	236		240
	$	17,062	$	14,975

BUSINESS COMBINATIONS

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

BUSINESS COMBINATIONS

The Company’s acquisitions were accounted for using the acquisition method of accounting which requires, among other things, that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. Estimates of fair value included in the Condensed Consolidated Financial Statements, in conformity with ASC No. 820, “Fair Value Measurements and Disclosures” (“ASC 820”), represent the Company’s best estimates and valuations developed with the assistance of independent appraisers and, where such valuations have not yet been completed or are not available, industry data and trends and by reference to relevant market rates and transactions. The following estimates and assumptions are inherently subject to significant uncertainties and contingencies beyond the control of the Company. Accordingly, the Company cannot provide assurance that the estimates, assumptions, and values reflected in the valuations will be realized, and actual results could vary materially.

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

Schuff

On May 29, 2014, the Company completed the acquisition of 2.5 million shares of common stock of Schuff, a steel fabrication and erection company and negotiated an agreement to purchase an additional 198,411 shares, representing an approximately 65% interest in Schuff. Schuff repurchased a portion of its outstanding common stock in June 2014, which had the effect of increasing the Company’s ownership interest to 70%. During the fourth quarter, the final results of a tender offer for all outstanding shares of Schuff were announced and various open-market purchases were made, which resulted in the acquisition of 809,043 shares and an increase in our ownership interest to 91%. We intend to execute a short-form merger, which will increase our ownership of Schuff shares to 100%. Schuff and its wholly-owned subsidiaries primarily operate as integrated fabricators and erectors of structural steel and heavy steel plates with headquarters in Phoenix, Arizona and operations in Arizona, Georgia, Texas, Kansas and California. Schuff’s construction projects are primarily in the aforementioned states. In addition, Schuff has construction projects in select international markets, primarily Panama. The Company acquired Schuff to diversify its portfolio of holdings and saw Schuff as an opportunity to enter the steel fabrication and erection market.

The table below summarizes the preliminary estimates of fair value of the Schuff assets acquired and liabilities assumed as of the acquisition date. The Company purchased 2.5 million shares of common stock of Schuff for $78.75 million. The purchase price of Schuff was valued at $31.50 per share which represented both the cash paid by the Company for its 60% interest, and the fair value of the noncontrolling interest of 40%.

The preliminary purchase price allocation is as follows (in thousands):



Cash and cash equivalents	$	(627	)
Investments	1,714
Accounts receivable	130,622
Costs and recognized earnings in excess of billings on uncompleted contracts	27,126
Prepaid expenses and other current assets	3,079
Inventories	14,487
Assets held for sale	—
Property and equipment, net	85,662
Goodwill	24,612
Trade names	4,478
Other assets	2,947
Total assets acquired	294,100
Accounts payable	37,621
Accrued payroll and employee benefits	11,668
Accrued expenses and other current liabilities	12,532
Billings in excess of costs and recognized earnings on uncompleted contracts	65,985
Accrued income taxes	1,202
Accrued interest	76
Current portion of long-term debt	15,460
Liabilities held for sale	—
Long-term debt	4,375
Deferred tax liability	7,815
Other liabilities	604
Noncontrolling interest	4,365
Total liabilities assumed	161,703
Enterprise value	132,397
Less fair value of noncontrolling interest	53,647
Purchase price attributable to controlling interest	$	78,750

The acquisition of Schuff resulted in goodwill of approximately $24.6 million. Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill was recognized as a new stand-alone reporting unit. Goodwill is not amortized and is not deductible for tax purposes.

The acquired amortizable intangible assets and the related estimated useful lives consist of the following (in thousands):



	Preliminary Estimated Useful Lives	Preliminary Estimated Value May 29, 2014
Trade names	15 years	$	4,478
Total intangible assets		$	4,478

ASC 810 requires that transactions that result in an increase in ownership of a subsidiary be accounted for as equity transactions. The carrying amount of the noncontrolling interest is adjusted to reflect the controlling interest’s decreased ownership interest in the subsidiary’s net assets and any difference between the consideration paid by the parent to a noncontrolling interest holder (or contributed by the parent to the net assets of the subsidiary) and the adjustment to the carrying amount of the noncontrolling interest in the subsidiary is recognized directly in equity attributable to the controlling interest. Due to the increase of the Company’s ownership to 91% from the acquisition date through December 31, 2014, the Company recorded an adjustment of Schuff’s noncontrolling interest by $3.4 million and recorded as excess book value over fair value of purchased noncontrolling interest in the Company’s condensed consolidated statement of stockholders’ equity. In the three months ended March 31, 2015, the Company acquired an additional 6,800 shares of Schuff that resulted in less than $0.1 million of excess book value over fair value of purchased noncontrolling interest in the Company’s condensed consolidated statement of stockholders’ equity. The ownership interest of 91% did not change.

ANG

On August 1, 2014, the Company paid $15.5 million to acquire 15,500 shares of Series A Convertible Preferred Stock of ANG (the “ANG Preferred Stock”), representing an approximately 51% interest in ANG. The ANG Preferred Stock is convertible into 1,033,333 shares of common stock and also has voting rights. The noncontrolling interest represents 1,000,000 shares of common stock; thereby giving the Company a controlling interest. ANG is a premier distributor of natural gas motor fuel headquartered in the Northeast that designs, builds, owns, operates and maintains compressed natural gas fueling stations for transportation. The Company acquired ANG for its strong growth potential which is in line with the Company’s strategy to find investments that can generate high returns and significant cash flow.

The table below summarizes the fair value of the ANG assets acquired and liabilities assumed as of the acquisition date. The purchase price of ANG was valued at $23.7 million which represented both the cash paid by the Company for its 51% interest ($15.5 million), and the fair value of the noncontrolling interest of 49%, which was determined by an outside appraisal to be $8.2 million.

The purchase price allocation as restated is as follows (in thousands):



Cash and cash equivalents	$	15,704
Accounts receivable	306
Prepaid expenses and other current assets	31
Inventories	27
Property and equipment, net	1,921
Customer contracts	2,700
Trade names	6,300
Other assets	2
Goodwill	1,374
Total assets acquired	28,365
Accounts payable	49
Accrued payroll and employee benefits	5
Accrued expenses and other current liabilities	26
Billings in excess of costs and recognized earnings on uncompleted contracts	114
Current portion of long-term debt	34
Long-term debt	870
Deferred tax liability	3,530
Total liabilities assumed	4,628
Enterprise value	23,737
Less fair value of non-controlling interest	8,237
Purchase price attributable to controlling interest	$	15,500

The acquisition of ANG resulted in goodwill of approximately $1.4 million. Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill was recognized as a new stand-alone reporting unit. Goodwill is not amortized and is not deductible for tax purposes.

The acquired amortizable intangible assets and the related estimated useful lives consist of the following (in thousands):




	Useful Lives	Value August 1, 2014
Customer contracts	4 years	$	2,700
Trade names	15 years	6,300
Total intangible assets		$	9,000

GMSL

On September 22, 2014, the Company completed the acquisition of Bridgehouse and its subsidiary, GMSL. The purchase price reflects an enterprise value of approximately $260 million, including assumed indebtedness of approximately $130 million leaving a net enterprise value of approximately $130 million. GMSL is a leading provider of engineering and underwater services on submarine cables. The Company acquired GMSL for its attractive valuation and strong cash position.

The table below summarizes the preliminary estimates of fair value of the GMSL assets acquired and liabilities assumed as of the acquisition date. The net enterprise value of GMSL was valued at $130.4 million which represented both the cash paid by the Company for its 97% interest, and the fair value of the noncontrolling interest of 3%.

The purchase price allocation as restated is as follows (in thousands):



Cash and cash equivalents	$	62,555
Accounts receivable	22,381
Prepaid expenses and other current assets	23,108
Inventories	7,395
Restricted cash	4,682
Property and equipment, net	152,022
Customer contracts	8,121
Trade name	1,137
Developed technology	1,299
Goodwill	1,366
Investments	26,767
Other assets	7,482
Total assets acquired	318,315
Accounts payable	8,740
Accrued expenses and other current liabilities	44,136
Accrued income taxes	1,251
Current portion of long-term debt	8,140
Long-term debt	78,356
Pension liability	46,110
Deferred tax liability	709
Other liabilities	485
Total liabilities assumed	187,927
Enterprise value	130,388
Less fair value of noncontrolling interest	3,803
Purchase price attributable to controlling interest	$	126,585

The acquisition of GMSL resulted in goodwill of approximately $1.4 million. Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill was recognized as a new stand-alone reporting unit. Goodwill is not amortized and is not deductible for tax purposes. The values for goodwill, customer contracts, trade name, developed technology and investments are estimates and may change.

The acquired amortizable intangible assets and the related estimated useful lives consist of the following (in thousands):



	Useful Lives	Value September 22, 2014
Customer contracts	15 years	$	8,121
Trade name	3 years	1,137
Developed technology	4 years	1,299
Total intangible assets		$	10,557

Pro Forma Adjusted Summary

The results of operations for Schuff, ANG, and GMSL have been included in the consolidated financial statements subsequent to their acquisition dates.

The following schedule presents unaudited consolidated pro forma results of operations data as if the acquisitions had occurred on January 1, 2014. 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 thousands):



	Three Months Ended
	March 31, 2014 (As Restated)
Net revenue	$	193,631
Net income (loss) from continuing operations	$	7,368
Net income (loss) from discontinued operations	$	5
Gain (loss) from sale of discontinued operations	$	(784	)
Net income (loss) attributable to HC2 Holdings, Inc.	$	6,759

Per share amounts:
Income (loss) from continuing operations	$	0.50
Income (loss) from discontinued operations	$	—
Gain (loss) from sale of discontinued operations	$	(0.04	)
Net income (loss) attributable to HC2	$	0.46

All expenditures incurred in connection with the acquisitions were expensed and are included in selling, general and administrative expenses. The Company recorded revenue of $126.9 million and net income of $3.2 million from Schuff for the three months ended March 31, 2015. The Company recorded revenue of $1.2 million and net loss of $0.1 million from ANG for the three months ended March 31, 2015. The Company recorded revenue of $27.0 million and net income of $1.6 million from GMSL for the three months ended March 31, 2015.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 805
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 30
-Section 50
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

INVESTMENTS

3 Months Ended

Mar. 31, 2015

Investments Schedule [Abstract]

INVESTMENTS

As of March 31, 2015, the Company had both current and long-term investments. The current investments are classified as available-for-sale securities and the change in value is recognized within accumulated other comprehensive income (loss). The fair market value is determined using quoted market prices (a Level 1 approach). The long-term investments are comprised of two types of investments; those accounted for under the equity method of accounting and investments in debt securities.

The long-term investments accounted for under the equity method and cost method of accounting are as follows (in thousands):



Company	Investment	March 31, 2015 (As Restated)		December 31, 2014
Equity Method
Global Cable Technology Ltd.	Stock	$	—	$	49
SB Submarine Systems Co., Ltd.	Stock	16,048		13,061
International Cableship Pte., Ltd.	Stock	3,277		2,995
Sembawang Cable Depot Ptd., Ltd.	Stock	1,097		1,031
Huawei Marine Systems Co., Ltd.	Stock	8,946		10,943
Visser Smit Global Marine Partnership	Stock	414		464
Novatel Wireless, Inc.	11,473,799 shares and 1,593,583 warrants	19,719		13,419
Kaneland, LLC	Stock	1,120		1,151
NerVve Technologies, Inc.	885,286 shares of Series A-1 Preferred Stock	5,538		5,538
Benevir Biopharm, Inc.	2,000 shares of Series A-1 Preferred Stock	1,799		1,915
Cost Method
DTV America Corporation	Convertible Debt	3,000		—
mParticle	Convertible Debt	500		250
		$	61,458	$	50,816

2015 Activity

Novatel Wireless, Inc. (“Novatel”)


•	In February 2015, the Company sold 586,095 shares of common stock and 293,047 warrants for $1.0 million which resulted in a gain of $0.2 million.


•	In March 2015, the Company exercised its warrants which converted into 3,824,600 shares of common stock for $8.6 million and also received a new warrant to purchase 1,593,583 shares of common stock at $5.50 per share.


•	The Company’s ownership increased to approximately 23% of Novatel’s common stock.


•	A basis difference, net of tax for the additional investment in March 2015 of $5.6 million consists of a trade name of $0.6 million (being amortized over 15 years), a technology and customer intangible of $0.8 million (being amortized over 7 years) and goodwill of $4.2 million.

DTV America Corporation (“DTV”)


•	During the three months ended March 31, 2015, the Company purchased $3.0 million of convertible debt.

During the three months ended March 31, 2015, the Company recorded $2.7 million of equity in net loss from these investments.

GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill by reporting unit for the three months ended March 31, 2015 are as follows (in thousands):



	Schuff		GMSL		ICS		ANG		Total
Balance as of December 31, 2014	$	24,612	$	1,176	$	3,378	$	1,374	$	30,540
Effect of change in foreign currency exchange rates	—		—		—		—		—
Acquisition of business	—		—		—		—		—
Balance as of March 31, 2015 (As Restated)	$	24,612	$	1,176	$	3,378	$	1,374	$	30,540

Amortizable Intangible Assets

Intangible assets subject to amortization consisted of the following (in thousands):



	Schuff			GMSL			ANG			Pansend		Other		Corporate		Total
Trade names
Balance as of December 31, 2014	$	4,304		$	997		$	6,037		$	—	$	—	$	—	$	11,338
Effect of change in foreign currency exchange rates	—			(49		)	—			—		—		—		(49		)
Amortization	(75		)	(86		)	(158		)	—		—		—		(319		)
Acquisition of business	—			—			—			—		—		—		—
Balance as of March 31, 2015	$	4,229		$	862		$	5,879		$	—	$	—	$	—	$	10,970

Customer relationships
Balance as of December 31, 2014	$	—		$	7,639		$	4,881		$	—	$	—	$	—	$	12,520
Effect of change in foreign currency exchange rates	—			(321		)	—			—		—		—		(321		)
Amortization	—			(124		)	(106		)	—		—		—		(230		)
Acquisition of business	—			—			—			—		—		—		—
Balance as of March 31, 2015 (As Restated)	$	—		$	7,194		$	4,775		$	—	$	—	$	—	$	11,969

Developed technology
Balance as of December 31, 2014	$	—		$	1,164		$	—		$	—	$	—	$	—	$	1,164
Effect of change in foreign currency exchange rates	—			(70		)	—			—		—		—		(70		)
Amortization	—			(74		)	—			—		—		—		(74		)
Acquisition of business	—			—			—			—		—		—		—
Balance as of March 31, 2015 (As Restated)	$	—		$	1,020		$	—		$	—	$	—	$	—	$	1,020

Other
Balance as of December 31, 2014	$	—		$	—		$	—		$	114	$	6,000	$	22	$	6,136
Amortization	—			—			—			—		—		—		—
Acquisition of business/development	—			—			—			—		—		—		—
Balance as of March 31, 2015	$	—		$	—		$	—		$	114	$	6,000	$	22	$	6,136

Total amortizable intangible assets
Balance as of December 31, 2014	$	4,304		$	9,800		$	10,918		$	114	$	6,000	$	22	$	31,158
Effect of change in foreign currency exchange rates	—			(440		)	—			—		—		—		(440		)
Amortization	(75		)	(284		)	(264		)	—		—		—		(623		)
Acquisition of business	—			—			—			—		—		—		—
Balance as of March 31, 2015 (As Restated)	$	4,229		$	9,076		$	10,654		$	114	$	6,000	$	22	$	30,095

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

LONG-TERM OBLIGATIONS

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

LONG-TERM OBLIGATIONS

Long-term debt consists of the following (in thousands):



	March 31, 2015			December 31, 2014
Senior Secured Notes collaterized by the Company's assets, with interest payable semi-yearly based on a fixed annual interest rate of 11% with principal due in 2019	$	300,000		$	250,000
Note payable collaterized by GMSL's assets, with interest payable monthly at LIBOR plus 3.65% and principal payable monthly, maturing in 2019	15,692			16,732
Note payable collaterized by Schuff's real estate, with interest payable monthly at LIBOR plus 4% and principal payable monthly with one final balloon payment of $1.9 million, maturing in 2019	4,479			4,635
Note payable collaterized by Schuff's equipment, with interest payable monthly at LIBOR plus 4% and principal payable monthly with one final balloon payment of $1.9 million, maturing in 2019	12,352			8,333
Line of credit collaterized by Schuff's assets, with interest payable monthly at LIBOR plus 3%	27,391			—
Note payable collaterized by ANG's assets, with interest payable monthly at 5.5% and principal payable monthly, maturing in 2018	773			810
Obligations under capital leases	56,648			65,176
Other	28			30
Subtotal	417,363			345,716
Original issue discount on Senior Secured Notes	(2,003		)	(2,345		)
Subtotal	415,360			343,371
Less: Current portion of long-term obligations	(38,811		)	(10,444		)
Total long-term obligations	$	376,549		$	332,927

Aggregate debt maturities are as follows (in thousands):



2015	$	36,054
2016	11,771
2017	12,043
2018	15,107
2019	313,142
Thereafter	29,246
	$	417,363

Aggregate maturities for the capital leases are as follows (in thousands):



2015	$	5,137
2016	6,843
2017	6,834
2018	10,479
2019	10,478
Thereafter	31,813
Total minimum principal & interest payments	71,584
Less: Amount representing interest	(14,936		)
Total capital lease obligations	$	56,648

The interest rates on the capital leases range from approximately 4% to 10.4%.

11% Senior Secured Notes due 2019

On November 20, 2014, the Company issued $250.0 million in aggregate principal amount of 11% Senior Secured Notes due 2019 (the “Existing Notes”). The Existing Notes were issued at 99.05% of par, which resulted in a discount of $2.4 million. The net proceeds from the issuance of the Existing Notes were used to pay off the September Credit Facility entered into in connection with the GMSL acquisition. On March 26, 2015, the Company issued $50.0 million in aggregate principal amount of 11% Senior Secured Notes due 2019 (the “New Notes” and together with the Existing Notes, the “11% Notes). The New Notes were issued at 100.5% of par, plus accrued interest from November 20, 2014, which resulted in a premium of $0.3 million. The 11% Notes were issued under an indenture dated November 20, 2014, by and among HC2, the guarantors party thereto and U.S. Bank National Association, a national banking association (“U.S. Bank”), as trustee (the “11% Notes Indenture”).

Maturity and Interest. The 11% Notes mature on December 1, 2019. The 11% Notes accrue interest at a rate of 11% per year. Interest on the 11% Notes is paid semi-annually on December 1 and June 1 of each year.

Ranking. The 11% Notes and the guarantees thereof will be HC2’s and certain of its direct and indirect domestic subsidiaries’ (the “Subsidiary Guarantors”) general senior secured obligations. The 11% Notes and the guarantees thereof will rank: (i) senior in right of payment to all of HC2’s and the Subsidiary Guarantors’ future subordinated debt; (ii) equal in right of payment with all of HC2’s and the Subsidiary Guarantors’ existing and future senior debt and effectively senior to all of its unsecured debt to the extent of the value of the collateral; and (iii) effectively subordinated to all liabilities of its non-guarantor subsidiaries.

Collateral. The 11% Notes and the guarantees thereof will be collateralized on a first-priority basis by substantially all of HC2’s assets and the assets of the Subsidiary Guarantors (except for certain “Excluded Assets,” and subject to certain “Permitted Liens,” each as defined in the 11% Notes Indenture). The 11% Notes Indenture permits the Company, under specified circumstances, to incur additional debt in the future that could equally and ratably share in the collateral. The amount of such debt is limited by the covenants contained in the 11% Notes Indenture.

Certain Covenants. The 11% Notes Indenture contains covenants limiting, among other things, the ability of HC2, and, in certain cases, HC2’s subsidiaries, to incur additional indebtedness; create liens; engage in sale-leaseback transactions; pay dividends or make distributions in respect of capital stock; make certain restricted payments; sell assets; engage in transactions with affiliates; or consolidate or merge with, or sell substantially all of its assets to, another person. These covenants are subject to a number of important exceptions and qualifications. HC2 is also required to maintain compliance with certain financial tests, including minimum liquidity and collateral coverage ratios. As of March 31, 2015, HC2 was in compliance with these covenants.

Redemption Premiums. The Company may redeem the 11% Notes at a redemption price equal to 100% of the principal amount of the 11% Notes plus a make-whole premium before December 1, 2016. The make-whole premium is the greater of (i) 1% of principal amount or (ii) the excess of the present value of redemption price at December 1, 2016 plus all required interest payments through December 1, 2016 over the principal amount. After December 1, 2016, the Company may redeem the 11% Notes at a redemption price equal to 100% of the principal amount plus accrued interest. The Company is required to make an offer to purchase the 11% Notes upon a change of control. The purchase price will equal 101% of the principal amount of the 11% Notes on the date of purchase plus accrued interest.

Terminated HC2 Credit Facilities

In 2014, HC2 entered into (i) the May Credit Facility to finance a portion of the acquisition of Schuff, (ii) the Novatel Acquisition Term Loan to finance the acquisition of Novatel and (iii) the September Credit Facility to finance a portion of the acquisition of GMSL. HC2 used a portion of the proceeds from the September Credit Facility to repay the May Credit Facility and the Novatel Acquisition Term Loan. HC2 used the net proceeds from the issuance of the Existing Notes to repay the September Credit Facility.

