View Filing Data

Print Document View Excel Document

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2015	Feb. 29, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Entity Registrant Name	HC2 Holdings, Inc.
Entity Central Index Key	0001006837
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		35,251,879
Entity Public Float			$ 229,029,211

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Services revenue	$ 595,280	$ 197,280	$ 230,686
Sales revenue	522,661	350,158	0
Life, accident and health earned premiums, net	1,578	0	0
Net investment income	1,031	0	0
Realized gains (losses) on investments	256	0	0
Net revenue	1,120,806	547,438	230,686
Operating expenses
Cost of revenue—services	544,655	177,812	220,315
Cost of revenue—sales	437,968	296,530	0
Insurance benefits and acquisition expenses	2,245	0	0
Selling, general and administrative	108,527	80,239	34,692
Depreciation and amortization	23,280	6,334	12,032
(Gain) loss on sale or disposal of assets	170	(162)	(8)
Lease termination costs	1,185	0	0
Asset impairment expense	547	291	2,791
Total operating expenses	1,118,577	561,044	269,822
Income (loss) from operations	2,229	(13,606)	(39,136)
Interest expense	(39,017)	(12,347)	(8)
Loss on early extinguishment or restructuring of debt	0	(11,969)	0
Gain from contingent value rights valuation	0	0	14,904
Other income (expense), net	(6,820)	702	(814)
Income (loss) from equity investees	(3,015)	2,665	0
Loss from continuing operations before income taxes	(46,623)	(34,555)	(25,054)
Income tax benefit	10,882	22,869	7,442
Loss from continuing operations	(35,741)	(11,686)	(17,612)
Gain (loss) from discontinued operations	(21)	(146)	129,218
Net income (loss)	(35,762)	(11,832)	111,606
Less: Net (income) loss attributable to noncontrolling interest and redeemable noncontrolling interest	197	(2,559)	0
Net income (loss) attributable to HC2 Holdings, Inc.	(35,565)	(14,391)	111,606
Less: Preferred stock dividends and accretion	4,285	2,049	0
Net income (loss) attributable to common stock and participating preferred stockholders	$ (39,850)	$ (16,440)	$ 111,606
Basic income (loss) per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc. (in usd per share)	$ (1.50)	$ (0.82)	$ (1.25)
Gain (loss) from discontinued operations (in usd per share)	0.00	(0.01)	9.20
Net income (loss) attributable to HC2 Holdings, Inc. (in usd per share)	(1.50)	(0.83)	7.95
Diluted income (loss) per common share:
Loss from continuing operations attributable to HC2 Holdings, Inc. (in usd per share)	(1.50)	(0.82)	(1.25)
Gain (loss) from discontinued operations (in usd per share)	0.00	(0.01)	9.20
Net income (loss) attributable to HC2 Holdings, Inc. (in usd per share)	$ (1.50)	$ (0.83)	$ 7.95
Weighted average common shares outstanding:
Basic (in shares)	26,482	19,729	14,047
Diluted (in shares)	26,482	19,729	14,047
Dividends declared per basic weighted average common shares outstanding (in usd per share)	$ 0	$ 0	$ 8.58

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (35,762)	$ (11,832)	$ 111,606
Other comprehensive income (loss)
Foreign currency translation adjustment	(8,591)	(6,168)	(7,583)
Unrealized gain (loss) on available-for-sale securities	(8,029)	1,551	0
Actuarial benefit (loss) on pension plan	(512)	426	0
Less: Net (income) loss attributable to noncontrolling interest and redeemable noncontrolling interest	197	(2,559)	0
Comprehensive income (loss) attributable to HC2 Holdings, Inc.	$ (52,697)	$ (18,582)	$ 104,023

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments:
Fixed maturities, available-for-sale at fair value	$ 1,231,841	$ 250
Equity securities, available-for-sale at fair value	49,682	4,867
Mortgage loans	1,252	0
Policy loans	18,476	0
Other invested assets	53,119	50,566
Total investments	1,354,370	55,683
Cash and cash equivalents	158,624	107,978
Restricted cash	538	6,467
Accounts receivable (net of allowance for doubtful accounts of $794 and $2,760 at December 31, 2015 and 2014, respectively)	210,853	152,279
Costs and recognized earnings in excess of billings on uncompleted contracts	39,310	28,098
Inventory	12,120	14,975
Recoverable from reinsurers	522,562	0
Accrued investment income	15,300	0
Deferred tax asset	52,511	15,720
Property, plant and equipment, net	214,466	233,022
Goodwill	61,178	30,540
Intangibles	29,409	31,158
Other assets	65,206	32,378
Assets held for sale	6,065	3,865
Total assets	2,742,512	712,163
Liabilities, temporary equity and stockholders’ equity
Life, accident and health reserves	1,593,330	0
Annuity reserves	259,460	0
Value of business acquired	50,761	0
Accounts payable and other current liabilities	225,389	147,602
Billings in excess of costs and recognized earnings on uncompleted contracts	21,201	41,959
Deferred tax liability	4,281	0
Long-term obligations	371,876	335,531
Pension liability	25,156	37,210
Other liabilities	17,793	1,617
Total liabilities	2,569,247	563,919
Commitments and contingencies
Temporary equity:
Preferred stock, $.001 par value - 20,000,000 shares authorized; Series A - 29,172 and 30,000 shares issued and outstanding at December 31, 2015 and 2014; Series A-1 - 10,000 and 11,000 shares issued and outstanding at December 31, 2015 and 2014, respectively; Series A-2 - 14,000 and 0 shares issued and outstanding at December 31, 2015 and 2014, respectively	52,619	39,845
Redeemable noncontrolling interest	3,122	4,004
Total temporary equity	55,741	43,849
Stockholders’ equity:
Common stock, $.001 par value - 80,000,000 shares authorized; 35,281,375 and 23,844,711 shares issued and 35,249,749 and 23,813,085 shares outstanding at December 31, 2015 and 2014, respectively	35	24
Additional paid-in capital	209,477	141,948
Accumulated deficit	(79,729)	(44,164)
Treasury stock, at cost - 31,626 shares at December 31, 2015 and 2014	(378)	(378)
Accumulated other comprehensive loss	(35,375)	(18,243)
Total HC2 Holdings, Inc. stockholders’ equity before noncontrolling interest	94,030	79,187
Noncontrolling interest	23,494	25,208
Total stockholders’ equity	117,524	104,395
Total liabilities, temporary equity and stockholders’ equity	$ 2,742,512	$ 712,163

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts receivable	$ 794	$ 2,760
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	35,281,375	23,844,711
Common stock, shares outstanding	35,249,749	23,813,085
Treasury stock, shares	31,626	31,626
Series A Convertible Preferred Stock
Preferred stock, shares issued	29,172	30,000
Preferred stock, shares outstanding	29,172	30,000
Series A-1 Convertible Preferred Stock
Preferred stock, shares issued	10,000	11,000
Preferred stock, shares outstanding	10,000	11,000
Series A-2 Convertible Preferred Stock
Preferred stock, shares issued	14,000	0
Preferred stock, shares outstanding	14,000	0

Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Equity	Additional Paid-In Capital	Treasury Stock	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interest
Beginning balance (in shares) at Dec. 31, 2012		13,934
Beginning balance at Dec. 31, 2012	$ 68,503	$ 14	$ 98,534	$ (378)	$ (23,198)	$ (6,469)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,286		2,286
Taxes paid in lieu of shares issued for share-based compensation, shares		(36)
Taxes paid in lieu of shares issued for share-based compensation	(1,000)		(1,000)
Dividends declared	(120,561)		(2,380)		(118,181)
Proceeds from sale of common stock, net, shares		328
Proceeds from sale of common stock, net	1,158		1,158
Actuarial gain (loss) on pension plan	0
Net income (loss)	111,606				111,606
Foreign currency translation adjustment	(7,583)					(7,583)
Unrealized gain (loss) on available-for-sale securities	0
Ending balance at Dec. 31, 2013	54,409	$ 14	98,598	(378)	(29,773)	(14,052)	0
Ending balance (in shares) at Dec. 31, 2013		14,226
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	11,028		11,028
Proceeds from the exercise of warrants and stock options, shares		7,589
Proceeds from the exercise of warrants and stock options	24,348	$ 8	24,340
Taxes paid in lieu of shares issued for share-based compensation	(47)		(47)
Preferred stock dividend and accretion	(2,049)		(2,049)
Preferred stock beneficial conversion feature	659		659
Proceeds from sale of common stock, net, shares		1,500
Proceeds from sale of common stock, net	6,000	$ 2	5,998
Issuance of restricted stock (in shares)		498
Acquisition of noncontrolling interest	67,106						67,106
Additional acquisition of noncontrolling interest	(41,036)						(41,036)
Excess book value over fair value of purchased noncontrolling interest	0		3,421				(3,421)
Actuarial gain (loss) on pension plan	426					426
Net income (loss)	(11,832)				(14,391)		2,559
Foreign currency translation adjustment	(6,168)					(6,168)
Unrealized gain (loss) on available-for-sale securities	1,551					1,551
Ending balance at Dec. 31, 2014	104,395	$ 24	141,948	(378)	(44,164)	(18,243)	25,208
Ending balance (in shares) at Dec. 31, 2014		23,813
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	11,102		11,102
Preferred stock dividend and accretion	(4,285)		(4,285)
Preferred stock beneficial conversion feature	(375)		(375)
Proceeds from sale of common stock, net, shares		8,459
Proceeds from sale of common stock, net	53,787	$ 8	53,779
Issuance of common stock for acquisition of business (in shares)		1,007
Issuance of common stock for acquisition of business	5,381	$ 1	5,380
Issuance of restricted stock (in shares)		1,539
Issuance of restricted stock	2	$ 2
Conversion of preferred stock to common stock (in shares)		432
Conversion of preferred stock to common stock	1,839		1,839
Acquisition of noncontrolling interest	(475)						(475)
Additional acquisition of noncontrolling interest	(1,835)		0				(1,835)
Excess book value over fair value of purchased noncontrolling interest	0		89				(89)
Actuarial gain (loss) on pension plan	(512)					(512)
Net income (loss)	(35,762)				(35,565)		(197)
Net income (loss) attributable to redeemable noncontrolling interest	882						882
Foreign currency translation adjustment	(8,591)					(8,591)
Unrealized gain (loss) on available-for-sale securities	(8,029)					(8,029)
Ending balance at Dec. 31, 2015	$ 117,524	$ 35	$ 209,477	$ (378)	$ (79,729)	$ (35,375)	$ 23,494
Ending balance (in shares) at Dec. 31, 2015		35,250

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income (loss)	$ (35,762)	$ (11,832)	$ 111,606
Adjustments to reconcile net income (loss) to operating cash flows:
Provision for doubtful accounts receivable	99	403	1,507
Share-based compensation expense	11,102	11,028	2,286
Depreciation and amortization	30,939	10,684	23,964
Amortization of deferred financing costs	1,420	240	0
Lease termination costs	1,185	0	0
(Gain) loss on sale or disposal of assets	170	816	(148,848)
(Gain) loss on sale of investments	0	(434)	0
Equity investment (income)/loss	3,015	(2,665)	0
Asset impairment expense	547	291	3,123
Amortization of debt discount	301	1,593	86
Loss on early extinguishment or restructuring of debt	0	11,969	21,124
(Gain) on bargain purchase	0	(1,417)	0
Unrealized loss on equity securities	2,878	0	0
Realized (gains) losses on investments	3,175	1,608	0
Change in fair value of Contingent Value Rights	0	0	(14,904)
Deferred income taxes	(13,102)	(30,223)	(522)
Unrealized foreign currency transaction (gain) loss on intercompany and foreign debt	182	1,352	(764)
Other	5,269	0	0
Changes in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	(60,720)	18,349	(2,892)
(Increase) decrease in costs and recognized earnings in excess of billings on uncompleted contracts	(11,579)	(1,139)	0
(Increase) decrease in inventory	2,610	6,616	644
(Increase) decrease in other assets	17,032	764	(2,125)
Increase (decrease) in life, accident and health reserves	608	0	0
Increase (decrease) in accounts payable and other current liabilities	36,216	18,968	(12,859)
Increase (decrease) in billings in excess of costs and recognized earnings on uncompleted contracts	(20,767)	(23,793)	0
Increase (decrease) in other liabilities	3,259	(1,951)	(1,741)
Increase (decrease) in pension liability	(10,638)	(7,564)	0
Net change in cash due to operating activities	(32,561)	3,663	(20,315)
Cash flows from investing activities:
Purchases of property, plant and equipment	(21,324)	(5,819)	(12,577)
Sale of property and equipment and other assets	5,034	3,706	9
Purchases of investments	(54,598)	(33,034)	0
Sale of investments	12,248	2,411	0
Cash from disposition of business, net of cash disposed	0	31,645	270,634
Cash paid for business acquisitions, net of cash acquired	39,726	(146,026)	(397)
Purchase of noncontrolling interest	(475)	(38,403)	0
Receipt of dividends from equity investees	4,647	2,081	0
(Increase) decrease in restricted cash	0	(1,785)	475
Net change in cash due to investing activities	(14,742)	(185,224)	258,144
Cash flows from financing activities:
Annuity receipts	78	0	0
Proceeds from long-term obligations	564,857	915,896	0
Principal payments on long-term obligations	(528,679)	(689,745)	(128,036)
Payment of fees on restructuring of debt	0	(12,333)	(1,201)
Proceeds from sale of common stock, net	53,975	6,000	1,158
Proceeds from sale of preferred stock, net	14,033	40,050	0
Proceeds from the exercise of warrants and stock options	0	24,348	0
Increase (Decrease) in Restricted Cash	6,014	0	0
Payment of deferred financing costs	(1,423)	0	0
Payment of dividend equivalents	0	0	(1,235)
Payment of dividends	(5,687)	(1,626)	(119,788)
Taxes paid in lieu of shares issued for share-based compensation	0	(47)	(1,000)
Net change in cash due to financing activities	103,168	282,543	(250,102)
Effects of exchange rate changes on cash and cash equivalents	(5,219)	(2,001)	(1,927)
Net change in cash and cash equivalents	50,646	98,981	(14,200)
Cash and cash equivalents, beginning of period	107,978	8,997	23,197
Cash and cash equivalents, end of period	158,624	107,978	8,997
Supplemental cash flow information:
Cash paid for interest	39,451	7,527	10,372
Cash paid for taxes	1,134	8,792	616
Preferred stock accreting dividends and accretion	206	487	0
Non-cash investing and financing activities:
Capital lease additions	0	0	148
Purchases of property, plant and equipment under financing arrangements	1,808	4,400	0
Property, plant and equipment included in accounts payable	911	2,544	0
Non-cash investing activity on the reacquisition of shares from a noncontrolling interest	0	1,700	0
Conversion of preferred stock to common stock	1,839	0	0
Business acquisition through the issuance of common stock, long-term debt and warrants	11,591	0	0
Non-cash financing activity on issuance of long-term debt	$ 5,000	$ 0	$ 0