Prior to the payoff of the May Credit Facility, the Company made partial principal payments according to covenants within the agreement that required that portions of escrows received and proceeds from the exercise of warrants be used to pay down the May Credit Facility. In connection with those partial prepayments, the Company wrote off $0.1 million of deferred financing costs and $0.2 million of original issue discount in the second quarter of 2014 to amortization of debt discount. In connection with those partial prepayments, the Company wrote off $0.1 million of deferred financing costs and $1.9 million of original issue discount in the third quarter of 2014 to loss on early extinguishment or restructuring of debt. In connection with the payoff of the remaining balance of the May Credit Facility, the Company incurred $0.9 million of prepayment premiums and wrote off $0.3 million of deferred financing costs and $2.5 million of original issue discount in the third quarter of 2014 to loss on early extinguishment or restructuring of debt. In connection with the payoff of the Novatel Acquisition Term Loan, the Company wrote off $0.4 million of deferred financing costs and $0.8 million of original issue discount in the third quarter of 2014 to loss on early extinguishment or restructuring of debt. In connection with the payoff of the September Credit Facility, the Company wrote off $0.5 million of deferred financing costs and $4.5 million of original issue discount, which is net of a credit for previous paid funding fees of $2.3 million during the fourth quarter of 2014 to loss on early extinguishment or restructuring of debt.

Schuff Credit Facilities

Schuff has a Credit and Security Agreement (“Schuff Facility”) with Wells Fargo Credit, Inc. (“Wells Fargo”), pursuant to which Wells Fargo agreed to advance up to a maximum amount of $50.0 million to Schuff. On October 21, 2014, Schuff amended the Schuff Facility, pursuant to which Wells Fargo allowed for the issuance of a note payable up to $10.0 million, collateralized by its machinery and equipment (“Real Estate (2) Term Advance (M&E)”) and the issuance of a note payable up to $5.0 million, collateralized by its real estate (“Real Estate (2) Term Advance (Working Capital)”). At March 31, 2015 and December 31, 2014, Schuff had borrowed $12.4 million and $8.3, respectively, under the Real Estate (2) Term Advance (M&E) and Real Estate (2) Term Advance (Working Capital). The Real Estate (2) Term Advance (M&E) and Real Estate (2) Term Advance (Working Capital) have a 5 year amortization period requiring monthly principal payments and a final balloon payment at maturity. The Real Estate (2) Term Advance (M&E) and Real Estate (2) Term Advance (Working Capital) have a floating interest rate of LIBOR plus 4.0% and requires monthly interest payments.

On May 6, 2014, Schuff amended the Schuff Facility, pursuant to which Wells Fargo extended the maturity date of the Schuff Facility to April 30, 2019, lowered the interest rate charged in connection with borrowings under the line of credit and allowed for the issuance of a note payable totaling $5.0 million, collateralized by its real estate (“Real Estate Term Advance”). At March 31, 2015 and December 31, 2014, Schuff had borrowed $4.5 million and $4.6 million, respectively, under the Real Estate Term Advance. The Real Estate Term Advance has a 5 year amortization period requiring monthly principal payments and a final balloon payment at maturity. The Real Estate Term Advance has a floating interest rate of LIBOR plus 4.0% and requires monthly interest payments.

The Schuff Facility has a floating interest rate of LIBOR plus 3.00% (3.27% at March 31, 2015) and requires monthly interest payments. As of March 31, 2015 and December 31, 2014, Schuff had $27.4 million and $0, respectively, outstanding under the Schuff Facility. The Schuff Facility is secured by a first priority, perfected security interest in all of Schuff’s assets, excluding the real estate, and its present and future subsidiaries and a second priority, perfected security interest in all of Schuff’s real estate. The security agreements pursuant to which Schuff’s assets are pledged prohibit any further pledge of such assets without the written consent of the bank. The Schuff Facility contains various restrictive covenants. At March 31, 2015, the Company was in compliance with these covenants.

SHE has a Line of Credit Agreement (“International LOC”) with Banco General, S.A. (“Banco General”) in Panama pursuant to which Banco General agreed to advance up to a maximum amount of $2.5 million. The line of credit is secured by a first priority, perfected security interest in the SHE’s property and plant. The interest rate is 5.25% plus 1% of the special interest compensation fund (“FECI”). The line of credit contains covenants that, among other things, limit the SHE’s ability to incur additional indebtedness, change its business, merge, consolidate or dissolve and sell, lease, exchange or otherwise dispose of its assets, without prior written notice.

There was $3.9 million in outstanding letters of credit issued and $18.7 million available under the Schuff Facility at March 31, 2015. At March 31, 2015, Schuff had no borrowings and no outstanding letters of credit issued under its International LOC. There was $2.5 million available under Schuff’s International LOC at March 31, 2015.

GMSL Credit Facility

GMSL established a term loan with DVB Bank in January 2014 (the “GMSL Facility”). This GMSL facility has a 4.5 year term and bears interest at the rate of 3.65% plus the USD LIBOR rate. As of March 31, 2015 and December 31, 2014, $15.7 million and $16.7 million, respectively, remained outstanding under the GMSL Facility. The GMSL Facility contains various restrictive covenants. At March 31, 2015, GMSL was in compliance with these covenants.

ANG Term Loan

ANG established a term loan with Signature Financial in October 2013. This term loan has a 5 year term and bears interest at the rate of 5.5%. As of both March 31, 2015 and December 31, 2014, $0.8 million remained outstanding under this term loan.

GMSL Capital Leases

GMSL is a party to two leases to finance the use of two vessels: the Innovator (such applicable lease, the “Innovator Lease”) and the Cable Retriever (such applicable lease, the “Cable Lease,” and together with the Innovator Lease, the “GMSL Leases”). The Innovator Lease expires in 2018, subject to the Company’s ability to extend the Innovator Lease for four one-year periods through 2022. The principal amount thereunder bears interest at the rate of approximately 10.4%. The Cable Lease expires in 2023. The principal amount thereunder bears interest at the rate of approximately 4.0%.

As of March 31, 2015 and December 31, 2014, $56.6 million and $65.2 million, respectively, in aggregate principal amount remained outstanding under the GMSL Leases.

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income Tax Benefit Income tax benefit was $6.0 million and $0 for the three months ended March 31, 2015 and 2014, respectively. The tax provision benefit resulted primarily from the projected benefit as calculated under ASC 740 without applying a valuation allowance. The March 31, 2014 provision was under a full valuation allowance. NOL Limitation As of March 31, 2015, the Company had an estimated NOL carryforward in the amount of $62.7 million. This amount does not include 2015 activity. In the first quarter of 2014, substantial acquisitions of HC2 stock were reported by new beneficial owners of 5% or more of the Company’s common stock on Schedule 13D filings made with the SEC. On May 29, 2014, the Company issued 30,000 shares of Series A Preferred Stock and 1,500,000 shares of common stock to finance the acquisition of Schuff. During the second quarter the Company completed a Section 382 review. The conclusions of this review indicate that an ownership change had occurred as of May 29, 2014. The Company’s annual Section 382 base limit following the ownership change is estimated to be $2.3 million per year. Unrecognized Tax Benefits The Company follows the provision of ASC No. 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. The amount of unrecognized tax benefits may change in the next 12 months, however, the Company does not expect the change to have a significant impact on the results of operations or the financial position of the Company. Examinations The Company conducts business globally, and as a result, HC2 or one or more of its subsidiaries files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. In the normal course of business the Company is subject to examination by taxing authorities throughout the world. 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 - 2014 remain open for examination.

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Future minimum lease payments under non-cancellable operating leases as of March 31, 2015 are as follows (in thousands):



Year Ending December 31,	Operating Leases
2015 (as of March 31, 2015)	$	3,016
2016	3,804
2017	3,142
2018	2,356
2019	1,869
Thereafter	10,698
Total long-term obligations	$	24,885

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

The Company’s rent expense under operating leases was $1.8 million and $2.4 million for the three months ended March 31, 2015 and 2014, respectively. The rent expense for the three months ended March 31, 2014 includes costs associated with the terminations of facilities leases.

Litigation

On November 6, 2014, a putative stockholder class action complaint challenging the buyout by HC2 Holdings, Inc. of the noncontrolling interest in Schuff International, Inc. (“Schuff International”) 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. The Complaints allege, among other things, that in connection with the buyout, the individual members of the Schuff International board of directors and HC2 Holdings, the controlling stockholder of Schuff, breached their fiduciary duties to members of the plaintiff class. The Complaints seek a rescission of the buyout and/or compensatory damages, as well as attorney’s fees and other relief. On February 19, 2015, the court consolidated the actions (now designated as Schuff International, Inc. Stockholders Litigation) and appointed lead plaintiff and counsel. No responsive pleading has been filed yet by the defendants. We believe that the allegations and claims set forth in the Complaint are without merit and intend to defend them vigorously.

On January 16, 2014, Xplornet Communications Inc. and Xplornet Broadband Inc. (“Xplornet”) instituted an action in the Ontario Superior Court of Justice styled Xplornet Communications Inc. and Xplornet Broadband Inc. vs. Inukshuk Wireless Inc., et al. Other defendants include Globility Communications Corporation (“Globility”), MIPPS Inc. (“MIPPS”), Primus Telecommunications Canada Inc. and the Company (sued under its previous name). In such action, Xplornet alleges that it entered into an agreement to acquire certain licenses for radio spectrum in Canada from Globility, a former subsidiary of the Company. Xplornet alleges that Globility agreed to sell Xplornet certain spectrum licenses in a Letter of Intent dated July 12, 2011 but then breached the Letter of Intent by selling the licenses to Inukshuk Wireless Inc. (“Inukshuk”) and that Globility further failed to negotiate with Xplornet in good faith. Xplornet also alleges that it reached an agreement with Inukshuk to purchase the licenses on June 26, 2012, but that Inukshuk breached that agreement by not completing the sale. Xplornet claims that, as a result of the foregoing, it has been damaged in the amount of $50 million. Xplornet also seeks injunctive relief against Inukshuk, pre and post-judgment interest, and costs. We intend to assert that we have meritorious defenses in the foregoing matter and we intend to defend ourselves vigorously.

The Company is indemnifying Primus Telecommunications Canada, Inc., Globility, and MIPPS subject to a full reservation of rights pursuant to the Equity Purchase Agreement among PTUS, Inc., PTCAN, Inc. Primus Telecommunications Group, Incorporated, Primus Telecommunications Holding, Inc., Lingo Holdings, Inc. and Primus Telecommunications International, Inc. dated as of May 10, 2013 in connection with this case.

On March 13, 2015, Inukshuk Wireless Partnership filed a cross claim against Globility, MIPPS, Primus Telecommunications Canada Inc., and the Company. Inukshuk asserts that if Inukshuk is found liable to Xplornet, then Inukshuk is entitled to contribution and indemnity, compensatory damages, interest, and costs from the Company. Inukshuk alleges that Globility represented and warranted that it owned the licenses at issue, that Globility held the licenses free and clear, and that no third party had any rights to acquire them. Inukshuk claims breach of contract and misrepresentation if the Court finds that any of these representations are untrue. We intend to assert that we have meritorious defenses to the cross claim and we intend to defend ourselves vigorously.

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 business, consolidated financial position, results of operations or cash flow. The Company does not believe that any of such pending claims and legal proceedings will have a material adverse effect on its business, consolidated financial position, results of operations or cash flow.

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.

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2015

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

SHARE-BASED COMPENSATION

On April 11, 2014, HC2’s Board of Directors adopted the HC2 Holdings, Inc. 2014 Omnibus Equity Award Plan (the “Omnibus Plan”), which was approved by our stockholders at the annual meeting of stockholders held on June 12, 2014. The Omnibus Plan provides that no further awards will be granted pursuant to HC2’s Management Compensation Plan, as amended (the “Prior Plan”). However, awards that had been previously granted pursuant to the Prior Plan will continue to be subject to and governed by the terms of the Prior Plan. As of March 31, 2015, there were 469,871 shares of HC2 common stock underlying outstanding awards under the Prior Plan.

The Compensation Committee (the “Committee”) of the Board of Directors of HC2 administers HC2’s Omnibus Plan and the Prior Plan and has broad authority to administer, construe and interpret the plans.

The Omnibus 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. HC2 typically issues new shares of common stock upon the exercise of stock options, as opposed to using treasury shares. The Omnibus Plan authorizes the issuance of up to 5,000,000 shares of HC2 common stock, subject to adjustment as provided in the Omnibus Plan.

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.

There were 691,205 and 8,521 options granted during the three months ended March 31, 2015 and 2014, respectively. Of the 691,205 options granted during the three months ended March 31, 2015, 169,697 of such options were granted to Philip Falcone, pursuant to anti-dilution provisions of a standalone option agreement entered in connection with Mr. Falcone’s appointment as Chairman, President and Chief Executive Officer of HC2, and not pursuant to the Omnibus Plan. The weighted average fair value at date of grant for options granted during the three months ended March 31, 2015 was $3.16 per option. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions shown as a weighted average for the year:



	Three Months Ended March 31,
	2015	2014
Expected option life	5.25 years	6 years
Risk-free interest rate	1.49 - 1.68%	2.62 - 2.73%
Expected volatility	36.29- 39.58%	37.20%
Dividend yield	—%	—%

Total share-based compensation expense recognized by the Company during the three months ended March 31, 2015 and 2014 was $2.7 million and $0.2 million, respectively. Most of HC2’s stock awards vest ratably during the vesting period. The Company recognizes compensation expense for equity awards, reduced by estimated forfeitures, using the straight-line basis.

Restricted Stock

A summary of HC2’s restricted stock activity during the three months ended March 31, 2015 is as follows:



	Shares		Weighted Average Grant Date Fair Value
Unvested - December 31, 2014	338,702		$	4.26
Granted	1,436,281		$	9.00
Vested	(876,014	)	$	8.99
Forfeitures	—		$	—
Unvested - March 31, 2015	898,969		$	7.23

As of March 31, 2015, the unvested restricted stock represented $5.7 million of compensation expense that is expected to be recognized over the weighted average remaining vesting period of 1.1 years. The number of shares of unvested restricted stock expected to vest is 898,969.

Stock Options

A summary of HC2’s stock option activity during the three months ended March 31, 2015 is as follows:



	Shares		Weighted Average Exercise Price
Outstanding - December 31, 2014	3,573,141		$	4.27
Granted	691,205		$	8.82
Exercised	—		$	—
Forfeitures	(4,335	)	$	2.79
Outstanding - March 31, 2015	4,260,011		$	5.01
Eligible for exercise	1,576,470		$	5.16

The following table summarizes the intrinsic values and remaining contractual terms of HC2’s stock options (in thousands):



	Intrinsic Value		Weighted Average Remaining Life in Years
Options outstanding - March 31, 2015	$	26,000	9.4
Options exercisable - March 31, 2015	$	9,388	9.3

During the three months ended March 31, 2015, the intrinsic value of the exercised options was $0. As of March 31, 2015, the Company had 2,683,541 unvested stock options outstanding of which $3.2 million of compensation expense is expected to be recognized over the weighted average remaining vesting period of 1.2 years. The number of unvested stock options expected to vest is 2,683,541 shares, with a weighted average remaining life of 9.4 years, a weighted average exercise price of $5.01, and an intrinsic value of $16.6 million.

EQUITY

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

EQUITY

As of March 31, 2015 and December 31, 2014, there were 25,369,260 and 23,813,085 shares of common stock outstanding, respectively. As of March 31, 2015 and December 31, 2014, there were 54,500 and 41,000 shares of Preferred Stock outstanding, respectively.

Preferred and Common Stock

On May 29, 2014, HC2 issued 30,000 shares of Series A Preferred Stock and 1,500,000 shares of common stock, the proceeds of which were used to pay for a portion of the purchase price for the acquisition of Schuff. On September 22, 2014, HC2 issued 11,000 shares of Series A-1 Preferred Stock. Each share of Series A-1 Preferred Stock is convertible at a conversion price of $4.25. In connection with the issuance of the Series A-1 Preferred Stock, HC2 amended the certificate of designation governing the Series A Preferred Stock on September 22, 2014, which changed the applicable conversion price from $4.25 to $4.00, reflected the issuance of the Series A-1 Preferred Stock as a class of preferred stock which ranks at parity with the Series A Preferred Stock and made certain other changes to conform the terms of the Series A Preferred Stock to those of the Series A-1 Preferred Stock. On January 5, 2015, HC2 issued 14,000 shares of Series A-2 Convertible Participating Preferred Stock of HC2 (together with the Series A Preferred Stock and Series A-1 Preferred Stock, the “Preferred Stock”). Each share of Series A-2 Preferred Stock is convertible at a conversion price of $8.25. In connection with the issuance of the Series A-2 Preferred Stock, HC2 amended the certificates of designation governing the Series A Preferred Stock and Series A-1 Preferred Stock on January 5, 2015, which reflected the issuance of the Series A-2 Preferred Stock as a class of preferred stock which ranks at parity with the Series A Preferred Stock and Series A-1 Preferred Stock and made certain other changes to conform the terms of the Series A Preferred Stock and Series A-1 Preferred Stock to those of the Series A-2 Preferred Stock. The conversion prices for the Preferred Stock are subject to adjustments for dividends, certain distributions, stock splits, combinations, reclassifications, reorganizations, mergers, recapitalizations and similar events. The Preferred Stock will accrue a cumulative quarterly cash dividend at an annualized rate of 7.5%. The accrued value of the Preferred Stock will accrete quarterly at an annualized rate of 4% that will be reduced to 2% or 0% if the Company achieves specified rates of growth measured by increases in its net asset value.

The Company recorded a beneficial conversion feature on both of its Series A and Series A-1 Preferred Stock as a result of the fair market value of the Company’s common stock exceeding the conversion price. The Company recorded a $0.3 million beneficial conversion feature on its Series A-1 Preferred Stock which was calculated using the intrinsic value ($4.36—$4.25) multiplied by the number of convertible common shares ($11,000,000 / $4.25). The Company recorded a $0.4 million beneficial conversion feature on its Series A Preferred Stock as a result of the adjustment to the conversion price from $4.25 to $4.00. The beneficial conversion feature was calculated using the intrinsic value ($4.05—$4.00) multiplied by the number of convertible common shares ($30,000,000 / $4.00).

Each share of Preferred Stock may be converted by the holder into common stock at any time based on the then-applicable conversion price. On the seventh anniversary of the issue date of the Series A Preferred Stock, holders of the Preferred Stock shall be entitled to cause the Company to redeem the Preferred Stock at the accrued value per share plus accrued but unpaid dividends. Each share of Preferred Stock that is not so redeemed will be automatically converted into shares of common stock at the conversion price then in effect. Upon a change of control, holders of the Preferred Stock shall be entitled to cause HC2 to redeem their Preferred Stock at a price per share equal to the greater of (i) the accrued value of the Preferred Stock, which amount would be multiplied by 150% in the event of a change in control occurring on or prior to the third anniversary of the issue date of the Series A Preferred Stock plus and accrued but unpaid dividends and (ii) the value that would be received if the share of Preferred Stock were converted into common stock immediately prior to the change of control.

At any time after the third anniversary of the issue date of the Series A Preferred Stock, HC2 may redeem the Preferred Stock, in whole but not in part, at a price per share generally equal to 150% of the accrued value per share plus accrued but unpaid dividends. After the third anniversary of the issue date of the Series A Preferred Stock, HC2 may force conversion of the Preferred Stock into common stock if the common stock’s thirty-day volume-weighted average price (“VWAP”) exceeds 150% of the then-applicable conversion price and the common stock’s daily VWAP exceeds 150% of the then-applicable conversion price for at least twenty trading days out of the thirty trading day period used to calculate the thirty-day VWAP.

In the three months ended March 31, 2015, 500 shares of Series A-1 Preferred Stock were converted into 117,763 shares of common stock at the option of the holder.

Dividends

During 2015, HC2’s Board of Directors declared cash dividends with respect to HC2’s issued and outstanding preferred stock, as presented in the following table (Total Dividend amount presented in thousands):



Declaration Date	March 31, 2015
Holders of Record Date	March 31, 2015
Payment/Accrual Date	April 15, 2015
Total Dividend	$	1,021

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

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-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS AND DERIVATIVES	3 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS AND DERIVATIVES	Mar. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS AND DERIVATIVES	FAIR VALUE OF FINANCIAL INSTRUMENTS AND DERIVATIVES The carrying amounts reported in the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, costs and recognized earnings in excess of billings, accounts payable, accrued expenses, billings in excess of costs and recognized earnings, and other current assets and liabilities approximate fair value due to relatively short periods to maturity. The Company’s investments in available-for-sale securities, recorded at fair value using quoted market prices (a Level 1 approach), as of March 31, 2015 was $11.8 million. The estimated aggregate fair value of the Company’s debt, based on significant other observable inputs (a Level 2 approach) approximated $419.0 million at March 31, 2015.

- 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

RELATED PARTIES

3 Months Ended

Mar. 31, 2015

RELATED PARTIES

GMSL has investments in various entities for which it exercises significant influence. Summary of transactions with such entities during the three months ended March 31, 2015 and balances outstanding at March 31, 2015 is as follows (in thousands):



	Three Months Ended
	March 31, 2015
Revenue	$	5,688
Operating costs	970
Capital lease interest	411
Dividends received	—



	March 31, 2015
Accounts receivable	$	3,473
Obligations under capital leases	40,375
Trade creditors	—

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

OPERATING SEGMENT AND RELATED INFORMATION

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

OPERATING SEGMENT AND RELATED INFORMATION

The Company currently has two primary reportable geographic segments—United States and United Kingdom; and Other. The Company has six reportable operating segments based on management’s organization of the enterprise—Telecommunications, Life Sciences, Manufacturing, Marine Services, Utilities and Other. The Company also has 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 has no single customer representing greater than 10% of its revenues.