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business HC2 Holdings, Inc. (“HC2” and, together with its subsidiaries, the “Company”, “we” and “our”) is a diversified holding company which seeks to acquire and grow attractive businesses that we believe can generate long-term sustainable free cash flow and attractive returns. While the Company generally intends to acquire controlling equity interests in its operating subsidiaries, the Company may invest to a limited extent in a variety of debt instruments or noncontrolling equity interest positions. The Company’s shares of common stock trade on the NYSE MKT LLC under the symbol “HCHC”. The notes to consolidated financial statements reflect the restatement of the Company’s consolidated financial statements for the fiscal year ended December 31, 2014, which is more fully described in Amendment No. 1 to our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2014, filed with the SEC on March 15, 2016; the restatement of the Company’s condensed consolidated financial statements for the quarter ended March 31, 2015, which is more fully described in Amendment No. 1 to our Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2015, filed with the SEC on March 15, 2016; the restatement of the Company’s condensed consolidated financial statements for the quarter ended June 30, 2015, which is more fully described in Amendment No. 1 to our Quarterly Report on Form 10-Q/A for the quarter ended June 30, 2015, filed with the SEC on March 15, 2016; and the restatement of the Company’s condensed consolidated financial statements for the quarter ended September 30, 2015, which is more fully described in Amendment No. 1 to our Quarterly Report on Form 10-Q/A for the quarter ended September 30, 2015, filed with the SEC on March 15, 2016 The Company currently has seven reportable segments based on management’s organization of the enterprise—Manufacturing, Marine Services, Insurance, Utilities, Telecommunications, Life Sciences, and Other which includes operations that do not meet the separately reportable segment thresholds. 1.Our Manufacturing segment includes Schuff International, Inc. ("Schuff") and its wholly-owned subsidiaries, which primarily operate as integrated fabricators and erectors of structural steel and heavy steel plates with headquarters in Phoenix, Arizona. Schuff has operations in Arizona, Georgia, Texas, Kansas and California, with its construction projects primarily located in the aforementioned states. In addition, Schuff has construction projects in select international markets, primarily Panama through a Panamanian joint venture with Empresas Hopsa, S.A. that provides steel fabrication services. 2.Our Marine Services segment includes Global Marine Systems Limited ("GMSL"). GMSL is a leading provider of engineering and underwater services on submarine cables. In conjunction with the acquisition of GMSL, approximately 3% of the Company’s interest in GMSL was purchased by a group of individuals, leaving the Company’s controlling interest at approximately 97%. 3.Our Insurance segment includes United Teacher Associates Insurance Company ("UTA") and Continental General Insurance Company ("CGI", and together with UTA, "CII" or the "Insurance Companies"). Insurance Companies provide long-term care, life and annuity coverage to approximately 99,000 individuals. The benefits provided help protect our policy and certificate holders from the financial hardships associated with illness, injury, loss of life, or income continuation. 4.Our Utilities segment includes American Natural Gas ("ANG"), which 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 vehicles. ANG’s team is comprised of industry, legal, construction, engineering and entrepreneurial experts who are working directly with the leading natural gas companies to seek out opportunities for building successful natural gas fueling stations. Vehicle manufacturers and fleet operators are pursuing natural gas vehicles in the US markets to reduce carbon emissions and environmental impacts while providing a cost-effective alternative to foreign crude oil. 5.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 service operators and Internet service providers from our International Carrier Services ("ICS") business unit. Wholesale carriers, Prepaid operators, VARS & VOIP service operators. ICS provides a quality service via direct routes & by forming strong relationships with carefully selected partners. 6.In our Life Sciences segment, we operate Pansend Life Sciences, LLC ("Pansend"), which has a 77% 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, and invests in other early stage or developmental stage healthcare companies. 7.In our Other segment, we seek to invest, nurture and grow developmental stage companies, and invest in opportunities where growth potential is significant. We have a 100% ownership interest in DMi, Inc. ("DMi"), which owns licenses to create and distribute NASCAR® video games. Other investments In February 2015, the Company sold 586,095 shares of Novatel Wireless, Inc. (“Novatel”) common stock and a warrant to purchase 293,047 shares of Novatel's common stock for $1.0 million which resulted in a gain of $0.2 million. In March 2015, the Company exercised a warrant to purchase 3,824,600 shares of Novatel's common stock for $8.6 million and also received a new warrant to purchase 1,593,583 shares of Novatel's 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 $6.5 million consists of a trade name of $0.9 million (amortized over 15 years), a technology and customer intangible of $1.3 million (amortized over 7 years) and goodwill of $4.3 million. As of December 31, 2015 the fair value of the investment in Novatel's common stock was approximately $19.2 million. In the first quarter of 2015, the Company purchased $3.0 million of convertible debt of DTV America Corporation (“DTV”) in aggregate. The convertible debt earned 10% interest. In addition, the Company acquired share purchase warrants, which are exercisable for 666,667 and 333,333 DTV's common shares until January 20, 2018 and March 6, 2018, respectively, at an exercise price of $2.00 per share. The principal balance and accrued interest of the convertible debt was automatically converted into 2,081,693 shares of common stock on June 30, 2015. In April 2015, the Company purchased a $16.1 million convertible debenture (the "Debenture") of Gaming Nation, Inc. ("Gaming Nation"). The Debenture earns 6% interest in-kind and the principal and interest is convertible at the Company's option into Gaming Nation's common shares at a conversion price of $2.25. On June 9, 2015, the Debenture became convertible into 8,888,889 of Gaming Nation's common shares until June 9, 2017. In addition, the Company acquired a share purchase warrant, which is exercisable for 28,126,068 of Gaming Nation's common shares until April 6, 2020 at varying exercise prices, commencing at $5.00 per share for the first 2 years. Additionally, in August 2015, the Company purchased 180,415 shares of MediBeacon, Inc., Preferred Stock for $2.9 million for a total ownership of approximately 9%.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and all other subsidiaries over which the Company exerts control, or variable interest entities (“VIEs”). All intercompany profits, transactions and balances have been eliminated in consolidation. Results of operations of acquired companies are included from the dates of acquisition and for VIEs, from the dates that the Company became the primary beneficiary. As of December 31, 2015, the Company has a 100% interest in the Insurance Companies, a 97% interest in GMSL, a 91% interest in Schuff, a 55% interest in ANG and a 100% interest in DMi. Through its subsidiary, Pansend, the Company has a 77% interest in Genovel Orthopedics, Inc. and a 61% interest in R2 Dermatology, 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”) 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 fiscal year of 2015 ended on January 2, 2016. Redeemable Noncontrolling Interest The GMSL noncontrolling interest includes a put right which allows the holder to require the Company to purchase their interests in cash on a determinable date outside the control of the Company. The redeemable noncontrolling interests was initially recorded at fair value and will be subsequently remeasured each reporting period to reflect the redemption value (fair market value) with changes recorded against retained earnings. Discontinued Operations In the second quarter of 2013, the Company sold its BLACKIRON Data segment and reiterated its June 2012 commitment to dispose of ICS. The Company completed the initial closing of the sale of its North America Telecom business on July 31, 2013 and completed the divestiture of the remainder of its North America Telecom business on July 31, 2014 (see Note 23. Discontinued Operations ). In conjunction with the initial closing of the sale of the North America Telecom business, the Company redeemed its outstanding debt issued by PTGi International Holding, Inc. (f/k/a Primus Telecommunications Holding, Inc., “PTHI”) on August 30, 2013. Because the debt was required to be repaid as a result of the sale of North America Telecom, the interest expense and loss on early extinguishment or restructuring of debt of PTHI has been allocated to discontinued operations. In December 2013, based on management’s assessment of the requirements under ASC No. 360, “Property, Plant and Equipment” (“ASC 360”), it was determined that ICS no longer met the criteria of a held for sale asset. On February 11, 2014, the Board of Directors officially ratified management’s December 2013 assessment, and reclassified ICS from held for sale to held and used, effective December 31, 2013. Cash and Cash Equivalents Cash and cash equivalents are comprised principally of amounts in money market accounts, operating accounts, certificates of deposit, and overnight repurchase agreements with original maturities of three months or less. Investments The Company determines the appropriate classification of investments in fixed maturity and equity securities at the acquisition date and re-evaluates the classification at each balance sheet date. Substantially all of our investments in equity and fixed maturity securities are classified as available-for-sale. The Company utilizes the equity method to account for investments when it posseses the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when an investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. The Company applies the equity method to investments in common stock and to other investments when such other investments possess substantially identical subordinated interests to common stock. In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by its proportionate share of the net earnings or losses and other comprehensive income of the investee. The Company records dividends or other equity distributions as reductions in the carrying value of the investment. In the event that net losses of the investee reduce the carrying amount to zero, additional net losses may be recorded if other investments in the investee are at-risk, even if the Company have not committed to provide financial support to the investee. Such additional equity method losses, if any, are based upon the change in the Company's claim on the investee’s book value. Fixed maturities, available-for-sale at fair value include bonds and redeemable preferred stocks. The Company carries these investments at fair value with net unrealized gains or losses, net of tax and related adjustments, reported as a component of accumulated other comprehensive income (loss) (“AOCI”). Equity securities, available-for-sale at fair value include investments in common stock and non-redeemable preferred stock. The Company carries these investments at fair value with net unrealized gains or losses, net of tax and related adjustments, reported as a component of AOCI. Mortgage loans are carried at amortized unpaid balances, net of provisions for estimated losses. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Policy loans are stated at current unpaid principal balances. Policy loans are collateralized by the cash surrender value of the policy. Interest income is recorded as earned using the contractual interest rate. Other invested assets include (i) common stock of publicly traded companies accounted for using the equity method; (ii) common and preferred stock of privately held companies accounted for using the equity or cost method; (ii) limited partnerships and joint ventures accounted for using the equity method; (iii) equity purchase warrants and call options accounted for as a derivative (as discussed below); and, (iv) equity purchase warrants accounted for under the cost method. Premiums and discounts on fixed maturity securities are amortized using the interest method; mortgage-backed securities are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Dividends on equity securities are recognized when declared. When the Company sells a security, the difference between the sale proceeds and amortized cost (determined based on specific identification) is reported as a realized investment gain or loss. When a decline in the value of a specific investment is considered to be other-than-temporary at the balance sheet date, a provision for impairment is charged to earnings (included in realized gains (losses) on investments) and the cost basis of that investment is reduced. If the Company can assert that it does not intend to sell an impaired fixed maturity security and it is not more likely than not that it will have to sell the security before recovery of its amortized cost basis, then the other-than-temporary impairment is separated into two components: (i) the amount related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in AOCI). The credit-related portion of an other-than-temporary impairment is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the impairment charge. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment charge to earnings is recorded to reduce the amortized cost of that security to fair value. Derivatives Equity purchase warrants, equity call options and the Company's issued warrant to purchase its common stock qualify as a derivative under ASC 815, Derivatives and Hedging ("ASC 815"). All of such derivative instruments are recognized as either assets or liabilities at fair value. The change in fair value is recognized within earnings. Fair Value Measurements General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and describes three levels of inputs that may be used to measure fair value: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. Active markets are defined as having the following characteristics for the measured asset/liability: (i) many transactions, (ii) current prices, (iii) price quotes not varying substantially among market makers, (iv) narrow bid/ask spreads and (v) most information publicly available. The Company’s Level 1 financial instruments consist primarily of publicly traded equity securities and highly liquid government bonds for which quoted market prices in active markets are available. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions with significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Such observable inputs include benchmarking prices for similar assets in active, liquid markets, quoted prices in markets that are not active and observable yields and spreads in the market. The Company’s Level 2 financial instruments include corporate and municipal fixed maturity securities, mortgage-backed non-affiliated common stocks priced using observable inputs. Level 2 inputs include benchmark yields, reported trades, corroborated broker/dealer quotes, issuer spreads and benchmark securities. When non-binding broker quotes can be corroborated by comparison to similar securities priced using observable inputs, they are classified as Level 2. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities. Level 3 assets and liabilities include those whose value is determined using market standard valuation techniques. When observable inputs are not available, the market standard techniques for determining the estimated fair value of certain securities that trade infrequently, and therefore have little transparency, rely on inputs that are significant to the estimated fair value and that are not observable in the market or cannot be derived principally from or corroborated by observable market data. These unobservable inputs can be based in large part on management judgment or estimation and cannot be supported by reference to market activity. Even though unobservable, management believes these inputs are based on assumptions deemed appropriate given the circumstances and consistent with what other market participants would use when pricing similar assets and liabilities. For the Company’s invested assets, this category primarily includes private placements, asset-backed securities, and to a lesser extent, certain residential and commercial mortgage-backed securities, among others. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques. Non-binding broker quotes, which are utilized when pricing service information is not available, are reviewed for reasonableness based on the Company’s understanding of the market, and are generally considered Level 3. Under certain circumstances, based on its observations of transactions in active markets, the Company may conclude the prices received from independent third party pricing services or brokers are not reasonable or reflective of market activity. In those instances, the Company would apply internally developed valuation techniques to the related assets or liabilities. Other than transactions described within Note 3. Business Combinations, the Company did not have any significant nonrecurring fair value measurements of non-financial assets and liabilities in 2015 or 2014. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company may utilize information from third parties, such as pricing services and brokers, to assist in determining the fair value for certain assets and liabilities; however, management is ultimately responsible for all fair values presented in the Company’s financial statements. This includes responsibility for monitoring the fair value process, ensuring objective and reliable valuation practices and pricing of assets and liabilities, and approving changes to valuation methodologies and pricing sources. The selection of the valuation technique(s) to apply considers the definition of an exit price and the nature of the asset or liability being valued and significant expertise and judgment is required. Accounts Receivable Accounts receivable is stated at amounts due from customers net of an allowance for doubtful accounts. Our allowance for doubtful accounts considers historical experience, the age of certain receivable balances, credit history, current economic conditions and other factors that may affect the counterparty’s ability to pay. Inventory Inventory is valued at the lower of cost or 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 consolidated statements of operations. Short-term work in progress on contracts is stated at cost less foreseeable losses. These costs include only direct labor and expenses incurred to date and exclude any allocation of overhead. The policy for long-term work in progress contracts is disclosed within the Revenue and Cost Recognition accounting policy. Reinsurance Premium revenue and benefits are reported net of the amounts related to reinsurance ceded to and assumed from other companies. Expense allowances from reinsurers are included in other operating and general expenses. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. Accounting for Income Taxes We recognize deferred tax assets and liabilities for the expected future tax consequences of transactions and events. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement bases and the tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. If necessary, deferred tax assets are reduced by a valuation allowance to an amount that is determined to be more likely than not recoverable. We must make significant estimates and assumptions about future taxable income and future tax consequences when determining the amount of the valuation allowance. The additional guidance provided by ASC No. 740, “Income Taxes” (“ASC 740”), clarifies the accounting for uncertainty in income taxes recognized in the financial statements. Expected outcomes of current or anticipated tax examinations, refund claims and tax-related litigation and estimates regarding additional tax liability (including interest and penalties thereon) or refunds resulting therefrom will be recorded based on the guidance provided by ASC 740 to the extent applicable. At present, our U.S. and foreign companies have significant deferred tax assets resulting from tax loss carryforwards. The foreign deferred tax assets with minor exceptions are fully offset with valuation allowances. The appropriateness and amount of these valuation allowances are based on our assumptions about the future taxable income of each affiliate. If our assumptions have significantly underestimated future taxable income with respect to a particular affiliate, all or part of the valuation allowance for the affiliate would be reversed and additional income could result. The valuation allowances for the U.S. NOL deferred tax assets were released in 2014. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation, which is provided on the straight-line method over the estimated useful lives of the assets. Cost includes major expenditures for improvements and replacements which extend useful lives or increase capacity of the assets as well as expenditures necessary to place assets into readiness for use. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Cost includes finance costs incurred prior to the asset being available for use. Expenditures for maintenance and repairs are expensed as incurred. Costs for internal use software that are incurred in the preliminary project stage and in the post-implementation stage are expensed as incurred. Costs incurred during the application development stage are capitalized and amortized over the estimated useful life of the software. Depreciation is determined on a straight-line basis over the estimated useful lives of the assets, which range from 5 to 40 years for buildings and leasehold improvements, up to 35 years for cable-ships and submersibles, 3 to 15 years for equipment, furniture and fixtures, and 3 to 20 years for plant and transportation equipment. Plant includes equipment on the cable-ships that is portable and can be moved around the fleet and computer equipment. Leasehold improvements are amortized over the lives of the leases or estimated useful lives of the assets, whichever is shorter. Assets under construction are not depreciated until they are complete and available for use. When assets are sold or otherwise retired, the costs and accumulated depreciation are removed from the books and the resulting gain or loss is included in operating results. Property, plant and equipment that have been included as part of the assets held for sale are no longer depreciated from the time that they are classified as such. The Company periodically evaluates the carrying value of its property, plant and equipment based upon the estimated cash flows to be generated by the related assets. If impairment is indicated, a loss is recognized. Goodwill and Other Intangible Assets Under ASC 350, Intangibles—Goodwill and Other (“ASC 350”), goodwill and indefinite lived intangible assets are not amortized but are reviewed annually for impairment, or more frequently, if impairment indicators arise. Intangible assets that have finite lives are amortized over their estimated useful lives and are subject to the provisions of ASC 360. Goodwill impairment is tested at least annually (October 1st) or when factors indicate potential impairment using a two-step process that begins with an estimation of the fair value of each reporting unit. Step 1 is a screen for potential impairment pursuant to which the estimated fair value of each reporting unit is compared to its carrying value. The Company estimates the fair values of each reporting unit by an estimation of the discounted cash flows of each of the reporting units based on projected earnings in the future (the income approach). If there is a deficiency (the estimated fair value of a reporting unit is less than its carrying value), a Step 2 test is required. Step 2 measures the amount of impairment loss, if any, by comparing the implied fair value of the reporting unit’s goodwill with its carrying amount. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined; i.e., through an allocation of the fair value of a reporting unit to all of the assets and liabilities of that unit as if the reporting unit had been acquired in a business combination. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss shall be recognized in an amount equal to that excess. The Company also may utilize the provisions of Accounting Standards Update (“ASU”) No. 2011-8, “Testing Goodwill for Impairment” (“ASU 2011-8”), which allows the Company to use qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company's goodwill is held by 5 separate reporting units, which are subject to their own annual test of impairment on October 1st: Schuff, ICS, ANG, GMSL and DMi. Estimating the fair value of a reporting unit requires various assumptions including projections of future cash flows, perpetual growth rates and discount rates. The assumptions about future cash flows and growth rates are based on the Company’s assessment of a number of factors, including the reporting unit’s recent performance against budget, performance in the market that the reporting unit serves, and industry and general economic data from third party sources. Discount rate assumptions are based on an assessment of the risk inherent in those future cash flows. Changes to the underlying businesses could affect the future cash flows, which in turn could affect the fair value of the reporting unit. Intangible assets not subject to amortization consist of certain licenses. Such indefinite lived intangible assets are tested for impairment annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test shall consist of a comparison of the fair value of an intangible asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an impairment loss shall be recognized in an amount equal to the excess. Intangible assets subject to amortization consists of certain trade names, customer contracts and developed technology. These finite lived intangible assets are amortized based on their estimated useful lives. Such assets are subject to the impairment provisions of ASC 360, wherein impairment is recognized and measured only if there are events and circumstances that indicate that the carrying amount may not be recoverable. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset group. An impairment loss is recorded if after determining that it is not recoverable, the carrying amount exceeds the fair value of the asset. In addition to the foregoing, the Company reviews its goodwill and intangible assets for possible impairment whenever events or circumstances indicate that the carrying amounts of assets may not be recoverable. The factors that the Company considers important, and which could trigger an impairment review, include, but are not limited to: a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit; a significant decline in the market value of our common stock or debt securities for a sustained period; a material adverse change in economic, financial market, industry or sector trends; a material failure to achieve operating results relative to historical levels or projected future levels; and significant changes in operations or business strategy. Valuation of Long-lived Assets The Company reviews long-lived assets for impairment whenever events or changes indicate that the carrying amount of an asset may not be recoverable. In making such evaluations, the Company compares the expected undiscounted future cash flows to the carrying amount of the assets. If the total of the expected undiscounted future cash flows is less than the carrying amount of the assets, the Company is required to make estimates of the fair value of the long-lived assets in order to calculate the impairment loss equal to the difference between the fair value and carrying value of the assets. The Company makes significant assumptions and estimates in this process regarding matters that are inherently uncertain, such as determining asset groups and estimating future cash flows, remaining useful lives, discount rates and growth rates. The resulting undiscounted cash flows are projected over an extended period of time, which subjects those assumptions and estimates to an even larger degree of uncertainty. While the Company believes that its estimates are reasonable, different assumptions could materially affect the valuation of the long-lived assets. The Company derives future cash flow estimates from its historical experience and its internal business plans, which include consideration of industry trends, competitive actions, technology changes, regulatory actions, available financial resources for marketing and capital expenditures and changes in its underlying cost structure. The Company makes assumptions about the remaining useful life of its long-lived assets. The assumptions are based on the average life of its historical capital asset additions and its historical asset purchase trend. In some cases, due to the nature of a particular industry in which the company operates, the Company may assume that technology changes in such industry render all associated assets, including equipment, obsolete with no salvage value after their useful lives. In certain circumstances in which the underlying assets could be leased for an additional period of time or salvaged, the Company includes such estimated cash flows in its estimate. The estimate of the appropriate discount rate to be used to apply the present value technique in determining fair value was the Company’s weighted average cost of capital which is based on the effective rate of its long-term debt obligations at the current market values (for periods during which the Company had long-term debt obligations) as well as the current volatility and trading value of the Company’s common stock. Value of Business Acquired ("VOBA") VOBA is a liability that reflects the estimated fair value of in-force contracts in a life insurance company acquisition less the amount recorded as insurance contract liabilities. It represents the portion of the purchase price that is allocated to the value of the rights to receive future cash flows from the business in force at the acquisition date. A VOBA liability (negative asset) occurs when the estimated fair value of in-force contracts in a life insurance company acquisition is less than the amount recorded as insurance contract liabilities. Amortization is based on assumptions consistent with those used in the development of the underlying contract adjusted for emerging experience and expected trends. VOBA amortization are reported within Depreciation and amortization in the accompanying consolidated statements of operations. The VOBA balance is also periodically evaluated for recoverability to ensure that the unamortized portion does not exceed the expected recoverable amounts. At each evaluation date, actual historical gross profits are reflected, and estimated future gross profits and related assumptions are evaluated for continued reasonableness. Any adjustment in estimated future gross profits requires that the amortization rate be revised (“unlocking”) retroactively to the date of the policy or contract issuance. The cumulative unlocking adjustment is recognized as a component of current period amortization. Annuity Benefits Accumulated Annuity receipts and benefit payments are recorded as increases or decreases in annuity benefits accumulated rather than as revenue and expense. Increases in this liability (primarily interest credited) are charged to expense and decreases for charges are credited to annuity policy charges revenue. Reserves for traditional fixed annuities are generally recorded at the stated account value. Life, Accident and Health Reserves Liabilities for future policy benefits under traditional life, accident and health policies are computed using the net level premium method. Computations are based on the original projections of investment yields, mortality, morbidity and surrenders and include provisions for unfavorable deviations unless a loss recognition event (premium deficiency) occurs. Claim reserves and liabilities established for accident and health claims are modified as necessary to reflect actual experience and developing trends. For long-duration contracts (such as traditional life and long-term care insurance policies), loss recognition occurs when, based on current expectations as of the measurement date, existing contract liabilities plus the present value of future premiums (including reasonably expected rate increases) are not expected to cover the present value of future claims payments and related settlement and maintenance costs (excluding overhead) as well as unamortized acquisition costs. If a block of business is determined to be in loss recognition, a charge is recorded in earnings in an amount equal to the excess of the present value of expected future claims costs and unamortized acquisition costs over existing reserves plus the present value of expected future premiums (with no provision for adverse deviation). The charge is recorded as an additional reserve (if unamortized acquisition costs have been eliminated). In addition, reserves for traditional life and long-term care insurance policies are subject to adjustment for loss recognition charges that would have been recorded if the unrealized gains from securities had actually been realized. This adjustment is included in unrealized gains (losses) on marketable securities, a component of AOCI. Presentation of Taxes Collected The Company reports a value-added tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between the Company and a customer on a net basis (excluded from revenues). Foreign Currency Transactions Foreign currency transactions are transactions denominated in a currency other than a subsidiary’s functional currency. A change in the exchange rates between a subsidiary’s functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is reported by the Company as a foreign currency transaction gain (loss). The primary component of the Company’s foreign currency transaction gain (loss) is due to agreements in place with certain subsidiaries in foreign countries regarding intercompany transactions. The Company anticipates repayment of these transactions in the foreseeable future, and recognizes the realized and unrealized gains or losses on these transactions that result from foreign currency changes in the period in which they occur as foreign currency transaction gain (loss). Foreign Currency Translation The assets and liabilities of the Company’s foreign subsidiaries are translated at the exchange rates in effect on the reporting date. Income and expenses are translated at the average exchange rate during the period. The net effect of such translation gains and losses are reflected within accumulated other comprehensive income (loss) in the stockholders’ equity section of the consolidated balance sheets. Deferred Financing Costs The Company capitalizes certain expenses incurred in connection with its long-term debt and line of credit obligations and amortizes them over the term of the respective debt agreement. The amortization expense of the deferred financing costs is included in interest expense on the consolidated statements of operations. If the Company extinguishes portions of its long-term debt prior to the maturity date, deferred financing costs are charged to expense on a pro rata basis and are included in loss on early extinguishment or restructuring of debt on the consolidated statements of operations. Subsequent to our early adoption of Accounting Standards Update (“ASU”) 2015-03 (see "New Accounting Pronouncements") effective on December 31, 2015, we will reclassify our deferred financing costs to long-term obligations and aggregate them with the original issue discount on the consolidated balance sheets. Previously the Company's deferred financing costs had been included in other assets. Because the adoption of ASU 2015-03 requires retrospective application, the Company reclassified $7.8 million of deferred financing costs from Other assets to Long-term obligations on the consolidated balance sheet as of December 31, 2014. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of net revenue and expenses during the reporting period. Actual results may differ from these estimates. Significant estimates include allowance for doubtful accounts receivable, the extent of progress towards completion on contracts, contract revenue and costs on long-term contracts, valuation of certain investments and the insurance reserves, market assumptions used in estimating the fair values of certain assets and liabilities, the calculation used in determining the fair value of HC2’s stock options required by ASC 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 revenues 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 years 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 on a time apportioned basis over the length of installation. 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 December 31, 2015, Schuff had $165.2 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 December 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. 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. Pensions GMSL operates various pension schemes comprising both defined benefit plans and defined contribution plans. GMSL also makes contributions on behalf of employees who are members of the Merchant Navy Officers Pension Fund (“MNOPF”). For the defined benefit plans and the MNOPF plan, the amounts charged to income (loss) from operations are the current service costs and the gains and losses on settlements and curtailments. These are included as part of staff costs. Past service costs are recognized immediately if the benefits have vested. If the benefits have not vested immediately, the costs are recognized over the period vesting occurs. The interest costs and expected return of assets are shown as a net amount and included in interest income and other income (expense). Actuarial gains and losses are recognized immediately in the consolidated statements of operations. Defined benefit plans are funded with the assets of the plan held separately from those of GMSL, in separate trustee administered funds. Pension plan assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method discounted at a rate of equivalent currency and term to the plan liabilities. The actuarial valuations are obtained annually. For the defined contribution plans, the amount charged to income (loss) from operations in respect of pension costs is the contributions payable in the period. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the consolidated balance sheets. Share-Based Compensation The Company accounts for share-based compensation 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 APIC pool related to the tax effects of share-based compensation and to determine the subsequent impact on the APIC pool and the statement of cash flows of the tax effects of share-based awards that were fully vested and outstanding upon the adoption of ASC 718. The Company uses a Black-Scholes option valuation model to determine the grant date fair value of share-based compensation under ASC 718. The Black-Scholes model incorporates various assumptions including the expected term of awards, volatility of stock price, risk-free rates of return and dividend yield. The expected term of an award is no less than the option vesting period and is based on the Company’s historical experience. Expected volatility is based upon the historical volatility of the Company’s stock price. The risk-free interest rate is approximated using rates available on U.S. Treasury securities with a remaining term similar to the option’s expected life. The Company uses a dividend yield of zero in the Black-Scholes option valuation model as it does not anticipate paying cash dividends in the foreseeable future that do not contain antidilution provisions requiring the adjustment of exercise prices and option shares. Share-based compensation is recorded net of expected forfeitures. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk principally consist of trade accounts receivable. The Company performs ongoing credit evaluations of its customers but generally does not require collateral to support customer receivables. The Company maintains its cash with high quality credit institutions, and its cash equivalents are in high quality securities. Income (Loss) Per Common Share Basic income (loss) per common share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per common share is computed using the weighted average number of shares of common stock, adjusted for the dilutive effect of potential common stock and related income from continuing operations, net of tax. Potential common stock, computed using the treasury stock method or the if-converted method, includes options, warrants, restricted stock, restricted stock units and convertible preferred stock. In periods when the Company generates income, the Company calculates basic earnings per share using the two-class method, pursuant to ASC No. 260, “Earnings Per Share.” The two-class method is required as the shares of the Company’s preferred stock qualify as participating securities, having the right to receive dividends should dividends be declared on common stock. Under this method, earnings for the period are allocated to the common stock and preferred stock to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. The Company does not use the two-class method in periods when it generates a loss as the holders of the preferred stock do not participate in losses. 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, Accounting Standards Update (“ASU”) 2014-8, “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 consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes", which eliminates the requirement to separate deferred tax liabilities and assets between current and noncurrent in a classified balance sheet. The amendments require that all deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as any related valuation allowance, be offset and presented as a single noncurrent amount in a classified balance sheet. The Company early adopted the ASU effective December 31, 2015. In April 2015, the FASB issued ASU 2015-3, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”, which requires that debt issuance costs be reported in the balance sheet as a direct deduction from the face amount of the related liability, consistent with the presentation of debt discounts. Prior to the amendments, debt issuance costs were presented as a deferred charge (i.e., an asset) on the balance sheet. Further, the amendments require the amortization of debt issuance costs to be reported as interest expense. Similarly, debt issuance costs and any discount or premium are considered in the aggregate when determining the effective interest rate on the debt. The Company early adopted this ASU effective December 31, 2015. The Company has retrospectively applied this ASU and reclassified the deferred financing costs from Other assets to Long-term obligations on the consolidated balance sheet as of December 31, 2014. New Accounting Pronouncements In February 2016, the FASB has issued Accounting Standards Update ("ASU") 2016-02, "Leases." Early adoption is permitted. The Company’s effective date for adoption is January 1, 2019. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-01, which, among other things, will require all equity securities currently classified as “available for sale” to be reported at fair value, with holding gains and losses recognized in net income instead of AOCI. The Company will be required to adopt this guidance effective January 1, 2018. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, “Business Combination Topic No. 805: Simplifying the Accounting for Measurement - Period Adjustments”, which requires adjustments to provisional amounts that are identified during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Early adoption is permitted. The Company’s effective date for adoption is January 1, 2016. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest Subtopic No. 835-30: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”, which codifies an SEC staff announcement that entities are permitted to defer and present debt issuance costs related to line-of-credit arrangements as assets. The Company’s effective date for adoption is January 1, 2016. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers Topic No. 606: Deferral of the Effective Date”, which defers the effective date of the new revenue recognition standard by one year. Early adoption is permitted. The Company’s effective date for adoption is January 1, 2018. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In July, 2015, the FASB issued ASU 2015-12, "(Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient". Early application is permitted. The Company's effective date for adoption is January 1, 2016. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, “Inventory Topic No. 330: Simplifying the Measurement of Inventory”, which requires inventory within the scope of the ASU to be measured using the lower of cost and net realizable value. Inventory excluded from the scope of the ASU will continue to be measured at the lower of cost or market. Early adoption is permitted. The Company’s effective date for adoption is January 1, 2017. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In May, 2015, the FASB has issued ASU 2015-9, "Disclosures About Short-Duration Contracts". Early application is permitted. The Company's effective date for adoption is January 1, 2016. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In May 2015, the FASB issued ASU 2015-8, “Business Combinations Topic No. 805: Pushdown Accounting-Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 (SEC Update)”, which rescinds certain SEC guidance in order to confirm with ASU 2014-17, “Pushdown Accounting” (“ASU 2014-17”). ASU 2014-17 was issued in November 2014 and provides a reporting entity that is a business or nonprofit activity (an “acquiree”) the option to apply pushdown accounting to its separate financial statements when an acquirer obtains control of the acquiree. Early adoption is permitted. The Company’s effective date for adoption is January 1, 2016. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, "Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)". Early adoption is permitted. The Company’s effective date for adoption is January 1, 2016. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-2, “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 is currently evaluating the impact of this accounting update on its consolidated financial statements. In January 2015, the FASB issued ASU 2015-1, “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 is currently evaluating the impact of this accounting update on its consolidated financial statements. Effective January 1, 2018, the Company may adopt ASU 2014-09, "Revenue From Contracts With Customers" (Topic 606) using a retrospective approach (with certain optional practical expedients) or a cumulative effect approach. Under the this alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. That is, prior years would not be restated and additional disclosures would be required to enable users of the financial statements to understand the impact of adopting the new standard in the current year compared to prior years that are presented under legacy U.S. GAAP. Early adoption is permitted. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements.

Business Combinations

12 Months Ended

Dec. 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 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.

Insurance Companies

On December 24, 2015, the Company completed the acquisitions of one hundred percent of the interests in the Insurance Companies as well as all assets owned by the sellers of the Insurance Companies or their affiliates that are used exclusively or primarily in the business of the Insurance Companies, subject to certain exceptions. The operations of the Insurance Companies were consolidated into our insurance operating segment, with a plan to leverage their existing platform and industry expertise to identify strategic growth opportunities for managing closed block of long-term care business.

The aggregate consideration provided in connection with the acquisition of the Insurance Companies and related transactions and agreements was $18.6 million, consisting of cash, $2 million in aggregate principal amount of the Company’s Senior Secured Notes, 1,007,422 shares of the Company's common stock and five years warrants to purchase two million shares of the Company's common stock at an exercise price of $7.08 per share (subject to customary adjustments upon stock splits or similar transactions) exercisable on or after February 3, 2016 (the "Warrant").

Purchase Price Allocation

The preliminary fair values of identified assets acquired, liabilities assumed, residual goodwill and consideration transferred are summarized as follows (in thousands):



Fair value of consideration transferred
Cash	$	6,981
Company’s Senior Secured Notes	1,879
Company's common stock	5,380
Warrant	4,332
Total fair value of consideration transfered	$	18,572

Purchase price allocation
Fixed maturities, available for sale at fair value	$	1,230,038
Equity securities, available for sale at fair value	35,697
Mortgage loans	1,252
Policy loans	18,354
Other investments	183
Cash and cash equivalents	48,525
Recoverable from reinsurers	523,076
Accrued investment income	14,417
Deferred tax asset	15,723
Goodwill	29,021



Intangibles	4,850
Other assets	12,869
Total assets acquired	1,934,005
Life, accident and health reserves	(1,592,722		)
Annuity reserves	(259,675		)
Value of business acquired	(50,857		)
Other liabilities	(12,179		)
Total liabilities assumed	(1,915,433		)
Total net assets acquired	$	18,572

The values of intangibles, life, accident and health reserved, annuity reserves, and value of business acquired are estimates and might change.

The acquisition of the Insurance Companies resulted in goodwill of approximately $29.0 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. The Insurance Companies were recognized as a new stand-alone reporting unit. Goodwill is not amortized and is not deductible for tax purposes.

The Value of Business Acquired ("VOBA")

The VOBA was derived using a “Becker-ized” Present Value of Distributable Earnings (“PVDE”) method. The PVDE was derived using the statutory after tax profits. The VOBA was valued at $50.9 million and is amortized over the anticipated remaining future lifetime of the acquired long term care blocks of business. VOBA is amortized in relation to the projected future premium of the acquired long term care blocks of business.

Reinsurance Recoverable

The reinsurance recoverable balance represents amounts recoverable from third party. US GAAP requires insurance reserves and reinsurance recoverable balances to be presented on a gross basis, as opposed to US statutory accounting principles, where reserves are presented net of reinsurance. Accordingly, the Company grossed up the fair value of the net insurance contract liability for the amount of reinsurance of approximately $515.9 million, to arrive at a gross insurance liability, and recognized an offsetting reinsurance recoverable amount of approximately $515.9 million. As part of this process, management considered reinsurance counterparty credit risk and considers it to have an immaterial impact on the reinsurance fair value gross-up. To mitigate this risk substantially all reinsurance is ceded to companies with investment grade S&P ratings.

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

Contingent Liability

Pursuant to the purchase agreement, the Company also agreed to pay to the sellers, on an annual basis with respect to the years 2015 through 2019, the amount, if any, by which the Insurance Companies’ cash flow testing and premium deficiency reserves decrease from the amount of such reserves as of December 31, 2014, up to $13.0 million. The balance is calculated based on the fluctuation of the statutory cash flow testing and premium deficiency reserves annually following each of the Insurance Companies' filing with its domiciliary insurance regulator of its annual statutory statements for each calendar year ending December 31, 2015 through and including December 31, 2019. Based on the 2015 statutory statements, the Company does not have a payment due. Further, the Company's current estimate is that the obligation will not be incurred up through the year ended December 31, 2019. This expectation is primarily driven by the following factors (i) less confidence that treasury rates will be increasing back to historical averages any time soon; (ii) poor stock market performance in the first months of 2016; (iii) uncertainty around future operating expenses historically performed by sellers; and (iv) the premium deficiency reserve as reported at December 31, 2015 increased by approximately $8.0 million and since the balance is cumulative over the period, a decrease of approximately $8.0 million would be required first before there would be any obligation to the sellers. The Company will re-perform this assessment at each reporting period through December 31, 2019 or until the $13.0 million is paid in full.

Control Level Risk-Based Capital

In connection with the consummation of the acquisition, the Company has agreed with the Ohio Department of Insurance (ODOI) that, for five years following the closing of the transaction, it will contribute to CGI cash or marketable securities acceptable to the ODOI to the extent required for CGI’s total adjusted capital to be not less than 400% of CGI’s authorized control level risk-based capital (each as defined under Ohio law and reported in CGI’s statutory statements filed with the ODOI). Similarly, the Company has agreed with the Texas Department of Insurance (TDOI) that, for five years following the closing of the transaction, it will contribute to UTA cash or other admitted assets acceptable to the TDOI to the extent required for UTA’s total adjusted capital to be not less than 400% of UTA’s authorized control level risk-based capital (each as defined under Texas law and reported in UTA’s statutory statements filed with the TDOI).

Also in connection with the consummation of the acquisition, each of the Insurance Companies entered into a capital maintenance agreement with Great American Financial Resources, Inc., ("GAFRI") (each, a “Capital Maintenance Agreement”, and collectively, the “Capital Maintenance Agreements”). Under each Capital Maintenance Agreement, if the applicable Insurance Company's total adjusted capital reported in its annual statutory statements is less than 400% of its authorized control level risk-based capital, GAFRI will pay cash or assets to the applicable Insurance Company as required to eliminate such shortfall (after giving effect to any capital contributions made by the Company or its affiliates since the date of the relevant annual statutory statement). GAFRI’s obligation to make such payments is capped at $25.0 million under the Capital Maintenance Agreement with UTA and $10.0 million under the Capital Maintenance Agreement with CGI. Each of the Capital Maintenance Agreements will remain in effect from January 1, 2016 to January 1, 2021 or until payments by GAFRI thereunder equal $35.0 million. Pursuant to the purchase agreement, the Company will indemnify GAFRI for the amount of any payments made by it under the Capital Maintenance Agreements.

As of December 31, 2015, total adjusted capital reported in Insurance Companies' annual statutory statements was in excess of 400% of its authorized control level risk-based capital.

Schuff

On May 29, 2014, the Company completed the acquisition of 2.5 million shares of common stock of Schuff 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 of 2014 and the year ended December 31, 2015, 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 823,694 shares and an increase in our ownership interest to 91%. The Company acquired Schuff to expand the business that it engages in and saw Schuff as an opportunity to enter the steel fabrication and erection market.

The table below summarizes the 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 $78.8 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 (the acquisition of 2.5 million shares of common stock), and the fair value of the noncontrolling interest of 40%.

The 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
Property and equipment, net	85,662
Goodwill	24,490
Trade names	4,478



Other assets	2,947
Total assets acquired	293,978


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
Long-term debt	4,375
Deferred tax liability	7,693
Other liabilities	604
Noncontrolling interest	4,365
Total liabilities assumed	161,581
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 $24.5 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. Schuff was recognized as a new stand-alone reporting unit. Goodwill is not amortized and is not deductible for tax purposes.

Amortizable Intangible Assets

The Schuff trade name was valued using a relief from royalty methodology. An estimated 60% of Schuff's revenue is generated from Schuff’s relationship with general contractors. Thus, a value of the Schuff trade name was calculated based on the present value of Schuff’s projected revenues for 15 years multiplied by 60%. The Schuff trade name was valued at $4.5 million and is being amortized over a 15 year life.

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 May 2014 acquisition date through December 31, 2014, the Company has 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 consolidated statement of stockholders' equity. In the year ended December 31, 2015, the Company acquired an additional 14,551 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 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. The Company acquired ANG for its strong growth potential which is in line with the Company’s strategy to find investments that it can operate to 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 we determined to be $8.2 million.

The purchase price allocation 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
Goodwill	1,374
Other assets	2
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 noncontrolling 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. ANG was recognized as a new stand-alone reporting unit. Goodwill is not amortized and is not deductible for tax purposes.

Amortizable Intangible Assets

The ANG trade name was valued using a relief from royalty methodology. The value of the ANG trade name was calculated based on ANG’s projected revenues for 15 years. An estimated royalty of 4% (looking at other market participants) was calculated net of tax based upon those revenues and present valued over 15 years. The ANG trade name was valued at $6.3 million and is being amortized over a 15 year life. Customer contracts were valued using a multi-period excess earnings methodology. The value of the customer contracts ANG holds for its owned and operated facilities was calculated based on the present value of ANG’s net income from those contracts for 4 years. The customer contracts were valued at $2.7 million and are being amortized over a 4 year life.

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. The Company acquired GMSL for its attractive valuation and strong cash position.

The table below summarizes the 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 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 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. GMSL was recognized as a new stand-alone reporting unit. Goodwill is not amortized and is not deductible for tax purposes.

Amortizable Intangible Assets

Customer contracts were valued using a multi-period excess earnings methodology. Projected revenues and margins were used to forecast the earnings for each contract taking into consideration probabilities of contract renewals. Three customer contracts were valued at £5.0 million ($8.1 million using the exchange rate in effect at the time of acquisition) and are being amortized over a 15 year life.

The GMSL trade name was valued using a relief from royalty methodology. Given an element of uncertainty surrounding the GMSL trade name, and consistent with likely market participant use, a probability of continuing use was applied to the projected revenue stream. The GMSL trade name was valued at £0.7 million ($1.1 million using the exchange rate in effect at the time of acquisition) and is being amortized over a 3 year life.

The developed technology was valued using a relief from royalty methodology. The fair value was estimated based on the revenue attributable to developed technology and the hypothetical royalties avoided by owning the technology as well as the current royalties earned, the revenue stream was adjusted for technology obsolescence, as the technology will decay over time and be replaced by new technologies. The developed technology was preliminarily valued at £0.8 million ($1.3 million using the exchange rate in effect at the time of acquisition) and is being amortized over a 4 year life.

GMSL's Joint Ventures (accounted for under the Equity Method)

S. B. Submarine Systems Co., Ltd. (“SBSS”) – This investment was valued using an income approach (income capitalization method) and market approach (guideline public company method) and weighted each 50-50 to arrive at an operating value. From there, debt was added and a 35% ‘discount for the lack of marketability’ was applied to arrive at a fair value. That fair value was multiplied by GMSL’s ownership percentage to arrive a fair value applicable to GMSL. The income approach used year end 2014 results as acquisition-date financials as projections were not available. The multiples applied under the market approach were based on EBITDA and revenue multiples for entities operating in the same industry. The valuation resulted in a fair value of £8.4 million ($13.7 million using the exchange rate in effect at the time of acquisition).

Huawei Marine Networks Co., Ltd. ("HMN") – This investment was valued using a market approach (guideline public company method) and cost approach (book value of equity) and weighted each 50-50 to arrive at an operating value. There was no debt but a 30% ‘discount for the lack of marketability’ was applied to arrive at a fair value. That fair value was multiplied by GMSL’s ownership percentage to arrive a fair value applicable to GMSL. The multiples applied under the market approach were based on EBITDA and revenue multiples for entities operating in the same industry. The valuation resulted in a fair value of £4.3 million ($7.0 million using the exchange rate in effect at the time of acquisition).

International Cableship Pte., Ltd. ("ICPL") – This investment was valued using a cost approach (book value of equity) to arrive at an operating value. There was no debt but a 20% ‘discount for the lack of marketability’ was applied to arrive at a fair value. That fair value was multiplied by GMSL’s ownership percentage to arrive a fair value applicable to GMSL. The valuation resulted in a fair value of £2.8 million ($4.5 million using the exchange rate in effect at the time of acquisition).

Sembawang Cable Depot Pte., Ltd. ("SCDP") – This investment was valued using an income approach (income capitalization method) and market approach (guideline public company method) and weighted each 50-50 to arrive at an operating value. There was no debt, but a 20% ‘discount for the lack of marketability’ was applied to arrive at a fair value. That fair value was multiplied by GMSL’s ownership percentage to arrive a fair value applicable to GMSL. The income approach used year end 2014 results as acquisition-date financials as projections were not available. The multiples applied under the market approach were based on EBITDA and revenue multiples for entities operating in the same industry. The valuation resulted in a fair value of £0.7 million. ($1.1 million using the exchange rate in effect at the time of acquisition).

Other investments were valued at £0.3 million ($0.5 million using the exchange rate in effect at the time of acquisition). The fair value was determined to approximate carrying value.

The total fair values of SBSS, HMN, ICPL and SCDP was £16.2 million, while the carrying value (based on GMSL’s ownership percentage and using the balance sheets as of December 31, 2014) was £25.2 million. This resulted in a basis difference of £9.0 million ($14.6 million using the exchange rate in effect at the time of acquisition), of which the majority of was attributable to SBSS. This basis difference will be accreted up over a 9 year period which will result in the increase to the investment in SBSS.

Pro Forma Adjusted Summary

The results of operations for the Insurance Companies, 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):



	Years Ended December 31,
		2015			2014
Net revenue		$	1,243,173		$	1,006,091

Net income (loss) from continuing operations		$	23,026		$	10,859
Gain (loss) from discontinued operations		(21		)	(3,105		)

Net income (loss) attributable to HC2		$	23,202		$	7,754

Per share amounts:
Income (loss) from continuing operations		$	0.87		$	0.55
Gain (loss) from discontinued operations		—			(0.16		)
Net income (loss) attributable to HC2		$	0.87		$	0.39

All expenditures incurred in connection with the acquisitions were expensed and are included in selling, general and administrative expenses. Transaction costs incurred in connection with the Insurance Companies acquisition were $4.3 million during the year ended December 31, 2015. Transaction costs incurred in connection with the Schuff acquisition were $0.3 million during the year ended December 31, 2014. Transaction costs incurred in connection with the GMSL acquisition were $8.0 million during the year ended December 31, 2014. Transaction costs associated with the ANG acquisition were immaterial.

The results of operations for the Insurance Companies have been included in the consolidated results of operations from the respective acquisition dates through December 31, 2015. The results of operations for Schuff, ANG, and GMSL have been included in the consolidated results of operations from the respective acquisition dates through December 31, 2014. The Company recorded net revenue and net income (loss) as follows (in thousands):



	Year Ended December 31, 2015
	Net Revenue		Net Income (Loss)
Insurance Companies	$	2,865	$	1,634



	Year Ended December 31, 2014
	Net Revenue		Net Income (Loss)
Schuff	$	348,318	$	13,652
ANG	1,839		415
GMSL	35,328		7,170

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-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
-Topic 805
-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
-SubTopic 30
-Section 50
-Paragraph 1
-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
-SubTopic 20
-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
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-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
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4934-128472

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
-SubTopic 10
-Section 50
-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
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Investments

12 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Investments

Fixed Maturity and Equity Securities Available-for-Sale

The following tables provide information relating to investments in fixed maturity and equity securities as of December 31, 2015 and 2014 (in thousands):



December 31, 2015	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Fixed maturity securities
U.S. Government and government agencies	$	17,131	$	1	$	(49	)	$	17,083
States, municipalities and political subdivisions	387,427		60		(1,227		)	386,260
Foreign government	6,426		3		—			6,429
Residential mortgage-backed securities	166,324		579		(588		)	166,315



Commercial mortgage-backed securities	74,898		233		(96		)	75,035
Asset-backed securities	34,396		106		(51		)	34,451
Corporate and other	548,289		318		(2,339		)	546,268
Total fixed maturity securities	$	1,234,891	$	1,300	$	(4,350	)	$	1,231,841

Equity securities
Common stocks	$	19,935	$	1	$	(1,311	)	$	18,625
Perpetual preferred stocks	30,901		162		(6		)	31,057
Total equity securities	$	50,836	$	163	$	(1,317	)	$	49,682



December 31, 2014	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Fixed maturity securities
Corporate and other	$	250	$	—	$	—	$	250
Total fixed maturity securities	$	250	$	—	$	—	$	250
Equity securities
Common stocks	$	2,405	$	2,462	$	—	$	4,867
Total equity securities	$	2,405	$	2,462	$	—	$	4,867

The Company has investments in mortgage backed securities ("MBS") that contain embedded derivatives (primarily interest-only MBS) that do not qualify for hedge accounting. The Company records the entire change in the fair value of these securities in earnings. These investments had a fair value of $21.0 million at December 31, 2015, and were not held by the Company at December 31, 2014. The gain resulting for changes in fair value of these securities was $0.3 million for the year ended December 31, 2015.

Maturities of Fixed Maturity Securities Available-for-Sale

The amortized cost and fair value of fixed maturity securities available-for-sale at December 31, 2015 are shown by contractual maturity in the table below (dollars in thousands). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset and mortgage-backed securities are shown separately in the table below, as they are not due at a single maturity date (in thousands).



	Amortized		Fair
Corporate, Municipal, U.S. Government and Other securities	Cost		Value
Due in one year or less	$	16,711	$	16,700
Due after one year through five years	141,237		141,132
Due after five years through ten years	168,061		167,610
Due after ten years	633,264		630,598
Subtotal	959,273		956,040
Mortgage-backed securities	241,222		241,350
Asset-backed securities	34,396		34,451
Total	$	1,234,891	$	1,231,841

Corporate Fixed Maturity Securities

The tables below show the major industry types of the Company’s Corporate and other fixed maturity holdings as of December 31, 2015 and 2014 (in thousands):



December 31, 2015	Amortized		Fair		% of
	Cost		Value		Total
Finance, insurance, and real estate	$	217,946	$	217,377	39.8	%



Transportation, communications, electric, gas and sanitary services	156,022		155,175		28.4
Manufacturing	95,138		94,792		17.4
Other	79,183		78,924		14.4
Total	$	548,289	$	546,268	100.0	%



December 31, 2014	Amortized		Fair		% of
	Cost		Value		Total
Finance, insurance, and real estate	$	—	$	—	—	%
Transportation, communications, electric, gas and sanitary services	—		—		—
Manufacturing	—		—		—
Other	250		250		100.0
Total	$	250	$	250	100.0	%

Other-Than-Temporary Impairments - Fixed Maturity and Equity Securities

A portion of certain other-than-temporary impairment (“OTTI”) losses on fixed maturity securities is recognized in AOCI. For these securities the net amount recognized in the consolidated statements of operations (“credit loss impairments”) represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment. Any remaining difference between the fair value and amortized cost is recognized in AOCI. The Company did not record any impairments on fixed maturity or equity securities during the years ended December 31, 2015, 2014 or 2013.

Unrealized Losses for Fixed Maturity and Equity Securities Available-for-Sale

The following table presents the total unrealized losses for the 527 fixed maturity and equity securities at December 31, 2015, where the estimated fair value had declined and remained below amortized cost by the indicated amount (in thousands). There were no unrealized losses for fixed and equity securities at December 31, 2014:



	Unrealized			% of
	Losses			Total
Less than 20%	$	(5,667	)	100.0	%
20% or more for less than six months	—			—	%
20% or more for six months or greater	—			—
Total	$	(5,667	)	100.0	%

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

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

The Company believes it will recover its cost basis in the securities with unrealized losses and that the Company has the ability to hold the securities until they recover in value. The Company neither has an intention to sell nor does it expect to be required to sell the securities with unrealized losses as of December 31, 2015. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity and equity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines.

The following tables present the estimated fair values and gross unrealized losses for 527 fixed maturity and equity securities that have estimated fair values below amortized cost as of December 31, 2015. There were no unrealized losses for fixed and equity securities at December 31, 2014. The Company does not have any other-than-temporary impairment losses reported in AOCI. These investments are presented by investment category and the length of time the related fair value has remained below amortized cost (in thousands):



December 31, 2015	Less than 12 months					12 months or greater				Total
	Fair		Unrealized			Fair		Unrealized		Fair		Unrealized
	Value		Loss			Value		Loss		Value		Loss
Fixed maturity securities
U.S. Government and government agencies	$	15,409	$	(49	)	$	—	$	—	$	15,409	$	(49	)
States, municipalities and political subdivisions	294,105		(1,227		)	—		—		294,105		(1,227		)
Residential mortgage-backed securities	77,695		(588		)	—		—		77,695		(588		)
Commercial mortgage-backed securities	44,618		(96		)	—		—		44,618		(96		)
Asset-backed securities	22,550		(51		)	—		—		22,550		(51		)
Corporate and other	461,431		(2,339		)	—		—		461,431		(2,339		)
Total fixed maturity securities	$	915,808	$	(4,350	)	$	—	$	—	$	915,808	$	(4,350	)
Equity securities
Common stocks	$	13,657	$	(1,311	)	$	—	$	—	$	13,657	$	(1,311	)
Perpetual preferred stocks	7,378		(6		)	—		—		7,378		(6		)
Total equity securities	$	21,035	$	(1,317	)	$	—	$	—	$	21,035	$	(1,317	)

At December 31, 2015, investment grade fixed maturity securities (as determined by nationally recognized rating agencies) represented approximately 83.0% of the gross unrealized loss and 90.8% of the fair value.

Certain risks are inherent in connection with fixed maturity securities, including loss upon default, price volatility in reaction to changes in interest rates, and general market factors and risks associated with reinvestment of proceeds due to prepayments or redemptions in a period of declining interest rates.

Other Invested Assets

Other invested assets represent approximately 3.9% and 90.8% of the Company’s total investments as of December 31, 2015 and 2014, respectively. Carrying values of other invested assets as of December 31, 2015 and 2014 are as follows (in thousands):



	2015				2014
	Cost Method		Equity Method		Cost Method		Equity Method
Common Equity	$	249	$	6,475	$	—	$	10,463
Preferred Equity	1,655		7,522		—		7,453
Warrants	3,880		—		2,956		—
Limited partnerships	—		1,171		—		1,151
GMSL Joint Ventures	—		27,324		—		28,543
Total	$	5,784	$	42,492	$	2,956	$	47,610

Additionally, of December 31, 2015, other invested assets include common stock purchase warrants and call options accounted under the ASC 815 (in thousands):



	Cost		Gains		Losses			Fair Value
Warrants	$	6,383	$	428	$	(2,600	)	$	4,211
Call options	1,680		—		(1,048		)	632
Total	$	8,063	$	428	$	(3,648	)	$	4,843

Summarized information for the Company's equity method investments as of and for the years ended December 31, 2015 and 2014 (in thousands) is as follows (information for one of the investees is reported on a one month lag):



	Years Ended December 31,
		2015			2014
Net revenue		$	502,122		$	151,594
Gross profit		$	103,236		$	35,783
Income (loss) from continuing operations		$	(18,743	)	$	5,142
Net income (loss)		$	(36,873	)	$	5,142

Current assets		$	256,372		$	269,864
Noncurrent assets		$	219,434		$	149,995
Current liabilities		$	169,002		$	179,552
Noncurrent liabilities		$	132,934		$	18,063

The Company holds Gaming Nation's convertible debt and warrant currently reported within fixed maturities, available-for-sale at fair value and other invested assets, respectively, with unrealized gains and losses recorded within other comprehensive income and earnings, respectively. For the year ended December 31, 2015 the Company recorded unrealized losses of $5.8 million and $2.0 million in other comprehensive income and earnings for debenture and warrant, respectively. If both assets were converted into the Gaming Nation's common stock, the Company would have recorded approximately $3.3 million of losses in earnings based on the Unaudited Condensed Consolidated Interim Financial Statements for the nine months ended September 30, 2015, the latest publicly available filing.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Assets by Hierarchy Level

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014 are summarized below (dollars in thousands). At December 31, 2014 no liabilities were carried at fair value.



December 31, 2015			Fair Value Measurements Using:
	Total		Level 1		Level 2		Level 3
Assets
Fixed maturity securities
U.S. Government and government agencies	$	17,083	$	5,753	$	11,257	$	73
States, municipalities and political subdivisions	386,260		—		380,601		5,659
Foreign government	6,429		—		6,429		—
Residential mortgage-backed securities	166,315		—		87,296		79,019
Commercial mortgage-backed securities	75,035		—		14,510		60,525
Asset-backed securities	34,451		—		6,798		27,653
Corporate and other	546,268		7,090		525,234		13,944
Total fixed maturity securities	1,231,841		12,843		1,032,125		186,873
Equity securities
Common stocks	18,625		13,693		—		4,932
Perpetual preferred stocks	31,057		10,271		20,786		—
Total equity securities	49,682		23,964		20,786		4,932
Derivatives	4,843		632		—		4,211
Total assets accounted for at fair value	$	1,286,366	$	37,439	$	1,052,911	$	196,016

Liabilities
Warrant liability	$	4,332	$	—	$	—	$	4,332
Total liabilities accounted for at fair value	$	4,332	$	—	$	—	$	4,332



December 31, 2014			Fair Value Measurements Using:
	Total		Level 1		Level 2		Level 3
Assets
Fixed maturity securities
Corporate and other	$	250	$	—	$	—	$	250
Total fixed maturity securities	250		—		—		250
Equity securities
Common stocks	4,867		4,867		—		—
Total equity securities	4,867		4,867		—		—
Cash Equivalents	908		908		—		—
Total financial assets	$	6,025	$	5,775	$	—	$	250

There were no transfers between levels of the fair value hierarchy during the years ended December 31, 2015 and 2014.

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

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

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

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

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

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

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

Equity Securities – the balance consists principally of common and preferred stock of publicly and privately traded companies. The fair values of publicly traded equity securities are primarily based on quoted market prices in active markets and are classified within Level 1 in the fair value hierarchy. The fair values of preferred equity securities, for which quoted market prices are not readily available, are based on prices obtained from independent pricing services and these securities are generally classified within Level 2 in the fair value hierarchy.

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

Derivatives – the balance consists of common stock purchase warrants and call options. The fair values of the call options are primarily based on quoted market prices in active markets and are classified within Level 1 in the fair value hierarchy.Depending on the terms, the common stock warrants were valued using either Black-Scholes analysis or Monte Carlo Simulation. Fair value was determined using unobservable market inputs, including volatility and underlying security values, therefore the common stock purchase warrants were classified as Level 3.

Warrant Liability – the balance consists of the Warrant and recorded within other liabilities on the Consolidated Balance Sheets. Fair value was determined using Monte Carlo Simulation. Monte Carlo Simulation was utilized because the adjustments for exercise price and warrant shares represent path dependent features; the exercise price from prior periods needs to be known to determine whether a subsequent sale of shares occurs at a price that is lower than the then current exercise price. The analysis entails a Geometric Brownian Motion based simulation of one hundred unique price paths of the Company's stock for each combination of assumptions. Fair value was determined using unobservable market inputs, including volatility, and a range of assumptions regarding a possibility of an equity capital raise each year and the expected size of future equity capital raises. The present value of a given simulated scenario was based on intrinsic value at expiration discounted to the valuation date, taking into account any adjustments to the exercise price or warrant shares issuable. The average present value across all one hundred independent price paths represents the estimate of fair value for each combination of assumption. Therefore, the warrant liability was classified as Level 3.

Level 3 Measurements and Transfers

Changes in balances of Level 3 financial assets carried at fair value during the year ended December 31, 2015 and 2014 are presented below (in thousands).



				Total realized/unrealized gains (losses) included in
	Balance at December 31, 2014			Net earnings (loss)		Other comp. income (loss)			Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2015
Assets
Fixed maturity securities
U.S. Government and government agencies		$	—	$	—	$	(1	)	$	74	$	—	$	—	$	—		$	73
States, municipalities and political subdivisions		—		—		7			5,652		—		—		—			5,659
Foreign government		—		—		—			—		—		—		—			—
Residential mortgage-backed securities		—		301		(166		)	78,884		—		—		—			79,019



Commercial mortgage-backed securities	—		(45		)	197			60,373		—			—		—		60,525
Asset-backed securities	—		—			—			27,653		—			—		—		27,653
Corporate and other	250		—			(53		)	14,247		(500		)	—		—		13,944
Total fixed maturity securities	250		256			(16		)	186,883		(500		)	—		—		186,873
Equity securities
Common stocks	—		—			—			4,932		—			—		—		4,932
Perpetual preferred stocks	—		—			—			—		—			—		—		—
Total equity securities	—		—			—			4,932		—			—		—		4,932
Warrants	—		(1,544		)	(628		)	6,383		—			—		—		4,211
Total financial assets	$	250	$	(1,288	)	$	(644	)	$	198,198	$	(500	)	$	—	$	—	$	196,016
Liabilities
Warrants	$	—	$	—		$	—		$	4,332	$	—		$	—	$	—	$	4,332
Total financial liabilities	$	—	$	—		$	—		$	4,332	$	—		$	—	$	—	$	4,332



				Total realized/unrealized gains (losses) included in
	Balance at December 31, 2013			Net earnings (loss)		Other comp. income (loss)		Purchases and issuances		Sales and settlements		Transfers into Level 3		Transfers out of Level 3		Balance at December 31, 2014
Assets
Fixed maturity securities
Corporate and other		$	—	$	—	$	—	$	250	$	—	$	—	$	—		$	250
Total fixed maturity securities		—		—		—		250		—		—		—			250
Total financial assets		$	—	$	—	$	—	$	250	$	—	$	—	$	—		$	250

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

Fair Value of Financial Instruments Not Measured at Fair Value

The Company is required by general accounting principles for Fair Value Measurements and Disclosures to disclose the fair value of certain financial instruments including those that are not carried at fair value. The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, at December 31, 2015 and December 31, 2014. This table excludes carrying amounts reported in the consolidated balance sheets for cash, accounts receivable, costs and recognized earnings in excess of billings, accounts payable, accrued expenses, billings in excess of costs and recognized earnings, and other current assets and liabilities approximate fair value due to relatively short periods to maturity.



December 31, 2015					Fair Value Measurement Using:
	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Assets
Mortgage loans	$	1,252	$	1,252	$	—	$	—	$	1,252
Policy loans	18,476		18,476		—		18,476		—
Other invested assets	5,784		3,434		—		—		3,434
Total assets not accounted for at fair value	$	25,512	$	23,162	$	—	$	18,476	$	4,686
Liabilities
Annuity benefits accumulated ⁽¹⁾	257,454		258,847		—		—		258,847
Long-term obligations ⁽²⁾	319,180		310,307		—		310,307		—
Total liabilities not accounted for at fair value	$	576,634	$	569,154	$	—	$	310,307	$	258,847



December 31, 2014					Fair Value Measurement Using:
	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Assets
Other invested assets	$	2,956	$	7,988	$	—	$	—	$	7,988
Total assets not accounted for at fair value	$	2,956	$	7,988	$	—	$	—	$	7,988
Liabilities
Long-term obligations ⁽²⁾	$	278,195	$	276,791	$	—	$	276,791	$	—
Total liabilities not accounted for at fair value	$	278,195	$	276,791	$	—	$	276,791	$	—

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

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

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

Policy Loans – the policy loans are reported at the unpaid principal balance and carry a fixed interest rate. The Company determined that the carrying value approximates fair value because (i) policy loans present no credit risk as the amount of the loan cannot exceed the obligation due upon the death of the insured or surrender of the underlying policy; (ii) there is no active market for policy loans, i.e. there is no commonly available exit price to determine the fair value of policy loans in the open market; (iii) policy loans are intricately linked to the underlying policy liability and in many cases, policy loan balances are recovered through offsetting the loan balance against the benefits paid under the policy; and (iv) policy loans can be repaid by policyholders at any time, and this prepayment uncertainty reduces the potential impact of a difference between amortized cost (carrying value) and fair value. The valuation of policy loans is considered Level 2 in the fair value hierarchy.

Other Invested Assets – the balance primarily includes common stock purchase warrants. The fair values were derived using Black-Scholes analysis using unobservable market inputs, including volatility and underlying security values, therefore the common stock purchase warrants were classified as Level 3.

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

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

- Definition

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

+ References + Details

Accounts Receivable

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Accounts Receivable

Accounts receivable consist of the following (in thousands):



	December 31,
	2015			2014
Contract receivables:
Contracts in progress	$	103,178		$	112,929
Unbilled retentions	31,195			32,850
Trade receivables	77,150			9,065
Other receivables	124			195
Allowance for doubtful accounts	(794		)	(2,760		)
	$	210,853		$	152,279

Contracts in Progress

12 Months Ended

Dec. 31, 2015

Contractors [Abstract]

Contracts in Progress

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 (in thousands):



	December 31,
	2015		2014
Costs incurred on contracts in progress	$	597,656	$	531,129
Estimated earnings	99,985		73,540
	697,641		604,669
Less progress billings	679,532		618,530
	$	18,109	$	(13,861	)
The above is included in the accompanying consolidated balance sheet under the following captions:
Costs and recognized earnings in excess of billings on uncompleted contracts	39,310		28,098
Billings in excess of costs and recognized earnings on uncompleted contracts	21,201		41,959
	$	18,109	$	(13,861	)

Inventory

12 Months Ended

Dec. 31, 2015

Inventory Disclosure [Abstract]

Inventory

Inventory consist of the following (in thousands):



	December 31,
	2015		2014
Raw materials	$	10,485	$	12,956
Work in process	1,289		1,779
Finished goods	346		240
	$	12,120	$	14,975

Property and Equipment, net

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property, Plant and Equipment, net

Property, plant and equipment, net consist of the following (in thousands):



	December 31,
	2015		2014
Land	$	15,521	$	19,179
Building and leasehold improvements	31,530		29,520
Plant and transportation equipment	4,747		7,090
Cable-ships and submersibles	137,458		136,252
Equipment, furniture and fixtures	50,171		35,229
Construction in progress	10,427		12,150
	249,854		239,420
Less accumulated depreciation and amortization	35,388		6,398
	$	214,466	$	233,022

Depreciation expense was $26.8 million, $9.8 million and $12.0 million for the years ended December 31, 2015, 2014 and 2013, respectively. These amounts included $7.9 million, $4.3 million and zero of depreciation expense within cost of revenue for the years ended December 31, 2015, 2014 and 2013, respectively. Depreciation and amortization expense in 2013 includes depreciation and amortization for the period July 1, 2012—December 31, 2013, when the property and equipment of ICS was included in assets held for sale. In accordance with US GAAP, held for sale assets are not depreciated. When ICS was no longer considered to be held for sale, we were required to record all unrecorded depreciation in the fourth quarter of 2013.