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



	Three Months Ended March 31,
	2015 (As Restated)			2014
Net Revenue by Geographic Region
United States	$	147,135		$	25,280
United Kingdom	50,995			18,074
Other	3,678			—
Total	$	201,808		$	43,354
Net Revenue by Segment
Telecommunications	$	46,717		$	43,354
Manufacturing	126,866			—
Utilities	1,224			—
Marine Services	27,001			—
Total	$	201,808		$	43,354
Income (Loss) from Operations
Telecommunications	(207		)	333
Life Sciences	(1,235		)	—
Manufacturing	6,179			—
Utilities	(216		)	—
Marine Services	3,516			—
Other	(241		)	—
Corporate	(7,684		)	(4,420		)
Total	$	112		$	(4,087	)
Capital Expenditures
Telecommunications	$	(11	)	$	(67	)
Manufacturing	(1,157		)	—
Utilities	(389		)	—
Marine Services	(1,567		)	—
Corporate	—			(22		)
Total	$	(3,124	)	$	(89	)

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



	March 31, 2015 (As Restated)		December 31, 2014
Long-term investments
Life Sciences	$	1,799	$	1,916
Marine Services	29,782		28,543
Corporate	29,526		20,357
Other	351		—
Total	$	61,458	$	50,816



	March 31, 2015 (As Restated)		December 31, 2014
Property, Plant and Equipment – Net
United States	$	79,036	$	87,091
United Kingdom	133,232		140,494
Other	5,317		5,437
Total	$	217,585	$	233,022



	March 31, 2015 (As Restated)		December 31, 2014
Total Assets
Telecommunications	$	42,399	$	25,164
Life Sciences	10,235		11,007
Manufacturing	289,892		281,067
Utilities	25,855		26,765
Marine Services	271,845		280,334
Other (1)	6,846		6,369
Corporate	152,409		89,297
Total	$	799,481	$	720,003

(1) Other also includes property, plant and equipment—net and total assets related to discontinued operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

BACKLOG	3 Months Ended
BACKLOG	Mar. 31, 2015
Risks and Uncertainties [Abstract]
BACKLOG	BACKLOG Schuff’s backlog was $306.1 million ($253.3 million under contracts or purchase orders and $52.8 million under letters of intent) at March 31, 2015. Schuff’s backlog increases as contract commitments, letters of intent, notices to proceed and purchase orders are obtained, decreases as revenues are recognized and increases or decreases to reflect modifications in the work to be performed under the contracts, notices to proceed, letters of intent or purchase orders. Schuff’s backlog can be significantly affected by the receipt, or loss, of individual contracts. Approximately $172.4 million, representing 56.3% of Schuff’s backlog at March 31, 2015, was attributable to five contracts, letters of intent, notices to proceed or purchase orders. If one or more of these large contracts or other commitments are terminated or their scope reduced, Schuff’s backlog could decrease substantially.

DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

On July 31, 2013, the Company completed the sale of Lingo, Inc., iPrimus, USA, Inc., 3620212 Canada Inc., Primus Telecommunications Canada, Telesonic Communications Inc., and Globility Communications Corporation to affiliates of York Capital Management, an investment firm (together “York”), for $129 million. The sale of Primus Telecommunications, Inc. (“PTI”) was also contemplated as part of this transaction but was deferred pending receipt of regulatory approval of such sale. The closing of the sale of PTI, which constituted the remainder of our North America Telecom segment, was completed on July 31, 2014 upon receipt of the necessary regulatory approval. The Company recorded a $13.8 million gain from the sale of this segment during the year ended December 31, 2013. In addition, the purchase agreement contains customary indemnification obligations, representations, warranties and covenants for a transaction of this nature. The Company received $126.0 million, net of $15.25 million held in escrow as part of the initial closing, with an additional $3.0 million held in escrow and paid upon closing of the sale of PTI.

Pursuant to the terms of the purchase agreement, $6.45 million of the purchase price was placed in escrow to be released 14 months after the closing date, subject to any deductions required to satisfy indemnification obligations of HC2 under the purchase agreement, which amount was released to the Company in October 2014. In addition, $4.0 million of the purchase price was placed in escrow to cover any payments required in connection with the post-closing working capital and cash adjustments, of which $3.2 million was disbursed to the Company and $0.8 million was disbursed to York upon completion of such adjustments in February 2014. The $0.8 million was recorded as an adjustment to the gain that was recorded in 2013, which resulted in a net gain from this transaction of $13.0 million. Furthermore, $4.8 million of the purchase price was placed in escrow to cover certain tax liabilities, which escrow amount will be released after a positive ruling with respect to the underlying matter is received or 30 days after expiration of the applicable statute of limitations relating to the underlying matter. The $4.8 million escrow deposit is recorded in other assets in the condensed consolidated balance sheets, of which $0.4 million is reserved.

Summarized operating results of the discontinued operations are as follows (in thousands):



	Three Months Ended March 31,
	2015			2014
Net revenue	$	—		$	3,278
Operating expenses	19			3,229
Income from operations	(19		)	49
Interest income and other income (expense)	4			(26		)
Loss before income tax	(15		)	23
Income tax benefit (expense)	6			(6		)
Income from discontinued operations	$	(9	)	$	17

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE

Basic income (loss) per common share is calculated by dividing income (loss) attributable to common shareholders by the weighted average common shares outstanding during the period. Diluted income per common share adjusts basic income per common share for the effects of potentially dilutive common share equivalents.

The Company had no dilutive common share equivalents during the three months ended March 31, 2015 and 2014 due to the results of operations being a loss from continuing operations, net of tax. For the three months ended March 31, 2015 and 2014, the following were potentially dilutive but were excluded from the calculation of diluted loss per common share due to their antidilutive effect:

Three months ended March 31, 2015


•	1.8 million shares issuable upon exercise of stock options and vesting of RSUs under the Prior Plan and Omnibus Plan.

Three months ended March 31, 2014


•	0.3 million shares issuable upon exercise of stock options and vesting of RSUs under the Prior Plan; and


•	18.6 million shares issuable upon exercise of Warrants.

A calculation of basic income (loss) per common share to diluted income (loss) per common share is set forth below (in thousands, except per share amounts):



	Three Months Ended March 31,
	2015 (As Restated)			2014
Loss from continuing operations attributable to HC2 Holdings, Inc.	$	(6,316	)	$	(4,180	)
Income (loss) from discontinued operations	(9		)	17
Loss from sale of discontinued operations	—			(784		)
Net loss - basic	$	(6,325	)	$	(4,947	)
Net loss - diluted	$	(6,325	)	$	(4,947	)
Weighted average common shares outstanding-basic	24,146			14,631
Weighted average common shares outstanding-diluted	24,146			14,631
Basic loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc.	$	(0.26	)	$	(0.29	)
Income (loss) from discontinued operations	—			—
Loss from sale of discontinued operations	—			(0.05		)
Loss attributable to HC2 Holdings, Inc.	$	(0.26	)	$	(0.34	)
Diluted loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc.	$	(0.26	)	$	(0.29	)
Income (loss) from discontinued operations	—			—
Loss from sale of discontinued operations	—			(0.05		)
Net loss attributable to HC2 Holdings, Inc.	$	(0.26	)	$	(0.34	)

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Purchase of United Teacher Associates Insurance Company and Continental General Insurance Company On April 13, 2015, the Company entered into a Stock Purchase Agreement with Continental General Corporation and Great American Financial Resources, Inc. (collectively, the “Sellers”), pursuant to which the Company agreed to purchase all of the issued and outstanding shares of common stock of United Teacher Associates Insurance Company and Continental General Insurance Company (collectively, the “Targets”), as well as all assets owned by the Sellers or their affiliates that are used exclusively or primarily in the business of the Targets, subject to certain exceptions. The consideration payable by the Company at closing is approximately $7 million, which amount will be increased or decreased by the amount by which the Targets’ adjusted capital and surplus exceeds or falls short of, respectively, an agreed-upon target capital and surplus amount (the “Closing Purchase Price”). The Closing Purchase Price will be paid in a mix of cash, debt and/or common stock of the Company, depending on the amount of the Closing Purchase Price. The Company also agreed to contribute to the Targets, at the closing, $13 million in cash or assets (the “Reserve Release Amount”), and to pay to the Sellers, on an annual basis with respect to the years 2015 through 2019, the amount, if any, by which the Targets’ cash flow testing and premium deficiency reserves decrease from the amount of such reserves as of December 31, 2014, up to the Reserve Release Amount. The transaction is expected to close during the third quarter of 2015, subject to receipt of required governmental approvals. Purchase of Convertible Debt of Gaming Nation Acquisition Corporation In April 2015, the Company invested CAD$20 million (or approximately $16 million) in convertible debentures of Gaming Nation Acquisition Corporation. The convertible debentures, which have a maturity date of April 6, 2017, are convertible into future shares of common stock, by the holder at various percentages that are dependent upon the timing of the conversion. The convertible debentures accrue interest at 6% which is compounded annually.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation—The accompanying unaudited Condensed Consolidated Financial Statements of HC2 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting and Securities and Exchange Commission (“SEC”) regulations. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such principles and regulations. In the opinion of management, the financial statements reflect all adjustments (all of which are of a normal and recurring nature), which are necessary to present fairly the financial position, results of operations, cash flows and comprehensive income (loss) for the interim periods. The results for the Company’s three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s most recently filed Annual Report on Form 10-K/A.
Principles of Consolidation	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, 2015, the Company has a 97% interest in GMSL, a 91% interest in Schuff, a 51% interest in ANG and a 100% interest in DMi. Through its subsidiary, Pansend, the Company has an 80% interest in Genovel Orthopedics, Inc. and a 61% interest in R2 Dermatology (f/k/a “GemDerm Aesthetics, Inc.”). The results of each of these entities are consolidated with the Company’s results from and after their respective acquisition dates based on guidance from the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 810, “Consolidation” (“ASC 810”). The remaining interests not owned by the Company are presented as a noncontrolling interest component of total equity. Schuff uses a 4-4-5 week quarterly cycle, which for the first quarter of 2015 ended on March 29, 2015.
Foreign Currency Transactions	Foreign Currency Transactions—Foreign currency transactions are transactions denominated in a currency other than a subsidiary’s functional currency. A change in the exchange rates between a subsidiary’s functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is reported by the Company as a foreign currency transaction gain (loss).
Foreign Currency Translation	Foreign Currency Translation—The assets and liabilities of the Company’s foreign subsidiaries are translated at the exchange rates in effect on the reporting date. Income and expenses are translated at the average exchange rate during the period. The net effect of such translation gains and losses are reflected within accumulated other comprehensive income (loss) in the stockholders’ equity section of the condensed consolidated balance sheets.
Inventories	Inventories Schuff—Inventories, primarily steel components, are stated at the lower of cost or market under the first-in, first-out method. GMSL—Inventory is valued at the lower of cost or market value under the first-in first-out method. Provision for obsolescence is made where appropriate and is charged to cost of revenue in the condensed consolidated statements of operations. Short-term work in progress on contracts is stated at cost less foreseeable losses. These costs include only direct labor and expenses incurred to date and exclude any allocation of overhead. The policy for long-term work in progress contracts is disclosed within the Revenue and Cost Recognition accounting policy for GMSL.
Short-term Investments	Short-term Investments—The current investments are classified as available-for-sale securities and the change in value is recognized within accumulated other comprehensive income (loss).
Long-term Investments	Long-term Investments —Investments in non-wholly-owned companies are generally consolidated if the Company’s interest exceeds 50% or if the Company has the power to direct the economic activities of the entity and the obligation to absorb losses, or accounted for under the equity method of accounting when the Company exercises significant influence over the venture. Under the equity method of accounting, the Company records its proportionate interest in the underlying income or loss of the equity method investee. Additional investments made or distributions received are recorded as increases and decreases, respectively, to the carrying value of the equity method investment. Equity method investments are evaluated for potential impairment as circumstances warrant and an impairment charge is recorded when an impairment is deemed to be other-than-temporary. When the Company’s investment in an equity method investee is greater than its proportionate share of the underlying net assets of that investee, a basis difference is created under ASC No. 323, “Investments—Equity Method and Joint Ventures” (“ASC 323”). When this situation occurs, the Company is required to determine the acquisition date fair value of the identifiable assets and assumed liabilities in the same manner as for a business combination under ASC No. 805, “Business Combinations” (“ASC 805”). If the basis difference is assigned to amortizable assets, it is amortized (net of tax) against the Company’s investment in the equity method investee.
Property, Plant and Equipment	Property, Plant and Equipment—Property, plant and equipment are stated at cost less accumulated depreciation, which is provided on the straight-line method over the estimated useful lives of the assets. Cost includes major expenditures for improvements and replacements which extend useful lives or increase capacity of the assets as well as expenditures necessary to place assets into readiness for use. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Cost includes finance costs incurred prior to the asset being available for use. Expenditures for maintenance and repairs are expensed as incurred. Depreciation is determined on a straight-line basis over the estimated useful lives of the assets, which range from 15 to 40 years for buildings and improvements, up to 35 years for cable-ships and submersibles, 3 to 15 years for machinery and equipment, and 3 to 20 years for plant and motor vehicles. Plant includes equipment on the cable-ships that is portable and can be moved around the fleet and computer equipment. Leasehold improvements are amortized over the lives of the leases or estimated useful lives of the assets, whichever is shorter. Assets under construction are not depreciated until they are complete and available for use. Costs for internal use software that are incurred in the preliminary project stage and in the post-implementation stage are expensed as incurred. Costs incurred during the application development stage are capitalized and amortized over the estimated useful life of the software. When assets are sold or otherwise retired, the costs and accumulated depreciation are removed from the books and the resulting gain or loss is included in operating results. Property, plant and equipment that have been included as part of the assets held for sale are no longer depreciated from the time that they are classified as such. The Company periodically evaluates the carrying value of its property, plant and equipment based upon the estimated cash flows to be generated by the related assets. If impairment is indicated, a loss is recognized.
Use of Estimates	Use of Estimates—The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of net revenue and expenses during the reporting period. Actual results may differ from these estimates. Significant estimates include allowance for doubtful accounts receivable, the extent of progress towards completion on contracts, contract revenue and costs on long-term contracts, market assumptions used in estimating the fair values of certain assets and liabilities, the calculation used in determining the fair value of HC2’s stock options required by ASC No. 718, “Compensation—Stock Compensation” (“ASC 718”), income taxes and various other contingencies. Estimates of fair value represent the Company’s best estimates developed with the assistance of independent appraisals or various valuation techniques and, where the foregoing have not yet been completed or are not available, industry data and trends and by reference to relevant market rates and transactions. The estimates and assumptions are inherently subject to significant uncertainties and contingencies beyond the control of the Company. Accordingly, the Company cannot provide assurance that the estimates, assumptions, and values reflected in the valuations will be realized, and actual results could vary materially.
Revenue and Cost Recognition	Revenue and Cost Recognition GMSL—GMSL generates revenue by providing maintenance services for subsea telecommunications cabling. GMSL also generates revenue from the design and installation of subsea cables under contracts. GMSL also provides installation, maintenance and repair of fiber optic communication and power infrastructure to offshore oil and gas platforms and installs inter-array power cables for use in offshore wind farms and in the offshore wind market. Telecommunication/Maintenance—GMSL provides vessels on standby to repair fiber optic telecommunications cables in defined geographic zones, and its maintenance business is provided through contracts with consortia of up to 60 global telecommunications providers. Typically, GMSL enters into five to seven year contracts to provide maintenance to cable systems that are located in specific geographical areas. Revenue from these maintenance agreements is recognized on a straight line basis unless the pattern of costs associated with repairs indicates otherwise. Telecommunications/Installation—GMSL provides installation of cable systems including route planning, mapping, route engineering, cable laying, and trenching and burial. GMSL’s installation business is project-based with fixed price contracts typically lasting one to five months. Revenue is recognized as time and costs are incurred. Charter hire—rentals from short term operating leases in respect of vessels are recognized as revenue on a straight line basis over the term of the lease. Oil & Gas—GMSL provides installation, maintenance and repair of fiber optic communication and power infrastructure to offshore platforms. Its primary activities include providing power from shore, enabling fiber-based communication between platforms and shore-based systems and installing permanent reservoir monitoring systems which allow customers to monitor subsea seismic data. The majority of GMSL’s oil & gas business is contracted on a project-by-project basis with major energy producers or tier I engineering, procurement and construction (EPC) contractors. Revenue is recognized as time and costs are incurred. A loss is recognized immediately if the expected costs during any contract exceed expected revenues. Amounts billed in advance of revenue recognition are recorded as deferred revenue. Schuff —Schuff performs its services primarily under fixed-price contracts and recognizes revenues and costs from construction projects using the percentage of completion method. Under this method, revenue is recognized based upon either the ratio of the costs incurred to date to the total estimated costs to complete the project or the ratio of tons fabricated to date to total estimated tons. 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 the work has commenced, Schuff has made an estimate of the amount that is probable of being paid for the change and there is a high degree of probability that the charges will be approved by the customer or general contractor. At March 31, 2015, Schuff had $66.9 million of unapproved change orders on open projects, for which it has recognized revenues on a percentage of completion basis. While Schuff has been successful in having the majority of its change orders approved in prior years, there is no guarantee that the unapproved change orders at March 31, 2015 will be approved. 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. Costs and recognized earnings in excess of billings on uncompleted contracts primarily represent revenue earned under the percentage of completion method which has not been billed. Billings in excess of related costs and recognized earnings on uncompleted contracts represent amounts billed on contracts in excess of the revenue allowed to be recognized under the percentage of completion method on those contracts. ICS—Net revenue is derived from carrying a mix of business, residential and carrier long-distance traffic, data and Internet traffic. For certain voice services, net revenue is earned based on the number of minutes during a call, and is recorded upon completion of a call. Revenue for a period is calculated from information received through the Company’s network switches. Customized software has been designed to track the information from the switch and analyze the call detail records against stored detailed information about revenue rates. This software provides the Company the ability to do a timely and accurate analysis of revenue earned in a period. Separate prepaid services software is used to track additional information related to prepaid service usage such as activation date, monthly usage amounts and expiration date. Revenue on these prepaid services is recognized as service is provided until expiration, when all unused minutes, which are no longer available to the customers, are recognized as revenue. Net revenue is also earned on a fixed monthly fee basis for unlimited local and long-distance voice plans and for the provision of data/Internet services (including retail VoIP), hosting, and colocation. In the United States, we charge customers Federal Universal Service Fund (“USF”) fees. We recognize revenue on a gross basis for USF and related fees. We record these fees as revenue when billed. 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 the Company’s cost of revenue is variable, primarily based upon minutes of use, with transmission and termination costs being the most significant expense. Cost of revenue also includes fees such as Federal USF fees. Such costs are recognized when incurred in connection with the provision of telecommunications services.
Share-Based Compensation	Share-Based Compensation—The Company accounts for share-based compensation under ASC No. 718, “Compensation—Stock Compensation” (“ASC 718”), which addresses the accounting for share-based payment transactions whereby an entity receives employee services in exchange for equity instruments, including stock options and restricted stock units. ASC 718 generally requires that share-based compensation be accounted for using a fair-value based method. The Company records share-based compensation expense for all new and unvested stock options that are ultimately expected to vest as the requisite service is rendered. The Company issues new shares of common stock upon the exercise of stock options. The Company elected to adopt the alternative transition method for calculating the tax effects of share-based compensation. The alternative transition method includes simplified methods to determine the beginning balance of the additional paid in capital (“APIC”) pool related to the tax effects of share-based compensation and to determine the subsequent impact on the APIC pool and the statement of cash flows of the tax effects of share-based awards that were fully vested and outstanding upon the adoption of ASC 718. The Company uses a Black-Scholes option valuation model to determine the fair value of share-based compensation under ASC 718. The Black-Scholes model incorporates various assumptions including the expected term of awards, volatility of stock price, risk-free rates of return and dividend yield. The expected term of an award is no less than the option vesting period and is based on the Company’s historical experience. Expected volatility is based upon the historical volatility of the Company’s stock price. The risk-free interest rate is approximated using rates available on U.S. Treasury securities with a remaining term similar to the option’s expected life. The Company uses a dividend yield of zero in the Black-Scholes option valuation model as it does not anticipate paying cash dividends in the foreseeable future that do not contain antidilution provisions requiring the adjustment of exercise prices and option shares. Share-based compensation is recorded net of expected forfeitures.
Income (Loss) Per Common Share	Income (Loss) Per Common Share—Basic income (loss) per common share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per common share is computed using the weighted average number of shares of common stock, adjusted for the dilutive effect of potential common stock and related income from continuing operations, net of tax. Potential common stock, computed using the treasury stock method or the if-converted method, includes options, restricted stock, restricted stock units and convertible preferred stock. In periods when the Company generates income, the Company calculates basic earnings per share using the two-class method, pursuant to ASC No. 260, “Earnings Per Share.” The two-class method is required as the shares of the Company’s Preferred Stock qualify as participating securities, having the right to receive dividends should dividends be declared on common stock. Under this method, earnings for the period are allocated on a pro-rata basis to the common stockholders and to the holders of preferred stock based on the weighted average number of common shares outstanding and the number of shares that could be converted. The Company does not use the two-class method in periods when it generates a loss as the holders of the Preferred Stock do not participate in losses.
Reclassification	Reclassification —Certain previous year amounts have been reclassified to conform with current year presentations, as related to the reporting of new balance sheet line items.
Newly Adopted Accounting Principles & New Accounting Pronouncements	Newly Adopted Accounting Principles In April 2014, an update was issued to the Presentation of Financial Statements Topic No. 205 and Property, Plant and Equipment Topic No. 360, ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changes the criteria for reporting discontinued operations. The ASU revises the definition of a discontinued operation and expands the disclosure requirements. Entities should not apply the amendments to a component of an entity that is classified as held for sale before the effective date even if it is disposed of after the effective date. That is, the ASU must be adopted prospectively. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been previously reported in the financial statements. On January 1, 2015, the Company adopted this update, which did not have a material impact on the Condensed Consolidated Financial Statements. New Accounting Pronouncements In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis”, which amends the consolidation requirements in ASC 810 and significantly changes the consolidation analysis required under U.S. GAAP relating to whether or not to consolidate certain legal entities. Early adoption is permitted. The Company’s effective date for adoption is January 1, 2016. The Company does not expect this accounting update to have a material effect on its consolidated financial statements in future periods, although that could change. In January 2015, the FASB issued ASU 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items”, which eliminates the concept from U.S. GAAP the concept of an extraordinary item. Under the ASU, an entity will no longer (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; or (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. Early adoption is permitted. The Company’s effective date for adoption is January 1, 2016. The Company does not expect this accounting update to have a material effect on its consolidated financial statements in future periods, although that could change.