As of December 31, 2015 and 2014, total net book value of equipment under capital leases consisted of $66.8 million and $75.5 million of cable-ships and submersibles, respectively.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill

The Company performed its annual goodwill impairment test for each of the reporting units on October 1, 2015. Based on the results of the step one test, the Company determined that the fair value was in excess of the carrying value and a step two test was not required. The Company used varying approaches to determine the fair value that includes one or more of the following:

•

Income-based approach looking at the most current financial projections available to determine the outlook for future income generation. Estimates of future income were projected for a five year forecast period after which assumptions were made relative to a terminal period. These estimates of forecast and terminal income were then discounted to determine an enterprise value using a discounted cash flow method (“DCF”);

•

Market-based approach under the guideline public company (“GPCM”) and guideline transaction method (“GTM”). The GPCM reviews the performance of several related companies within the same industry and applies similar income measurements of those companies to our reporting units to calculate fair value. The GTM reviews a list of completed transactions within the same industry and applies similar income measurement used to value those transactions to our reporting units to calculate fair value; and


•	Cost approach using the carrying value as an approximation of fair value.

The following is a summary of the approaches used for each reporting unit:

•

Schuff was valued using a combination of market and income-based approaches. Under the market approach, valuation multiples were selected based on an analysis of the operating and valuation metrics of comparable publicly-traded companies and also for relevant market transactions over the past three years. The income approach was based on a DCF using financial estimates prepared by the company applying a discount rate of 14.0%;

•

GMSL was valued using a combination of market and income-based approaches. Under the market approach, valuation multiples were selected based on an analysis of the operating and valuation metrics of comparable publicly-traded companies and also for relevant market transactions over the past three years. The income approach was based on a DCF using financial estimates prepared by the company applying a discount rate of 15.5%


•	ICS was valued with an income approach based on a DCF using financial estimates prepared by the company applying a discount rate of 16.5%;


•	ANG was valued with a combination of cost and market-based approaches. Under the cost approach, an adjusted net assets value was prepared using the balance sheet of the company. Under the market approach, valuation multiples were selected based on an analysis of the operating and valuation metrics of comparable publicly-traded companies;


•	CIG was not included in the Company's annual goodwill impairment testing. Completion of the acquisition of the Insurance Companies occurred December 24, 2015 and there no adverse changes in conditions as of December 31, 2015 that would indicate a need for an out of cycle testing of the reporting unit.


•	Other includes DMi and was valued with a combination of cost and income-based approaches. Under the cost approach, an adjusted net assets value was prepared using the balance sheet of the company. The income approach was based on a DCF using financial estimates prepared by the company applying a discount rate of 45.0%.

The changes in the carrying amount of goodwill by reporting unit for the years ended December 31, 2015 and 2014 are as follows (in thousands):



	Schuff			GMSL			ICS		ANG		CIG		Other		Total
Balance as of January 1, 2014	$	—		$	—		$	3,378	$	—	$	—	$	—	$	3,378
Effect of change in foreign currency exchange rates	—			(190		)	—		—		—		—		(190		)
Acquisition of business	24,612			1,366			—		1,374		—		—		27,352
Balance as of December 31, 2014	$	24,612		$	1,176		$	3,378	$	1,374	$	—	$	—	$	30,540
Effect of change in foreign currency exchange rates	—			(56		)	—		—				—		(56		)
Reclassification	—			—			—		—		—		1,781		1,781
Acquisition of business	(122		)	554			—		—		29,021		—		29,453
Impairment of goodwill	—			(540		)	—		—		—		—		(540		)
December 31, 2015	$	24,490		$	1,134		$	3,378	$	1,374	$	29,021	$	1,781	$	61,178

Indefinite-lived Intangible Assets

The acquisition of the Insurance Companies resulted in state licenses which are considered indefinite-lived intangible assets not subject to amortization of $4.9 million as of December 31, 2015.

Amortizable Intangible Assets

The changes in the carrying amount of amortizable intangible assets by reporting unit for the years ended December 31, 2015 and 2014 are as follows (in thousands):



	Schuff			GMSL			ANG			Pansend		Other		Non-operating Corporate		Total
Trade names
Balance as of December 31, 2013	$	—		$	—		$	—		$	—	$	—	$	—	$	—
Effect of change in foreign currency exchange rates	—			(49		)	—			—		—		—		(49		)
Amortization	(174		)	(91		)	(263		)	—		—		—		(528		)
Acquisition of business	4,478			1,137			6,300			—		—		—		11,915
Balance as of December 31, 2014	$	4,304		$	997		$	6,037		$	—	$	—	$	—	$	11,338
Effect of change in foreign currency exchange rates	—			(51		)	—			—		—		—		(51		)
Amortization	(299		)	(345		)	(630		)	—		—		—		(1,274		)
Balance as of December 31, 2015	$	4,005		$	601		$	5,407		$	—	$	—	$	—	$	10,013
Customer relationships
Balance as of December 31, 2013	$	—		$	—		$	—		$	—	$	—	$	—	$	—
Effect of change in foreign currency exchange rates	—			(353		)	—			—		—		—		(353		)
Amortization	—			(129		)	(151		)	—		—		—		(280		)
Acquisition of business	—			8,121			5,032			—		—		—		13,153
Balance as of December 31, 2014	$	—		$	7,639		$	4,881		$	—	$	—	$	—	$	12,520
Reclassification	—			—			—			—		—		—		—
Effect of change in foreign currency exchange rates	—			(351		)	—			—		—		—		(351		)
Amortization	—			(494		)	(437		)	—		—		—		(931		)
Balance as of December 31, 2015	$	—		$	6,794		$	4,444		$	—	$	—	$	—	$	11,238
Developed technology
Balance as of December 31, 2013	$	—		$	—		$	—		$	—	$	—	$	—	$	—



Effect of change in foreign currency exchange rates	—			(57		)	—			—			—			—		(57		)
Amortization	—			(78		)	—			—			—			—		(78		)
Acquisition of business	—			1,299			—			—			—			—		1,299
Balance as of December 31, 2014	$	—		$	1,164		$	—		$	—		$	—		$	—	$	1,164
Reclassification	—			—			—			—			4,195			—		4,195
Effect of change in foreign currency exchange rates	—			(58		)	—			—			—			—		(58		)
Amortization	—			(296		)	—			—			(1,916		)	—		(2,212		)
Balance as of December 31, 2015	$	—		$	810		$	—		$	—		$	2,279		$	—	$	3,089
Other
Balance as of December 31, 2013	$	—		$	—		$	—		$	—		$	—		$	—	$	—
Amortization	—			—			—			(1		)	—			—		(1		)
Acquisition of business/development	—			—			—			115			6,000			22		6,137
December 31, 2014	$	—		$	—		$	—		$	114		$	6,000		$	22	$	6,136
Reclassification	—			—			—			—			(6,000		)	—		(6,000		)
Amortization	—			—			—			(2		)	—			—		(2		)
Asset acquisition	—			—			20			65			—			—		85
Balance as of December 31, 2015	$	—		$	—		$	20		$	177		$	—		$	22	$	219
Total amortizable intangible assets
Balance as of December 31, 2013	$	—		$	—		$	—		$	—		$	—		$	—	$	—
Effect of change in foreign currency exchange rates	—			(459		)	—			—			—			—		(459		)
Amortization	(174		)	(298		)	(414		)	(1		)	—			—		(887		)
Acquisition of business	4,478			10,557			11,332			115			6,000			22		32,504
Balance as of December 31, 2014	$	4,304		$	9,800		$	10,918		$	114		$	6,000		$	22	$	31,158
Reclassification	—			—			—			—			(1,805		)	—		(1,805		)
Effect of change in foreign currency exchange rates	—			(460		)	—			—			—			—		(460		)
Amortization	(299		)	(1,135		)	(1,067		)	(2		)	(1,916		)	—		(4,419		)
Asset acquisition	—			—			20			65			—			—		85
Balance as of December 31, 2015	$	4,005		$	8,205		$	9,871		$	177		$	2,279		$	22	$	24,559

Amortization expense for amortizable intangible assets for the years ended December 31, 2015, 2014 and 2013 was $4.4 million, $0.9 million and $0, respectively. The Company expects amortization expense for its amortizable intangible assets for the years ending December 31, 2016, 2017, 2018, 2019, 2020 and thereafter to be approximately $3.9 million, $3.5 million, $2.2 million, $1.9 million, $1.9 million and $11.2 million, respectively.

The Value of Business Acquired

VOBA is amortized in relation to the projected future premium of the acquired long term care blocks of business and recorded amortization increases net income for the respective period. Total amortization recorded for the year ended December 31, 2015 was $0.1 million. The Company expects VOBA amortization for the years ending December 31, 2016, 2017, 2018, 2019, 2020 and thereafter to be approximately $5.0 million, $4.1 million, $3.8 million, $3.7 million, $3.4 million and $30.8 million, respectively.

- 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

Accounts Payable and Other Current Liabilities

12 Months Ended

Dec. 31, 2015

Payables and Accruals [Abstract]

Accounts Payable and Other Current Liabilities

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



	December 31,
	2015		2014
Accounts payable	$	84,434	$	80,183
Accrued interconnection costs	64,295		9,717
Accrued payroll and employee benefits	17,394		20,023
Accrued interest	2,895		3,125
Accrued income taxes	1,274		512
Accrued expenses and other current liabilities	55,097		34,042
	$	225,389	$	147,602

Long-Term Obligations

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Long-Term Obligations

Long-term Obligations

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



	December 31,
	2015			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	$	307,000		$	250,000
Note payable collaterized by GMSL’s assets, with interest payable monthly at LIBOR plus 3.65% and principal payable quarterly, maturing in 2019	5,260			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	4,011			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 $1.2 million, maturing in 2019	8,129			8,333
Note payable collaterized by Schuff’s assets, with interest payable monthly at LIBOR plus 4% and principal payable monthly with one final balloon payment of $0.3 million, maturing in 2018	2,238			—
Line of credit collaterized by Schuff's HOPSA engineering equipment, with interest payable monthly at 5.25% plus 1% of special interest compensation fund	1,600			—
Note payable collaterized by ANG’s assets, with interest payable monthly at 5.5% and principal payable monthly, maturing in 2018	660			810
Obligations under capital leases	52,697			65,176
Other	19			30
Credit and security agreement for Schuff to advance up to a maximum amount of $50.0 million	—			—
Subtotal	381,614			345,716
Original issue discount and debt issuance costs on Senior Secured Notes	(9,738		)	(10,185		)
Total long-term obligations	$	371,876		$	335,531

Aggregate debt maturities are as follows (in thousands):



2016	$	13,273
2017	8,312
2018	11,529
2019	319,945
2020	8,875
Thereafter	19,680
	$	381,614

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



2016	$	6,725
2017	6,716
2018	10,249
2019	10,247
2020	10,247
Thereafter	20,823
Total minimum principal & interest payments	65,007
Less: Amount representing interest	(12,310		)
Total capital lease obligations	$	52,697

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% which resulted in a discount of $2.4 million. The net proceeds from the issuance of the Existing Notes were used to pay off a senior secured credit facility which provided 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") that was entered into in connection with the GMSL acquisition. On March 26, 2015, the Company issued an additional $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. On August 5, 2015, the Company issued an additional $5.0 million aggregate principal amount of its 11% Senior Secured Notes due 2019 (the “Additional 11% Notes”). The purchasers paid for the Additional 11% Notes by granting a claims release (see Note 18 - "Equity" for additional information). On December 24, 2015, the Company issued an additional $2.0 million aggregate principal amount of its 11% Senior Secured Notes due 2019 (the “Continental Insurance Acquisition 11% Notes” and together with the Additional Notes, New Notes and the Existing Notes, the “11% Notes”). The Continental Insurance Acquisition 11% Notes were issued as part of the purchase price of the Continental Insurance Acquisition (see Note 3 - "Business Combinations" for additional information). 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 1st and June 1st 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 collaterized 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 December 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) a senior secured credit facility providing for an eighteen month, floating interest rate term loan of $80 million (the "May Credit Facility") to finance a portion of the acquisition of Schuff, (ii) a senior unsecured credit facility consisting of a term loan of $17 million (the "Novatel Acquisition Term Loan") for the purpose of acquiring an ownership interest in Novatel and (iii) the September Credit Facility to finance a portion of the acquisition of GMSL. The Company used a portion of the proceeds from the September Credit Facility to repay the May Credit Facility and the Novatel Acquisition Term Loan. The Company 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 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 January 23, 2015, Schuff amended its Schuff Facility, pursuant to which Wells Fargo increased the maximum letter of credit amount from $5.0 million to $14.5 million.

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)”). During the year ended December 31, 2015, Schuff borrowed an additional $1.8 million under the Real Estate (2) Term Advance (M&E) and $2.7 million under the Real Estate (2) Term Advance (Working Capital). The Real Estate (2) Term Advance (M&E) has a 5 year amortization period requiring monthly principal payments and a final balloon payment at maturity. The Real Estate (2) Term Advance (Working Capital) has an approximate 4 year amortization period requiring monthly principal payments and a final balloon payment at maturity. The Term Advances have a floating interest rate of LIBOR plus 4.0% and require monthly interest payments. At December 31, 2015 and 2014, there was $8.1 million and $8.3 million, respectively, outstanding under the Real Estate (2) Term Advance (M&E) and $2.2 million and zero, respectively, outstanding under the Real Estate (2) Term Advance (Working Capital).

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 December 31, 2015 and 2014, there was $4.0 million and $4.6 million, respectively, outstanding 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% (3.61% at December 31, 2015) and requires monthly interest payments. As of December 31, 2015 and 2014, Schuff had no amounts 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 December 31, 2015, the Company was in compliance with these covenants.

Schuff Hopsa Engineering, Inc., ("SHE"), a joint venture which Schuff consolidates, 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 $3.5 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 of outstanding letters of credit issued and $46.1 million available under the Schuff Facility at December 31, 2015. At December 31, 2015, Schuff had $1.6 million in borrowings and no outstanding letters of credit issued under its International LOC. There was $1.9 million available under Schuff’s International LOC at December 31, 2015.

GMSL Credit Facility

GMSL established a $20.0 million 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 December 31, 2015 and 2014, $5.3 million and $16.7 million, respectively, was outstanding under the GMSL Facility. The GMSL Facility contains various restrictive covenants. At December 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 December 31, 2015 and 2014, $0.7 million and $0.8 million, respectively, was 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 December 31, 2015 and 2014, $52.7 million and $65.2 million, respectively, in aggregate principal amount was outstanding under the GMSL Leases.

Life, Accident and Health Reserves

12 Months Ended

Dec. 31, 2015

Insurance [Abstract]

Life, Accident and Health Reserves

13. Life, Accident and Health Reserves

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



	2015
Long-term care insurance reserves	$	1,354,545
Traditional life insurance reserves	105,843
Other accident and health insurance reserves	132,942
Total life, accident and health reserves	$	1,593,330

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

The provisions (benefits) for income taxes for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):



	Years Ended December 31,
	2015			2014			2013
Current: Federal	$	361		$	5,527		$	(256	)
State	1,215			1,600			147
Foreign	644			227			(7,333		)
Subtotal Current	2,220			7,354			(7,442		)
Deferred: Federal	(12,604		)	(28,092		)	—
State	(99		)	(2,131		)	—
Foreign	(399		)	—			—
Subtotal Deferred	(13,102		)	(30,223		)	—
Income tax (benefit) expense	$	(10,882	)	$	(22,869	)	$	(7,442	)

The US and foreign components of income (loss) from continuing operations before income taxes for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):



	Years Ended December 31,
	2015			2014			2013
US	$	(66,038	)	$	(41,351	)	$	(24,833	)
Foreign	19,415			6,796			(221		)
Income (loss) from continuing operations before income taxes	$	(46,623	)	$	(34,555	)	$	(25,054	)

The provision for (benefit from) income taxes differed from the amount computed by applying the federal statutory income tax rate to income (loss) before income taxes due to the following items for the years ended December 31, 2015, 2014 and 2013 (in thousands).



	Years Ended December 31,
	2015			2014			2013
Tax provision (benefit) at federal statutory rate	$	(16,318	)	$	(13,027	)	$	(8,769	)
Permanent differences	(272		)	335			(536		)
State tax (net of federal benefit)	1,068			1,170			95
Foreign rate differential	287			(838		)	(235		)
Foreign withholding taxes (net of federal)	1,229			231			(3,759		)
Executive compensation	1,044			2,701			—
Uncertain tax positions	—			—			(3,575		)
Adjustment to net operating losses	(1,104		)	—			—
Increase (decrease) in valuation allowance	2,949			(17,520		)	6,642
Contingent Value Rights	—			—			(5,216		)
Reversing deferred taxes	—			—			(365		)
Debt exchange costs	—			—			7,393



Transaction costs	473			2,106			(1,338		)
Tax credits generated/utilized	(185		)	—			—
UK Stewardship costs	—			—			1,455
199 Manufacturing Deduction	—			(594		)	—
Bargain Purchase Gain	—			(496		)	—
Officer Life Insurance Proceeds	—			(392		)	—
Foreign E&P	—			3,395			—
Other	(53		)	60			766
Income tax (benefit) expense	$	(10,882	)	$	(22,869	)	$	(7,442	)

For the year ended December 31, 2014, the Company’s effective tax rate was favorably impacted by the release of valuation allowances totaling $17.5 million attributed to management’s conclusion that more-likely-than-not that the deferred tax assets of our U.S. consolidated group would be realized. As discussed below, this conclusion is based on the consistent earnings history of Schuff and Global Marine and the impact of those earnings on the group’s future US taxable income.

Deferred income taxes reflect the net income tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and for income tax purposes. Net deferred tax balances are comprised of the following as of December 31, 2015 and 2014 (in thousands).



	December 31,
	2015			2014
Deferred tax assets	$	230,838		$	114,023
Valuation allowance	(68,104		)	(68,983		)
Deferred tax liabilities	(114,504		)	(29,320		)
Net deferred taxes	$	48,230		$	15,720



	December 31,
	2015			2014
Allowance for bad debt	$	234		$	351
Basis difference in intangibles	(8,402		)	(7,527		)
Equity investments	6,158			328
Net operating loss carryforwards	34,484			27,416
Basis difference in fixed assets	854			4,646
Deferred compensation	6,765			4,101
Foreign tax credit	1,190			—
Capital loss carryforwards	1,241			—
Insurance company investments	(99,645		)	—
Foreign earnings	(6,458		)	—
UK Trading loss carryforward	54,642			52,895
Unrealized gain/loss in OCI	1,177			(911		)
Insurance claims and reserves	99,945			—
Value of insurance business acquired ("VOBA")	17,837			—
Start-up cost	1,924			1,285
Other	4,388			2,119
Valuation allowance	(68,104		)	(68,983		)
Total deferred taxes	$	48,230		$	15,720

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

In accordance with ASC Topic 740, the Company establishes valuation allowances for deferred tax assets that, in its judgment are not more-likely-than-not realizable. These judgments are based on projections of future income and other positive and negative evidence by individual tax jurisdiction. Changes in industry and economic conditions and the competitive environment may impact these projections. In accordance with ASC Topic 740, during each reporting period the Company assesses the likelihood that its deferred tax assets will be realized and determines if adjustments to its valuation allowances are appropriate. As a result of this assessment for the year ended December 31, 2014, the Company had a net release of valuation allowance to earnings of $17.5 million.

Management evaluated the continued need for a valuation allowance against deferred taxes of the Company for each of the reporting periods. Included in the assessment was HC2’s historical operating results over the prior three-year period. Also considered was the positive and negative evidence, including the built in gains in investments which, if realized would reduce the deferred tax asset, the repatriation of foreign earnings, and core earnings of the newly acquired Schuff International Inc. and Global Marine Systems, Limited groups.

Based on the weight of positive and negative evidence, Management concluded that it is more likely than not that HC2's US deferred tax assets will be realized. Valuation allowances have been maintained, however, against deferred taxes related to U.S. capital loss and foreign tax credit carryforwards and deferred tax assets of the European entities, including GMSL’s UK non-tonnage tax trading losses.

On December 24, 2015, the Company completed its acquisition of the long-term care and life insurance businesses, United Teacher Associates Insurance Company ("UTA") and Continental General Insurance Company ("CGI"), pursuant to an agreement ("Stock Purchase Agreement") with subsidiaries of American Financial Group, Inc. ("AFG”). The Company made a joint election with AFG under Section 338(h)(10) to treat the stock purchase as an asset purchase for U.S. Federal income tax purposes. The Company's resulting step-down in the tax basis of the invested assets of UTA and CGI (primarily fixed income securities) is reflected in the above deferred tax liability of $99.6 million for differences between the fair value and tax basis of the insurance company investments. The Company estimates that none of the goodwill that was recorded will be deductible for income tax purposes.

As of December 31, 2015, the Company had foreign operating loss carryforwards of approximately $303.2 million, none of which are subject to expiration based on the passage of time. Of the foreign NOLs $224.5 million were generated by Global Marine’s historical non-tonnage tax operations.

At December 31, 2015, the Company has United States operating loss carryforwards available to reduce future taxable income in the amount of $87.1 million, of which $83.1 million is subject to an annual limitation under Section 382 of the Internal Revenue Code. Of the carryforward NOL, $0.7 million resulted from stock compensation plan deductions in excess of accrued compensation cost for financial reporting purposes. Per the requirements of paragraph ASC 740-20-45-11(d), when the excess deduction is realized by reducing taxes payable, the tax effected amount of the excess is to be recognized in shareholders’ equity.

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

On November 4, 2015, HC2 issued 8,452,500 shares of its stock in a primary offering which the Company believes resulted in a Section 382 ownership change resulting in an additional annual limitation to cumulative carryforward. The amount of the annual limitation is based on a number of factors, including the value of HC2’s stock and the amount of unrealized gains on the date of the ownership change. At the time of the November ownership change the Company had estimated NOLs of $83.1 million subject to the limitation. The Company does not believe that any NOLs will expire as a result of the 2015 ownership change.

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.

Reconciliations of the period January 1, 2013 to December 31, 2013, January 1, 2014 to December 31, 2014 and January 1, 2015 to December 31, 2015 balances of unrecognized tax benefits are as follows (in thousands):



	Years Ended December 31,
	2015		2014			2013
Balance at January 1,	$	—	$	35,196		$	66,161
Foreign currency adjustments	—		—			—
Statute expiration	—		—			(3,295		)
Gross increases (decreases) of tax positions in prior period	—		(35,196		)	(28,178		)
Audit resolution	—		—			—
Gross increases of tax positions in current period	—		—			508
Balance at December 31,	$	—	$	—		$	35,196

The decrease in 2014 to unrecognized tax benefits is due to the permanent impairment and de-recognition of NOLs under the May 2014, Section 382 limitation that were created by the uncertain positions. The Company did not have any unrecognized tax benefits as of December 31, 2015, related to uncertain tax positions.

The Company conducts business globally, and as a result, HC2 or one or more of its subsidiaries files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. In the normal course of business the Company is subject to examination by taxing authorities throughout the world. Tax years 2002-2015 remain open for examination.

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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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



Year Ending December 31,	Purchase Obligations		Operating Leases
2016	$	64,750	$	5,797
2017	—		4,858
2018	—		3,476
2019	—		3,048
2020	—		2,299
Thereafter	—		9,011
Total long-term obligations	$	64,750	$	28,489

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 $5.0 million, $5.7 million and $2.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. The rent expense for the year ended December 31, 2015 includes costs associated with the terminations of facilities leases.

Litigation

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

On November 6, 2014, a putative stockholder class action complaint challenging the tender offer by which HC2 acquired approximately 721,000 of the issued and outstanding common shares of Schuff was filed in the Court of Chancery of the State of Delaware, captioned Mark Jacobs v. Philip A. Falcone, Keith M. Hladek, Paul Voigt, Michael R. Hill, Rustin Roach, D. Ronald Yagoda, Phillip O. Elbert, HC2 Holdings, Inc., and Schuff International, Inc., Civil Action No. 10323 (the “Complaint”). On November 17, 2014, a second lawsuit was filed in the Court of Chancery of the State of Delaware, captioned Arlen Diercks v. Schuff International, Inc. Philip A. Falcone, Keith M. Hladek, Paul Voigt, Michael R. Hill, Rustin Roach, D. Ronald Yagoda, Phillip O. Elbert, HC2 Holdings, Inc., Civil Action No. 10359. On February 19, 2015, the court consolidated the actions (now designated as Schuff International, Inc. Stockholders Litigation) and appointed lead plaintiff and counsel. The currently operative complaint is the November 6, 2014 Complaint filed by Mark Jacobs. The Complaint alleges, among other things, that in connection with the tender offer, the individual members of the Schuff board of directors and HC2, the controlling stockholder of Schuff, breached their fiduciary duties to members of the plaintiff class. The Complaint also purports to challenge a potential short-form merger based upon plaintiff’s expectation that the Company would cash out the remaining public stockholders of Schuff International following the completion of the tender offer. The Complaint seeks rescission of the tender offer and/or compensatory damages, as well as attorney’s fees and other relief. The defendants filed answers to the Complaint on July 30, 2015. Defendants are currently in the discovery phase of the case, and have substantially completed their production of documents to plaintiffs. Under the court’s scheduling order, fact discovery closes on July 8, 2016. We believe that the allegations and claims set forth in the Complaint are without merit and intend to defend them vigorously.

On July 16, 2013, Plaintiffs Xplornet Communications Inc. and Xplornet Broadband, Inc. (“Xplornet”) initiated an action against Inukshuk Wireless Inc. (“Inukshuk”), Globility Communications Corporation (“Globility”), MIPPS Inc., Primus Telecommunications Canada Inc. ("PTCI") and Primus Telecommunications Group, Incorporated (n/k/a HC2) ("PTGi"). Xplornet alleges that it entered into an agreement to acquire certain licenses for radio spectrum in Canada from Globility. 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. Xplornet then alleges that they 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 alleges that, as a result of the foregoing, they have been damaged in the amount of $50 million. On January 29, 2014, Globility, MIPPS Inc., and PTCI, demanded indemnification pursuant to the Equity Purchase Agreement among PTUS, Inc., PTCAN, Inc., PTGi, Primus Telecommunications Holding, Inc., Lingo Holdings, Inc., and Primus Telecommunications International, Inc., dated as of May 10, 2013. On February 14, 2014, the Company assumed the defense of this litigation, while reserving all of its rights under the Equity Purchase Agreement. On February 5, 2014, Globility, MIPPS Inc., and PTCI filed a Notice of Intent to Defend. On February 18, 2014, Globility, MIPPS Inc., and PTCI filed a Demand for Particulars. A Notice of Change of Solicitors to Hunt Partners LLP was filed on behalf of those same entities on April 1, 2014. On March 13, 2015, Inukshuk filed a cross claim against Globility, MIPPS, PTCI, and PTGi. 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.

On October 17, 2014, the Company moved for summary judgment against Xplornet arguing that there was no agreement between Globility and Xplornet to acquire the licenses at issue. On June 5, 2015, Inukshuk also moved for summary judgment against Xplornet, similarly arguing that there was no agreement between Inukshuk and Xplornet to acquire the licenses in question.

On September 17, 2015, Xplornet amended its claim to change its theory from breach of a written letter of intent allegedly accepted on July 12, 2011 to breach of an oral agreement allegedly entered on July 7, 2011. The Primus defendants (including the Company) amended their Statement of Defence and motion for summary judgment on October 6, 2015 to include a statute of limitations defense based on this change in theory. The Primus defendants (including the Company) also filed procedural motions relating to the amendment. Xplornet disputes that the amendment changed its theory and opposes summary judgment. The hearing on summary judgment is now re-scheduled from October 7, 2015 to September 26, 2016.

On January 19, 2016, PTCI sought and obtained an order under the Companies’ Creditors Arrangement Act (the “CCAA”) from the Ontario Superior Court of Justice. PTCI received an Initial Order staying all proceedings against PTCI until February 26, 2016 - which it has moved to extend through September 2016. On February 25, 2016, the Ontario Superior Court of Justice extended the stay of proceedings until September 19, 2016. PTCI has advised the Company that this stays all proceedings against PTCI, Globility, and MIPPS, except against the Company.

On July 9, 2015, a putative class action wage and hour lawsuit was filed against Schuff Steel Company ("SSC"), a subsidiary of Schuff, and Schuff International (collectively “Schuff”) in the Los Angeles County Superior Court [BC587322], captioned Dylan Leonard, individually and on behalf of other members of the general public v. Schuff Steel Company and Schuff International, Inc. The complaint makes generic allegations of numerous violations of California wage and hour laws and claims that Schuff failed to pay for overtime; failed to pay for meal and rest breaks; violated the minimum wage; failed to timely pay business expenses, wages and final wages; failed to keep requisite payroll records; and had non-compliant wage statements. On August 11, 2015, another putative class action wage and hour lawsuit was filed against SSC in San Joaquin County Superior Court [39-2015-0032-8373-CU-OE-STK], captioned Pablo Dominguez, on behalf of himself and all other similarly situated v. Schuff Steel Company. The Complaint alleges non-compliant wage statements and demands penalties pursuant to California Labor Code. On October 11, 2015, an amended complaint was filed in the Dominguez claim pursuing only the statutory claim based on the non-compliant wage statement. By Order dated December 17, 2015, the matters were designated as the Schuff Steel Wage and Hour Cases and assigned a coordination trial judge. No discovery schedule or trial date has been set. The Company believes that the allegations and claims set forth in the Complaints are without merit and intends to defend them vigorously.

On December 28, 2015, The Chemours Company Mexico S. de R.L de C.V. (“Chermours”) filed a Demand for Arbitration (the “Demand”) against the Company’s subsidiary, SSC with the American Arbitration Association, International Centre for Dispute Resolution, Case No. 01-15-0006-0956. Schuff had a purchase order to provide fabricated steel for the Line 2 Expansion of Du Pont’s chemical plant in Altamira, Mexico (the “Project”). The Demand seeks recovery of an alleged $5 million mistaken payment to SSC and additional damages in excess of $18 million for, among other reasons, alleged delays, failure to expedite, breach of assignment of subcontracting clauses, and backcharges for additional costs and rework of fabricated steel provide for the Project. On January 25, 2016, SSC filed an Answer and Counterclaim denying liability alleged by Chemours and seeking to recover the principal sum of 311 thousand for unpaid work on the Project as well as an additional sum for damages due to delays, impacts, and other wrongful conduct by Chemours and its agents. No Arbitration schedule or hearing date has been set. The Company believes that the allegations and claims set forth in the Demand are without merit and intend to defend them vigorously and aggressively pursue Chemours for additional monies owed and damages sustained.

Tax Matters

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

Employee Retirement Plans

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Employee Retirement Plans

HC2

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

The matching contribution made during the years ended December 31, 2015, 2014 and 2013 was $0.1 million, $0.1 million and $0.2 million.

Schuff

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

Effective March 31, 2012, Schuff withdrew from the Steelworkers Pension Trust and incurred an initial withdrawal liability of approximately $2.6 million. During 2014, Schuff negotiated with the Steelworkers Pension Trust and reduced the liability to approximately $2.4 million. Schuff made its final quarterly payment of approximately $0.2 million in September 2015.

Schuff made contributions to the California Ironworkers Field Pension Trust (“Field Pension”) of $6.1 million and $2.5 million during the years ended December 31, 2015 and 2014, respectively. Schuff’s funding policy is to make monthly contributions to the plan. Schuff’s employees represent less than 5% of the participants in the Field Pension. As of December 31, 2015, Schuff has not undertaken to terminate, withdraw, or partially withdraw from the Field Pension.

To replace Schuff's funding into the Steelworkers Pension Trust, Schuff agreed to make profit share contributions to the Union 401(k) defined contribution retirement savings plan (the “Union 401k”) beginning on April 1, 2012. Union steelworkers are eligible for the profit share contributions after completing a probationary period (640 hours of work) and are 100% vested in the profit share contributions three years from the date of hire. Union steelworkers are not required to make contributions to the Union 401(k) to receive the profit share contributions. Profit share contributions are made for each hour worked by each eligible union steelworker at a rate of $0.55 per hour. Profit share contributions amounted to approximately $0.2 million and $0.1 million for the years ended December 31, 2015 and 2014, respectively.

Schuff maintains a 401(k) retirement savings plan which covers eligible employees and permits participants to contribute to the plan, subject to Internal Revenue Code restrictions and which features matching contributions. The matching contributions for the years ended December 31, 2015 and 2014 was $1.1 million and $0.4 million, respectively.

GMSL

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

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

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

Global Marine Systems Pension Plan—Defined Benefit Section

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

The defined benefit section of the Global Marine Systems Pension Plan is funded by the payment of contributions determined with the advice of qualified independent actuaries on the basis of triennial valuations using the projected unit method. The most recent full actuarial valuation was conducted as of December 31, 2013 for the purpose of determining the funding requirements of the plan. An actuarial valuation was conducted as of December 31, 2015 for the purpose of meeting US GAAP requirements. The main assumptions used were that Retail Price Inflation would be 3.7% per year, Consumer Price Inflation would be 2.7% per year, the rate of return on investments (pre-retirement) would be would be 5.5% per year, the rate of return on investments (post-retirement) would be 4.5% per year, with pensions increasing by 3% per year. At the actuarial valuation date the market value of the defined benefit section’s assets amounted to $146.7 million. On a statutory funding objective basis the value of these assets covered the value of technical provisions by 74%.

Following the 2013 actuarial valuation contributions are payable by GMSL as follows:


•	$0.5 million payable every month during calendar years 2015 to 2018;


•	$0.6 million payable every month during calendar years 2019 to May 2021;


•	$0.1 million payable in June 2021;


•	GMSL will pay 10% of profits after tax before dividends. This will be paid up to two years following the year end to enable budgeting and cash flow control; and


•	GMSL will pay a cash sum equal to 50% of any future dividend payments.

Global Marine Personal Pension Plan

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


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


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

For the years ended December 31, 2015 and 2014, GMSL made matching contributions of $1.7 million and $0.4 million, respectively.

Merchant Navy Officers Pension Fund

The Merchant Navy Officers Pension Fund is funded by the payment of contributions determined with the advice of qualified independent actuaries on the basis of triennial valuations using the projected unit method. The most recent available full actuarial valuation was conducted as at March 31, 2012 for the purpose of determining the funding requirements of the plan. An actuarial valuation was conducted as of December 31, 2015 for the purpose of meeting US GAAP requirements. The main assumptions used were that Retail Price Inflation would be 3.2% per year, Consumer Price Inflation would be 2.2% per year, the rate of return on investments (pre-retirement) would be 5.7% per year, the rate of return on investments (post-retirement) would be 4.0% per year and the rate of salary increases 4.2% per year with pensions increasing by 3.0% per year.

At the actuarial valuation date the market value of the total assets in the scheme amounted to $3.5 billion of which 0.05594% ($1.9 million) relates to the Global Marine Systems Group. On an on-going basis the value of these assets, together with the deficit contributions receivable of $503 million, covered the value of pensioner liabilities, preserved pension liabilities for former employees and the value of benefits for active members based on accrued service and projected salaries, to the extent of 94%.

Following the 2012 actuarial valuation, contributions are payable by the Group as follows:


•	Increase Employer contributions to 20% of pensionable salaries from October 1, 2013.

Global Marine Systems (Guernsey) Pension Plan

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

The most recent full actuarial valuation was conducted as of December 31, 2013 for the purpose of determining the funding requirements of the plan. An actuarial valuation was conducted as of December 31, 2015 for the purpose of meeting US GAAP requirements. The principal actuarial assumptions used by the actuary were investment returns of 5.3% per year pre-retirement, 4.4% per year post-retirement, inflation of 3.7% per year and pension increases of 3.3% per year.

At the valuation date the market value of the assets amounted to $3.0 million. The results show a past service shortfall of $0.2 million corresponding to a funding ratio of 93%.

Following the actuarial valuation as at December 31, 2013, contributions are as follows:


•	Seven annual contributions of less than $0.1 million from December 31, 2014 to 2020.

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

Obligations and Funded Status

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

The following table presents this reconciliation and shows the change in the projected benefit obligation for the Plans for the period from September 22, 2014 through December 31, 2015 (in thousands):



Projected benefit obligation at September 22, 2014	$	206,735
Service cost - benefits earning during the period	14
Interest cost on projected benefit obligation	2,017
Contributions	8
Actuarial loss	12,480
Benefits paid	(2,167		)
Projected benefit obligation at December 31, 2014	$	219,087
Service cost - benefits earning during the period	61
Interest cost on projected benefit obligation	7,330
Contributions	32
Actuarial loss	(2,375		)
Benefits paid	(7,499		)
Foreign currency gain (loss)	(19,036		)
Projected benefit obligation at December 31, 2015	$	197,600

The following table presents the change in the value of the assets of the Plans for the period from September 22, 2014 through December 31, 2015 and the plans’ funded status at December 31, 2015 (in thousands):



Fair value of plan assets at September 22, 2014	$	160,812
Actual return on plan assets	14,873
Benefits paid	(2,167		)
Contributions	6,641
Foreign currency gain (loss)	1,718
Fair value of plan assets at December 31, 2014	$	181,877
Actual return on plan assets	4,619
Benefits paid	(7,499		)
Contributions	11,136
Foreign currency gain (loss)	(17,622		)
Fair value of plan assets at December 31, 2015	$	172,511
Unfunded status at end of year	$	25,089

Amounts recognized in the consolidated balance sheets at December 31, 2015 and 2014 are listed below (in thousands):



	December 31,
	2015		2014
Pension Asset	$	68	$	—
Pension Liability	25,157		37,210
Net liability amount recognized	$	25,089	$	37,210

The accumulated benefit obligation for the Plans represents the actuarial present value of benefits based on employee service and compensation as of a certain date and does not include an assumption about future compensation levels.

As of December 31, 2015 contributions of $0.1 million were due to be payable to the Plans.

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

Periodic Benefit Costs

The aggregate net pension cost recognized in the consolidated statements of operations was benefit of $0.4 million for the year ended December 31, 2015 and cost of $0.4 million for the year ended December 31, 2014.

The following table presents the components of net periodic benefit cost for the years ended December 31, 2015 and 2014, respectively (in thousands):



	Year Ended December 31,
	2015			2014
Service cost—benefits earning during the period	$	61		$	14
Interest cost on projected benefit obligation	7,330			1,978
Expected return on assets	(7,507		)	(1,923		)
Actuarial (gain) loss	512			(426		)
Foreign currency gain (loss)	(12		)	—
Net pension benefit	$	384		$	(357	)

Of the amounts presented above, income of $0.1 million has been included in cost of revenue and gain of $0.5 million included in other comprehensive income for the year ended December 31, 2015. Of the amounts presented above, cost of $0.1 million has been included in cost of revenue and gain of $0.4 million included in other comprehensive income for the year ended December 31, 2014.

In determining the net periodic pension cost for the Plans, GMSL used the following weighted average assumptions: the pension increase assumption is that for benefits increasing with RPI limited to 5% per year, to which the majority of the Plan’s liabilities relate. The Group employs a building block approach in determining the long-term rate of return of pension plan assets. Historical markets are studied and assets with higher volatility are assumed to generate higher returns consistent with widely accepted capital market principles. The overall expected rate of return on assets is then derived by aggregating the expected return for each asset class over the actual asset allocation for the Plans as of December 31, 2015.



	Year Ended December 31,
	2015		2014
Discount rate	3.75	%	3.60	%
Rate of compensation increases (Merchant Navy Officers Pension Fund only)	4.55	%	4.50	%
Rate of future RPI inflation	3.05	%	3.00	%
Rate of future CPI inflation	1.95	%	2.00	%
Pension increases in payment	2.90	%	2.85	%
Long-term rate of return on assets	4.50	%	4.43	%

Other Changes in Benefit Obligations Recognized in Other Comprehensive Income

The following tables present the after-tax changes in benefit obligations recognized in comprehensive income and the after-tax prior service credits that were amortized from accumulated other comprehensive income into net periodic benefit costs for the years ended December 31, 2015 and 2014 (in thousands):



	Year Ended December 31,
	2015		2014
Net loss (gain)	$	396	$	(393	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	396	$	(393	)



	Year Ended December 31,
	2015		2014
Actuarial (gain) loss	$	512	$	(393	)
Total recognized in other comprehensive (income) loss	$	512	$	(393	)

The estimated loss for pension benefits that will be amortized from accumulated other comprehensive income into net periodic benefit cost in fiscal year 2016 will be $375,000.

Estimated Future Benefit Payments

Expected benefit payments are estimated using the same assumptions used in determining the Plan’s benefit obligation at December 31, 2015. Because benefit payments will depend on future employment and compensation levels, average years employed, average life spans, and payment elections, among other factors, changes in any of these factors could significantly affect these expected amounts. The following table provides expected benefit payments under our pension and postretirement plans:



2016	$	7,239
2017	7,430
2018	7,625
2019	7,827
2020	8,031
Thereafter	43,451
	$	81,603

Aggregate expected contributions in the coming fiscal year are expected to be $5.9 million.

Plan Assets—Description of plan assets and investment objectives

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

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

The plans’ weighted-average asset targets and actual allocations as a percentage of plan assets, including the notional exposure of future contracts by asset categories at December 31, 2015, are as follows:



	Target		December 31, 2015
Liability hedging	25.0	%	25.0	%
Equities	29.8	%	29.0	%
Hedge funds	24.7	%	26.0	%
Corporate bonds	13.8	%	14.0	%
Property	3.7	%	5.0	%
Other	3.0	%	1.0	%
			100.0	%

Investment Valuation

GMSL’s plan investments related to the Global Marine Systems Pension Plan consist of the following at December 31, 2015 and 2014:



	December 31,
(in thousands)	2015			2014
Equities	$	49,535		$	45,198
Liability Hedging Assets	41,649			39,626
Hedge Funds	44,363			40,853
Corporate Bonds	23,193			20,238
Property	9,137			8,847
Other	1,697			14,777
Total market value of assets	169,574			169,539
Present value of liabilities	(194,730		)	(206,853		)
Net pension liability	$	(25,156	)	$	(37,314	)

GMSL’s plan investments related to the Merchant Navy Officers Pension Fund consist of the following at December 31, 2015 and 2014:



	December 31,
(in thousands)	2015			2014
Equities	$	660		$	699
Hedge Funds	412			435
Corporate Bonds	675			715
LDI Strategy	1,190			1,255
Total market value of assets	2,937			3,104
Present value of liabilities	(2,869		)	(3,000		)
Net pension asset (liability)	$	68		$	104

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

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

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

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

The following table sets forth by level, within the fair value hierarchy, the pension assets and liabilities at fair value as of December 31, 2015 and 2014 for the Global Marine Systems Pension Plan:



As of December 31, 2015
(in thousands)	Level 1		Level 2		Total
Equities	$	—	$	49,535	$	49,535
Liability Hedging Assets	—		41,649		41,649
Hedge Funds	—		44,363		44,363
Corporate Bonds	—		23,193		23,193
Property	—		9,137		9,137
Other	1,697		—		1,697
Total Plan Net Assets	$	1,697	$	167,877	$	169,574



As of December 31, 2014
(in thousands)	Level 1		Level 2		Total
Equities	$	—	$	45,198	$	45,198
Liability Hedging Assets	—		39,626		39,626
Hedge Funds	—		40,853		40,853
Corporate Bonds	—		20,238		20,238
Property	—		8,847		8,847
Other	14,777		—		14,777
Total Plan Net Assets	$	14,777	$	154,762	$	169,539

The following table sets forth by level, within the fair value hierarchy, the pension assets and liabilities at fair value as of December 31, 2015 and 2014 for the Merchant Navy Officers Pension Fund:



As of December 31, 2015
(in thousands)	Level 3		Total
Equities	$	660	$	660
Hedge Funds	412		412
Corporate Bonds	675		675
LDI Strategy	1,190		1,190
Total Plan Net Assets	$	2,937	$	2,937



As of December 31, 2014
(in thousands)	Level 3		Total
Equities	$	699	$	699
Hedge Funds	435		435
Corporate Bonds	715		715
LDI Strategy	1,255		1,255
Total Plan Net Assets	$	3,104	$	3,104

The table below set forth a summary of changes in the fair value of the Level 3 pension assets for the period from September 22, 2014 through December 31, 2015 for the Merchant Navy Officers Pension Fund:



(in thousands)
Balance at September 22, 2014	$	2,908
Actual return on plan assets	165
Contributions	59
Benefits paid	(28		)
Balance at December 31, 2014	$	3,104
Actual return on plan assets	3
Contributions	84
Benefits paid	(109		)
Foreign currency gain (loss)	(145		)
Balance at December 31, 2015	$	2,937

Share-Based Compensation

12 Months Ended

Dec. 31, 2015

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

Share-Based Compensation

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 December 31, 2015, there were 467,371 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 2,552,673 and 5,234,849 options granted during the years ended December 31, 2015 and 2014, respectively. Of the 2,552,673 and 5,234,849 options granted during the year ended December 31, 2015 and 2014, respectively, 249,083 and 5,133,028 of such options were granted to Philip Falcone, pursuant to 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 year ended December 31, 2015, 2014 and 2013 was $2.23, $1 and $0.26, respectively, per option. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions shown as a weighted average for the year:



	Years Ended December 31,
	2015	2014	2013
Expected option life	4.8 - 5.5 years	5.5 - 6 years	4 - 5.75 years
Risk-free interest rate	1.49 - 1.73%	1.61 - 2.73%	1.17 - 1.73%
Expected volatility	36.29 - 53.83%	36.74 - 40.50%	35.55 - 37.23%
Dividend yield	—%	—%	—%

Total share-based compensation expense recognized by the Company was $11.1 million, $11.0 million and $2.3 million for the years ended December 31, 2015, 2014 and 2013, 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 years ended December 31, 2015 and 2014 is as follows:



	Shares		Weighted Average Grant Date Fair Value
Unvested—January 1, 2013	22,500		$	13.59
Granted	502,172		$	4.21
Vested	(185,970	)	$	5.25
Forfeitures	—		$	—
Unvested—December 31, 2014	338,702		$	4.26
Granted	1,539,114		$	9.14
Vested	(1,087,128	)	$	8.35
Forfeitures	—		$	—
Unvested—December 31, 2015	790,688		$	8.14

As of December 31, 2015, the unvested restricted stock represented $2.1 million of compensation expense that is expected to be recognized over the weighted average remaining vesting period of 0.8 years. The number of shares of unvested restricted stock expected to vest is 790,688.

In January 2014, the Board of Directors of HC2 accelerated the vesting of 15,000 RSUs, awarded to certain non-employee directors in conjunction with their departure from the Board of Directors.

Stock Options

A summary of HC2’s stock option activity during the years ended December 31, 2015 and 2014 is as follows:



	Shares		Weighted Average Exercise Price
Outstanding—January 1, 2013	589,859		$	3.17
Granted	5,234,849		$	4.22
Exercised	(230,300	)	$	2.43
Forfeitures	(2,021,267	)	$	4.11
Outstanding—December 31, 2014	3,573,141		$	4.27
Granted	2,552,673		$	6.74
Exercised	—		$	—
Forfeitures	(764,529	)	$	4.05
Outstanding—December 31, 2015	5,361,285		$	5.48
Eligible for exercise	3,087,390		$	5.11

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—December 31, 2015	$	3,586	8.7
Options exercisable—December 31, 2015	$	2,465	8.6

As of December 31, 2015, the Company had 2,273,895 unvested stock options outstanding of which $3.3 million of compensation expense is expected to be recognized over the weighted average remaining vesting period of 1.4 years. The number of unvested stock options expected to vest is 2,273,895 shares, with a weighted average remaining life of 8.7, a weighted average exercise price of $5.48, and an intrinsic value of $1.1 million.

Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Equity

As of December 31, 2015 and 2014, there were 35,249,749 and 23,813,085 shares of common stock outstanding, respectively. As of December 31, 2015 and 2014, there were 53,172 and 41,000 shares of preferred stock outstanding, respectively.

November 2015 Public Offering of Common Stock by the Company

On November 4, 2015, the Company entered into an underwriting agreement relating to the issuance and sale of 7,350,000 shares of the Company’s common stock in a public offering (the “November 2015 Offering”). In addition, on November 5, 2015 the underwriter in the November 2015 Offering exercised its option to purchase an additional 1,102,500 shares of common stock from the Company. The total number of shares sold by the Company in the November 2015 Offering was 8,452,500 shares. The November 2015 Offering closed on November 9, 2015. The net proceeds to the Company from the November 2015 Offering, after deducting underwriting discounts and commissions and offering expenses, were approximately $54.7 million.

Class A and B Warrants

In July 2009, the Company issued (A) Class A warrants (the “Class A Warrants”) to purchase shares of the Company's common stock, which were divided into three separate series (Class A-1, Class A-2 and Class A-3 Warrants), each of which series consisted of 1,000,000 warrants to purchase an original aggregate amount of up to 1,000,000 shares of the Company's common stock; and (B) Class B warrants (the “Class B Warrants” and, together with the Class A Warrants, the “Warrants”) to purchase an original aggregate amount of up to 1,500,000 shares of the Company's common stock. In connection with the issuance of the Warrants, the Company entered into a Warrant Agreement for each of the Class A Warrants and the Class B Warrants, in each case with Broadridge Financial Solutions, Inc. (successor-in-interest to StockTrans, Inc.), as warrant agent. The Warrants had a 5-year term which expired on July 1, 2014. As a result of special cash dividends paid in 2012 and 2013, antidilution adjustment provisions were triggered and the original exercise price and the number of shares of the Company's common stock issuable upon exercise were adjusted.

There were 878,940 Class A-1 Warrants exercised during the year ended December 31, 2014, resulting in the issuance of 3,855,289 shares of the Company's common stock. There were 780,753 Class A-2 Warrants exercised during the year ended December 31, 2014, resulting in the issuance of 3,424,641 shares of the Company's common stock. There were 5,709 Class A-3 Warrants exercised during the year ended December 31, 2014, resulting in the issuance of 25,041 shares of the Company’s common stock. The warrants expired on July 1, 2014.

Preferred and Common Stock

On May 29, 2014, the Company 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, the Company issued 11,000 shares of Series A-1 Convertible Participating Preferred Stock of the Company (the "Series A-1 Preferred Stock"). Each share of Series A-1 Preferred Stock is convertible at a conversion price of $4.25. On January 5, 2015, the Company issued 14,000 shares of Series A-2 Convertible Participating Preferred Stock of the Company (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, the Company 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 its 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).

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 the Company 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.

Certain certificates of amendment related to the Company’s Preferred Stock (the “Prior Amendment”) did not become effective because they were filed without proper authorization of the stockholders of the Company. The holders of the Series A Preferred Stock agreed to release all claims against the Company relating to the ineffectiveness of the Prior Amendments, including the fact that the conversion price of the Series A Preferred Stock remains at $4.25. The release of claims was granted as payment in full of the purchase price of the $5 million aggregate principal amount of the Additional 11% Notes issued to the holders of the Series A Preferred Stock in August 2015. The Company recorded this payment to other income (expense), net.

At any time after the third anniversary of the issue date of the Series A Preferred Stock, the Company 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, the Company 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.

During the year ended December 31, 2015, 828 shares of Series A Preferred Stock and 1,000 shares of Series A-1 Preferred Stock were converted into 197,471 and 235,526 shares of common stock at the option of the holder, respectively.

Dividends

During 2015 and 2014, the Company's Board of Directors declared cash and PIK dividends with respect to the Company's issued and outstanding preferred stock, as presented in the following table (Total Dividend amount presented in thousands):

Declaration Date

March 31, 2015

June 30, 2015

September 30, 2015

December 31, 2015

Holders of Record Date

March 31, 2015

June 30, 2015

September 30, 2015

December 31, 2015

Payment/Accrual Date

April 15, 2015

July 15, 2015

October 15, 2015

January 15, 2016

Total Dividend

1,021

1,020

1,005



Declaration Date	June 30, 2014		September 30, 2014		December 31, 2014
Holders of Record Date	June 30, 2014		September 30, 2014		December 31, 2014
Payment/Accrual Date	July 15, 2014		October 15, 2014		January 15, 2015
Total Dividend	$	307	$	897	$	777

- 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
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: 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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

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

Related Parties

12 Months Ended

Dec. 31, 2015

Related Parties

HC2

In January 2015, the Company entered into a services agreement (the “Services Agreement”) with Harbinger Capital Partners, a related party of the Company, with respect to the provision of services that may include providing office space and operational support and each party making available their respective employees to provide services as reasonably requested by the other party, subject to any limitations contained in applicable employment agreements and the terms of the Services Agreement. The Company recognized $1.8 million of expenses under the Service Agreement for the year ended December 31, 2015.

Schuff

During the year ended December 31, 2015, Schuff did not have any related party transactions. During the year ended December 31, 2014, Schuff had the following related party transactions:


•	Purchased a home on behalf of an executive for $1.70 million which is recorded as an asset held for sale;


•	Sold 25% investment in United Steel to a former executive in return for 253,039 restricted shares of Schuff and $5.0 million in cash; and


•	Purchased 74,625 shares from the Chairman of the Board of Schuff and former executives of Schuff for $2.0 million.

GMSL

The parent company of GMSL, Global Marine Holdings, LLC ("GMH") paid management fees to an entity owned by GMH's CEO Dick Fagerstal, a director of GMSL, in the amount of $0.7 million and $0.1 million during 2015 and 2014, respectively.

GMSL also has investments in various entities for which it exercises significant influence. A summary of transactions with such entities during the years ended December 31, 2015 and 2014 and balances outstanding at December 31, 2015 and 2014 is as follows (in thousands):



Years Ended December 31,	2015		2014
Net revenue	$	23,457	$	6,625
Operating expenses	2,888		900
Interest expense	1,590		436
Dividends received	12,357		3,714

December 31,	2015		2014
Accounts receivable	$	5,058	$	2,585
Long-term debt	37,627		42,296
Accounts payable	9		436

- 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

12 Months Ended

Dec. 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 7 reportable operating segments based on management’s organization of the enterprise—Manufacturing, Marine Services, Insurance, Telecommunications, Utilities, Life Sciences and Other. The Company also has 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 had approximately $120 million of revenues from one customer within its Manufacturing segment which represented approximately 10.7% of consolidated revenues for the year ended December 31, 2015.

In conjunction with the creation of our Insurance segment, the Company reviewed the components of its present segments prior to year end to determine if each legal entity was properly assigned to a segment based on how the chief operating decision maker ("CODM") views the business. In doing so the following changes were made. The parent holding company of GMSL had been classified within Other, and was reclassified to Marine Services. The Non-operating Corporate segment now includes only the HC2 Holdings, Inc. legal entity; while previously it included other legal entities that had not met the definition of a separately reportable segment. Those entities are now classified within Other. These changes were retrospectively applied to the years ended December 31, 2014 and 2013.