ORGANIZATION AND BUSINESS Organization and Business (Tables)

3 Months Ended

Mar. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following tables provide a reconciliation of the amounts previously reported to the restated amounts for the quarter ended March 31, 2015:

HC2 HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)



	Three Months Ended March 31, 2015
	As Reported		Adjustments		As Restated
Services revenue	$	73,718	$	—	$	73,718
Sales revenue	128,090		—		128,090
Net revenue	201,808		—		201,808
Operating expenses:
Cost of revenue - services	61,920		—		61,920



Cost of revenue - sales	110,536			—			110,536
Selling, general and administrative	23,053			459			23,512
Depreciation and amortization	5,006			249			5,255
(Gain) loss on sale or disposal of assets	473			—			473
Total operating expenses	200,988			708			201,696
Income/(loss) from operations	820			(708		)	112
Interest expense	(8,608		)	—			(8,608		)
Amortization of debt discount	(92		)	—			(92		)
Interest income and other expense, net	193			351			544
Foreign currency transaction loss	(771		)	—			(771		)
Loss from continuing operations before income taxes and loss from equity investees	(8,458		)	(357		)	(8,815		)
Loss from equity investees	(2,688		)	—			(2,688		)
Income tax benefit (expense)	5,833			181			6,014
Loss from continuing operations	(5,313		)	(176		)	(5,489		)
Gain/(loss) from discontinued operations	(9		)	—			(9		)
Loss from sale of discontinued operations	—			—			—
Net loss	(5,322		)	(176		)	(5,498		)
Less: Net loss attributable to noncontrolling interest	261			—			261
Net loss attributable to HC2 Holdings, Inc.	(5,061		)	(176		)	(5,237		)
Less: Preferred stock dividends and accretion	1,088			—			1,088
Net loss attributable to common stock and participating preferred stockholders	$	(6,149	)	$	(176	)	$	(6,325	)
Basic loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc.	$	(0.25	)	$	(0.01	)	$	(0.26	)
Loss from discontinued operations	—			—			—
Loss from sale of discontinued operations	—			—			—
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.25	)	$	(0.01	)	$	(0.26	)
Diluted loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc.	$	(0.25	)	$	(0.01	)	$	(0.26	)
Loss from discontinued operations	—			—			—
Loss from sale of discontinued operations	—			—			—
Net loss attributable to HC2 Holdings, Inc.	$	(0.25	)	$	(0.01	)	$	(0.26	)
Weighted average common shares outstanding:
Basic	24,146			—			24,146
Diluted	24,146			—			24,146
Amounts attributable to common shareholders of HC2 Holdings, Inc.
Loss from continuing operations attributable to HC2 Holdings, Inc.	$	(6,140	)	$	(176	)	$	(6,316	)
Gain/(loss) from discontinued operations	(9		)	—			(9		)
Loss from sale of discontinued operations	—			—			—
Net loss attributable to HC2 Holdings, Inc.	$	(6,149	)	$	(176	)	$	(6,325	)

HC2 HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)



	Three Months Ended March 31, 2015
	As Reported			Adjustments			As Restated
Net income (loss)	$	(5,322	)	$	(176	)	$	(5,498	)
Other comprehensive income (loss)
Foreign currency translation adjustment	(4,361		)	—			(4,361		)
Unrealized gain (loss) on available-for-sale securities, net of tax	(762		)	911			149
Less: Comprehensive (income) loss attributable to the noncontrolling interest	261			—			261
Comprehensive income (loss) attributable to HC2 Holdings, Inc.	$	(10,184	)	$	735		$	(9,449	)

HC2 HOLDING, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)



	As of March 31, 2015
	As Reported		Adjustments			As Restated
Assets
Current assets:
Cash and cash equivalents	$	128,872	$	—		$	128,872
Short-term investments	11,768		—			11,768
Accounts receivable (net of allowance for doubtful accounts receivable of $2,675 and $2,760 at March 31, 2015 and December 31, 2014, respectively)	195,878		—			195,878
Costs and recognized earnings in excess of billings on uncompleted contracts	24,656		—			24,656
Deferred tax asset - current	1,701		—			1,701
Inventories	17,062		—			17,062
Prepaid expenses and other current assets	29,337		—			29,337
Assets held for sale	11,485		—			11,485
Total current assets	420,759		—			420,759
Restricted cash	7,063		—			7,063
Long-term investments	58,827		2,631			61,458
Property, plant and equipment, net	224,815		(7,230		)	217,585
Goodwill	27,990		2,550			30,540
Other intangible assets, net	30,067		28			30,095
Deferred tax asset - long-term	15,198		(700		)	14,498
Other assets	18,334		(851		)	17,483
Total assets	$	803,053	$	(3,572	)	$	799,481
Liabilities, temporary equity and stockholders’ equity
Current liabilities:
Accounts payable	$	61,888	$	(332	)	$	61,556
Accrued interconnection costs	19,507		—			19,507
Accrued payroll and employee benefits	22,883		—			22,883
Accrued expenses and other current liabilities	40,183		—			40,183



Billings in excess of costs and recognized earnings on uncompleted contracts	31,848			—			31,848
Accrued income taxes	—			—			—
Accrued interest	12,043			—			12,043
Current portion of long-term debt	38,811			—			38,811
Current portion of pension liability	5,697			(5,697		)	—
Total current liabilities	232,860			(6,029		)	226,831
Long-term debt	376,549			—			376,549
Pension liability	28,384			5,697			34,081
Other liabilities	8,002			—			8,002
Total liabilities	645,795			(332		)	645,463
Commitments and contingencies (See Note 10)
Temporary equity (See Note 12)
Preferred stock, $0.001 par value – 20,000,000 shares authorized; Series A - 30,000 shares issued and outstanding at March 31, 2015 and December 31, 2014; Series A-1 - 10,500 and 11,000 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively; Series A-2 - 14,000 and 0 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	53,444			—			53,444
Redeemable non-controlling interest	—			4,053			4,053
Total temporary equity	53,444			4,053			57,497
Stockholders’ equity:
Common stock, $0.001 par value – 80,000,000 shares authorized; 25,400,886 and 23,844,711 shares issued and 25,369,260 and 23,813,085 shares outstanding at March 31, 2015 and December 31, 2014, respectively	25			—			25
Additional paid-in capital	148,762			(4,674		)	144,088
Accumulated deficit	(46,941		)	(2,460		)	(49,401		)
Treasury stock, at cost – 31,626 shares at March 31, 2015 and December 31, 2014, respectively	(378		)	—			(378		)
Accumulated other comprehensive loss	(20,301		)	(2,154		)	(22,455		)
Total HC2 Holdings, Inc. stockholders' equity before noncontrolling interest	81,167			(9,288		)	71,879
Noncontrolling interest	22,647			1,995			24,642
Total stockholders' equity	103,814			(7,293		)	96,521
Total liabilities, temporary equity and stockholders' equity	$	803,053		$	(3,572	)	$	799,481

HC2 HOLDINGS, INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

(in thousands)



	As of March 31, 2015
	As Reported			Adjustments			As Restated
Common Stock	$	25		$	—		$	25
Additional Paid-In Capital	148,762			(4,674		)	144,088
Treasury Stock	(378		)	—			(378		)
Earnings (Accumulated Deficit)	(46,941		)	(2,460		)	(49,401		)
Accumulated Other Comprehensive Income (Loss)	(20,301		)	(2,154		)	(22,455		)
Noncontrolling Interest	22,647			1,995			24,642
Total Stockholders' Equity	$	103,814		$	(7,293	)	$	96,521

HC2 HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)



	Three Months Ended March 31, 2015
	As Reported			Adjustments			As Restated
Cash flows from operating activities:
Net income (loss)	$	(5,322	)	$	(176	)	$	(5,498	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for doubtful accounts receivable	95			—			95
Share-based compensation expense	2,235			459			2,694
Depreciation and amortization	6,881			249			7,130
Amortization of deferred financing costs	329			—			329
(Gain) loss on sale or disposal of assets	473			—			473
(Gain) loss on sale of investments	(164		)	(351		)	(515		)
Equity investment (income)/loss	2,688			—			2,688
Amortization of debt discount	92			—			92
Deferred income taxes	(387		)	(181		)	(568		)
Unrealized foreign currency transaction (gain) loss on intercompany and foreign debt	172			—			172
Changes in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	(45,764		)	—			(45,764		)
(Increase) decrease in costs and recognized earnings in excess of billings on uncompleted contracts	3,468			—			3,468
(Increase) decrease in inventories	(2,355		)	—			(2,355		)
(Increase) decrease in prepaid expenses and other current assets	(1,492		)	—			(1,492		)
(Increase) decrease in other assets	(2,122		)	—			(2,122		)
Increase (decrease) in accounts payable	(18,908		)	—			(18,908		)
Increase (decrease) in accrued interconnection costs	10,111			—			10,111
Increase (decrease) in accrued payroll and employee benefits	3,723			—			3,723
Increase (decrease) in accrued expenses and other current liabilities	5,995			—			5,995
Increase (decrease) in billings in excess of costs and recognized earnings on uncompleted contracts	(10,116		)	—			(10,116		)
Increase (decrease) in accrued income taxes	(6,238		)	—			(6,238		)
Increase (decrease) in accrued interest	8,918			—			8,918
Increase (decrease) in other liabilities	(146		)	—			(146		)
Increase (decrease) in pension liability	(1,125		)	—			(1,125		)
Net cash provided by (used in) operating activities	(48,959		)	—			(48,959		)
Cash flows from investing activities:
Purchase of property, plant and equipment	(3,124		)	—			(3,124		)
Sale of property and equipment and other assets	998			—			998
Purchase of equity investments	(8,644		)	—			(8,644		)
Sale of equity investments	1,026			—			1,026
Purchase of available-for-sale securities	(6,664		)	—			(6,664		)
Investment in debt securities	(3,250		)	—			(3,250		)
Purchase of noncontrolling interest	(222		)	—			(222		)
(Increase) decrease in restricted cash	(893		)	—			(893		)
Net cash used in investing activities	(20,773		)	—			(20,773		)
Cash flows from financing activities:
Proceeds from long-term obligations	181,303			—			181,303
Principal payments on long-term obligations	(103,690		)	—			(103,690		)
Payment of deferred financing costs	(1,136		)	—			(1,136		)
Proceeds from sale of preferred stock, net	14,032			—			14,032
Proceeds from the exercise of warrants and stock options	—			—			—
Payment of dividend equivalents	—			—			—
Net cash provided by (used) in financing activities	90,509			—			90,509
Effects of exchange rate changes on cash and cash equivalents	117			—			117
Net change in cash and cash equivalents	20,894			—			20,894



Cash and cash equivalents, beginning of period	107,978		—		107,978
Cash and cash equivalents, end of period	$	128,872	$	—	$	128,872
Supplemental cash flow information:
Cash paid for interest	$	1,287	$	—	$	1,287
Cash paid for taxes	$	112	$	—	$	112
Preferred stock dividends and accretion	$	1,088	$	—	$	1,088
Non-cash investing and financing activities:
Purchases of property, plant and equipment under financing arrangements	$	1,808	$	—	$	1,808
Property, plant and equipment included in accounts payable	$	1,632	$	—	$	1,632
Conversion of preferred stock to common stock	$	500	$	—	$	500



	Three Months Ended March 31, 2014
	As Reported			Adjustments			As Restated
Cash flows from operating activities:
Net income (loss)	$	(4,947	)	$	—		$	(4,947	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for doubtful accounts receivable	107			—			107
Share-based compensation expense	238			—			238
Depreciation and amortization	210			—			210
Amortization of deferred financing costs	—			—			—
(Gain) loss on sale or disposal of assets	704			—			704
(Gain) loss on sale of investments	—			—			—
Equity investment (income)/loss	—			—			—
Amortization of debt discount	—			—			—
Deferred income taxes	1			—			1
Unrealized foreign currency transaction (gain) loss on intercompany and foreign debt	(34		)	—			(34		)
Changes in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	2,767			—			2,767
(Increase) decrease in costs and recognized earnings in excess of billings on uncompleted contracts	—			—			—
(Increase) decrease in inventories	—			—			—
(Increase) decrease in prepaid expenses and other current assets	6,662			(3,200		)	3,462
(Increase) decrease in other assets	798			—			798
Increase (decrease) in accounts payable	(1,795		)	—			(1,795		)
Increase (decrease) in accrued interconnection costs	(1,181		)	—			(1,181		)
Increase (decrease) in accrued payroll and employee benefits	(846		)	—			(846		)
Increase (decrease) in accrued expenses and other current liabilities	279			—			279
Increase (decrease) in billings in excess of costs and recognized earnings on uncompleted contracts	—			—			—
Increase (decrease) in accrued income taxes	(4		)	—			(4		)
Increase (decrease) in accrued interest	—			—			—
Increase (decrease) in other liabilities	(856		)	—			(856		)
Increase (decrease) in pension liability	—			—			—
Net cash provided by (used in) operating activities	2,103			(3,200		)	(1,097		)
Cash flows from investing activities:
Purchase of property, plant and equipment	(89		)	—			(89		)
Sale of property and equipment and other assets	80			—			80
Purchase of equity investments	—			—			—
Sale of equity investments	—			—			—
Purchase of available-for-sale securities	—			—			—
Cash from disposition of business, net	—			3,200			3,200



Investment in debt securities	—			—		—
Purchase of noncontrolling interest	—			—		—
(Increase) decrease in restricted cash	—			—		—
Net cash used in investing activities	(9		)	3,200		3,191
Cash flows from financing activities:
Proceeds from long-term obligations	—			—		—
Principal payments on long-term obligations	—			—		—
Payment of deferred financing costs	—			—		—
Proceeds from sale of preferred stock, net	—			—		—
Proceeds from the exercise of warrants and stock options	2,891			—		2,891
Payment of dividend equivalents	(550		)	—		(550		)
Net cash provided by (used) in financing activities	2,341			—		2,341
Effects of exchange rate changes on cash and cash equivalents	(391		)	—		(391		)
Net change in cash and cash equivalents	4,044			—		4,044
Cash and cash equivalents, beginning of period	8,997			—		8,997
Cash and cash equivalents, end of period	$	13,041		$	—	$	13,041

Supplemental cash flow information:
Cash paid for interest	$	969		$	—	$	969
Cash paid for taxes	$	22		$	—	$	22
Preferred stock dividends and accretion	$	—		$	—	$	—
Non-cash investing and financing activities:
Purchases of property, plant and equipment under financing arrangements	$	—		$	—	$	—
Property, plant and equipment included in accounts payable	$	—		$	—	$	—
Conversion of preferred stock to common stock	$	—		$	—	$	—

ACCOUNTS RECEIVABLE AND CONTRACTS IN PROGRESS (Tables)

3 Months Ended

Mar. 31, 2015

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consist of the following (in thousands):



	March 31, 2015			December 31, 2014
Contract receivables:
Contracts in progress	$	134,457		$	112,929
Unbilled retentions	35,213			32,850
Trade receivables	28,667			9,065
Other receivables	216			195
Allowance for doubtful accounts	(2,675		)	(2,760		)
	$	195,878		$	152,279

Schedule of Costs and Recognized Earnings in Excess of Billings and Billings in Excess of Costs and Recognized Earnings on Uncompleted Contracts

Costs and recognized earnings in excess of billings on uncompleted contracts and billings in excess of costs and recognized earnings on uncompleted contracts consist of the following:



	March 31, 2015			December 31, 2014
Costs incurred on contracts in progress	$	576,733		$	531,129
Estimated earnings	79,192			73,540
	655,925			604,669
Less progress billings	663,117			618,530
	$	(7,192	)	$	(13,861	)
The above is included in the accompanying condensed consolidated balance sheet under the following captions:
Costs and recognized earnings in excess of billings on uncompleted contracts	24,656			28,098
Billings in excess of costs and recognized earnings on uncompleted contracts	(31,848		)	(41,959		)
	$	(7,192	)	$	(13,861	)

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consist of the following (in thousands):



	March 31, 2015		December 31, 2014
Raw materials	$	14,908	$	12,956
Work in process	1,918		1,779
Finished goods	236		240
	$	17,062	$	14,975

BUSINESS COMBINATIONS (Tables)

3 Months Ended

Mar. 31, 2015

Business Acquisition [Line Items]

Schedule of Unaudited Consolidated Pro Forma Results of Operations



	Three Months Ended
	March 31, 2014 (As Restated)
Net revenue	$	193,631
Net income (loss) from continuing operations	$	7,368
Net income (loss) from discontinued operations	$	5
Gain (loss) from sale of discontinued operations	$	(784	)
Net income (loss) attributable to HC2 Holdings, Inc.	$	6,759

Per share amounts:
Income (loss) from continuing operations	$	0.50
Income (loss) from discontinued operations	$	—
Gain (loss) from sale of discontinued operations	$	(0.04	)
Net income (loss) attributable to HC2	$	0.46

Schuff International, Inc [Member]

Business Acquisition [Line Items]

Schedule of Preliminary Purchase Price Allocation

The preliminary purchase price allocation is as follows (in thousands):



Cash and cash equivalents	$	(627	)
Investments	1,714
Accounts receivable	130,622
Costs and recognized earnings in excess of billings on uncompleted contracts	27,126
Prepaid expenses and other current assets	3,079
Inventories	14,487
Assets held for sale	—
Property and equipment, net	85,662
Goodwill	24,612
Trade names	4,478
Other assets	2,947
Total assets acquired	294,100
Accounts payable	37,621
Accrued payroll and employee benefits	11,668
Accrued expenses and other current liabilities	12,532
Billings in excess of costs and recognized earnings on uncompleted contracts	65,985
Accrued income taxes	1,202
Accrued interest	76
Current portion of long-term debt	15,460
Liabilities held for sale	—
Long-term debt	4,375
Deferred tax liability	7,815
Other liabilities	604
Noncontrolling interest	4,365
Total liabilities assumed	161,703
Enterprise value	132,397
Less fair value of noncontrolling interest	53,647
Purchase price attributable to controlling interest	$	78,750

Schedule of Acquired Amortizable Intangible Assets and Related Estimated Useful Lives

The acquired amortizable intangible assets and the related estimated useful lives consist of the following (in thousands):



	Preliminary Estimated Useful Lives	Preliminary Estimated Value May 29, 2014
Trade names	15 years	$	4,478
Total intangible assets		$	4,478

American Natural Gas [Member]

Business Acquisition [Line Items]

Schedule of Preliminary Purchase Price Allocation

The purchase price allocation as restated is as follows (in thousands):



Cash and cash equivalents	$	15,704
Accounts receivable	306
Prepaid expenses and other current assets	31
Inventories	27
Property and equipment, net	1,921
Customer contracts	2,700
Trade names	6,300
Other assets	2
Goodwill	1,374
Total assets acquired	28,365
Accounts payable	49
Accrued payroll and employee benefits	5
Accrued expenses and other current liabilities	26
Billings in excess of costs and recognized earnings on uncompleted contracts	114
Current portion of long-term debt	34
Long-term debt	870
Deferred tax liability	3,530
Total liabilities assumed	4,628
Enterprise value	23,737
Less fair value of non-controlling interest	8,237
Purchase price attributable to controlling interest	$	15,500

Schedule of Acquired Amortizable Intangible Assets and Related Estimated Useful Lives

The acquired amortizable intangible assets and the related estimated useful lives consist of the following (in thousands):




	Useful Lives	Value August 1, 2014
Customer contracts	4 years	$	2,700
Trade names	15 years	6,300
Total intangible assets		$	9,000

Global Marine Systems Limited [Member]

Business Acquisition [Line Items]

Schedule of Preliminary Purchase Price Allocation

The purchase price allocation as restated is as follows (in thousands):



Cash and cash equivalents	$	62,555
Accounts receivable	22,381
Prepaid expenses and other current assets	23,108
Inventories	7,395
Restricted cash	4,682
Property and equipment, net	152,022
Customer contracts	8,121
Trade name	1,137
Developed technology	1,299
Goodwill	1,366
Investments	26,767
Other assets	7,482
Total assets acquired	318,315
Accounts payable	8,740
Accrued expenses and other current liabilities	44,136
Accrued income taxes	1,251
Current portion of long-term debt	8,140
Long-term debt	78,356
Pension liability	46,110
Deferred tax liability	709
Other liabilities	485
Total liabilities assumed	187,927
Enterprise value	130,388
Less fair value of noncontrolling interest	3,803
Purchase price attributable to controlling interest	$	126,585