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



	Years Ended December 31,
	2015			2014			2013
Net Revenue by Geographic Region
United States	$	712,498		$	442,472		$	108,563
United Kingdom	395,917			97,653			122,123
Other	12,391			7,313			—
Total	$	1,120,806		$	547,438		$	230,686
Net Revenue by Segment
Manufacturing	$	513,770		$	348,318		$	—
Marine Services	134,926			35,328			—
Insurance	2,865			—			—
Telecommunications	460,355			161,953			230,686
Utilities	6,765			1,839			—
Other	2,125			—			—
Total	$	1,120,806		$	547,438		$	230,686
Depreciation and Amortization
Manufacturing	$	2,016		$	1,053		$	—
Marine Services	17,255			4,424			—
Insurance	2			—			—
Telecommunications	417			529			12,032
Utilities	1,635			328			—
Life Sciences	21			—			—
Other				—			—
Non-operating Corporate	1,934			—			—
Total	$	23,280		$	6,334		$	12,032
Income (Loss) from Operations
Manufacturing	$	42,114		$	26,358		$	—
Marine Services (1)	12,414			(3,394		)	—
Insurance	(176		)	—			—
Telecommunications	238			(1,840		)	(20,037		)
Utilities	(888		)	(491		)	—
Life Sciences	(6,404		)	(4,762		)	—
Other	(6,198		)	(221		)	(679		)
Non-operating Corporate	(38,871		)	(29,256		)	(18,420		)
Total	$	2,229		$	(13,606	)	$	(39,136	)
Capital Expenditures
Manufacturing	$	4,969		$	5,039		$	—
Marine Services	10,651			(863		)	—
Insurance	—			—			—
Telecommunications	449			42			1,390
Utilities	4,750			803			—
Life Sciences	271			—			—
Other (2)	234			798			11,187
Non-operating Corporate	—			—			—
Total	$	21,324		$	5,819		$	12,577

(1) Amounts for 2014 include approximately $8.0 million of transaction costs related to the acquisition of GMSL.

(2) Other also includes capital expenditures related to discontinued operations.

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



	December 31,
	2015		2014
Investments
Marine Services	$	27,323	$	28,543
Insurance	1,299,764		—
Life Sciences	4,888		1,916
Other	22,395		25,224
Total	$	1,354,370	$	55,683



	December 31,
	2015		2014
Property, Plant and Equipment—Net
United States	$	82,540	$	87,091
United Kingdom	126,921		140,494
Other	5,005		5,437
Total	$	214,466	$	233,022



	December 31,
	2015		2014
Total Assets
Manufacturing	$	268,242	$	281,067
Marine Services	249,003		280,334
Insurance	1,952,402		—
Telecommunications	114,633		25,164
Utilities	31,462		26,765
Life Sciences	16,494		11,007
Other	34,841		65,255
Non-operating Corporate	75,435		22,571
Total	$	2,742,512	$	712,163

- 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

The following is a tabulation of the unaudited quarterly results of operations for the years ended December 31, 2015 and 2014, in reference to the Amendment No. 1 on Form 10-Q/A which amends the Quarterly Report on Form 10-Q of HC2 Holdings, Inc. (the “Company”) for the fiscal quarters ended March 31, 2015, June 30, 2015, and September 30, 2015 as originally filed with the Securities and Exchange Commission (the “SEC”).



	Quarters Ended
	(in thousands, except per share amounts)
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Services revenue	$	73,718		$	147,841		$	151,933		$	221,788
Sales revenue	128,090			133,141			125,534			135,896
Other revenue	—			—			—			2,865
Net revenue	201,808			280,982			277,467			360,549
Cost of revenue—services	61,920			134,589			138,099			210,047
Cost of revenue—sales	110,536			110,909			103,375			113,148
Other operating expenses	29,240			32,452			33,732			40,068
Income (loss) from operations	112			3,032			2,261			(3,176		)

Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	(6,316		)	(11,979		)	(8,998		)	(12,536		)
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—			—			—
Gain (loss) from discontinued operations	(9		)	(11		)	(24		)	23
Net income (loss)—basic	$	(6,325	)	$	(11,990	)	$	(9,022	)	$	(12,513	)
Net income (loss)—diluted	$	(6,325	)	$	(11,990	)	$	(9,022	)	$	(12,513	)
Weighted average common shares outstanding-basic	24,146			25,514			25,592			30,588
Weighted average common shares outstanding-diluted	24,146			25,514			25,592			30,588
Basic income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	$	(0.26	)	$	(0.47	)	$	(0.35	)	$	(0.41	)
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—			—			—
Gain (loss) from discontinued operations	—			—			—			—
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.26	)	$	(0.47	)	$	(0.35	)	$	(0.41	)
Diluted income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	$	(0.26	)	$	(0.47	)	$	(0.35	)	$	(0.41	)
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—			—			—
Gain (loss) from discontinued operations	—			—			—			—
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.26	)	$	(0.47	)	$	(0.35	)	$	(0.41	)



	Quarters Ended
	(in thousands, except per share amounts)
	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Services revenue	$	43,354		$	42,178		$	45,177		$	66,571
Sales revenue	—			54,408			138,112			157,638
Net revenue	43,354			96,586			183,289			224,209
Cost of revenue—services	41,107			39,530			42,320			54,855
Cost of revenue—sales	—			43,330			119,175			134,025
Total cost of revenue	41,107			82,860			161,495			188,880
Income (loss) from operations	(4,087		)	(116		)	(2,580		)	(6,823		)
										—
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	(4,180		)	(4,136		)	(18,957		)	7,563
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—			—			3,416
Gain (loss) from discontinued operations	(767		)	27			557			37
Net income (loss)—basic	$	(4,947	)	$	(4,109	)	$	(18,400	)	$	11,016
Net income (loss)—diluted	$	(4,947	)	$	(4,109	)	$	(18,400	)	$	11,016
Weighted average common shares outstanding-basic	14,631			16,905			23,372			23,813
Weighted average common shares outstanding-diluted	14,631			16,905			23,372			28,962
Basic income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	$	(0.29	)	$	(0.24	)	$	(0.82	)	$	0.32
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—			—			0.34
Gain (loss) from discontinued operations	(0.05		)	—			0.03			—
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.34	)	$	(0.24	)	$	(0.79	)	$	0.66
Diluted income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	$	(0.29	)	$	(0.24	)	$	(0.82	)	$	0.26
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—			—			0.34
Gain (loss) from discontinued operations	(0.05		)	—			0.03			—
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.34	)	$	(0.24	)	$	(0.79	)	$	0.60

(1)

Income (loss) from operations includes depreciation expense of $12.0 million for the period July 1, 2013—December 31, 2014, when the property and equipment of ICS was included in assets held for sale. In accordance with U.S. GAAP, held for sale assets are not depreciated. When ICS was no longer considered to be held for sale, we were required to record all unrecorded depreciation in the fourth quarter of 2014.

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

Backlog	12 Months Ended
Backlog	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Backlog	Backlog Schuff’s backlog was $380.8 million ($252.7 million under contracts or purchase orders and $128.1 million under letters of intent) at December 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 $167.8 million, representing 44.1% of Schuff’s backlog at December 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

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations—years ended December 31, 2014 and 2013

On April 17, 2013, the Company completed the sale of its BLACKIRON Data segment to Rogers Communications Inc., a Canadian telecommunications company, and its affiliates for CAD $200.0 million (or approximately USD $195.6 million giving effect to the currency exchange rate on the day of sale). The Company recorded a $135.0 million gain from the sale of this segment during the second quarter of 2013. In addition, the purchase agreement contains customary indemnification obligations, representations, warranties and covenants for a transaction of this nature. In connection with the closing of the transaction, CAD $20.0 million (or approximately USD $19.5 million giving effect to the currency exchange rate on the day of sale) was retained from the purchase price and placed into escrow until July 17, 2014 for purposes of satisfying potential indemnification claims pursuant to the purchase agreement. The escrow was recorded as part of prepaid expenses and other current assets in the consolidated balance sheet as of December 31, 2013 and was released pursuant to its terms on July 17, 2014.

On July 31, 2013, the Company completed the sale of Lingo, Inc., iPrimus, USA, Inc., 3620212 Canada Inc., PTCI, Telesonic Communications Inc., and Globility Communications Corporation to affiliates of York Capital Management, an investment firm (together “York”), for $129 million. The sale of 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 to be 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 consolidated balance sheets, of which $0.4 million is reserved.

The Company evaluated the remaining carrying value of North America Telecom, i.e. PTI, in the third quarter of 2013 which resulted in it being higher than its fair value less costs to sell by $0.3 million and have attributed such adjustment to the long-lived assets of PTI. As the adjustment is related to North America Telecom, it has been classified within income (loss) from discontinued operations, net of tax on the consolidated statements of operations for the year ended December 31, 2013.

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



	Years Ended December 31,
	2015			2014			2013
Net revenue	$	—		$	7,530		$	132,515
Operating expenses	38			7,610			119,392
Income (loss) from operations	(38		)	(80		)	13,123
Interest expense	—			(17		)	(11,362		)
Loss on early extinguishment or restructuring of debt	—			—			(21,124		)
Interest income and other income (expense)	4			(60		)	(51		)
Foreign currency transaction loss	—			—			(378		)
Loss before income tax	(34		)	(157		)	(19,792		)
Income tax benefit (expense)	13			132			171
Loss from discontinued operations	$	(21	)	$	(25	)	$	(19,621	)
Gain (loss) from sale of discontinued operations	—			(121		)	148,839
Gain (loss) from discontinued operations	$	(21	)	$	(146	)	$	129,218

- 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
-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 5C
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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

Reference 12: 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 13: 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

+ Details

Basic and Diluted Income (Loss) Per Common Share

12 Months Ended

Dec. 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 years ended December 31, 2015, 2014 and 2013 due to the results of operations being a loss from continuing operations, net of tax. For the years ended December 31, 2015 and 2014, the Company had Preferred Stock, as well as outstanding stock options and unvested RSUs granted under the Prior Plan and Omnibus Plan that were potentially dilutive but were excluded from the calculation of diluted loss per common share due to their antidilutive effect. For the year ended December 31, 2013, the Company had outstanding stock options and unvested RSUs granted under the Prior Plan as well as certain warrants that were potentially dilutive but were excluded from the calculation of diluted loss per common share due to their antidilutive effect.

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):



	Years Ended December 31,
	2015			2014			2013
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.	(39,829		)	(16,294		)	(17,612		)
Gain (loss) from discontinued operations	(21		)	(146		)	129,218
Net income (loss)—basic	$	(39,850	)	$	(16,440	)	$	111,606
Net income (loss)—diluted	$	(39,850	)	$	(16,440	)	$	111,606
Weighted average common shares outstanding-basic	26,482			19,729			14,047
Weighted average common shares outstanding-diluted	26,482			19,729			14,047
Basic income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.	$	(1.50	)	$	(0.82	)	$	(1.25	)
Gain (loss) from discontinued operations	—			(0.01		)	9.20
Net income (loss) attributable to HC2 Holdings, Inc.	$	(1.50	)	$	(0.83	)	$	7.95
Diluted income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.	$	(1.50	)	$	(0.82	)	$	(1.25	)
Gain (loss) from discontinued operations	—			(0.01		)	9.20
Net income (loss) attributable to HC2 Holdings, Inc.	$	(1.50	)	$	(0.83	)	$	7.95

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisition On February 3, 2016, GMSL announced the acquisition of a majority interest in CWind Limited, a leading offshore renewables specialist. The purchase of CWind demonstrates Global Marine’s continued commitment to the offshore renewable sector and adds a diverse range of construction and O&M services to its current capabilities. CWind operates an 18-strong fleet that executes a wealth of activities in support of leading wind farm owners and operators, transporting technicians in safety to complete essential work to assure cost-effective construction, as well as reliable on-going performance of the offshore wind farm.

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

12 Months Ended

Dec. 31, 2015

Summary of Investments, Other than Investments in Related Parties [Abstract]

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

HC2 HOLDINGS, INC.

SCHEDULE I

Summary of investments — other than investments in related parties

December 31, 2015

(in thousands)



	Amortized Cost		Fair Value		Amount at which shown in the balance sheet
Fixed Maturities
Bonds
United States Government and government agencies and authorities	$	17,131	$	17,083	$	17,083
States, municipalities and political subdivisions	387,427		386,260		386,260
Foreign governments	6,426		6,429		6,429
Public utilities	120,771		120,009		120,009
Convertibles and bonds with warrants attached	5,305		5,305		5,305
All other corporate bonds	697,296		696,214		696,214
Redeemable preferred stock	535		541		541
Total fixed maturities	1,234,891		1,231,841		1,231,841
Equity securities
Common stocks
Banks, trust and insurance companies	2,262		2,199		2,199
Industrial, miscellaneous and all other	17,673		16,426		16,426
Nonredeemable preferred stocks	30,901		31,057		31,057
Total equity securities	50,836		49,682		49,682
Mortgage loans	1,252		1,252		1,252
Policy loans	18,476		18,476		18,476
Other invested assets	71,254		63,455		53,119
Total investments	$	1,376,709	$	1,364,706	$	1,354,370

SCHEDULE II Condensed Financial Information of the Registrant (Registrant Only) BALANCE SHEETS

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

SCHEDULE II Condensed Financial Information of the Registrant (Registrant Only) BALANCE SHEETS

HC2 HOLDINGS, INC.

SCHEDULE II

Condensed Financial Information of the Registrant (Registrant Only)

BALANCE SHEETS

(in thousands)



	December 31,
	2015			2014
Assets
Cash and cash equivalents	$	41,079		$	17,542
Other current assets	1,270			2,247
Total current assets	42,349			19,789
Intercompany receivable	10,056			—
Investment in subsidiaries	375,412			325,533
Other assets	33,086			38,782
Total assets	$	460,903		$	384,104

Liabilities
Accounts payable	$	3,103		$	862
Accrued and other current liabilities	9,505			6,817
Total current liabilities	12,608			7,679
Intercompany payable	—			9,499
Long-term debt	297,262			247,655
Other long term liabilities	4,384			239
Total liabilities	314,254			265,072

Temporary equity
Preferred stock	52,619			39,845

Stockholders’ equity
Common stock	35			24
Additional paid-in capital	209,477			141,948
Accumulated deficit	(79,729		)	(44,164		)
Treasury stock	(378		)	(378		)
Accumulated other comprehensive income	(35,375		)	(18,243		)
Total stockholders’ equity	94,030			79,187
Total liabilities, temporary equity and stockholders’ equity	$	460,903		$	384,104

HC2 HOLDINGS, INC.

SCHEDULE II

Condensed Financial Information of the Registrant (Registrant Only)

STATEMENTS OF OPERATIONS

(in thousands)



	Fiscal
	2015			2014			2013
Revenue	$	—		$	—		$	—
Operating expenses:
General and administrative	38,410			29,715			8,435
Gain on sale of assets	—			1,837			15,250
Operating expenses	38,410			27,878			(6,815		)
Income/(loss) from operations	(38,410		)	(27,878		)	6,815
Other income (expense):
Equity in net (loss) income of subsidiaries	26,879			33,810			89,999
Interest expense	(33,793		)	(10,369		)	—
Loss on debt extinguishment	—			(12,300		)	—
Other income/(expense)	(4,736		)	(174		)	14,906
Income/(loss) before income taxes	(50,060		)	(16,911		)	111,720
Tax (benefit)/expense	(14,495		)	(2,520		)	114
Net income/(loss)	$	(35,565	)	$	(14,391	)	$	111,606

HC2 HOLDINGS, INC.

SCHEDULE II

Condensed Financial Information of the Registrant (Registrant Only)

STATEMENTS OF CASH FLOWS

(in thousands)



	Fiscal
	2015			2014			2013
Net change in cash due to operating activities	$	(31,601	)	$	(30,012	)	$	(20,596	)
Cash flows from investing activities:
Contributions to subsidiaries	(62,356		)	(175,119		)	—
Cash paid for business acquisitions, net of cash acquired				(78,750		)
Return of capital from subsidiaries	—			31,645			141,397
Purchase of noncontrolling interest	—			(38,403		)	—
Other, net	(400		)	—			—
Net change in cash due to investing activities	(62,756		)	(260,627		)	141,397
Cash flows from financing activities:
Proceeds from long-term obligations	50,250			330,000			—
Principal payments on long-term obligations	—			(80,000		)	—
Proceeds from sale of common stock, net	53,975			6,000			—
Proceeds from sale of preferred stock, net	14,033			40,050			—
Advances (to) from affiliates	5,000			—			—
Payment of dividends	(4,066		)	—			(119,788		)
Proceeds from the exercise of warrants and stock options	—			24,348
Payment of fees on restructuring of debt	—			(12,333		)
Other, net	(1,297		)	(47		)	(1,077		)
Net change in cash due to financing activities	117,895			308,018			(120,865		)
Net increase in cash and cash equivalents	23,538			17,379			(64		)
Cash and cash equivalents at beginning of period	17,542			163			227
Cash and cash equivalents at end of period	$	41,079		$	17,542		$	163

SCHEDULE III Supplementary Insurance Information

12 Months Ended

Dec. 31, 2015

Supplementary Insurance Information [Abstract]

SCHEDULE III Supplementary Insurance Information

HC2 HOLDINGS, INC.

SCHEDULE III

Supplementary Insurance Information

As of or for the year ended December 31, 2015

(in thousands)



Insurance Companies:
Deferred policy acquisition cost	$	—
Future policy benefits, losses, claims and loss expenses	$	1,719,144
Unearned premiums	$	—
Net earned premiums	$	1,578
Net investment income	$	1,025
Benefits, claims, losses	$	1,293
Amortization of deferred policy acquisition cost	$	—
Other operating expenses	$	318
Net written premiums (excluding life)	$	1,399

SCHEDULE IV Reinsurance

12 Months Ended

Dec. 31, 2015

Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]

SCHEDULE IV Reinsurance

HC2 HOLDINGS, INC.

SCHEDULE IV

Reinsurance

December 31, 2015

(in thousands)



	Gross Amount		Ceded to other companies			Assumed from other companies		Net Amount		Percentage of amount assumed to net
Life insurance in force	$	820	$	(532	)	$	38	$	326	11.6	%
Premiums:
Life insurance	$	262	$	(91	)	$	8	$	179	4.4	%
Accident and health insurance	9,323		(8,080		)	156		1,399		11.1	%
Total premiums	$	9,585	$	(8,171	)	$	164	$	1,578	10.4	%

SCHEDULE V Valuation and Qualifying Accounts (Notes)

12 Months Ended

Dec. 31, 2015

Valuation and Qualifying Accounts [Abstract]

SCHEDULE V Valuation and Qualifying Accounts

HC2 HOLDINGS, INC.

SCHEDULE V

Valuation and Qualifying Accounts

(in thousands)

Activity in the Company’s allowance accounts for the years ended December 31, 2015, 2014 and 2013 was as follows:



	Doubtful Accounts Receivable
Period	Balance at Beginning of Period		Charged to Costs and Expenses		Deductions			Other			Balance at End of Period
2013	$	1,771	$	1,507	$	(2,816	)	$	2,014	(1)	$	2,476
2014	$	2,476	$	403	$	(119	)	$	—		$	2,760
2015	$	2,760	$	99	$	(2,065	)	$	—		$	794



	Deferred Tax Asset Valuation
Period	Balance at Beginning of Period		Charged to Costs and Expenses			Deductions		Other		Balance at End of Period
2013	$	149,494	$	(31,171	)	$	—	$	—	$	118,323
2014	$	118,323	$	(49,340	)	$	—	$	—	$	68,983
2015	$	68,983	$	(879	)	$	—	$	—	$	68,104