Schedule of Acquired Amortizable Intangible Assets and Related Estimated Useful Lives

The acquired amortizable intangible assets and the related estimated useful lives consist of the following (in thousands):



	Useful Lives	Value September 22, 2014
Customer contracts	15 years	$	8,121
Trade name	3 years	1,137
Developed technology	4 years	1,299
Total intangible assets		$	10,557

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2015

Investments Schedule [Abstract]

Summary of Long Term Investments Accounted Under Equity and Cost Method

The long-term investments accounted for under the equity method and cost method of accounting are as follows (in thousands):



Company	Investment	March 31, 2015 (As Restated)		December 31, 2014
Equity Method
Global Cable Technology Ltd.	Stock	$	—	$	49
SB Submarine Systems Co., Ltd.	Stock	16,048		13,061
International Cableship Pte., Ltd.	Stock	3,277		2,995
Sembawang Cable Depot Ptd., Ltd.	Stock	1,097		1,031
Huawei Marine Systems Co., Ltd.	Stock	8,946		10,943
Visser Smit Global Marine Partnership	Stock	414		464
Novatel Wireless, Inc.	11,473,799 shares and 1,593,583 warrants	19,719		13,419
Kaneland, LLC	Stock	1,120		1,151
NerVve Technologies, Inc.	885,286 shares of Series A-1 Preferred Stock	5,538		5,538
Benevir Biopharm, Inc.	2,000 shares of Series A-1 Preferred Stock	1,799		1,915
Cost Method
DTV America Corporation	Convertible Debt	3,000		—
mParticle	Convertible Debt	500		250
		$	61,458	$	50,816

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill by reporting unit for the three months ended March 31, 2015 are as follows (in thousands):



	Schuff		GMSL		ICS		ANG		Total
Balance as of December 31, 2014	$	24,612	$	1,176	$	3,378	$	1,374	$	30,540
Effect of change in foreign currency exchange rates	—		—		—		—		—
Acquisition of business	—		—		—		—		—
Balance as of March 31, 2015 (As Restated)	$	24,612	$	1,176	$	3,378	$	1,374	$	30,540

Schedule of Intangible Assets Subject to Amortization

Intangible assets subject to amortization consisted of the following (in thousands):



	Schuff			GMSL			ANG			Pansend		Other		Corporate		Total
Trade names
Balance as of December 31, 2014	$	4,304		$	997		$	6,037		$	—	$	—	$	—	$	11,338
Effect of change in foreign currency exchange rates	—			(49		)	—			—		—		—		(49		)
Amortization	(75		)	(86		)	(158		)	—		—		—		(319		)
Acquisition of business	—			—			—			—		—		—		—
Balance as of March 31, 2015	$	4,229		$	862		$	5,879		$	—	$	—	$	—	$	10,970

Customer relationships
Balance as of December 31, 2014	$	—		$	7,639		$	4,881		$	—	$	—	$	—	$	12,520
Effect of change in foreign currency exchange rates	—			(321		)	—			—		—		—		(321		)
Amortization	—			(124		)	(106		)	—		—		—		(230		)
Acquisition of business	—			—			—			—		—		—		—
Balance as of March 31, 2015 (As Restated)	$	—		$	7,194		$	4,775		$	—	$	—	$	—	$	11,969

Developed technology
Balance as of December 31, 2014	$	—		$	1,164		$	—		$	—	$	—	$	—	$	1,164
Effect of change in foreign currency exchange rates	—			(70		)	—			—		—		—		(70		)
Amortization	—			(74		)	—			—		—		—		(74		)
Acquisition of business	—			—			—			—		—		—		—
Balance as of March 31, 2015 (As Restated)	$	—		$	1,020		$	—		$	—	$	—	$	—	$	1,020

Other
Balance as of December 31, 2014	$	—		$	—		$	—		$	114	$	6,000	$	22	$	6,136
Amortization	—			—			—			—		—		—		—
Acquisition of business/development	—			—			—			—		—		—		—
Balance as of March 31, 2015	$	—		$	—		$	—		$	114	$	6,000	$	22	$	6,136

Total amortizable intangible assets
Balance as of December 31, 2014	$	4,304		$	9,800		$	10,918		$	114	$	6,000	$	22	$	31,158
Effect of change in foreign currency exchange rates	—			(440		)	—			—		—		—		(440		)
Amortization	(75		)	(284		)	(264		)	—		—		—		(623		)
Acquisition of business	—			—			—			—		—		—		—
Balance as of March 31, 2015 (As Restated)	$	4,229		$	9,076		$	10,654		$	114	$	6,000	$	22	$	30,095

LONG-TERM OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consists of the following (in thousands):



	March 31, 2015			December 31, 2014
Senior Secured Notes collaterized by the Company's assets, with interest payable semi-yearly based on a fixed annual interest rate of 11% with principal due in 2019	$	300,000		$	250,000
Note payable collaterized by GMSL's assets, with interest payable monthly at LIBOR plus 3.65% and principal payable monthly, maturing in 2019	15,692			16,732
Note payable collaterized by Schuff's real estate, with interest payable monthly at LIBOR plus 4% and principal payable monthly with one final balloon payment of $1.9 million, maturing in 2019	4,479			4,635
Note payable collaterized by Schuff's equipment, with interest payable monthly at LIBOR plus 4% and principal payable monthly with one final balloon payment of $1.9 million, maturing in 2019	12,352			8,333
Line of credit collaterized by Schuff's assets, with interest payable monthly at LIBOR plus 3%	27,391			—
Note payable collaterized by ANG's assets, with interest payable monthly at 5.5% and principal payable monthly, maturing in 2018	773			810
Obligations under capital leases	56,648			65,176
Other	28			30
Subtotal	417,363			345,716
Original issue discount on Senior Secured Notes	(2,003		)	(2,345		)
Subtotal	415,360			343,371
Less: Current portion of long-term obligations	(38,811		)	(10,444		)
Total long-term obligations	$	376,549		$	332,927

Schedule of Aggregate Debt Maturities

Aggregate debt maturities are as follows (in thousands):



2015	$	36,054
2016	11,771
2017	12,043
2018	15,107
2019	313,142
Thereafter	29,246
	$	417,363

Schedule of Aggregate Maturities for Capital Leases

Aggregate maturities for the capital leases are as follows (in thousands):



2015	$	5,137
2016	6,843
2017	6,834
2018	10,479
2019	10,478
Thereafter	31,813
Total minimum principal & interest payments	71,584
Less: Amount representing interest	(14,936		)
Total capital lease obligations	$	56,648

- 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://www.xbrl.org/2003/role/presentationRef
-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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments Under Non-cancellable Operating Leases

Future minimum lease payments under non-cancellable operating leases as of March 31, 2015 are as follows (in thousands):



Year Ending December 31,	Operating Leases
2015 (as of March 31, 2015)	$	3,016
2016	3,804
2017	3,142
2018	2,356
2019	1,869
Thereafter	10,698
Total long-term obligations	$	24,885

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2015

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

Schedule of Fair Value of Each Option Grant Estimated

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



	Three Months Ended March 31,
	2015	2014
Expected option life	5.25 years	6 years
Risk-free interest rate	1.49 - 1.68%	2.62 - 2.73%
Expected volatility	36.29- 39.58%	37.20%
Dividend yield	—%	—%

Summary of Restricted Stock Activity

A summary of HC2’s restricted stock activity during the three months ended March 31, 2015 is as follows:



	Shares		Weighted Average Grant Date Fair Value
Unvested - December 31, 2014	338,702		$	4.26
Granted	1,436,281		$	9.00
Vested	(876,014	)	$	8.99
Forfeitures	—		$	—
Unvested - March 31, 2015	898,969		$	7.23

Summary of Stock Option Activity

A summary of HC2’s stock option activity during the three months ended March 31, 2015 is as follows:



	Shares		Weighted Average Exercise Price
Outstanding - December 31, 2014	3,573,141		$	4.27
Granted	691,205		$	8.82
Exercised	—		$	—
Forfeitures	(4,335	)	$	2.79
Outstanding - March 31, 2015	4,260,011		$	5.01
Eligible for exercise	1,576,470		$	5.16

Summary of Intrinsic Values and Remaining Contractual Terms of Company's Stock Options

The following table summarizes the intrinsic values and remaining contractual terms of HC2’s stock options (in thousands):



	Intrinsic Value		Weighted Average Remaining Life in Years
Options outstanding - March 31, 2015	$	26,000	9.4
Options exercisable - March 31, 2015	$	9,388	9.3

EQUITY (Tables)

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Summary of Cash Dividends



Declaration Date	March 31, 2015
Holders of Record Date	March 31, 2015
Payment/Accrual Date	April 15, 2015
Total Dividend	$	1,021

RELATED PARTIES (Tables)

3 Months Ended

Mar. 31, 2015

Summary of Balance Outstanding of Related Parties

Summary of transactions with such entities during the three months ended March 31, 2015 and balances outstanding at March 31, 2015 is as follows (in thousands):



	Three Months Ended
	March 31, 2015
Revenue	$	5,688
Operating costs	970
Capital lease interest	411
Dividends received	—



	March 31, 2015
Accounts receivable	$	3,473
Obligations under capital leases	40,375
Trade creditors	—

OPERATING SEGMENT AND RELATED INFORMATION (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Summary of Company's Operating Segments

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



	Three Months Ended March 31,
	2015 (As Restated)			2014
Net Revenue by Geographic Region
United States	$	147,135		$	25,280
United Kingdom	50,995			18,074
Other	3,678			—
Total	$	201,808		$	43,354
Net Revenue by Segment
Telecommunications	$	46,717		$	43,354
Manufacturing	126,866			—
Utilities	1,224			—
Marine Services	27,001			—
Total	$	201,808		$	43,354
Income (Loss) from Operations
Telecommunications	(207		)	333
Life Sciences	(1,235		)	—
Manufacturing	6,179			—
Utilities	(216		)	—
Marine Services	3,516			—
Other	(241		)	—
Corporate	(7,684		)	(4,420		)
Total	$	112		$	(4,087	)
Capital Expenditures
Telecommunications	$	(11	)	$	(67	)
Manufacturing	(1,157		)	—
Utilities	(389		)	—
Marine Services	(1,567		)	—
Corporate	—			(22		)
Total	$	(3,124	)	$	(89	)

Summary of Segment Reporting For Capital Expenditures Exclude Assets Acquired Under Terms of Capital Lease and Vendor Financing Obligations

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



	March 31, 2015 (As Restated)		December 31, 2014
Long-term investments
Life Sciences	$	1,799	$	1,916
Marine Services	29,782		28,543
Corporate	29,526		20,357
Other	351		—
Total	$	61,458	$	50,816



	March 31, 2015 (As Restated)		December 31, 2014
Property, Plant and Equipment – Net
United States	$	79,036	$	87,091
United Kingdom	133,232		140,494
Other	5,317		5,437
Total	$	217,585	$	233,022



	March 31, 2015 (As Restated)		December 31, 2014
Total Assets
Telecommunications	$	42,399	$	25,164
Life Sciences	10,235		11,007
Manufacturing	289,892		281,067
Utilities	25,855		26,765
Marine Services	271,845		280,334
Other (1)	6,846		6,369
Corporate	152,409		89,297
Total	$	799,481	$	720,003

(1) Other also includes property, plant and equipment—net and total assets related to discontinued operations.

DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Summary of Operating Results of Discontinued Operations

Summarized operating results of the discontinued operations are as follows (in thousands):



	Three Months Ended March 31,
	2015			2014
Net revenue	$	—		$	3,278
Operating expenses	19			3,229
Income from operations	(19		)	49
Interest income and other income (expense)	4			(26		)
Loss before income tax	(15		)	23
Income tax benefit (expense)	6			(6		)
Income from discontinued operations	$	(9	)	$	17

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760

+ Details

BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

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

A calculation of basic income (loss) per common share to diluted income (loss) per common share is set forth below (in thousands, except per share amounts):



	Three Months Ended March 31,
	2015 (As Restated)			2014
Loss from continuing operations attributable to HC2 Holdings, Inc.	$	(6,316	)	$	(4,180	)
Income (loss) from discontinued operations	(9		)	17
Loss from sale of discontinued operations	—			(784		)
Net loss - basic	$	(6,325	)	$	(4,947	)
Net loss - diluted	$	(6,325	)	$	(4,947	)
Weighted average common shares outstanding-basic	24,146			14,631
Weighted average common shares outstanding-diluted	24,146			14,631
Basic loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc.	$	(0.26	)	$	(0.29	)
Income (loss) from discontinued operations	—			—
Loss from sale of discontinued operations	—			(0.05		)
Loss attributable to HC2 Holdings, Inc.	$	(0.26	)	$	(0.34	)
Diluted loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc.	$	(0.26	)	$	(0.29	)
Income (loss) from discontinued operations	—			—
Loss from sale of discontinued operations	—			(0.05		)
Net loss attributable to HC2 Holdings, Inc.	$	(0.26	)	$	(0.34	)

ORGANIZATION AND BUSINESS - Schuff Acquisition (Details) - USD ($) $ in Thousands		3 Months Ended
	May 29, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Jun. 30, 2014
Business Acquisition [Line Items]
Percentage of ownership interest acquired	60.00%			91.00%
Proceeds from sale of preferred stock, net		$ 14,032	$ 0
Proceeds from issuance of common stock	$ 6,000
Debt instrument term	18 months
Proceeds from issuance of senior secured credit facility	$ 80,000
Percentage of ownership interest to be acquired upon completion of short-form merger				100.00%
Series A Convertible Preferred Stock
Business Acquisition [Line Items]
Proceeds from sale of preferred stock, net	$ 30,000
Schuff International, Inc [Member]
Business Acquisition [Line Items]
Number of shares acquired	2,500,000			809,043
Additional number of shares acquired (in shares)	198,411
Percentage of ownership interest acquired	65.00%	91.00%		91.00%	70.00%
Aggregate consideration for shares acquired	$ 85,000
Percentage of ownership interest to be acquired upon completion of short-form merger				100.00%
Ownership percentage by parent		91.00%
Minority interest percentage by noncontrolling interest	40.00%
Schuff Hopsa Engineering, Inc. [Member]
Business Acquisition [Line Items]
Ownership percentage by parent		49.00%
Schuff. Empresas Hopsa, S.A. [Member]
Business Acquisition [Line Items]
Minority interest percentage by noncontrolling interest		51.00%

ORGANIZATION AND BUSINESS - American Natural Gas Acquisition (Details) - USD ($) $ in Millions	Aug. 01, 2014	Dec. 31, 2014	May 29, 2014
Business Acquisition [Line Items]
Percentage of ownership interest acquired		91.00%	60.00%
American Natural Gas [Member]
Business Acquisition [Line Items]
Business acquisition cost	$ 15.5
Percentage of ownership interest acquired	51.00%
Series A Convertible Preferred Stock \| American Natural Gas [Member]
Business Acquisition [Line Items]
Business acquisition cost	$ 15.5
Number of shares acquired	15,500

ORGANIZATION AND BUSINESS - Global Marine Systems Acquisition (Details) $ in Thousands				3 Months Ended
	Sep. 22, 2014 USD ($)	Sep. 08, 2014 USD ($)	May 29, 2014 USD ($)	Mar. 31, 2015 USD ($) segment	Mar. 31, 2014 USD ($)	Dec. 31, 2014
Business Acquisition [Line Items]
Proceeds from sale of preferred stock, net				$ 14,032	$ 0
Debt instrument term			18 months
Proceeds from issuance of senior secured credit facility			$ 80,000
Percentage of ownership interest acquired			60.00%			91.00%
Number of reportable operating segments \| segment				6
Series A-1 Convertible Preferred Stock
Business Acquisition [Line Items]
Proceeds from sale of preferred stock, net	$ 11,000
Global Marine Systems Limited [Member]
Business Acquisition [Line Items]
Business acquisition cost	$ 260,000
Debt instrument term	12 months
Proceeds from issuance of senior secured credit facility	$ 214,000
Minority interest percentage by noncontrolling interest	3.00%			3.00%
Ownership percentage by parent				97.00%
Percentage of ownership interest acquired	97.00%
Global Marine Systems Limited [Member] \| Delayed Draw Term Loan [Member]
Business Acquisition [Line Items]
Proceeds from issuance of senior secured credit facility	$ 36,000
Novatel Wireless, Inc. [Member]
Business Acquisition [Line Items]
Proceeds from issuance of senior secured credit facility		$ 17,000
Genovel Orthopedics, Inc [Member]
Business Acquisition [Line Items]
Ownership percentage by parent				80.00%
Percentage of ownership interest acquired				80.00%
Gem Derm Aesthetics, Inc [Member]
Business Acquisition [Line Items]
Ownership percentage by parent				61.00%
Percentage of ownership interest acquired				61.00%
DMi, Inc. [Member]
Business Acquisition [Line Items]
Ownership percentage by parent				100.00%
Percentage of ownership interest acquired						100.00%

ORGANIZATION AND BUSINESS - Reconciliation of Previously Reported to Restated Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Services revenue	$ 73,718	$ 43,354
Sales revenue	128,090	0
Net revenue	201,808	43,354
Operating expenses:
Cost of revenue - services	61,920	41,107
Cost of revenue - sales	110,536	0
Selling, general and administrative	23,512	6,204
Depreciation and amortization	5,255	210
(Gain) loss on sale or disposal of assets	473	(80)
Total operating expenses	201,696	47,441
Income/(loss) from operations	112	(4,087)
Interest expense	(8,608)	(1)
Amortization of debt discount	(92)	0
Interest income and other expense, net	544	(49)
Foreign currency transaction loss	(771)	(34)
Loss from continuing operations before income taxes and loss from equity investees	(8,815)	(4,171)
Loss from equity investees	(2,688)	0
Income tax benefit (expense)	6,014	(9)
Loss from continuing operations	(5,489)	(4,180)
Gain/(loss) from discontinued operations	(9)	17
Loss from sale of discontinued operations	0	(784)
Net loss	(5,498)	(4,947)
Less: Net loss attributable to noncontrolling interest	261	0
Net loss attributable to HC2 Holdings, Inc.	(5,237)	(4,947)
Less: Preferred stock dividends and accretion	1,088	0
Net loss attributable to common stock and participating preferred stockholders	$ (6,325)	$ (4,947)
Basic loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc. (in dollars per share)	$ (0.26)	$ (0.29)
Loss from discontinued operations (in dollars per share)	0.00	0.00
Loss from sale of discontinued operations (in dollars per share)	0.00	(0.05)
Net income (loss) attributable to HC2 Holdings, Inc. (in dollars per share)	(0.26)	(0.34)
Diluted loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc. (in dollars per share)	(0.26)	(0.29)
Loss from discontinued operations (in dollars per share)	0.00	0.00
Loss from sale of discontinued operations (in dollars per share)	0.00	(0.05)
Net loss attributable to HC2 Holdings, Inc. (in dollars per share)	$ (0.26)	$ (0.34)
Weighted average common shares outstanding:
Basic (in shares)	24,146	14,631
Diluted (in shares)	24,146	14,631
Amounts attributable to common shareholders of HC2 Holdings, Inc.
Loss from continuing operations attributable to HC2 Holdings, Inc.	$ (6,316)	$ (4,180)
Income (loss) from discontinued operations	(9)	17
Loss from sale of discontinued operations	0	(784)
Net loss attributable to common stock and participating preferred stockholders	(6,325)	(4,947)
As Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Services revenue	73,718
Sales revenue	128,090
Net revenue	201,808
Operating expenses:
Cost of revenue - services	61,920
Cost of revenue - sales	110,536
Selling, general and administrative	23,053
Depreciation and amortization	5,006
(Gain) loss on sale or disposal of assets	473
Total operating expenses	200,988
Income/(loss) from operations	820
Interest expense	(8,608)
Amortization of debt discount	(92)	0
Interest income and other expense, net	193
Foreign currency transaction loss	(771)
Loss from continuing operations before income taxes and loss from equity investees	(8,458)
Loss from equity investees	(2,688)	0
Income tax benefit (expense)	5,833
Loss from continuing operations	(5,313)
Gain/(loss) from discontinued operations	(9)
Loss from sale of discontinued operations	0
Net loss	(5,322)	(4,947)
Less: Net loss attributable to noncontrolling interest	261
Net loss attributable to HC2 Holdings, Inc.	(5,061)
Less: Preferred stock dividends and accretion	1,088
Net loss attributable to common stock and participating preferred stockholders	$ (6,149)
Basic loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc. (in dollars per share)	$ (0.25)
Loss from discontinued operations (in dollars per share)	0.00
Loss from sale of discontinued operations (in dollars per share)	0.00
Net income (loss) attributable to HC2 Holdings, Inc. (in dollars per share)	(0.25)
Diluted loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc. (in dollars per share)	(0.25)
Loss from discontinued operations (in dollars per share)	0.00
Loss from sale of discontinued operations (in dollars per share)	0.00
Net loss attributable to HC2 Holdings, Inc. (in dollars per share)	$ (0.25)
Weighted average common shares outstanding:
Basic (in shares)	24,146
Diluted (in shares)	24,146
Amounts attributable to common shareholders of HC2 Holdings, Inc.
Loss from continuing operations attributable to HC2 Holdings, Inc.	$ (6,140)
Income (loss) from discontinued operations	(9)
Loss from sale of discontinued operations	0
Net loss attributable to common stock and participating preferred stockholders	(6,149)
Adjustments [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Services revenue	0
Sales revenue	0
Net revenue	0
Operating expenses:
Cost of revenue - services	0
Cost of revenue - sales	0
Selling, general and administrative	459
Depreciation and amortization	249
(Gain) loss on sale or disposal of assets	0
Total operating expenses	708
Income/(loss) from operations	(708)
Interest expense	0
Amortization of debt discount	0	0
Interest income and other expense, net	351
Foreign currency transaction loss	0
Loss from continuing operations before income taxes and loss from equity investees	(357)
Loss from equity investees	0	0
Income tax benefit (expense)	181
Loss from continuing operations	(176)
Gain/(loss) from discontinued operations	0
Loss from sale of discontinued operations	0
Net loss	(176)	$ 0
Less: Net loss attributable to noncontrolling interest	0
Net loss attributable to HC2 Holdings, Inc.	(176)
Less: Preferred stock dividends and accretion	0
Net loss attributable to common stock and participating preferred stockholders	$ (176)
Basic loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc. (in dollars per share)	$ (0.01)
Loss from discontinued operations (in dollars per share)	0.00
Loss from sale of discontinued operations (in dollars per share)	0.00
Net income (loss) attributable to HC2 Holdings, Inc. (in dollars per share)	(0.01)
Diluted loss per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc. (in dollars per share)	(0.01)
Loss from discontinued operations (in dollars per share)	0.00
Loss from sale of discontinued operations (in dollars per share)	0.00
Net loss attributable to HC2 Holdings, Inc. (in dollars per share)	$ (0.01)
Weighted average common shares outstanding:
Basic (in shares)	0
Diluted (in shares)	0
Amounts attributable to common shareholders of HC2 Holdings, Inc.
Loss from continuing operations attributable to HC2 Holdings, Inc.	$ (176)
Income (loss) from discontinued operations	0
Loss from sale of discontinued operations	0
Net loss attributable to common stock and participating preferred stockholders	$ (176)