(1)	Other contains the addition of the Company’s allowance for doubtful accounts receivable from PTGi-ICS of $2.1 million that was reclassified out of assets held for sale as of December 31, 2013 and the subtraction of the Company’s allowance for doubtful accounts of PTI $0.1 million in assets held for sale.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2015
Accounting Policies [Abstract]
Principles of Consolidation and Redeemable Noncontrolling Interest	Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and all other subsidiaries over which the Company exerts control, or variable interest entities (“VIEs”). All intercompany profits, transactions and balances have been eliminated in consolidation. Results of operations of acquired companies are included from the dates of acquisition and for VIEs, from the dates that the Company became the primary beneficiary. As of December 31, 2015, the Company has a 100% interest in the Insurance Companies, a 97% interest in GMSL, a 91% interest in Schuff, a 55% interest in ANG and a 100% interest in DMi. Through its subsidiary, Pansend, the Company has a 77% interest in Genovel Orthopedics, Inc. and a 61% interest in R2 Dermatology, 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”) 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 fiscal year of 2015 ended on January 2, 2016. Redeemable Noncontrolling Interest The GMSL noncontrolling interest includes a put right which allows the holder to require the Company to purchase their interests in cash on a determinable date outside the control of the Company. The redeemable noncontrolling interests was initially recorded at fair value and will be subsequently remeasured each reporting period to reflect the redemption value (fair market value) with changes recorded against retained earnings.
Discontinued Operations	Discontinued Operations In the second quarter of 2013, the Company sold its BLACKIRON Data segment and reiterated its June 2012 commitment to dispose of ICS. The Company completed the initial closing of the sale of its North America Telecom business on July 31, 2013 and completed the divestiture of the remainder of its North America Telecom business on July 31, 2014 (see Note 23. Discontinued Operations ). In conjunction with the initial closing of the sale of the North America Telecom business, the Company redeemed its outstanding debt issued by PTGi International Holding, Inc. (f/k/a Primus Telecommunications Holding, Inc., “PTHI”) on August 30, 2013. Because the debt was required to be repaid as a result of the sale of North America Telecom, the interest expense and loss on early extinguishment or restructuring of debt of PTHI has been allocated to discontinued operations. In December 2013, based on management’s assessment of the requirements under ASC No. 360, “Property, Plant and Equipment” (“ASC 360”), it was determined that ICS no longer met the criteria of a held for sale asset. On February 11, 2014, the Board of Directors officially ratified management’s December 2013 assessment, and reclassified ICS from held for sale to held and used, effective December 31, 2013.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are comprised principally of amounts in money market accounts, operating accounts, certificates of deposit, and overnight repurchase agreements with original maturities of three months or less.
Investments	Investments The Company determines the appropriate classification of investments in fixed maturity and equity securities at the acquisition date and re-evaluates the classification at each balance sheet date. Substantially all of our investments in equity and fixed maturity securities are classified as available-for-sale. The Company utilizes the equity method to account for investments when it posseses the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when an investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. The Company applies the equity method to investments in common stock and to other investments when such other investments possess substantially identical subordinated interests to common stock. In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by its proportionate share of the net earnings or losses and other comprehensive income of the investee. The Company records dividends or other equity distributions as reductions in the carrying value of the investment. In the event that net losses of the investee reduce the carrying amount to zero, additional net losses may be recorded if other investments in the investee are at-risk, even if the Company have not committed to provide financial support to the investee. Such additional equity method losses, if any, are based upon the change in the Company's claim on the investee’s book value. Fixed maturities, available-for-sale at fair value include bonds and redeemable preferred stocks. The Company carries these investments at fair value with net unrealized gains or losses, net of tax and related adjustments, reported as a component of accumulated other comprehensive income (loss) (“AOCI”). Equity securities, available-for-sale at fair value include investments in common stock and non-redeemable preferred stock. The Company carries these investments at fair value with net unrealized gains or losses, net of tax and related adjustments, reported as a component of AOCI. Mortgage loans are carried at amortized unpaid balances, net of provisions for estimated losses. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Policy loans are stated at current unpaid principal balances. Policy loans are collateralized by the cash surrender value of the policy. Interest income is recorded as earned using the contractual interest rate. Other invested assets include (i) common stock of publicly traded companies accounted for using the equity method; (ii) common and preferred stock of privately held companies accounted for using the equity or cost method; (ii) limited partnerships and joint ventures accounted for using the equity method; (iii) equity purchase warrants and call options accounted for as a derivative (as discussed below); and, (iv) equity purchase warrants accounted for under the cost method. Premiums and discounts on fixed maturity securities are amortized using the interest method; mortgage-backed securities are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Dividends on equity securities are recognized when declared. When the Company sells a security, the difference between the sale proceeds and amortized cost (determined based on specific identification) is reported as a realized investment gain or loss. When a decline in the value of a specific investment is considered to be other-than-temporary at the balance sheet date, a provision for impairment is charged to earnings (included in realized gains (losses) on investments) and the cost basis of that investment is reduced. If the Company can assert that it does not intend to sell an impaired fixed maturity security and it is not more likely than not that it will have to sell the security before recovery of its amortized cost basis, then the other-than-temporary impairment is separated into two components: (i) the amount related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in AOCI). The credit-related portion of an other-than-temporary impairment is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the impairment charge. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment charge to earnings is recorded to reduce the amortized cost of that security to fair value.
Derivatives	Derivatives Equity purchase warrants, equity call options and the Company's issued warrant to purchase its common stock qualify as a derivative under ASC 815, Derivatives and Hedging ("ASC 815"). All of such derivative instruments are recognized as either assets or liabilities at fair value. The change in fair value is recognized within earnings.
Fair Value Measurements	Fair Value Measurements General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and describes three levels of inputs that may be used to measure fair value: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. Active markets are defined as having the following characteristics for the measured asset/liability: (i) many transactions, (ii) current prices, (iii) price quotes not varying substantially among market makers, (iv) narrow bid/ask spreads and (v) most information publicly available. The Company’s Level 1 financial instruments consist primarily of publicly traded equity securities and highly liquid government bonds for which quoted market prices in active markets are available. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions with significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Such observable inputs include benchmarking prices for similar assets in active, liquid markets, quoted prices in markets that are not active and observable yields and spreads in the market. The Company’s Level 2 financial instruments include corporate and municipal fixed maturity securities, mortgage-backed non-affiliated common stocks priced using observable inputs. Level 2 inputs include benchmark yields, reported trades, corroborated broker/dealer quotes, issuer spreads and benchmark securities. When non-binding broker quotes can be corroborated by comparison to similar securities priced using observable inputs, they are classified as Level 2. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities. Level 3 assets and liabilities include those whose value is determined using market standard valuation techniques. When observable inputs are not available, the market standard techniques for determining the estimated fair value of certain securities that trade infrequently, and therefore have little transparency, rely on inputs that are significant to the estimated fair value and that are not observable in the market or cannot be derived principally from or corroborated by observable market data. These unobservable inputs can be based in large part on management judgment or estimation and cannot be supported by reference to market activity. Even though unobservable, management believes these inputs are based on assumptions deemed appropriate given the circumstances and consistent with what other market participants would use when pricing similar assets and liabilities. For the Company’s invested assets, this category primarily includes private placements, asset-backed securities, and to a lesser extent, certain residential and commercial mortgage-backed securities, among others. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques. Non-binding broker quotes, which are utilized when pricing service information is not available, are reviewed for reasonableness based on the Company’s understanding of the market, and are generally considered Level 3. Under certain circumstances, based on its observations of transactions in active markets, the Company may conclude the prices received from independent third party pricing services or brokers are not reasonable or reflective of market activity. In those instances, the Company would apply internally developed valuation techniques to the related assets or liabilities. Other than transactions described within Note 3. Business Combinations, the Company did not have any significant nonrecurring fair value measurements of non-financial assets and liabilities in 2015 or 2014. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company may utilize information from third parties, such as pricing services and brokers, to assist in determining the fair value for certain assets and liabilities; however, management is ultimately responsible for all fair values presented in the Company’s financial statements. This includes responsibility for monitoring the fair value process, ensuring objective and reliable valuation practices and pricing of assets and liabilities, and approving changes to valuation methodologies and pricing sources. The selection of the valuation technique(s) to apply considers the definition of an exit price and the nature of the asset or liability being valued and significant expertise and judgment is required.
Accounts Receivable	Accounts Receivable Accounts receivable is stated at amounts due from customers net of an allowance for doubtful accounts. Our allowance for doubtful accounts considers historical experience, the age of certain receivable balances, credit history, current economic conditions and other factors that may affect the counterparty’s ability to pay.
Inventory	Inventory 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 consolidated statements of operations. Short-term work in progress on contracts is stated at cost less foreseeable losses. These costs include only direct labor and expenses incurred to date and exclude any allocation of overhead. The policy for long-term work in progress contracts is disclosed within the Revenue and Cost Recognition accounting policy.
Reinsurance	Reinsurance Premium revenue and benefits are reported net of the amounts related to reinsurance ceded to and assumed from other companies. Expense allowances from reinsurers are included in other operating and general expenses. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies.
Accounting for Income Taxes	Accounting for Income Taxes We recognize deferred tax assets and liabilities for the expected future tax consequences of transactions and events. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement bases and the tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. If necessary, deferred tax assets are reduced by a valuation allowance to an amount that is determined to be more likely than not recoverable. We must make significant estimates and assumptions about future taxable income and future tax consequences when determining the amount of the valuation allowance. The additional guidance provided by ASC No. 740, “Income Taxes” (“ASC 740”), clarifies the accounting for uncertainty in income taxes recognized in the financial statements. Expected outcomes of current or anticipated tax examinations, refund claims and tax-related litigation and estimates regarding additional tax liability (including interest and penalties thereon) or refunds resulting therefrom will be recorded based on the guidance provided by ASC 740 to the extent applicable. At present, our U.S. and foreign companies have significant deferred tax assets resulting from tax loss carryforwards. The foreign deferred tax assets with minor exceptions are fully offset with valuation allowances. The appropriateness and amount of these valuation allowances are based on our assumptions about the future taxable income of each affiliate. If our assumptions have significantly underestimated future taxable income with respect to a particular affiliate, all or part of the valuation allowance for the affiliate would be reversed and additional income could result. The valuation allowances for the U.S. NOL deferred tax assets were released in 2014.
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. 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. Depreciation is determined on a straight-line basis over the estimated useful lives of the assets, which range from 5 to 40 years for buildings and leasehold improvements, up to 35 years for cable-ships and submersibles, 3 to 15 years for equipment, furniture and fixtures, and 3 to 20 years for plant and transportation equipment. Plant includes equipment on the cable-ships that is portable and can be moved around the fleet and computer equipment. Leasehold improvements are amortized over the lives of the leases or estimated useful lives of the assets, whichever is shorter. Assets under construction are not depreciated until they are complete and available for use. When assets are sold or otherwise retired, the costs and accumulated depreciation are removed from the books and the resulting gain or loss is included in operating results. Property, plant and equipment that have been included as part of the assets held for sale are no longer depreciated from the time that they are classified as such. The Company periodically evaluates the carrying value of its property, plant and equipment based upon the estimated cash flows to be generated by the related assets. If impairment is indicated, a loss is recognized.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Under ASC 350, Intangibles—Goodwill and Other (“ASC 350”), goodwill and indefinite lived intangible assets are not amortized but are reviewed annually for impairment, or more frequently, if impairment indicators arise. Intangible assets that have finite lives are amortized over their estimated useful lives and are subject to the provisions of ASC 360. Goodwill impairment is tested at least annually (October 1st) or when factors indicate potential impairment using a two-step process that begins with an estimation of the fair value of each reporting unit. Step 1 is a screen for potential impairment pursuant to which the estimated fair value of each reporting unit is compared to its carrying value. The Company estimates the fair values of each reporting unit by an estimation of the discounted cash flows of each of the reporting units based on projected earnings in the future (the income approach). If there is a deficiency (the estimated fair value of a reporting unit is less than its carrying value), a Step 2 test is required. Step 2 measures the amount of impairment loss, if any, by comparing the implied fair value of the reporting unit’s goodwill with its carrying amount. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined; i.e., through an allocation of the fair value of a reporting unit to all of the assets and liabilities of that unit as if the reporting unit had been acquired in a business combination. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss shall be recognized in an amount equal to that excess. The Company also may utilize the provisions of Accounting Standards Update (“ASU”) No. 2011-8, “Testing Goodwill for Impairment” (“ASU 2011-8”), which allows the Company to use qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company's goodwill is held by 5 separate reporting units, which are subject to their own annual test of impairment on October 1st: Schuff, ICS, ANG, GMSL and DMi. Estimating the fair value of a reporting unit requires various assumptions including projections of future cash flows, perpetual growth rates and discount rates. The assumptions about future cash flows and growth rates are based on the Company’s assessment of a number of factors, including the reporting unit’s recent performance against budget, performance in the market that the reporting unit serves, and industry and general economic data from third party sources. Discount rate assumptions are based on an assessment of the risk inherent in those future cash flows. Changes to the underlying businesses could affect the future cash flows, which in turn could affect the fair value of the reporting unit. Intangible assets not subject to amortization consist of certain licenses. Such indefinite lived intangible assets are tested for impairment annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test shall consist of a comparison of the fair value of an intangible asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an impairment loss shall be recognized in an amount equal to the excess. Intangible assets subject to amortization consists of certain trade names, customer contracts and developed technology. These finite lived intangible assets are amortized based on their estimated useful lives. Such assets are subject to the impairment provisions of ASC 360, wherein impairment is recognized and measured only if there are events and circumstances that indicate that the carrying amount may not be recoverable. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset group. An impairment loss is recorded if after determining that it is not recoverable, the carrying amount exceeds the fair value of the asset. In addition to the foregoing, the Company reviews its goodwill and intangible assets for possible impairment whenever events or circumstances indicate that the carrying amounts of assets may not be recoverable. The factors that the Company considers important, and which could trigger an impairment review, include, but are not limited to: a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit; a significant decline in the market value of our common stock or debt securities for a sustained period; a material adverse change in economic, financial market, industry or sector trends; a material failure to achieve operating results relative to historical levels or projected future levels; and significant changes in operations or business strategy.
Valuation of Long-lived Assets	Valuation of Long-lived Assets The Company reviews long-lived assets for impairment whenever events or changes indicate that the carrying amount of an asset may not be recoverable. In making such evaluations, the Company compares the expected undiscounted future cash flows to the carrying amount of the assets. If the total of the expected undiscounted future cash flows is less than the carrying amount of the assets, the Company is required to make estimates of the fair value of the long-lived assets in order to calculate the impairment loss equal to the difference between the fair value and carrying value of the assets. The Company makes significant assumptions and estimates in this process regarding matters that are inherently uncertain, such as determining asset groups and estimating future cash flows, remaining useful lives, discount rates and growth rates. The resulting undiscounted cash flows are projected over an extended period of time, which subjects those assumptions and estimates to an even larger degree of uncertainty. While the Company believes that its estimates are reasonable, different assumptions could materially affect the valuation of the long-lived assets. The Company derives future cash flow estimates from its historical experience and its internal business plans, which include consideration of industry trends, competitive actions, technology changes, regulatory actions, available financial resources for marketing and capital expenditures and changes in its underlying cost structure. The Company makes assumptions about the remaining useful life of its long-lived assets. The assumptions are based on the average life of its historical capital asset additions and its historical asset purchase trend. In some cases, due to the nature of a particular industry in which the company operates, the Company may assume that technology changes in such industry render all associated assets, including equipment, obsolete with no salvage value after their useful lives. In certain circumstances in which the underlying assets could be leased for an additional period of time or salvaged, the Company includes such estimated cash flows in its estimate. The estimate of the appropriate discount rate to be used to apply the present value technique in determining fair value was the Company’s weighted average cost of capital which is based on the effective rate of its long-term debt obligations at the current market values (for periods during which the Company had long-term debt obligations) as well as the current volatility and trading value of the Company’s common stock.
Value of Business Acquired (VOBA)	Value of Business Acquired ("VOBA") VOBA is a liability that reflects the estimated fair value of in-force contracts in a life insurance company acquisition less the amount recorded as insurance contract liabilities. It represents the portion of the purchase price that is allocated to the value of the rights to receive future cash flows from the business in force at the acquisition date. A VOBA liability (negative asset) occurs when the estimated fair value of in-force contracts in a life insurance company acquisition is less than the amount recorded as insurance contract liabilities. Amortization is based on assumptions consistent with those used in the development of the underlying contract adjusted for emerging experience and expected trends. VOBA amortization are reported within Depreciation and amortization in the accompanying consolidated statements of operations. The VOBA balance is also periodically evaluated for recoverability to ensure that the unamortized portion does not exceed the expected recoverable amounts. At each evaluation date, actual historical gross profits are reflected, and estimated future gross profits and related assumptions are evaluated for continued reasonableness. Any adjustment in estimated future gross profits requires that the amortization rate be revised (“unlocking”) retroactively to the date of the policy or contract issuance. The cumulative unlocking adjustment is recognized as a component of current period amortization.
Annuity Benefits Accumulated	Annuity Benefits Accumulated Annuity receipts and benefit payments are recorded as increases or decreases in annuity benefits accumulated rather than as revenue and expense. Increases in this liability (primarily interest credited) are charged to expense and decreases for charges are credited to annuity policy charges revenue. Reserves for traditional fixed annuities are generally recorded at the stated account value.
Life, Accident and Health Reserves	Life, Accident and Health Reserves Liabilities for future policy benefits under traditional life, accident and health policies are computed using the net level premium method. Computations are based on the original projections of investment yields, mortality, morbidity and surrenders and include provisions for unfavorable deviations unless a loss recognition event (premium deficiency) occurs. Claim reserves and liabilities established for accident and health claims are modified as necessary to reflect actual experience and developing trends. For long-duration contracts (such as traditional life and long-term care insurance policies), loss recognition occurs when, based on current expectations as of the measurement date, existing contract liabilities plus the present value of future premiums (including reasonably expected rate increases) are not expected to cover the present value of future claims payments and related settlement and maintenance costs (excluding overhead) as well as unamortized acquisition costs. If a block of business is determined to be in loss recognition, a charge is recorded in earnings in an amount equal to the excess of the present value of expected future claims costs and unamortized acquisition costs over existing reserves plus the present value of expected future premiums (with no provision for adverse deviation). The charge is recorded as an additional reserve (if unamortized acquisition costs have been eliminated). In addition, reserves for traditional life and long-term care insurance policies are subject to adjustment for loss recognition charges that would have been recorded if the unrealized gains from securities had actually been realized. This adjustment is included in unrealized gains (losses) on marketable securities, a component of AOCI.
Presentation of Taxes Collected	Presentation of Taxes Collected The Company reports a value-added tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between the Company and a customer on a net basis (excluded from revenues).
Foreign Currency Transactions and Translation	Foreign Currency Transactions Foreign currency transactions are transactions denominated in a currency other than a subsidiary’s functional currency. A change in the exchange rates between a subsidiary’s functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is reported by the Company as a foreign currency transaction gain (loss). The primary component of the Company’s foreign currency transaction gain (loss) is due to agreements in place with certain subsidiaries in foreign countries regarding intercompany transactions. The Company anticipates repayment of these transactions in the foreseeable future, and recognizes the realized and unrealized gains or losses on these transactions that result from foreign currency changes in the period in which they occur as foreign currency transaction gain (loss). Foreign Currency Translation The assets and liabilities of the Company’s foreign subsidiaries are translated at the exchange rates in effect on the reporting date. Income and expenses are translated at the average exchange rate during the period. The net effect of such translation gains and losses are reflected within accumulated other comprehensive income (loss) in the stockholders’ equity section of the consolidated balance sheets.
Deferred Financing Costs	Deferred Financing Costs The Company capitalizes certain expenses incurred in connection with its long-term debt and line of credit obligations and amortizes them over the term of the respective debt agreement. The amortization expense of the deferred financing costs is included in interest expense on the consolidated statements of operations. If the Company extinguishes portions of its long-term debt prior to the maturity date, deferred financing costs are charged to expense on a pro rata basis and are included in loss on early extinguishment or restructuring of debt on the consolidated statements of operations. Subsequent to our early adoption of Accounting Standards Update (“ASU”) 2015-03 (see "New Accounting Pronouncements") effective on December 31, 2015, we will reclassify our deferred financing costs to long-term obligations and aggregate them with the original issue discount on the consolidated balance sheets. Previously the Company's deferred financing costs had been included in other assets. Because the adoption of ASU 2015-03 requires retrospective application, the Company reclassified $7.8 million of deferred financing costs from Other assets to Long-term obligations on the consolidated balance sheet as of December 31, 2014.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of net revenue and expenses during the reporting period. Actual results may differ from these estimates. Significant estimates include allowance for doubtful accounts receivable, the extent of progress towards completion on contracts, contract revenue and costs on long-term contracts, valuation of certain investments and the insurance reserves, market assumptions used in estimating the fair values of certain assets and liabilities, the calculation used in determining the fair value of HC2’s stock options required by ASC 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 revenues 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 years 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 on a time apportioned basis over the length of installation. 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 December 31, 2015, Schuff had $165.2 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 December 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. 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.
Pensions	Pensions GMSL operates various pension schemes comprising both defined benefit plans and defined contribution plans. GMSL also makes contributions on behalf of employees who are members of the Merchant Navy Officers Pension Fund (“MNOPF”). For the defined benefit plans and the MNOPF plan, the amounts charged to income (loss) from operations are the current service costs and the gains and losses on settlements and curtailments. These are included as part of staff costs. Past service costs are recognized immediately if the benefits have vested. If the benefits have not vested immediately, the costs are recognized over the period vesting occurs. The interest costs and expected return of assets are shown as a net amount and included in interest income and other income (expense). Actuarial gains and losses are recognized immediately in the consolidated statements of operations. Defined benefit plans are funded with the assets of the plan held separately from those of GMSL, in separate trustee administered funds. Pension plan assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method discounted at a rate of equivalent currency and term to the plan liabilities. The actuarial valuations are obtained annually. For the defined contribution plans, the amount charged to income (loss) from operations in respect of pension costs is the contributions payable in the period. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the consolidated balance sheets.
Share-Based Compensation	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 APIC pool related to the tax effects of share-based compensation and to determine the subsequent impact on the APIC pool and the statement of cash flows of the tax effects of share-based awards that were fully vested and outstanding upon the adoption of ASC 718. The Company uses a Black-Scholes option valuation model to determine the grant date fair value of share-based compensation under ASC 718. The Black-Scholes model incorporates various assumptions including the expected term of awards, volatility of stock price, risk-free rates of return and dividend yield. The expected term of an award is no less than the option vesting period and is based on the Company’s historical experience. Expected volatility is based upon the historical volatility of the Company’s stock price. The risk-free interest rate is approximated using rates available on U.S. Treasury securities with a remaining term similar to the option’s expected life. The Company uses a dividend yield of zero in the Black-Scholes option valuation model as it does not anticipate paying cash dividends in the foreseeable future that do not contain antidilution provisions requiring the adjustment of exercise prices and option shares. Share-based compensation is recorded net of expected forfeitures.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk principally consist of trade accounts receivable. The Company performs ongoing credit evaluations of its customers but generally does not require collateral to support customer receivables. The Company maintains its cash with high quality credit institutions, and its cash equivalents are in high quality securities.
Income (Loss) Per Common Share	Income (Loss) Per Common Share Basic income (loss) per common share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per common share is computed using the weighted average number of shares of common stock, adjusted for the dilutive effect of potential common stock and related income from continuing operations, net of tax. Potential common stock, computed using the treasury stock method or the if-converted method, includes options, warrants, restricted stock, restricted stock units and convertible preferred stock. In periods when the Company generates income, the Company calculates basic earnings per share using the two-class method, pursuant to ASC No. 260, “Earnings Per Share.” The two-class method is required as the shares of the Company’s preferred stock qualify as participating securities, having the right to receive dividends should dividends be declared on common stock. Under this method, earnings for the period are allocated to the common stock and preferred stock to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. The Company does not use the two-class method in periods when it generates a loss as the holders of the preferred stock do not participate in losses.
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 and 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, Accounting Standards Update (“ASU”) 2014-8, “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 consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes", which eliminates the requirement to separate deferred tax liabilities and assets between current and noncurrent in a classified balance sheet. The amendments require that all deferred tax liabilities and assets of the same tax jurisdiction or a tax filing group, as well as any related valuation allowance, be offset and presented as a single noncurrent amount in a classified balance sheet. The Company early adopted the ASU effective December 31, 2015. In April 2015, the FASB issued ASU 2015-3, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”, which requires that debt issuance costs be reported in the balance sheet as a direct deduction from the face amount of the related liability, consistent with the presentation of debt discounts. Prior to the amendments, debt issuance costs were presented as a deferred charge (i.e., an asset) on the balance sheet. Further, the amendments require the amortization of debt issuance costs to be reported as interest expense. Similarly, debt issuance costs and any discount or premium are considered in the aggregate when determining the effective interest rate on the debt. The Company early adopted this ASU effective December 31, 2015. The Company has retrospectively applied this ASU and reclassified the deferred financing costs from Other assets to Long-term obligations on the consolidated balance sheet as of December 31, 2014. New Accounting Pronouncements In February 2016, the FASB has issued Accounting Standards Update ("ASU") 2016-02, "Leases." Early adoption is permitted. The Company’s effective date for adoption is January 1, 2019. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-01, which, among other things, will require all equity securities currently classified as “available for sale” to be reported at fair value, with holding gains and losses recognized in net income instead of AOCI. The Company will be required to adopt this guidance effective January 1, 2018. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, “Business Combination Topic No. 805: Simplifying the Accounting for Measurement - Period Adjustments”, which requires adjustments to provisional amounts that are identified during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Early adoption is permitted. The Company’s effective date for adoption is January 1, 2016. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest Subtopic No. 835-30: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”, which codifies an SEC staff announcement that entities are permitted to defer and present debt issuance costs related to line-of-credit arrangements as assets. The Company’s effective date for adoption is January 1, 2016. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers Topic No. 606: Deferral of the Effective Date”, which defers the effective date of the new revenue recognition standard by one year. Early adoption is permitted. The Company’s effective date for adoption is January 1, 2018. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In July, 2015, the FASB issued ASU 2015-12, "(Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient". Early application is permitted. The Company's effective date for adoption is January 1, 2016. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, “Inventory Topic No. 330: Simplifying the Measurement of Inventory”, which requires inventory within the scope of the ASU to be measured using the lower of cost and net realizable value. Inventory excluded from the scope of the ASU will continue to be measured at the lower of cost or market. Early adoption is permitted. The Company’s effective date for adoption is January 1, 2017. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In May, 2015, the FASB has issued ASU 2015-9, "Disclosures About Short-Duration Contracts". Early application is permitted. The Company's effective date for adoption is January 1, 2016. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In May 2015, the FASB issued ASU 2015-8, “Business Combinations Topic No. 805: Pushdown Accounting-Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 (SEC Update)”, which rescinds certain SEC guidance in order to confirm with ASU 2014-17, “Pushdown Accounting” (“ASU 2014-17”). ASU 2014-17 was issued in November 2014 and provides a reporting entity that is a business or nonprofit activity (an “acquiree”) the option to apply pushdown accounting to its separate financial statements when an acquirer obtains control of the acquiree. Early adoption is permitted. The Company’s effective date for adoption is January 1, 2016. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, "Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)". Early adoption is permitted. The Company’s effective date for adoption is January 1, 2016. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-2, “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 is currently evaluating the impact of this accounting update on its consolidated financial statements. In January 2015, the FASB issued ASU 2015-1, “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 is currently evaluating the impact of this accounting update on its consolidated financial statements. Effective January 1, 2018, the Company may adopt ASU 2014-09, "Revenue From Contracts With Customers" (Topic 606) using a retrospective approach (with certain optional practical expedients) or a cumulative effect approach. Under the this alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. That is, prior years would not be restated and additional disclosures would be required to enable users of the financial statements to understand the impact of adopting the new standard in the current year compared to prior years that are presented under legacy U.S. GAAP. Early adoption is permitted. The Company is currently evaluating the impact of this accounting update on its consolidated financial statements.

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2015

Business Acquisition [Line Items]

Schedule of Unaudited Consolidated Pro Forma Results of Operations



	Years Ended December 31,
		2015			2014
Net revenue		$	1,243,173		$	1,006,091

Net income (loss) from continuing operations		$	23,026		$	10,859
Gain (loss) from discontinued operations		(21		)	(3,105		)

Net income (loss) attributable to HC2		$	23,202		$	7,754

Per share amounts:
Income (loss) from continuing operations		$	0.87		$	0.55
Gain (loss) from discontinued operations		—			(0.16		)
Net income (loss) attributable to HC2		$	0.87		$	0.39

Schedule of Net Revenue and Net Income (Loss) Recorded

The Company recorded net revenue and net income (loss) as follows (in thousands):



	Year Ended December 31, 2015
	Net Revenue		Net Income (Loss)
Insurance Companies	$	2,865	$	1,634



	Year Ended December 31, 2014
	Net Revenue		Net Income (Loss)
Schuff	$	348,318	$	13,652
ANG	1,839		415
GMSL	35,328		7,170

Insurance Companies

Business Acquisition [Line Items]

Schedule of Purchase Price Allocation

The preliminary fair values of identified assets acquired, liabilities assumed, residual goodwill and consideration transferred are summarized as follows (in thousands):



Fair value of consideration transferred
Cash	$	6,981
Company’s Senior Secured Notes	1,879
Company's common stock	5,380
Warrant	4,332
Total fair value of consideration transfered	$	18,572

Purchase price allocation
Fixed maturities, available for sale at fair value	$	1,230,038
Equity securities, available for sale at fair value	35,697
Mortgage loans	1,252
Policy loans	18,354
Other investments	183
Cash and cash equivalents	48,525
Recoverable from reinsurers	523,076
Accrued investment income	14,417
Deferred tax asset	15,723
Goodwill	29,021



Intangibles	4,850
Other assets	12,869
Total assets acquired	1,934,005
Life, accident and health reserves	(1,592,722		)
Annuity reserves	(259,675		)
Value of business acquired	(50,857		)
Other liabilities	(12,179		)
Total liabilities assumed	(1,915,433		)
Total net assets acquired	$	18,572

Schuff

Business Acquisition [Line Items]

Schedule of Purchase Price Allocation

The 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
Property and equipment, net	85,662
Goodwill	24,490
Trade names	4,478



Other assets	2,947
Total assets acquired	293,978


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
Long-term debt	4,375
Deferred tax liability	7,693
Other liabilities	604
Noncontrolling interest	4,365
Total liabilities assumed	161,581
Enterprise value	132,397
Less fair value of noncontrolling interest	53,647
Purchase price attributable to controlling interest	$	78,750

ANG

Business Acquisition [Line Items]

Schedule of Purchase Price Allocation

The purchase price allocation 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
Goodwill	1,374
Other assets	2
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 noncontrolling interest	8,237
Purchase price attributable to controlling interest	$	15,500

GMSL

Business Acquisition [Line Items]

Schedule of Purchase Price Allocation

The purchase price allocation 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

Investments (Tables)

12 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

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

Additionally, of December 31, 2015, other invested assets include common stock purchase warrants and call options accounted under the ASC 815 (in thousands):



	Cost		Gains		Losses			Fair Value
Warrants	$	6,383	$	428	$	(2,600	)	$	4,211
Call options	1,680		—		(1,048		)	632
Total	$	8,063	$	428	$	(3,648	)	$	4,843

The following tables provide information relating to investments in fixed maturity and equity securities as of December 31, 2015 and 2014 (in thousands):



December 31, 2015	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Fixed maturity securities
U.S. Government and government agencies	$	17,131	$	1	$	(49	)	$	17,083
States, municipalities and political subdivisions	387,427		60		(1,227		)	386,260
Foreign government	6,426		3		—			6,429
Residential mortgage-backed securities	166,324		579		(588		)	166,315



Commercial mortgage-backed securities	74,898		233		(96		)	75,035
Asset-backed securities	34,396		106		(51		)	34,451
Corporate and other	548,289		318		(2,339		)	546,268
Total fixed maturity securities	$	1,234,891	$	1,300	$	(4,350	)	$	1,231,841

Equity securities
Common stocks	$	19,935	$	1	$	(1,311	)	$	18,625
Perpetual preferred stocks	30,901		162		(6		)	31,057
Total equity securities	$	50,836	$	163	$	(1,317	)	$	49,682



December 31, 2014	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Fixed maturity securities
Corporate and other	$	250	$	—	$	—	$	250
Total fixed maturity securities	$	250	$	—	$	—	$	250
Equity securities
Common stocks	$	2,405	$	2,462	$	—	$	4,867
Total equity securities	$	2,405	$	2,462	$	—	$	4,867

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

Asset and mortgage-backed securities are shown separately in the table below, as they are not due at a single maturity date (in thousands).



	Amortized		Fair
Corporate, Municipal, U.S. Government and Other securities	Cost		Value
Due in one year or less	$	16,711	$	16,700
Due after one year through five years	141,237		141,132
Due after five years through ten years	168,061		167,610
Due after ten years	633,264		630,598
Subtotal	959,273		956,040
Mortgage-backed securities	241,222		241,350
Asset-backed securities	34,396		34,451
Total	$	1,234,891	$	1,231,841

Schedule of Major Industry Types of Fixed Maturity Holdings

The tables below show the major industry types of the Company’s Corporate and other fixed maturity holdings as of December 31, 2015 and 2014 (in thousands):



December 31, 2015	Amortized		Fair		% of
	Cost		Value		Total
Finance, insurance, and real estate	$	217,946	$	217,377	39.8	%



Transportation, communications, electric, gas and sanitary services	156,022		155,175		28.4
Manufacturing	95,138		94,792		17.4
Other	79,183		78,924		14.4
Total	$	548,289	$	546,268	100.0	%



December 31, 2014	Amortized		Fair		% of
	Cost		Value		Total
Finance, insurance, and real estate	$	—	$	—	—	%
Transportation, communications, electric, gas and sanitary services	—		—		—
Manufacturing	—		—		—
Other	250		250		100.0
Total	$	250	$	250	100.0	%

Schedule of Unrealized Losses for Fixed Maturities and Equity Securities



	Unrealized			% of
	Losses			Total
Less than 20%	$	(5,667	)	100.0	%
20% or more for less than six months	—			—	%
20% or more for six months or greater	—			—
Total	$	(5,667	)	100.0	%

Schedule of Estimated Fair Value and Gross Unrealized Loss



December 31, 2015	Less than 12 months					12 months or greater				Total
	Fair		Unrealized			Fair		Unrealized		Fair		Unrealized
	Value		Loss			Value		Loss		Value		Loss
Fixed maturity securities
U.S. Government and government agencies	$	15,409	$	(49	)	$	—	$	—	$	15,409	$	(49	)
States, municipalities and political subdivisions	294,105		(1,227		)	—		—		294,105		(1,227		)
Residential mortgage-backed securities	77,695		(588		)	—		—		77,695		(588		)
Commercial mortgage-backed securities	44,618		(96		)	—		—		44,618		(96		)
Asset-backed securities	22,550		(51		)	—		—		22,550		(51		)
Corporate and other	461,431		(2,339		)	—		—		461,431		(2,339		)
Total fixed maturity securities	$	915,808	$	(4,350	)	$	—	$	—	$	915,808	$	(4,350	)
Equity securities
Common stocks	$	13,657	$	(1,311	)	$	—	$	—	$	13,657	$	(1,311	)
Perpetual preferred stocks	7,378		(6		)	—		—		7,378		(6		)
Total equity securities	$	21,035	$	(1,317	)	$	—	$	—	$	21,035	$	(1,317	)

Schedule of Other Invested Assets

Carrying values of other invested assets as of December 31, 2015 and 2014 are as follows (in thousands):



	2015				2014
	Cost Method		Equity Method		Cost Method		Equity Method
Common Equity	$	249	$	6,475	$	—	$	10,463
Preferred Equity	1,655		7,522		—		7,453
Warrants	3,880		—		2,956		—
Limited partnerships	—		1,171		—		1,151
GMSL Joint Ventures	—		27,324		—		28,543
Total	$	5,784	$	42,492	$	2,956	$	47,610

Summarized Information for Equity Method Investments



	Years Ended December 31,
		2015			2014
Net revenue		$	502,122		$	151,594
Gross profit		$	103,236		$	35,783
Income (loss) from continuing operations		$	(18,743	)	$	5,142
Net income (loss)		$	(36,873	)	$	5,142

Current assets		$	256,372		$	269,864
Noncurrent assets		$	219,434		$	149,995
Current liabilities		$	169,002		$	179,552
Noncurrent liabilities		$	132,934		$	18,063

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

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



December 31, 2015			Fair Value Measurements Using:
	Total		Level 1		Level 2		Level 3
Assets
Fixed maturity securities
U.S. Government and government agencies	$	17,083	$	5,753	$	11,257	$	73
States, municipalities and political subdivisions	386,260		—		380,601		5,659
Foreign government	6,429		—		6,429		—
Residential mortgage-backed securities	166,315		—		87,296		79,019
Commercial mortgage-backed securities	75,035		—		14,510		60,525
Asset-backed securities	34,451		—		6,798		27,653
Corporate and other	546,268		7,090		525,234		13,944
Total fixed maturity securities	1,231,841		12,843		1,032,125		186,873
Equity securities
Common stocks	18,625		13,693		—		4,932
Perpetual preferred stocks	31,057		10,271		20,786		—
Total equity securities	49,682		23,964		20,786		4,932
Derivatives	4,843		632		—		4,211
Total assets accounted for at fair value	$	1,286,366	$	37,439	$	1,052,911	$	196,016

Liabilities
Warrant liability	$	4,332	$	—	$	—	$	4,332
Total liabilities accounted for at fair value	$	4,332	$	—	$	—	$	4,332



December 31, 2014			Fair Value Measurements Using:
	Total		Level 1		Level 2		Level 3
Assets
Fixed maturity securities
Corporate and other	$	250	$	—	$	—	$	250
Total fixed maturity securities	250		—		—		250
Equity securities
Common stocks	4,867		4,867		—		—
Total equity securities	4,867		4,867		—		—
Cash Equivalents	908		908		—		—
Total financial assets	$	6,025	$	5,775	$	—	$	250

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

Changes in balances of Level 3 financial assets carried at fair value during the year ended December 31, 2015 and 2014 are presented below (in thousands).