ORGANIZATION AND BUSINESS - Reconciliation of Previously Reported to Restated Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	$ (5,498)	$ (4,947)
Other comprehensive income (loss)
Foreign currency translation adjustment	(4,361)	(374)
Unrealized gain on available-for-sale securities, net of tax	149	0
Less: Comprehensive (income) loss attributable to the noncontrolling interest	261	0
Comprehensive income (loss) attributable to HC2 Holdings, Inc.	(9,449)	(5,321)
As Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	(5,322)	(4,947)
Other comprehensive income (loss)
Foreign currency translation adjustment	(4,361)
Unrealized gain on available-for-sale securities, net of tax	(762)
Less: Comprehensive (income) loss attributable to the noncontrolling interest	261
Comprehensive income (loss) attributable to HC2 Holdings, Inc.	(10,184)
Adjustments [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	(176)	$ 0
Other comprehensive income (loss)
Foreign currency translation adjustment	0
Unrealized gain on available-for-sale securities, net of tax	911
Less: Comprehensive (income) loss attributable to the noncontrolling interest	0
Comprehensive income (loss) attributable to HC2 Holdings, Inc.	$ 735

ORGANIZATION AND BUSINESS - Reconciliation of Previously Reported to Restated Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 128,872	$ 107,978	$ 13,041	$ 8,997
Short-term investments	11,768	4,867
Accounts receivable (net of allowance for doubtful accounts receivable of $2,675 and $2,760 at March 31, 2015 and December 31, 2014, respectively)	195,878	152,279
Costs and recognized earnings in excess of billings on uncompleted contracts	24,656	28,098
Deferred tax asset - current	1,701	1,701
Inventories	17,062	14,975
Prepaid expenses and other current assets	29,337	18,590
Assets held for sale	11,485	3,865
Total current assets	420,759	332,353
Restricted cash	7,063	6,467
Long-term investments	61,458	50,816
Property, Plant and Equipment – Net	217,585	233,022
Goodwill	30,540	30,540
Other intangible assets, net	30,095	31,158
Deferred tax asset - long-term	14,498	14,019
Other assets	17,483	21,628
Total assets	799,481	720,003
Current liabilities:
Accounts payable	61,556	80,183
Accrued interconnection costs	19,507	9,717
Accrued payroll and employee benefits	22,883	20,023
Accrued expenses and other current liabilities	40,183	34,042
Billings in excess of costs and recognized earnings on uncompleted contracts	31,848	41,959
Accrued income taxes	0	512
Accrued interest	12,043	3,125
Current portion of long-term debt	38,811	10,444
Current portion of pension liability	0
Total current liabilities	226,831	200,005
Long-term debt	376,549	332,927
Pension liability	34,081	37,210
Other liabilities	8,002	1,617
Total liabilities	645,463	571,759
Commitments and contingencies
Temporary equity
Preferred stock, $0.001 par value – 20,000,000 shares authorized; Series A - 30,000 shares issued and outstanding at March 31, 2015 and December 31, 2014; Series A-1 - 10,500 and 11,000 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively; Series A-2 - 14,000 and 0 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	53,444	39,845
Redeemable non-controlling interest	4,053	4,004
Total temporary equity	57,497	43,849
Stockholders’ equity:
Common stock, $0.001 par value – 80,000,000 shares authorized; 25,400,886 and 23,844,711 shares issued and 25,369,260 and 23,813,085 shares outstanding at March 31, 2015 and December 31, 2014, respectively	25	24
Additional paid-in capital	144,088	141,948
Accumulated deficit	(49,401)	(44,164)
Treasury stock, at cost – 31,626 shares at March 31, 2015 and December 31, 2014, respectively	(378)	(378)
Accumulated other comprehensive loss	(22,455)	(18,243)
Total HC2 Holdings, Inc. stockholders' equity before noncontrolling interest	71,879	79,187
Noncontrolling interest	24,642	25,208
Total stockholders' equity	96,521	104,395
Total liabilities, temporary equity and stockholders' equity	799,481	720,003
As Reported [Member]
Current assets:
Cash and cash equivalents	128,872	107,978	13,041	8,997
Short-term investments	11,768
Accounts receivable (net of allowance for doubtful accounts receivable of $2,675 and $2,760 at March 31, 2015 and December 31, 2014, respectively)	195,878
Costs and recognized earnings in excess of billings on uncompleted contracts	24,656
Deferred tax asset - current	1,701
Inventories	17,062
Prepaid expenses and other current assets	29,337
Assets held for sale	11,485
Total current assets	420,759
Restricted cash	7,063
Long-term investments	58,827
Property, Plant and Equipment – Net	224,815
Goodwill	27,990
Other intangible assets, net	30,067
Deferred tax asset - long-term	15,198
Other assets	18,334
Total assets	803,053
Current liabilities:
Accounts payable	61,888
Accrued interconnection costs	19,507
Accrued payroll and employee benefits	22,883
Accrued expenses and other current liabilities	40,183
Billings in excess of costs and recognized earnings on uncompleted contracts	31,848
Accrued income taxes	0
Accrued interest	12,043
Current portion of long-term debt	38,811
Current portion of pension liability	5,697
Total current liabilities	232,860
Long-term debt	376,549
Pension liability	28,384
Other liabilities	8,002
Total liabilities	645,795
Commitments and contingencies
Temporary equity
Preferred stock, $0.001 par value – 20,000,000 shares authorized; Series A - 30,000 shares issued and outstanding at March 31, 2015 and December 31, 2014; Series A-1 - 10,500 and 11,000 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively; Series A-2 - 14,000 and 0 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	53,444
Redeemable non-controlling interest	0
Total temporary equity	53,444
Stockholders’ equity:
Common stock, $0.001 par value – 80,000,000 shares authorized; 25,400,886 and 23,844,711 shares issued and 25,369,260 and 23,813,085 shares outstanding at March 31, 2015 and December 31, 2014, respectively	25
Additional paid-in capital	148,762
Accumulated deficit	(46,941)
Treasury stock, at cost – 31,626 shares at March 31, 2015 and December 31, 2014, respectively	(378)
Accumulated other comprehensive loss	(20,301)
Total HC2 Holdings, Inc. stockholders' equity before noncontrolling interest	81,167
Noncontrolling interest	22,647
Total stockholders' equity	103,814
Total liabilities, temporary equity and stockholders' equity	803,053
Adjustments [Member]
Current assets:
Cash and cash equivalents	0	$ 0	$ 0	$ 0
Short-term investments	0
Accounts receivable (net of allowance for doubtful accounts receivable of $2,675 and $2,760 at March 31, 2015 and December 31, 2014, respectively)	0
Costs and recognized earnings in excess of billings on uncompleted contracts	0
Deferred tax asset - current	0
Inventories	0
Prepaid expenses and other current assets	0
Assets held for sale	0
Total current assets	0
Restricted cash	0
Long-term investments	2,631
Property, Plant and Equipment – Net	(7,230)
Goodwill	2,550
Other intangible assets, net	28
Deferred tax asset - long-term	(700)
Other assets	(851)
Total assets	(3,572)
Current liabilities:
Accounts payable	(332)
Accrued interconnection costs	0
Accrued payroll and employee benefits	0
Accrued expenses and other current liabilities	0
Billings in excess of costs and recognized earnings on uncompleted contracts	0
Accrued income taxes	0
Accrued interest	0
Current portion of long-term debt	0
Current portion of pension liability	(5,697)
Total current liabilities	(6,029)
Long-term debt	0
Pension liability	5,697
Other liabilities	0
Total liabilities	(332)
Commitments and contingencies
Temporary equity
Preferred stock, $0.001 par value – 20,000,000 shares authorized; Series A - 30,000 shares issued and outstanding at March 31, 2015 and December 31, 2014; Series A-1 - 10,500 and 11,000 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively; Series A-2 - 14,000 and 0 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	0
Redeemable non-controlling interest	4,053
Total temporary equity	4,053
Stockholders’ equity:
Common stock, $0.001 par value – 80,000,000 shares authorized; 25,400,886 and 23,844,711 shares issued and 25,369,260 and 23,813,085 shares outstanding at March 31, 2015 and December 31, 2014, respectively	0
Additional paid-in capital	(4,674)
Accumulated deficit	(2,460)
Treasury stock, at cost – 31,626 shares at March 31, 2015 and December 31, 2014, respectively	0
Accumulated other comprehensive loss	(2,154)
Total HC2 Holdings, Inc. stockholders' equity before noncontrolling interest	(9,288)
Noncontrolling interest	1,995
Total stockholders' equity	(7,293)
Total liabilities, temporary equity and stockholders' equity	$ (3,572)

ORGANIZATION AND BUSINESS - Reconciliation of Previously Reported to Restated Consolidated Balance Sheets (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounts receivable, allowance for doubtful accounts receivable	$ 2,675	$ 2,760
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	25,400,886	23,844,711
Common stock, shares outstanding	25,369,260	23,813,085
Treasury stock, shares	31,626	31,626
Series A Convertible Preferred Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Preferred stock, shares issued	30,000	30,000
Preferred stock, shares outstanding	30,000	30,000
Series A-1 Convertible Preferred Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Preferred stock, shares issued	10,500	11,000
Preferred stock, shares outstanding	10,500	11,000
Series A-2 Preferred Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Preferred stock, shares issued	14,000	0
Preferred stock, shares outstanding	14,000	0

ORGANIZATION AND BUSINESS - Reconciliation of Previously Reported to Restated Consolidated Statements of Stockholders' Equity (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	$ 96,521	$ 104,395
Common Stock [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	25	24
Additional Paid-In Capital [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	144,088	141,948
Treasury Stock [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	(378)	(378)
Accumulated Deficit [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	(49,401)	(44,164)
Accumulated Other Comprehensive Income (Loss) [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	(22,455)	(18,243)
Non-controlling Interest [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	24,642	$ 25,208
As Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	103,814
As Reported [Member] \| Common Stock [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	25
As Reported [Member] \| Additional Paid-In Capital [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	148,762
As Reported [Member] \| Treasury Stock [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	(378)
As Reported [Member] \| Accumulated Deficit [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	(46,941)
As Reported [Member] \| Accumulated Other Comprehensive Income (Loss) [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	(20,301)
As Reported [Member] \| Non-controlling Interest [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	22,647
Adjustments [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	(7,293)
Adjustments [Member] \| Common Stock [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	0
Adjustments [Member] \| Additional Paid-In Capital [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	(4,674)
Adjustments [Member] \| Treasury Stock [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	0
Adjustments [Member] \| Accumulated Deficit [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	(2,460)
Adjustments [Member] \| Accumulated Other Comprehensive Income (Loss) [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	(2,154)
Adjustments [Member] \| Non-controlling Interest [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Stockholders' Equity	$ 1,995

ORGANIZATION AND BUSINESS - Reconciliation of Previously Reported to Restated Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income (loss)	$ (5,498)	$ (4,947)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for doubtful accounts receivable	95	107
Share-based compensation expense	2,694	238
Depreciation and amortization	7,130	210
Amortization of deferred financing costs	329	0
(Gain) loss on sale or disposal of assets	473	704
(Gain) loss on sale of investments	(515)	0
Equity investment (income)/loss	2,688	0
Amortization of debt discount	92	0
Deferred income taxes	(568)	1
Unrealized foreign currency transaction (gain) loss on intercompany and foreign debt	172	(34)
Changes in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	(45,764)	2,767
(Increase) decrease in costs and recognized earnings in excess of billings on uncompleted contracts	3,468	0
(Increase) decrease in inventories	(2,355)	0
(Increase) decrease in prepaid expenses and other current assets	(1,492)	3,462
(Increase) decrease in other assets	(2,122)	798
Increase (decrease) in accounts payable	(18,908)	(1,795)
Increase (decrease) in accrued interconnection costs	10,111	(1,181)
Increase (decrease) in accrued payroll and employee benefits	3,723	(846)
Increase (decrease) in accrued expenses and other current liabilities	5,995	279
Increase (decrease) in billings in excess of costs and recognized earnings on uncompleted contracts	(10,116)	0
Increase (decrease) in accrued income taxes	(6,238)	(4)
Increase (decrease) in accrued interest	8,918	0
Increase (decrease) in other liabilities	(146)	(856)
Increase (decrease) in pension liability	(1,125)	0
Net cash provided by (used in) operating activities	(48,959)	(1,097)
Cash flows from investing activities:
Purchase of property, plant and equipment	(3,124)	(89)
Sale of property and equipment and other assets	998	80
Purchase of equity investments	(8,644)	0
Sale of equity investments	1,026	0
Purchase of available-for-sale securities	(6,664)	0
Cash from disposition of business, net	0	3,200
Investment in debt securities	(3,250)	0
Purchase of noncontrolling interest	(222)	0
(Increase) decrease in restricted cash	(893)	0
Net cash used in investing activities	(20,773)	3,191
Cash flows from financing activities:
Proceeds from long-term obligations	181,303	0
Principal payments on long-term obligations	(103,690)	0
Payment of deferred financing costs	(1,136)	0
Proceeds from sale of preferred stock, net	14,032	0
Proceeds from the exercise of warrants and stock options	0	2,891
Payment of dividend equivalents	0	(550)
Net cash provided by (used) in financing activities	90,509	2,341
Effects of exchange rate changes on cash and cash equivalents	117	(391)
Net change in cash and cash equivalents	20,894	4,044
Cash and cash equivalents, beginning of period	107,978	8,997
Cash and cash equivalents, end of period	128,872	13,041
Supplemental cash flow information:
Cash paid for interest	1,287	969
Cash paid for taxes	112	22
Preferred stock dividends and accretion	1,088	0
Non-cash investing and financing activities:
Purchases of property, plant and equipment under financing arrangements	1,808	0
Property, plant and equipment included in accounts payable	1,632	0
Conversion of preferred stock to common stock	500	0
As Reported [Member]
Cash flows from operating activities:
Net income (loss)	(5,322)	(4,947)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for doubtful accounts receivable	95	107
Share-based compensation expense	2,235	238
Depreciation and amortization	6,881	210
Amortization of deferred financing costs	329	0
(Gain) loss on sale or disposal of assets	473	704
(Gain) loss on sale of investments	(164)	0
Equity investment (income)/loss	2,688	0
Amortization of debt discount	92	0
Deferred income taxes	(387)	1
Unrealized foreign currency transaction (gain) loss on intercompany and foreign debt	172	(34)
Changes in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	(45,764)	2,767
(Increase) decrease in costs and recognized earnings in excess of billings on uncompleted contracts	3,468	0
(Increase) decrease in inventories	(2,355)	0
(Increase) decrease in prepaid expenses and other current assets	(1,492)	6,662
(Increase) decrease in other assets	(2,122)	798
Increase (decrease) in accounts payable	(18,908)	(1,795)
Increase (decrease) in accrued interconnection costs	10,111	(1,181)
Increase (decrease) in accrued payroll and employee benefits	3,723	(846)
Increase (decrease) in accrued expenses and other current liabilities	5,995	279
Increase (decrease) in billings in excess of costs and recognized earnings on uncompleted contracts	(10,116)	0
Increase (decrease) in accrued income taxes	(6,238)	(4)
Increase (decrease) in accrued interest	8,918	0
Increase (decrease) in other liabilities	(146)	(856)
Increase (decrease) in pension liability	(1,125)	0
Net cash provided by (used in) operating activities	(48,959)	2,103
Cash flows from investing activities:
Purchase of property, plant and equipment	(3,124)	(89)
Sale of property and equipment and other assets	998	80
Purchase of equity investments	(8,644)	0
Sale of equity investments	1,026	0
Purchase of available-for-sale securities	(6,664)	0
Cash from disposition of business, net		0
Investment in debt securities	(3,250)	0
Purchase of noncontrolling interest	(222)	0
(Increase) decrease in restricted cash	(893)	0
Net cash used in investing activities	(20,773)	(9)
Cash flows from financing activities:
Proceeds from long-term obligations	181,303	0
Principal payments on long-term obligations	(103,690)	0
Payment of deferred financing costs	(1,136)	0
Proceeds from sale of preferred stock, net	14,032	0
Proceeds from the exercise of warrants and stock options	0	2,891
Payment of dividend equivalents	0	(550)
Net cash provided by (used) in financing activities	90,509	2,341
Effects of exchange rate changes on cash and cash equivalents	117	(391)
Net change in cash and cash equivalents	20,894	4,044
Cash and cash equivalents, beginning of period	107,978	8,997
Cash and cash equivalents, end of period	128,872	13,041
Supplemental cash flow information:
Cash paid for interest	1,287	969
Cash paid for taxes	112	22
Preferred stock dividends and accretion	1,088	0
Non-cash investing and financing activities:
Purchases of property, plant and equipment under financing arrangements	1,808	0
Property, plant and equipment included in accounts payable	1,632	0
Conversion of preferred stock to common stock	500	0
Adjustments [Member]
Cash flows from operating activities:
Net income (loss)	(176)	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for doubtful accounts receivable	0	0
Share-based compensation expense	459	0
Depreciation and amortization	249	0
Amortization of deferred financing costs	0	0
(Gain) loss on sale or disposal of assets	0	0
(Gain) loss on sale of investments	(351)	0
Equity investment (income)/loss	0	0
Amortization of debt discount	0	0
Deferred income taxes	(181)	0
Unrealized foreign currency transaction (gain) loss on intercompany and foreign debt	0	0
Changes in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	0	0
(Increase) decrease in costs and recognized earnings in excess of billings on uncompleted contracts	0	0
(Increase) decrease in inventories	0	0
(Increase) decrease in prepaid expenses and other current assets	0	(3,200)
(Increase) decrease in other assets	0	0
Increase (decrease) in accounts payable	0	0
Increase (decrease) in accrued interconnection costs	0	0
Increase (decrease) in accrued payroll and employee benefits	0	0
Increase (decrease) in accrued expenses and other current liabilities	0	0
Increase (decrease) in billings in excess of costs and recognized earnings on uncompleted contracts	0	0
Increase (decrease) in accrued income taxes	0	0
Increase (decrease) in accrued interest	0	0
Increase (decrease) in other liabilities	0	0
Increase (decrease) in pension liability	0	0
Net cash provided by (used in) operating activities	0	(3,200)
Cash flows from investing activities:
Purchase of property, plant and equipment	0	0
Sale of property and equipment and other assets	0	0
Purchase of equity investments	0	0
Sale of equity investments	0	0
Purchase of available-for-sale securities	0	0
Cash from disposition of business, net		3,200
Investment in debt securities	0	0
Purchase of noncontrolling interest	0	0
(Increase) decrease in restricted cash	0	0
Net cash used in investing activities	0	3,200
Cash flows from financing activities:
Proceeds from long-term obligations	0	0
Principal payments on long-term obligations	0	0
Payment of deferred financing costs	0	0
Proceeds from sale of preferred stock, net	0	0
Proceeds from the exercise of warrants and stock options	0	0
Payment of dividend equivalents	0	0
Net cash provided by (used) in financing activities	0	0
Effects of exchange rate changes on cash and cash equivalents	0	0
Net change in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Supplemental cash flow information:
Cash paid for interest	0	0
Cash paid for taxes	0	0
Preferred stock dividends and accretion	0	0
Non-cash investing and financing activities:
Purchases of property, plant and equipment under financing arrangements	0	0
Property, plant and equipment included in accounts payable	0	0
Conversion of preferred stock to common stock	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Details) $ in Millions	3 Months Ended
	Mar. 31, 2015 USD ($) service_provider	Mar. 31, 2014
Business Acquisition [Line Items]
Number of telecommunication providers (up to) \| service_provider	60
Amount of unapproved change orders \| $	$ 66.9
Dividend yield (as a percent)	0.00%	0.00%
Global Marine Systems Limited [Member]
Business Acquisition [Line Items]
Ownership percentage by parent	97.00%
Schuff International, Inc [Member]
Business Acquisition [Line Items]
Ownership percentage by parent	91.00%
American Natural Gas [Member]
Business Acquisition [Line Items]
Ownership percentage by parent	51.00%
Dmi Incorporation [Member]
Business Acquisition [Line Items]
Ownership percentage by parent	100.00%
Genovel Orthopedics, Inc [Member]
Business Acquisition [Line Items]
Ownership percentage by parent	80.00%
Gem Derm Aesthetics, Inc [Member]
Business Acquisition [Line Items]
Ownership percentage by parent	61.00%
Cable Ships and Submersibles [Member]
Business Acquisition [Line Items]
Estimated useful life	35 years
Minimum [Member]
Business Acquisition [Line Items]
Quarterly cycle	28 days
Minimum [Member] \| Global Marine Systems Limited [Member]
Business Acquisition [Line Items]
Contract term	5 years
Term of fixed price contract	1 month
Minimum [Member] \| Building and Improvements [Member]
Business Acquisition [Line Items]
Estimated useful life	15 years
Minimum [Member] \| Machinery and Equipment [Member]
Business Acquisition [Line Items]
Estimated useful life	3 years
Minimum [Member] \| Plant And Motor Vehicles [Member]
Business Acquisition [Line Items]
Estimated useful life	3 years
Maximum [Member]
Business Acquisition [Line Items]
Quarterly cycle	35 days
Maximum [Member] \| Global Marine Systems Limited [Member]
Business Acquisition [Line Items]
Contract term	7 years
Term of fixed price contract	5 months
Maximum [Member] \| Building and Improvements [Member]
Business Acquisition [Line Items]
Estimated useful life	40 years
Maximum [Member] \| Machinery and Equipment [Member]
Business Acquisition [Line Items]
Estimated useful life	15 years
Maximum [Member] \| Plant And Motor Vehicles [Member]
Business Acquisition [Line Items]
Estimated useful life	20 years

ACCOUNTS RECEIVABLE AND CONTRACTS IN PROGRESS - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Contract receivables:
Contracts in progress	$ 134,457	$ 112,929
Unbilled retentions	35,213	32,850
Trade receivables	28,667	9,065
Other receivables	216	195
Allowance for doubtful accounts	(2,675)	(2,760)
Total accounts receivable	$ 195,878	$ 152,279

ACCOUNTS RECEIVABLE AND CONTRACTS IN PROGRESS - Schedule of Costs and Recognized Earnings in Excess of Billings and Billings in Excess of Costs and Recognized Earnings on Uncompleted Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Receivables [Abstract]
Costs incurred on contracts in progress	$ 576,733	$ 531,129
Estimated earnings	79,192	73,540
Costs incurred on contracts in progress and estimated earnings, gross	655,925	604,669
Less progress billings	663,117	618,530
Costs incurred on contracts in progress and estimated earnings, net	(7,192)	(13,861)
The above is included in the accompanying condensed consolidated balance sheet under the following captions:
Costs and recognized earnings in excess of billings on uncompleted contracts	24,656	28,098
Billings in excess of costs and recognized earnings on uncompleted contracts	(31,848)	(41,959)
Costs incurred on contracts in progress and estimated earnings, net	$ (7,192)	$ (13,861)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw materials	$ 14,908	$ 12,956
Work in process	1,918	1,779
Finished goods	236	240
Inventories, net	$ 17,062	$ 14,975

BUSINESS COMBINATIONS - Narrative (Details) - USD ($)				3 Months Ended
BUSINESS COMBINATIONS - Narrative (Details) - USD ($)	Sep. 22, 2014	Aug. 01, 2014	May 29, 2014	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Jun. 30, 2014
Business Acquisition [Line Items]
Measurement period of assets and liabilities (not to exceed) (in years)				1 year
Percentage of ownership interest acquired			60.00%		91.00%
Percentage of ownership interest to be acquired upon completion of short-form merger					100.00%
Goodwill				$ 30,540,000	$ 30,540,000
Revenue				201,808,000		$ 43,354,000
Net income (loss)				$ (5,237,000)		$ (4,947,000)
Schuff International, Inc [Member]
Business Acquisition [Line Items]
Number of shares acquired					809,043
Additional number of shares acquired			198,411	6,800
Percentage of ownership interest acquired			65.00%	91.00%	91.00%		70.00%
Percentage of ownership interest to be acquired upon completion of short-form merger					100.00%
Purchase price attributable to controlling interest			$ 78,750,000
Business acquisition purchase price valued per share (in dollars per share)			$ 31.50
Minority interest percentage by noncontrolling interest			40.00%
Goodwill			$ 24,612,000	$ 24,612,000	$ 24,612,000
Fair value of noncontrolling interest			53,647,000	100,000	3,400,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			$ 132,397,000
Revenue				126,900,000
Net income (loss)				3,200,000
American Natural Gas [Member]
Business Acquisition [Line Items]
Percentage of ownership interest acquired		51.00%
Purchase price attributable to controlling interest		$ 15,500,000
Minority interest percentage by noncontrolling interest		49.00%
Goodwill		$ 1,374,000		1,374,000	1,374,000
Fair value of noncontrolling interest		8,237,000
Business acquisition cost		15,500,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		$ 23,737,000
Revenue				1,200,000
Net income (loss)				$ (100,000)
American Natural Gas [Member] \| Series A Convertible Preferred Stock
Business Acquisition [Line Items]
Number of shares acquired		15,500
Business acquisition cost		$ 15,500,000
American Natural Gas [Member] \| Common Stock
Business Acquisition [Line Items]
Preferred stock converted into number of common stock (in shares)		1,033,333
Noncontrolling interest represent to number of common stock (in shares)		1,000,000
Global Marine Systems Limited [Member]
Business Acquisition [Line Items]
Percentage of ownership interest acquired	97.00%
Purchase price attributable to controlling interest	$ 126,585,000
Minority interest percentage by noncontrolling interest	3.00%			3.00%
Goodwill	$ 1,366,000			$ 1,176,000	$ 1,176,000
Fair value of noncontrolling interest	3,803,000
Business acquisition cost	260,000,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	130,388,000
Business acquisition, assumed indebtedness	130,000,000
Enterprise value	$ 130,400,000
Revenue				27,000,000
Net income (loss)				$ 1,600,000
Common Stock \| Schuff International, Inc [Member]
Business Acquisition [Line Items]
Number of shares acquired			2,500,000

BUSINESS COMBINATIONS - Schedule of Preliminary Purchase Price Allocation (Details) - USD ($)	Mar. 31, 2015	Dec. 31, 2014	Sep. 22, 2014	Aug. 01, 2014	May 29, 2014
Business Acquisition [Line Items]
Goodwill	$ 30,540,000	$ 30,540,000
Schuff International, Inc [Member]
Business Acquisition [Line Items]
Cash and cash equivalents					$ (627,000)
Investments					1,714,000
Accounts receivable					130,622,000
Costs and recognized earnings in excess of billings on uncompleted contracts					27,126,000
Prepaid expenses and other current assets					3,079,000
Inventories					14,487,000
Assets held for sale					0
Property and equipment, net					85,662,000
Goodwill	24,612,000	24,612,000			24,612,000
Other assets					2,947,000
Total assets acquired					294,100,000
Accounts payable					37,621,000
Accrued payroll and employee benefits					11,668,000
Accrued expenses and other current liabilities					12,532,000
Billings in excess of costs and recognized earnings on uncompleted contracts					65,985,000
Accrued income taxes					1,202,000
Accrued interest					76,000
Current portion of long-term debt					15,460,000
Liabilities held for sale					0
Long-term debt					4,375,000
Deferred tax liability					7,815,000
Other liabilities					604,000
Noncontrolling interest					4,365,000
Total liabilities assumed					161,703,000
Enterprise value					132,397,000
Less fair value of non-controlling interest	100,000	3,400,000			53,647,000
Purchase price attributable to controlling interest					78,750,000
Schuff International, Inc [Member] \| Trade Names [Member]
Business Acquisition [Line Items]
Trade names					$ 4,478,000
Global Marine Systems Limited [Member]
Business Acquisition [Line Items]
Cash and cash equivalents			$ 62,555,000
Investments			26,767,000
Accounts receivable			22,381,000
Prepaid expenses and other current assets			23,108,000
Inventories			7,395,000
Restricted cash			4,682,000
Property and equipment, net			152,022,000
Goodwill	1,176,000	1,176,000	1,366,000
Other assets			7,482,000
Total assets acquired			318,315,000
Accounts payable			8,740,000
Accrued expenses and other current liabilities			44,136,000
Accrued income taxes			1,251,000
Current portion of long-term debt			8,140,000
Long-term debt			78,356,000
Pension liability			46,110,000
Deferred tax liability			709,000
Other liabilities			485,000
Total liabilities assumed			187,927,000
Enterprise value			130,388,000
Less fair value of non-controlling interest			3,803,000
Purchase price attributable to controlling interest			126,585,000
Global Marine Systems Limited [Member] \| Customer Contracts [Member]
Business Acquisition [Line Items]
Trade names			8,121,000
Global Marine Systems Limited [Member] \| Trade Names [Member]
Business Acquisition [Line Items]
Trade names			1,137,000
Global Marine Systems Limited [Member] \| Developed Technology [Member]
Business Acquisition [Line Items]
Trade names			$ 1,299,000
American Natural Gas [Member]
Business Acquisition [Line Items]
Cash and cash equivalents				$ 15,704,000
Accounts receivable				306,000
Prepaid expenses and other current assets				31,000
Inventories				27,000
Property and equipment, net				1,921,000
Goodwill	$ 1,374,000	$ 1,374,000		1,374,000
Other assets				2,000
Total assets acquired				28,365,000
Accounts payable				49,000
Accrued payroll and employee benefits				5,000
Accrued expenses and other current liabilities				26,000
Billings in excess of costs and recognized earnings on uncompleted contracts				114,000
Current portion of long-term debt				34,000
Long-term debt				870,000
Deferred tax liability				3,530,000
Total liabilities assumed				4,628,000
Enterprise value				23,737,000
Less fair value of non-controlling interest				8,237,000
Purchase price attributable to controlling interest				15,500,000
American Natural Gas [Member] \| Customer Contracts [Member]
Business Acquisition [Line Items]
Trade names				2,700,000
American Natural Gas [Member] \| Trade Names [Member]
Business Acquisition [Line Items]
Trade names				$ 6,300,000

BUSINESS COMBINATIONS - Schedule of Acquired Amortizable Intangible Assets and Related Estimated Useful Lives (Details) - USD ($) $ in Thousands				3 Months Ended
	Sep. 22, 2014	Aug. 01, 2014	May 29, 2014	Mar. 31, 2015
Business Acquisition [Line Items]
Preliminary Estimated Value				$ 0
Global Marine Systems Limited [Member]
Business Acquisition [Line Items]
Preliminary Estimated Value	$ 10,557			0
American Natural Gas [Member]
Business Acquisition [Line Items]
Preliminary Estimated Value		$ 9,000		0
Schuff International, Inc [Member]
Business Acquisition [Line Items]
Preliminary Estimated Value			$ 4,478	0
Customer Contracts [Member] \| Global Marine Systems Limited [Member]
Business Acquisition [Line Items]
Preliminary Estimated Useful Lives	15 years
Preliminary Estimated Value	$ 8,121
Customer Contracts [Member] \| American Natural Gas [Member]
Business Acquisition [Line Items]
Preliminary Estimated Useful Lives		4 years
Preliminary Estimated Value		$ 2,700
Trade Names [Member]
Business Acquisition [Line Items]
Preliminary Estimated Value				0
Trade Names [Member] \| Global Marine Systems Limited [Member]
Business Acquisition [Line Items]
Preliminary Estimated Useful Lives	3 years
Preliminary Estimated Value	$ 1,137			0
Trade Names [Member] \| American Natural Gas [Member]
Business Acquisition [Line Items]
Preliminary Estimated Useful Lives		15 years
Preliminary Estimated Value		$ 6,300		0
Trade Names [Member] \| Schuff International, Inc [Member]
Business Acquisition [Line Items]
Preliminary Estimated Useful Lives			15 years
Preliminary Estimated Value			$ 4,478	0
Developed Technology Rights [Member]
Business Acquisition [Line Items]
Preliminary Estimated Value				0
Developed Technology Rights [Member] \| Global Marine Systems Limited [Member]
Business Acquisition [Line Items]
Preliminary Estimated Useful Lives	4 years
Preliminary Estimated Value	$ 1,299			0
Developed Technology Rights [Member] \| American Natural Gas [Member]
Business Acquisition [Line Items]
Preliminary Estimated Value				0
Developed Technology Rights [Member] \| Schuff International, Inc [Member]
Business Acquisition [Line Items]
Preliminary Estimated Value				$ 0

BUSINESS COMBINATIONS - Schedule of Unaudited Consolidated Pro Forma Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Unaudited consolidated pro forma results of operations data [Abstract]
Net revenue		$ 193,631
Net income (loss) from continuing operations		7,368
Net income (loss) from discontinued operations		5
Loss from sale of discontinued operations	$ 0	(784)
Net income (loss) attributable to HC2 Holdings, Inc.		$ 6,759
Income (loss) from continuing operations (in USD per share)		$ 0.50
Income (loss) from discontinued operations (in USD per share)		0.00
Gain (loss) from sale of discontinued operations (in USD per share)		(0.04)
Net income (loss) attributable to HC2 (in USD per share)		$ 0.46

INVESTMENTS - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2015 USD ($) investment $ / shares shares	Feb. 28, 2015 USD ($) shares	Mar. 31, 2015 USD ($) investment $ / shares shares	Mar. 31, 2014 USD ($)	Dec. 31, 2014 USD ($) shares
Investment [Line Items]
Number of types of investments \| investment	2		2
Number of common stock sold (in shares) \| shares	25,400,886		25,400,886		23,844,711
Proceeds from sale of common stock and warrants			$ 1,026	$ 0
Gain from equity investees			$ (2,688)	$ 0
Common Stock
Investment [Line Items]
Number of shares issued upon conversion \| shares			118,000
Novatel [Member]
Investment [Line Items]
Number of common stock sold (in shares) \| shares		586,095
Number of warrants sold (in shares) \| shares		293,047
Proceeds from sale of common stock and warrants		$ 1,000
Gain from equity investees		$ 200	$ (2,700)
Equity method investments, ownership percentage	23.00%		23.00%
Equity method accounting, basis difference	$ 5,600		$ 5,600
Novatel [Member] \| Trade Names [Member]
Investment [Line Items]
Equity method accounting, basis difference	$ 600		600
Amortization period	15 years
Novatel [Member] \| Technology and Customer Intangible [Member]
Investment [Line Items]
Equity method accounting, basis difference	$ 800		800
Amortization period	7 years
Novatel [Member] \| Goodwill [Member]
Investment [Line Items]
Equity method accounting, basis difference	$ 4,200		$ 4,200
Novatel [Member] \| Common Stock
Investment [Line Items]
Number of shares issued upon conversion \| shares	3,824,600
Value of common stock converted	$ 8,600
Warrants to purchase common stock (in shares) \| shares	1,593,583		1,593,583
Purchase price of stock (in dollars per share) \| $ / shares	$ 5.50		$ 5.50
DTV America Corporation [Member] \| Convertible Debt Securities [Member]
Investment [Line Items]
Cost Method	$ 3,000		$ 3,000		$ 0

INVESTMENTS - Summary of Long Term Investments Accounted Under Equity and Cost Method (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Long-term investments	$ 61,458	$ 50,816
Global Cable Technology Ltd. [Member] \| Common Stock [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method	0	49
SB Submarine Systems Co., Ltd. [Member] \| Common Stock [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method	16,048	13,061
International Cableship Pte., Ltd. [Member] \| Common Stock [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method	3,277	2,995
Sembawang Cable Depot Ptd., Ltd. [Member] \| Common Stock [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method	1,097	1,031
Huawei Marine Systems Co., Ltd. [Member] \| Common Stock [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method	8,946	10,943
Visser Smit Global Marine Partnership [Member] \| Common Stock [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method	414	464
Novatel Wireless, Inc. [Member] \| Warrants [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method	$ 19,719	$ 13,419
Equity method investments, shares and warrants received (in shares)	11,473,799	1,593,583
Kaneland LLC [Member] \| Common Stock [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method	$ 1,120	$ 1,151
NerVve Technologies, Inc. [Member] \| Series A-1 Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method	$ 5,538	$ 5,538
Equity method investments, shares (in shares)	885,286	885,286
Benevir Biopharm, Inc. [Member] \| Series A-1 Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method	$ 1,799	$ 1,915
Equity method investments, shares (in shares)	2,000	2,000
DTV America Corporation [Member] \| Convertible Debt [Member]
Schedule of Equity Method Investments [Line Items]
Cost Method	$ 3,000	$ 0
mParticle [Member] \| Convertible Debt [Member]
Schedule of Equity Method Investments [Line Items]
Cost Method	$ 500	$ 250

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 30,540
Effect of change in foreign currency exchange rates	0
Acquisition of business	0
Goodwill, ending balance (As Restated)	30,540
Schuff International, Inc [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	24,612
Effect of change in foreign currency exchange rates	0
Acquisition of business	0
Goodwill, ending balance (As Restated)	24,612
Global Marine Systems Limited [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	1,176
Effect of change in foreign currency exchange rates	0
Acquisition of business	0
Goodwill, ending balance (As Restated)	1,176
International Carrier Services [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	3,378
Effect of change in foreign currency exchange rates	0
Acquisition of business	0
Goodwill, ending balance (As Restated)	3,378
American Natural Gas [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	1,374
Effect of change in foreign currency exchange rates	0
Acquisition of business	0
Goodwill, ending balance (As Restated)	$ 1,374

LONG-TERM OBLIGATIONS - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 417,363
Obligations under capital leases	56,648	$ 65,176
Other	28	30
Subtotal	417,363	345,716
Original issue discount on Senior Secured Notes	(2,003)	(2,345)
Subtotal	415,360	343,371
Less: Current portion of long-term obligations	(38,811)	(10,444)
Total long-term obligations	376,549	332,927
Senior Secured Notes Collateralized by Assets [Member]
Debt Instrument [Line Items]
Long-term debt	$ 300,000	250,000
Fixed interest rate	11.00%
Note Payable Collateralized by Assets [Member] \| Global Marine Systems Limited [Member]
Debt Instrument [Line Items]
Long-term debt	$ 15,692	16,732
Basis spread on variable rate	3.65%
Debt Instrument, maturity date	Dec. 31, 2019
Note Payable Collateralized by Assets [Member] \| American Natural Gas [Member]
Debt Instrument [Line Items]
Long-term debt	$ 773	810
Fixed interest rate	5.50%
Debt Instrument, maturity date	Dec. 31, 2018
Note Payable Collateralized by Real Estate [Member] \| Schuff International, Inc [Member]
Debt Instrument [Line Items]
Long-term debt	$ 4,479	4,635
Basis spread on variable rate	4.00%
Debt instrument, final balloon payment	$ 1,900
Debt Instrument, maturity date	Dec. 31, 2019
Note Payable Collateralized by Equipment [Member] \| Schuff International, Inc [Member]
Debt Instrument [Line Items]
Long-term debt	$ 12,352	8,333
Basis spread on variable rate	4.00%
Debt instrument, final balloon payment	$ 1,900
Debt Instrument, maturity date	Dec. 31, 2019
Line Of Credit Collateralized By Assets [Member] \| Schuff International, Inc [Member]
Debt Instrument [Line Items]
Long-term debt	$ 27,391	$ 0
Basis spread on variable rate	3.00%

LONG-TERM OBLIGATIONS - Schedule of Aggregate Debt Maturities (Details) $ in Thousands	Mar. 31, 2015 USD ($)
Debt Maturities [Abstract]
2015	$ 36,054
2016	11,771
2017	12,043
2018	15,107
2019	313,142
Thereafter	29,246
Long-term debt	$ 417,363

LONG-TERM OBLIGATIONS - Schedule of Aggregate Maturities for Capital Leases (Details) $ in Thousands	Mar. 31, 2015 USD ($)
Debt Disclosure [Abstract]
2015	$ 5,137
2016	6,843
2017	6,834
2018	10,479
2019	10,478
Thereafter	31,813
Total minimum principal & interest payments	71,584
Less: Amount representing interest	(14,936)
Total capital lease obligations	$ 56,648

LONG-TERM OBLIGATIONS - 11% Senior Secured Notes Due 2019 (Details) - USD ($) $ in Thousands		3 Months Ended
	Nov. 20, 2014	Mar. 31, 2015	Mar. 26, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Senior secured notes original issue discount		$ 2,003		$ 2,345
11% Senior Secured Notes due 2019 [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 250,000		$ 50,000
Fixed interest rate	11.00%
Debt instrument discount percentage	99.05%
Senior secured notes original issue discount	$ 2,400
Senior secured notes premium percentage	100.50%
Premiums and other costs	$ 300
Maturity date		Dec. 01, 2019
Debt instrument, interest rate terms	Interest on the 11% Notes is paid semi-annually on December 1 and June 1 of each year.
Percentage of redemption from aggregate principal amount		100.00%
Percentage of principal amount considered for redemption premium payment		1.00%
Redemption date of senior notes		Dec. 01, 2016
Senior secured notes purchase price percentage		101.00%

LONG-TERM OBLIGATIONS - Credit Facilities (Details) - USD ($)							3 Months Ended				12 Months Ended
	Oct. 21, 2014	Sep. 22, 2014	May 29, 2014	May 06, 2014	Jan. 31, 2014	Oct. 30, 2013	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Borrowings							$ 417,363,000
Debt instrument term			18 months
Global Marine Systems Limited [Member]
Debt Instrument [Line Items]
Debt instrument term		12 months
Global Marine Systems Limited [Member] \| Note Payable Collateralized by Assets [Member]
Debt Instrument [Line Items]
Borrowings							$ 15,692,000	$ 16,732,000			$ 16,732,000
Basis spread on variable rate							3.65%
Schuff International, Inc [Member] \| International LOC [Member]
Debt Instrument [Line Items]
Line of credit, maximum amount							$ 2,500,000
Borrowings							0
Line of credit outstanding amount							0
Line of credit borrowings							$ 2,500,000
Schuff International, Inc [Member] \| International LOC [Member] \| 1% of Special Interest Compensation Fund [Member]
Debt Instrument [Line Items]
Credit agreement interest rate							5.25%
Interest on special interest compensation fund							1.00%
Schuff International, Inc [Member] \| Note Payable Collateralized by Equipment [Member]
Debt Instrument [Line Items]
Borrowings							$ 12,352,000	8,333,000			8,333,000
Basis spread on variable rate							4.00%
Schuff International, Inc [Member] \| Note Payable Collateralized by Real Estate [Member]
Debt Instrument [Line Items]
Borrowings							$ 4,479,000	4,635,000			4,635,000
Basis spread on variable rate							4.00%
American Natural Gas [Member] \| Note Payable Collateralized by Assets [Member]
Debt Instrument [Line Items]
Borrowings							$ 773,000	810,000			810,000
September Credit Facility [Member] \| Novatel Wireless, Inc. [Member]
Debt Instrument [Line Items]
Write of deferred financing cost								500,000	$ 400,000
Write of original issue discount								4,500,000
Net of credit for previous paid funding fees								2,300,000
Credit Facility [Member] \| Schuff International, Inc [Member]
Debt Instrument [Line Items]
Line of credit, maximum amount							50,000,000.0
Borrowings							$ 27,400,000	0			0
Credit agreement interest rate							3.27%
Extended maturity date				Apr. 30, 2019
Basis spread on variable rate							3.00%
Line of credit outstanding amount							$ 3,900,000
Line of credit borrowings							18,700,000
Credit Facility [Member] \| Schuff International, Inc [Member] \| Note Payable Collateralized by Equipment [Member]
Debt Instrument [Line Items]
Issuance of note payable collaterized	$ 10,000,000.0
Credit Facility [Member] \| Schuff International, Inc [Member] \| Note Payable Collateralized by Real Estate [Member]
Debt Instrument [Line Items]
Issuance of note payable collaterized				$ 5,000,000
Real Estate Term Advance [Member] \| Schuff International, Inc [Member]
Debt Instrument [Line Items]
Borrowings							$ 4,500,000	4,600,000			$ 4,600,000
Debt instrument term							5 years				5 years
Credit agreement interest rate							4.00%
Real Estate Term Advance [Member] \| Credit Facility [Member] \| Schuff International, Inc [Member]
Debt Instrument [Line Items]
Borrowings							$ 12,400,000	8,300,000			$ 8,300,000
Debt instrument term							5 years				5 years
Credit agreement interest rate							4.00%
Real Estate Term Advance [Member] \| Credit Facility [Member] \| Schuff International, Inc [Member] \| Note Payable Collateralized by Real Estate [Member]
Debt Instrument [Line Items]
Issuance of note payable collaterized	$ 5,000,000.0
Term Loan [Member] \| Global Marine Systems Limited [Member]
Debt Instrument [Line Items]
Borrowings							$ 15,700,000	16,700,000			$ 16,700,000
Term Loan [Member] \| Global Marine Systems Limited [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument term					4 years 6 months
Effective interest rate					3.65%
Term Loan [Member] \| American Natural Gas [Member]
Debt Instrument [Line Items]
Borrowings							$ 800,000	$ 800,000			$ 800,000
Debt instrument term						5 years
Effective interest rate						5.50%
Partial Prepayments [Member] \| May Credit Facility [Member]
Debt Instrument [Line Items]
Write of deferred financing cost									100,000	$ 100,000
Write of original issue discount									1,900,000	$ 200,000
Payoff of Remaining Balance [Member] \| May Credit Facility [Member]
Debt Instrument [Line Items]
Write of deferred financing cost									300,000
Write of original issue discount									2,500,000
Premiums and other costs									900,000
Payoff of Remaining Balance [Member] \| May Credit Facility [Member] \| Novatel Wireless, Inc. [Member]
Debt Instrument [Line Items]
Write of original issue discount									$ 800,000

LONG-TERM OBLIGATIONS - ANG Term Loan and GMSL Capital Leases (Details) $ in Thousands			3 Months Ended
	May 29, 2014	Oct. 30, 2013	Mar. 31, 2015 USD ($) vessel extension_option lease	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Debt instrument term	18 months
Amount outstanding			$ 417,363
Number of leases \| lease			2
Number of vessels \| vessel			2
Lease principal amount outstanding			$ 56,600	$ 65,200
Term Loan [Member] \| American Natural Gas [Member]
Debt Instrument [Line Items]
Debt instrument term		5 years
Effective interest rate		5.50%
Amount outstanding			$ 800	$ 800
Innovator Lease [Member]
Debt Instrument [Line Items]
Lease expiration period			2018
Number of lease extension options \| extension_option			4
Lease extension period			1 year
Fixed interest rate			10.40%
Cable Lease [Member]
Debt Instrument [Line Items]
Lease expiration period			2023
Fixed interest rate			4.00%

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	May 29, 2014
Income Tax Disclosure [Abstract]
Income tax benefit	$ (6,014)	$ 9
Operating Loss Carryforwards [Line Items]
Estimated net operating loss carryforward	$ 62,700
Substantial acquisitions percentage		5.00%
Common stock, shares issued	25,400,886		23,844,711
Net operating loss carryforward annual limitation following ownership change	$ 2,300
Schuff International, Inc [Member]
Operating Loss Carryforwards [Line Items]
Common stock, shares issued				1,500,000
Series A Convertible Preferred Stock
Operating Loss Carryforwards [Line Items]
Preferred stock, shares issued				30,000

COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Lease Payments Under Non-cancellable Operating Leases (Details) $ in Thousands	Mar. 31, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2015 (as of March 31, 2015)	$ 3,016
2016	3,804
2017	3,142
2018	2,356
2019	1,869
Thereafter	10,698
Total long-term obligations	$ 24,885

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 16, 2014	Mar. 31, 2015	Mar. 31, 2014
Loss Contingencies [Line Items]
Rent expense		$ 1.8	$ 2.4
Xplornet [Member]
Loss Contingencies [Line Items]
Damages foregone amount	$ 50.0

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	691,205	8,521
Weighted average fair value at date of grant for options granted (in dollars per share)	$ 3.16
Share-based compensation expense recognized	$ 2,694,000	$ 238,000
Compensation expense	$ 5,700,000
Weighted average remaining vesting period	1 year 1 month 6 days
Restricted stock expected to vest (in shares)	898,969
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock outstanding awards (in shares)	4,260,011		3,573,141
Options granted (in shares)	691,205
Weighted average remaining vesting period	1 year 2 months 12 days
Intrinsic value of exercised options	$ 0
Unvested stock options (in shares)	2,683,541
Compensation expense expected to be recognized	$ 3,200,000
Unvested stock options expected to vest (in shares)	2,683,541
Weighted average remaining life	9 years 4 months 24 days
Weighted average exercise price (in shares)	$ 5.01
Intrinsic value	$ 16,600,000
Philip Falcone [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	169,697
Prior Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock outstanding awards (in shares)	469,871
Omnibus Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares authorized to issue (in shares)	5,000,000

SHARE-BASED COMPENSATION - Schedule of Fair Value of Each Option Grant Estimated (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected option life	5 years 3 months	6 years
Risk-free interest rate, minimum	1.49%	2.62%
Risk-free interest rate, maximum	1.68%	2.73%
Expected volatility, minimum	36.29%
Expected volatility, maximum	39.58%
Expected volatility		37.20%
Dividend yield	0.00%	0.00%

SHARE-BASED COMPENSATION - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2015 $ / shares shares
Summary of Company's restricted stock units, Shares
Beginning Balance, Unvested (in shares) \| shares	338,702
Granted (in shares) \| shares	1,436,281
Vested (in shares) \| shares	(876,014)
Forfeitures (in shares) \| shares	0
Ending Balance, Unvested (in shares) \| shares	898,969
Summary of Company's restricted stock units, Weighted Average Grant Date Fair Value
Unvested, Beginning balance (in dollars per share) \| $ / shares	$ 4.26
Granted (in dollars per share) \| $ / shares	9.00
Vested (in dollars per share) \| $ / shares	8.99
Forfeitures (in dollars per share) \| $ / shares	0.00
Unvested, Ending balance (in dollars per share) \| $ / shares	$ 7.23

SHARE-BASED COMPENSATION - Summary of Stock Option Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Shares
Granted (in shares)	691,205	8,521
Stock Option [Member]
Shares
Outstanding, beginning balance (in shares)	3,573,141
Granted (in shares)	691,205
Exercised (in shares)	0
Forfeitures (in shares)	(4,335)
Outstanding, ending balance (in shares)	4,260,011
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 4.27
Granted (in dollars per share)	8.82
Exercised (in dollars per share)	0.00
Forfeitures (in dollars per share)	2.79
Outstanding, ending balance (in dollars per share)	$ 5.01
Eligible for exercise (in shares)	1,576,470
Eligible for exercise (in dollars per share)	$ 5.16

SHARE-BASED COMPENSATION - Summary of Intrinsic Values and Remaining Contractual Terms of Company's Stock Options (Details) - Employee Stock Option [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic Value, Options outstanding	$ 26,000
Intrinsic Value, Options exercisable	$ 9,388
Weighted Average Remaining Life, Options outstanding	9 years 4 months 24 days
Weighted Average Remaining Life, Options exercisable	9 years 3 months 18 days

EQUITY - Narrative (Details) - USD ($)			3 Months Ended
EQUITY - Narrative (Details) - USD ($)	Jan. 05, 2015	Sep. 22, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	May 29, 2014
Class of Stock [Line Items]
Common stock, shares outstanding			25,369,260		23,813,085
Preferred Stock, shares outstanding			54,500		41,000
Common stock, shares issued			25,400,886		23,844,711
Conversion of preferred stock to common stock			$ 500,000	$ 0
Common Stock [Member]
Class of Stock [Line Items]
Conversion of stock, shares issued			117,763
Schuff International, Inc [Member]
Class of Stock [Line Items]
Common stock, shares issued						1,500,000
Preferred stock cumulative cash dividend rate (as a percent)			7.50%
Preferred stock dividend rate (as a percent)			4.00%
Percentage of preferred stock redemption price on accrued and unpaid dividends			150.00%
Convertible preferred stock volume weighted average price percentage			150.00%
Volume weighted average price threshold percentage			150.00%
Preferred stock trading days to calculate volume weighted average price			20 days
Preferred stock force conversion, trading days to calculate volume weighted average price			30 days
Schuff International, Inc [Member] \| Minimum [Member]
Class of Stock [Line Items]
Preferred stock dividend rate (as a percent)			0.00%
Schuff International, Inc [Member] \| Maximum [Member]
Class of Stock [Line Items]
Preferred stock dividend rate (as a percent)			2.00%
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Beneficial conversion feature			$ 400,000
Conversion of preferred stock to common stock			$ 30,000,000
Series A Preferred Stock [Member] \| Minimum [Member]
Class of Stock [Line Items]
Intrinsic value (in dollars per share)			$ 4.00
Series A Preferred Stock [Member] \| Maximum [Member]
Class of Stock [Line Items]
Intrinsic value (in dollars per share)			$ 4.05
Series A Preferred Stock [Member] \| Schuff International, Inc [Member]
Class of Stock [Line Items]
Preferred stock, shares issued						30,000
Preferred stock conversion price (in dollars per share)		$ 4.00
Series A-1 Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Beneficial conversion feature			$ 300,000
Conversion of preferred stock to common stock			$ 11,000,000
Conversion of stock, shares converted			500
Series A-1 Convertible Preferred Stock [Member] \| Minimum [Member]
Class of Stock [Line Items]
Intrinsic value (in dollars per share)			$ 4.25
Series A-1 Convertible Preferred Stock [Member] \| Maximum [Member]
Class of Stock [Line Items]
Intrinsic value (in dollars per share)			$ 4.36
Series A-1 Convertible Preferred Stock [Member] \| Schuff International, Inc [Member]
Class of Stock [Line Items]
Preferred stock, shares issued		11,000
Preferred stock conversion price (in dollars per share)		$ 4.25
Series A-2 Convertible Preferred Stock [Member] \| Schuff International, Inc [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	14,000
Preferred stock conversion price (in dollars per share)	$ 8.25

EQUITY - Summary of Cash Dividends (Details) $ in Thousands	3 Months Ended
EQUITY - Summary of Cash Dividends (Details) $ in Thousands	Mar. 31, 2015 USD ($)
Equity [Abstract]
Declaration Date	Mar. 31, 2015
Holders of Record Date	Mar. 31, 2015
Payment/Accrual Date	Apr. 15, 2015
Total Dividend	$ 1,021

FAIR VALUE OF FINANCIAL INSTRUMENTS AND DERIVATIVES (Details) $ in Millions	Mar. 31, 2015 USD ($)
Level 1 Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities at fair value	$ 11.8
Level 2 Approach [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated aggregate fair value of the Company's debt	$ 419.0

RELATED PARTIES (Details) $ in Thousands	3 Months Ended
RELATED PARTIES (Details) $ in Thousands	Mar. 31, 2015 USD ($)
Related Party Transactions [Abstract]
Revenue	$ 5,688
Operating costs	970
Capital lease interest	411
Dividends received	0
Accounts receivable	3,473
Obligations under capital leases	40,375
Trade creditors	$ 0

OPERATING SEGMENT AND RELATED INFORMATION - Summary of Company's Operating Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($) segment	Mar. 31, 2014 USD ($)
Segment Reporting [Abstract]
Number of reportable geographic segments \| segment	2
Number of reportable operating segments \| segment	6
Segment Reporting Information [Line Items]
Net Revenue	$ 201,808	$ 43,354
Income (Loss) from Operations	112	(4,087)
Capital Expenditures	(3,124)	(89)
Operating Segments [Member] \| Telecommunications [Member]
Segment Reporting Information [Line Items]
Net Revenue	46,717	43,354
Income (Loss) from Operations	(207)	333
Capital Expenditures	(11)	(67)
Operating Segments [Member] \| Life Sciences [Member]
Segment Reporting Information [Line Items]
Income (Loss) from Operations	(1,235)	0
Operating Segments [Member] \| Manufacturing [Member]
Segment Reporting Information [Line Items]
Net Revenue	126,866	0
Income (Loss) from Operations	6,179	0
Capital Expenditures	(1,157)	0
Operating Segments [Member] \| Utilities [Member]
Segment Reporting Information [Line Items]
Net Revenue	1,224	0
Income (Loss) from Operations	(216)	0
Capital Expenditures	(389)	0
Operating Segments [Member] \| Marine Services [Member]
Segment Reporting Information [Line Items]
Net Revenue	27,001	0
Income (Loss) from Operations	3,516	0
Capital Expenditures	(1,567)	0
Reportable Geographical Components [Member] \| United States [Member]
Segment Reporting Information [Line Items]
Net Revenue	147,135	25,280
Reportable Geographical Components [Member] \| United Kingdom [Member]
Segment Reporting Information [Line Items]
Net Revenue	50,995	18,074
Reportable Geographical Components [Member] \| Other [Member]
Segment Reporting Information [Line Items]
Net Revenue	3,678	0
Non-operating Segment [Member] \| Corporate [Member]
Segment Reporting Information [Line Items]
Income (Loss) from Operations	(7,684)	(4,420)
Capital Expenditures	0	(22)
Non-operating Segment [Member] \| Other [Member]
Segment Reporting Information [Line Items]
Income (Loss) from Operations	$ (241)	$ 0

OPERATING SEGMENT AND RELATED INFORMATION - Summary of Segment Reporting for capital expenditures exclude assets acquired under terms of capital lease and vendor financing obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term investments	$ 61,458	$ 50,816
Property, Plant and Equipment – Net	217,585	233,022
Total Assets	799,481	720,003
Telecommunications [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets		25,164
Life Sciences [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets		11,007
Manufacturing [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets		281,067
Utilities [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets		26,765
Marine Services [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets		280,334
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets		6,369
Corporate [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets		89,297
Reportable Geographical Components [Member] \| United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, Plant and Equipment – Net	79,036	87,091
Reportable Geographical Components [Member] \| United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, Plant and Equipment – Net	133,232	140,494
Reportable Geographical Components [Member] \| Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, Plant and Equipment – Net	5,317	5,437
Operating Segments [Member] \| Telecommunications [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	42,399
Operating Segments [Member] \| Life Sciences [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term investments	1,799	1,916
Total Assets	10,235
Operating Segments [Member] \| Manufacturing [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	289,892
Operating Segments [Member] \| Utilities [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	25,855
Operating Segments [Member] \| Marine Services [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term investments	29,782	28,543
Total Assets	271,845
Operating Segments [Member] \| Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	6,846
Non-operating Segment [Member] \| Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term investments	351	0
Non-operating Segment [Member] \| Corporate [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-term investments	29,526	$ 20,357
Total Assets	$ 152,409

BACKLOG (Details) - Schuff International, Inc [Member] $ in Millions	3 Months Ended
	Mar. 31, 2015 USD ($) contract
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Backlog amount	$ 306.1
Number of contracts attributable to backlog \| contract	5
Contracts or Purchase Orders [Member]
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Backlog amount	$ 253.3
Letters of Intent [Member]
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Backlog amount	52.8
Five Contracts, Letters of Intent, Notices to Proceed or Purchase Orders [Member]
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Backlog amount	$ 172.4
Backlog percentage	56.30%

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Oct. 31, 2014	Feb. 28, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2013	Jul. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain from sale of discontinued operations, net of tax			$ 0	$ (784)
Amount released from escrow		$ 3,200
York [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount released from escrow		800
North America Telecom [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration						$ 129,000
Gain from sale of discontinued operations, net of tax					$ 13,800
Escrow received					126,000
Purchase price placed in escrow					15,250
Additional amount held in escrow					3,000
Purchase consideration placed in escrow	$ 6,450
Period of escrow to be released after closing date	14 months
Adjustment to prior period gain on disposal					800
Net gain from sale of discontinued operations, net of adjustment to prior period gain					$ 13,000
North America Telecom [Member] \| Working Capital Adjustment [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase consideration placed in escrow		$ 4,000
North America Telecom [Member] \| Income Tax Related Liabilities [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase consideration placed in escrow			$ 4,800
Period of escrow to be released after closing date			30 days
Reserve for escrow deposit			$ 400

- Summary of Operating Results of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations	$ (9)	$ 17
North America Telecom [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenue	0	3,278
Operating expenses	19	3,229
Income from operations	(19)	49
Interest income and other income (expense)	4	(26)
Loss before income tax	(15)	23
Income tax benefit (expense)	6	(6)
Income from discontinued operations	$ (9)	$ 17

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References + Details

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.12)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.14)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=51716988&loc=d3e1012-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721525-107759

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721523-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51716988&loc=d3e957-107759

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 13
-Article 7

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 15
-Article 5

+ Details

BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Dilutive common share equivalents (in shares)	0	0
Dilutive securities included in computation of earnings per share, Stock Options and RSUs (in shares)	1,800,000	300,000
Dilutive securities included in computation of earnings per share, Warrants (in shares)		18,600,000

BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE - Schedule of Basic Income (Loss) Per Common Share to Diluted Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Loss from continuing operations attributable to HC2 Holdings, Inc.	$ (6,316)	$ (4,180)
Income (loss) from discontinued operations	(9)	17
Loss from sale of discontinued operations	0	(784)
Net loss - basic	(6,325)	(4,947)
Net loss - diluted	$ (6,325)	$ (4,947)
Weighted average common shares outstanding-basic	24,146	14,631
Weighted average common shares outstanding-diluted	24,146	14,631
Loss from continuing operations attributable to HC2 Holdings, Inc. (in dollars per share)	$ (0.26)	$ (0.29)
Income (loss) from discontinued operations (in dollars per share)	0.00	0.00
Loss from sale of discontinued operations (in dollars per share)	0.00	(0.05)
Loss attributable to HC2 Holdings, Inc. (in dollars per share)	(0.26)	(0.34)
Loss from continuing operations attributable to HC2 Holdings, Inc. (in dollars per share)	(0.26)	(0.29)
Income (loss) from discontinued operations (in dollars per share)	0.00	0.00
Loss from sale of discontinued operations (in dollars per share)	0.00	(0.05)
Net loss attributable to HC2 Holdings, Inc. (in dollars per share)	$ (0.26)	$ (0.34)

SUBSEQUENT EVENTS (Details) $ in Thousands, $ in Millions	Apr. 30, 2015 USD ($)	Apr. 13, 2015 USD ($)	Apr. 30, 2015 CAD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Subsequent Event [Line Items]
Investment in convertible debentures				$ 61,458	$ 50,816
Subsequent Event [Member]
Subsequent Event [Line Items]
Consideration payable for shares purchased		$ 7,000
Cash contribution		$ 13,000
Subsequent Event [Member] \| Gaming Nation Acquisition Corporation [Member]
Subsequent Event [Line Items]
Investment in convertible debentures	$ 16,000		$ 20
Convertible debentures, interest rate	6.00%