				Total realized/unrealized gains (losses) included in
	Balance at December 31, 2014			Net earnings (loss)		Other comp. income (loss)			Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2015
Assets
Fixed maturity securities
U.S. Government and government agencies		$	—	$	—	$	(1	)	$	74	$	—	$	—	$	—		$	73
States, municipalities and political subdivisions		—		—		7			5,652		—		—		—			5,659
Foreign government		—		—		—			—		—		—		—			—
Residential mortgage-backed securities		—		301		(166		)	78,884		—		—		—			79,019



Commercial mortgage-backed securities	—		(45		)	197			60,373		—			—		—		60,525
Asset-backed securities	—		—			—			27,653		—			—		—		27,653
Corporate and other	250		—			(53		)	14,247		(500		)	—		—		13,944
Total fixed maturity securities	250		256			(16		)	186,883		(500		)	—		—		186,873
Equity securities
Common stocks	—		—			—			4,932		—			—		—		4,932
Perpetual preferred stocks	—		—			—			—		—			—		—		—
Total equity securities	—		—			—			4,932		—			—		—		4,932
Warrants	—		(1,544		)	(628		)	6,383		—			—		—		4,211
Total financial assets	$	250	$	(1,288	)	$	(644	)	$	198,198	$	(500	)	$	—	$	—	$	196,016
Liabilities
Warrants	$	—	$	—		$	—		$	4,332	$	—		$	—	$	—	$	4,332
Total financial liabilities	$	—	$	—		$	—		$	4,332	$	—		$	—	$	—	$	4,332



				Total realized/unrealized gains (losses) included in
	Balance at December 31, 2013			Net earnings (loss)		Other comp. income (loss)		Purchases and issuances		Sales and settlements		Transfers into Level 3		Transfers out of Level 3		Balance at December 31, 2014
Assets
Fixed maturity securities
Corporate and other		$	—	$	—	$	—	$	250	$	—	$	—	$	—		$	250
Total fixed maturity securities		—		—		—		250		—		—		—			250
Total financial assets		$	—	$	—	$	—	$	250	$	—	$	—	$	—		$	250

Schedule of Financial Instruments Measured at Fair Value on Nonrecurring Basis

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, at December 31, 2015 and December 31, 2014. This table excludes carrying amounts reported in the consolidated balance sheets for cash, accounts receivable, costs and recognized earnings in excess of billings, accounts payable, accrued expenses, billings in excess of costs and recognized earnings, and other current assets and liabilities approximate fair value due to relatively short periods to maturity.



December 31, 2015					Fair Value Measurement Using:
	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Assets
Mortgage loans	$	1,252	$	1,252	$	—	$	—	$	1,252
Policy loans	18,476		18,476		—		18,476		—
Other invested assets	5,784		3,434		—		—		3,434
Total assets not accounted for at fair value	$	25,512	$	23,162	$	—	$	18,476	$	4,686
Liabilities
Annuity benefits accumulated ⁽¹⁾	257,454		258,847		—		—		258,847
Long-term obligations ⁽²⁾	319,180		310,307		—		310,307		—
Total liabilities not accounted for at fair value	$	576,634	$	569,154	$	—	$	310,307	$	258,847



December 31, 2014					Fair Value Measurement Using:
	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Assets
Other invested assets	$	2,956	$	7,988	$	—	$	—	$	7,988
Total assets not accounted for at fair value	$	2,956	$	7,988	$	—	$	—	$	7,988
Liabilities
Long-term obligations ⁽²⁾	$	278,195	$	276,791	$	—	$	276,791	$	—
Total liabilities not accounted for at fair value	$	278,195	$	276,791	$	—	$	276,791	$	—

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

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

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consist of the following (in thousands):



	December 31,
	2015			2014
Contract receivables:
Contracts in progress	$	103,178		$	112,929
Unbilled retentions	31,195			32,850
Trade receivables	77,150			9,065
Other receivables	124			195
Allowance for doubtful accounts	(794		)	(2,760		)
	$	210,853		$	152,279

Contracts in Progress (Tables)

12 Months Ended

Dec. 31, 2015

Contractors [Abstract]

Schedule of Costs and Recognized Earnings in Excess of Billings on Uncompleted Contracts 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 (in thousands):



	December 31,
	2015		2014
Costs incurred on contracts in progress	$	597,656	$	531,129
Estimated earnings	99,985		73,540
	697,641		604,669
Less progress billings	679,532		618,530
	$	18,109	$	(13,861	)
The above is included in the accompanying consolidated balance sheet under the following captions:
Costs and recognized earnings in excess of billings on uncompleted contracts	39,310		28,098
Billings in excess of costs and recognized earnings on uncompleted contracts	21,201		41,959
	$	18,109	$	(13,861	)

Inventory (Tables)

12 Months Ended

Dec. 31, 2015

Inventory Disclosure [Abstract]

Summary of Inventories

Inventory consist of the following (in thousands):



	December 31,
	2015		2014
Raw materials	$	10,485	$	12,956
Work in process	1,289		1,779
Finished goods	346		240
	$	12,120	$	14,975

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

Property, plant and equipment, net consist of the following (in thousands):



	December 31,
	2015		2014
Land	$	15,521	$	19,179
Building and leasehold improvements	31,530		29,520
Plant and transportation equipment	4,747		7,090
Cable-ships and submersibles	137,458		136,252
Equipment, furniture and fixtures	50,171		35,229
Construction in progress	10,427		12,150
	249,854		239,420
Less accumulated depreciation and amortization	35,388		6,398
	$	214,466	$	233,022

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

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

The changes in the carrying amount of goodwill by reporting unit for the years ended December 31, 2015 and 2014 are as follows (in thousands):



	Schuff			GMSL			ICS		ANG		CIG		Other		Total
Balance as of January 1, 2014	$	—		$	—		$	3,378	$	—	$	—	$	—	$	3,378
Effect of change in foreign currency exchange rates	—			(190		)	—		—		—		—		(190		)
Acquisition of business	24,612			1,366			—		1,374		—		—		27,352
Balance as of December 31, 2014	$	24,612		$	1,176		$	3,378	$	1,374	$	—	$	—	$	30,540
Effect of change in foreign currency exchange rates	—			(56		)	—		—				—		(56		)
Reclassification	—			—			—		—		—		1,781		1,781
Acquisition of business	(122		)	554			—		—		29,021		—		29,453
Impairment of goodwill	—			(540		)	—		—		—		—		(540		)
December 31, 2015	$	24,490		$	1,134		$	3,378	$	1,374	$	29,021	$	1,781	$	61,178

Schedule of Intangible Assets Subject to Amortization

The changes in the carrying amount of amortizable intangible assets by reporting unit for the years ended December 31, 2015 and 2014 are as follows (in thousands):



	Schuff			GMSL			ANG			Pansend		Other		Non-operating Corporate		Total
Trade names
Balance as of December 31, 2013	$	—		$	—		$	—		$	—	$	—	$	—	$	—
Effect of change in foreign currency exchange rates	—			(49		)	—			—		—		—		(49		)
Amortization	(174		)	(91		)	(263		)	—		—		—		(528		)
Acquisition of business	4,478			1,137			6,300			—		—		—		11,915
Balance as of December 31, 2014	$	4,304		$	997		$	6,037		$	—	$	—	$	—	$	11,338
Effect of change in foreign currency exchange rates	—			(51		)	—			—		—		—		(51		)
Amortization	(299		)	(345		)	(630		)	—		—		—		(1,274		)
Balance as of December 31, 2015	$	4,005		$	601		$	5,407		$	—	$	—	$	—	$	10,013
Customer relationships
Balance as of December 31, 2013	$	—		$	—		$	—		$	—	$	—	$	—	$	—
Effect of change in foreign currency exchange rates	—			(353		)	—			—		—		—		(353		)
Amortization	—			(129		)	(151		)	—		—		—		(280		)
Acquisition of business	—			8,121			5,032			—		—		—		13,153
Balance as of December 31, 2014	$	—		$	7,639		$	4,881		$	—	$	—	$	—	$	12,520
Reclassification	—			—			—			—		—		—		—
Effect of change in foreign currency exchange rates	—			(351		)	—			—		—		—		(351		)
Amortization	—			(494		)	(437		)	—		—		—		(931		)
Balance as of December 31, 2015	$	—		$	6,794		$	4,444		$	—	$	—	$	—	$	11,238
Developed technology
Balance as of December 31, 2013	$	—		$	—		$	—		$	—	$	—	$	—	$	—



Effect of change in foreign currency exchange rates	—			(57		)	—			—			—			—		(57		)
Amortization	—			(78		)	—			—			—			—		(78		)
Acquisition of business	—			1,299			—			—			—			—		1,299
Balance as of December 31, 2014	$	—		$	1,164		$	—		$	—		$	—		$	—	$	1,164
Reclassification	—			—			—			—			4,195			—		4,195
Effect of change in foreign currency exchange rates	—			(58		)	—			—			—			—		(58		)
Amortization	—			(296		)	—			—			(1,916		)	—		(2,212		)
Balance as of December 31, 2015	$	—		$	810		$	—		$	—		$	2,279		$	—	$	3,089
Other
Balance as of December 31, 2013	$	—		$	—		$	—		$	—		$	—		$	—	$	—
Amortization	—			—			—			(1		)	—			—		(1		)
Acquisition of business/development	—			—			—			115			6,000			22		6,137
December 31, 2014	$	—		$	—		$	—		$	114		$	6,000		$	22	$	6,136
Reclassification	—			—			—			—			(6,000		)	—		(6,000		)
Amortization	—			—			—			(2		)	—			—		(2		)
Asset acquisition	—			—			20			65			—			—		85
Balance as of December 31, 2015	$	—		$	—		$	20		$	177		$	—		$	22	$	219
Total amortizable intangible assets
Balance as of December 31, 2013	$	—		$	—		$	—		$	—		$	—		$	—	$	—
Effect of change in foreign currency exchange rates	—			(459		)	—			—			—			—		(459		)
Amortization	(174		)	(298		)	(414		)	(1		)	—			—		(887		)
Acquisition of business	4,478			10,557			11,332			115			6,000			22		32,504
Balance as of December 31, 2014	$	4,304		$	9,800		$	10,918		$	114		$	6,000		$	22	$	31,158
Reclassification	—			—			—			—			(1,805		)	—		(1,805		)
Effect of change in foreign currency exchange rates	—			(460		)	—			—			—			—		(460		)
Amortization	(299		)	(1,135		)	(1,067		)	(2		)	(1,916		)	—		(4,419		)
Asset acquisition	—			—			20			65			—			—		85
Balance as of December 31, 2015	$	4,005		$	8,205		$	9,871		$	177		$	2,279		$	22	$	24,559

Accounts Payable and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2015

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Other Current Liabilities

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



	December 31,
	2015		2014
Accounts payable	$	84,434	$	80,183
Accrued interconnection costs	64,295		9,717
Accrued payroll and employee benefits	17,394		20,023
Accrued interest	2,895		3,125
Accrued income taxes	1,274		512
Accrued expenses and other current liabilities	55,097		34,042
	$	225,389	$	147,602

Long-Term Obligations (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Long-term Debt Obligations

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



	December 31,
	2015			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	$	307,000		$	250,000
Note payable collaterized by GMSL’s assets, with interest payable monthly at LIBOR plus 3.65% and principal payable quarterly, maturing in 2019	5,260			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	4,011			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 $1.2 million, maturing in 2019	8,129			8,333
Note payable collaterized by Schuff’s assets, with interest payable monthly at LIBOR plus 4% and principal payable monthly with one final balloon payment of $0.3 million, maturing in 2018	2,238			—
Line of credit collaterized by Schuff's HOPSA engineering equipment, with interest payable monthly at 5.25% plus 1% of special interest compensation fund	1,600			—
Note payable collaterized by ANG’s assets, with interest payable monthly at 5.5% and principal payable monthly, maturing in 2018	660			810
Obligations under capital leases	52,697			65,176
Other	19			30
Credit and security agreement for Schuff to advance up to a maximum amount of $50.0 million	—			—
Subtotal	381,614			345,716
Original issue discount and debt issuance costs on Senior Secured Notes	(9,738		)	(10,185		)
Total long-term obligations	$	371,876		$	335,531

Schedule of Aggregate Debt Maturities

Aggregate debt maturities are as follows (in thousands):



2016	$	13,273
2017	8,312
2018	11,529
2019	319,945
2020	8,875
Thereafter	19,680
	$	381,614

Schedule of Aggregate Maturities for Capital Leases

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



2016	$	6,725
2017	6,716
2018	10,249
2019	10,247
2020	10,247
Thereafter	20,823
Total minimum principal & interest payments	65,007
Less: Amount representing interest	(12,310		)
Total capital lease obligations	$	52,697

- 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

Life, Accident and Health Reserves (Tables)

12 Months Ended

Dec. 31, 2015

Insurance [Abstract]

Schedule of Life, Accident and Health Reserves

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



	2015
Long-term care insurance reserves	$	1,354,545
Traditional life insurance reserves	105,843
Other accident and health insurance reserves	132,942
Total life, accident and health reserves	$	1,593,330

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Provisions (Benefits) for Income Taxes

The provisions (benefits) for income taxes for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):



	Years Ended December 31,
	2015			2014			2013
Current: Federal	$	361		$	5,527		$	(256	)
State	1,215			1,600			147
Foreign	644			227			(7,333		)
Subtotal Current	2,220			7,354			(7,442		)
Deferred: Federal	(12,604		)	(28,092		)	—
State	(99		)	(2,131		)	—
Foreign	(399		)	—			—
Subtotal Deferred	(13,102		)	(30,223		)	—
Income tax (benefit) expense	$	(10,882	)	$	(22,869	)	$	(7,442	)

Components of Income from Continuing Operations Before Income Taxes

The US and foreign components of income (loss) from continuing operations before income taxes for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):



	Years Ended December 31,
	2015			2014			2013
US	$	(66,038	)	$	(41,351	)	$	(24,833	)
Foreign	19,415			6,796			(221		)
Income (loss) from continuing operations before income taxes	$	(46,623	)	$	(34,555	)	$	(25,054	)

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



	Years Ended December 31,
	2015			2014			2013
Tax provision (benefit) at federal statutory rate	$	(16,318	)	$	(13,027	)	$	(8,769	)
Permanent differences	(272		)	335			(536		)
State tax (net of federal benefit)	1,068			1,170			95
Foreign rate differential	287			(838		)	(235		)
Foreign withholding taxes (net of federal)	1,229			231			(3,759		)
Executive compensation	1,044			2,701			—
Uncertain tax positions	—			—			(3,575		)
Adjustment to net operating losses	(1,104		)	—			—
Increase (decrease) in valuation allowance	2,949			(17,520		)	6,642
Contingent Value Rights	—			—			(5,216		)
Reversing deferred taxes	—			—			(365		)
Debt exchange costs	—			—			7,393



Transaction costs	473			2,106			(1,338		)
Tax credits generated/utilized	(185		)	—			—
UK Stewardship costs	—			—			1,455
199 Manufacturing Deduction	—			(594		)	—
Bargain Purchase Gain	—			(496		)	—
Officer Life Insurance Proceeds	—			(392		)	—
Foreign E&P	—			3,395			—
Other	(53		)	60			766
Income tax (benefit) expense	$	(10,882	)	$	(22,869	)	$	(7,442	)

Net Deferred Tax Assets and Liabilities

Net deferred tax balances are comprised of the following as of December 31, 2015 and 2014 (in thousands).



	December 31,
	2015			2014
Deferred tax assets	$	230,838		$	114,023
Valuation allowance	(68,104		)	(68,983		)
Deferred tax liabilities	(114,504		)	(29,320		)
Net deferred taxes	$	48,230		$	15,720

Significant Components of Company's Deferred Tax Assets and Liabilities



	December 31,
	2015			2014
Allowance for bad debt	$	234		$	351
Basis difference in intangibles	(8,402		)	(7,527		)
Equity investments	6,158			328
Net operating loss carryforwards	34,484			27,416
Basis difference in fixed assets	854			4,646
Deferred compensation	6,765			4,101
Foreign tax credit	1,190			—
Capital loss carryforwards	1,241			—
Insurance company investments	(99,645		)	—
Foreign earnings	(6,458		)	—
UK Trading loss carryforward	54,642			52,895
Unrealized gain/loss in OCI	1,177			(911		)
Insurance claims and reserves	99,945			—
Value of insurance business acquired ("VOBA")	17,837			—
Start-up cost	1,924			1,285
Other	4,388			2,119
Valuation allowance	(68,104		)	(68,983		)
Total deferred taxes	$	48,230		$	15,720

Unrecognized Tax Benefits



	Years Ended December 31,
	2015		2014			2013
Balance at January 1,	$	—	$	35,196		$	66,161
Foreign currency adjustments	—		—			—
Statute expiration	—		—			(3,295		)
Gross increases (decreases) of tax positions in prior period	—		(35,196		)	(28,178		)
Audit resolution	—		—			—
Gross increases of tax positions in current period	—		—			508
Balance at December 31,	$	—	$	—		$	35,196

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Purchase Obligations and Non-Cancellable Operating Leases

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



Year Ending December 31,	Purchase Obligations		Operating Leases
2016	$	64,750	$	5,797
2017	—		4,858
2018	—		3,476
2019	—		3,048
2020	—		2,299
Thereafter	—		9,011
Total long-term obligations	$	64,750	$	28,489

Employee Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Schedule of Change in Projected Benefit Obligation



Projected benefit obligation at September 22, 2014	$	206,735
Service cost - benefits earning during the period	14
Interest cost on projected benefit obligation	2,017
Contributions	8
Actuarial loss	12,480
Benefits paid	(2,167		)
Projected benefit obligation at December 31, 2014	$	219,087
Service cost - benefits earning during the period	61
Interest cost on projected benefit obligation	7,330
Contributions	32
Actuarial loss	(2,375		)
Benefits paid	(7,499		)
Foreign currency gain (loss)	(19,036		)
Projected benefit obligation at December 31, 2015	$	197,600

Schedule of Change in Value of Assets of Plans



Fair value of plan assets at September 22, 2014	$	160,812
Actual return on plan assets	14,873
Benefits paid	(2,167		)
Contributions	6,641
Foreign currency gain (loss)	1,718
Fair value of plan assets at December 31, 2014	$	181,877
Actual return on plan assets	4,619
Benefits paid	(7,499		)
Contributions	11,136
Foreign currency gain (loss)	(17,622		)
Fair value of plan assets at December 31, 2015	$	172,511
Unfunded status at end of year	$	25,089

Schedule of Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets at December 31, 2015 and 2014 are listed below (in thousands):



	December 31,
	2015		2014
Pension Asset	$	68	$	—
Pension Liability	25,157		37,210
Net liability amount recognized	$	25,089	$	37,210

Components of Net Periodic Benefit Cost

The following table presents the components of net periodic benefit cost for the years ended December 31, 2015 and 2014, respectively (in thousands):



	Year Ended December 31,
	2015			2014
Service cost—benefits earning during the period	$	61		$	14
Interest cost on projected benefit obligation	7,330			1,978
Expected return on assets	(7,507		)	(1,923		)
Actuarial (gain) loss	512			(426		)
Foreign currency gain (loss)	(12		)	—
Net pension benefit	$	384		$	(357	)

Weighted Average Rate of Assumptions for Asset Allocation Plans

The overall expected rate of return on assets is then derived by aggregating the expected return for each asset class over the actual asset allocation for the Plans as of December 31, 2015.



	Year Ended December 31,
	2015		2014
Discount rate	3.75	%	3.60	%
Rate of compensation increases (Merchant Navy Officers Pension Fund only)	4.55	%	4.50	%
Rate of future RPI inflation	3.05	%	3.00	%
Rate of future CPI inflation	1.95	%	2.00	%
Pension increases in payment	2.90	%	2.85	%
Long-term rate of return on assets	4.50	%	4.43	%

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



	Year Ended December 31,
	2015		2014
Net loss (gain)	$	396	$	(393	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	396	$	(393	)



	Year Ended December 31,
	2015		2014
Actuarial (gain) loss	$	512	$	(393	)
Total recognized in other comprehensive (income) loss	$	512	$	(393	)

Schedule of Expected Benefit Payments under Pension and Postretirement Plans

The following table provides expected benefit payments under our pension and postretirement plans:



2016	$	7,239
2017	7,430
2018	7,625
2019	7,827
2020	8,031
Thereafter	43,451
	$	81,603

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



	Target		December 31, 2015
Liability hedging	25.0	%	25.0	%
Equities	29.8	%	29.0	%
Hedge funds	24.7	%	26.0	%
Corporate bonds	13.8	%	14.0	%
Property	3.7	%	5.0	%
Other	3.0	%	1.0	%
			100.0	%

Summary of GMSL's Investments Plan

GMSL’s plan investments related to the Global Marine Systems Pension Plan consist of the following at December 31, 2015 and 2014:



	December 31,
(in thousands)	2015			2014
Equities	$	49,535		$	45,198
Liability Hedging Assets	41,649			39,626
Hedge Funds	44,363			40,853
Corporate Bonds	23,193			20,238
Property	9,137			8,847
Other	1,697			14,777
Total market value of assets	169,574			169,539
Present value of liabilities	(194,730		)	(206,853		)
Net pension liability	$	(25,156	)	$	(37,314	)

GMSL’s plan investments related to the Merchant Navy Officers Pension Fund consist of the following at December 31, 2015 and 2014:



	December 31,
(in thousands)	2015			2014
Equities	$	660		$	699
Hedge Funds	412			435
Corporate Bonds	675			715
LDI Strategy	1,190			1,255
Total market value of assets	2,937			3,104
Present value of liabilities	(2,869		)	(3,000		)
Net pension asset (liability)	$	68		$	104

Summary of Fair Value of Pension Assets and Liabilities

The following table sets forth by level, within the fair value hierarchy, the pension assets and liabilities at fair value as of December 31, 2015 and 2014 for the Global Marine Systems Pension Plan:



As of December 31, 2015
(in thousands)	Level 1		Level 2		Total
Equities	$	—	$	49,535	$	49,535
Liability Hedging Assets	—		41,649		41,649
Hedge Funds	—		44,363		44,363
Corporate Bonds	—		23,193		23,193
Property	—		9,137		9,137
Other	1,697		—		1,697
Total Plan Net Assets	$	1,697	$	167,877	$	169,574



As of December 31, 2014
(in thousands)	Level 1		Level 2		Total
Equities	$	—	$	45,198	$	45,198
Liability Hedging Assets	—		39,626		39,626
Hedge Funds	—		40,853		40,853
Corporate Bonds	—		20,238		20,238
Property	—		8,847		8,847
Other	14,777		—		14,777
Total Plan Net Assets	$	14,777	$	154,762	$	169,539



As of December 31, 2015
(in thousands)	Level 3		Total
Equities	$	660	$	660
Hedge Funds	412		412
Corporate Bonds	675		675
LDI Strategy	1,190		1,190
Total Plan Net Assets	$	2,937	$	2,937



As of December 31, 2014
(in thousands)	Level 3		Total
Equities	$	699	$	699
Hedge Funds	435		435
Corporate Bonds	715		715
LDI Strategy	1,255		1,255
Total Plan Net Assets	$	3,104	$	3,104

Summary of Changes in Fair Value of Level 3 Pension Assets



(in thousands)
Balance at September 22, 2014	$	2,908
Actual return on plan assets	165
Contributions	59
Benefits paid	(28		)
Balance at December 31, 2014	$	3,104
Actual return on plan assets	3
Contributions	84
Benefits paid	(109		)
Foreign currency gain (loss)	(145		)
Balance at December 31, 2015	$	2,937

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

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

Fair Value of Each Option Grant Estimated

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



	Years Ended December 31,
	2015	2014	2013
Expected option life	4.8 - 5.5 years	5.5 - 6 years	4 - 5.75 years
Risk-free interest rate	1.49 - 1.73%	1.61 - 2.73%	1.17 - 1.73%
Expected volatility	36.29 - 53.83%	36.74 - 40.50%	35.55 - 37.23%
Dividend yield	—%	—%	—%

Summary of Company's Restricted Stock Activity

A summary of HC2’s restricted stock activity during the years ended December 31, 2015 and 2014 is as follows:



	Shares		Weighted Average Grant Date Fair Value
Unvested—January 1, 2013	22,500		$	13.59
Granted	502,172		$	4.21
Vested	(185,970	)	$	5.25
Forfeitures	—		$	—
Unvested—December 31, 2014	338,702		$	4.26
Granted	1,539,114		$	9.14
Vested	(1,087,128	)	$	8.35
Forfeitures	—		$	—
Unvested—December 31, 2015	790,688		$	8.14

Summary of Company's Stock Option Activity

A summary of HC2’s stock option activity during the years ended December 31, 2015 and 2014 is as follows:



	Shares		Weighted Average Exercise Price
Outstanding—January 1, 2013	589,859		$	3.17
Granted	5,234,849		$	4.22
Exercised	(230,300	)	$	2.43
Forfeitures	(2,021,267	)	$	4.11
Outstanding—December 31, 2014	3,573,141		$	4.27
Granted	2,552,673		$	6.74
Exercised	—		$	—
Forfeitures	(764,529	)	$	4.05
Outstanding—December 31, 2015	5,361,285		$	5.48
Eligible for exercise	3,087,390		$	5.11

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—December 31, 2015	$	3,586	8.7
Options exercisable—December 31, 2015	$	2,465	8.6

Equity (Tables)

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Summary of Cash, PIK and Special Cash Dividends

Declaration Date

March 31, 2015

June 30, 2015

September 30, 2015

December 31, 2015

Holders of Record Date

March 31, 2015

June 30, 2015

September 30, 2015

December 31, 2015

Payment/Accrual Date

April 15, 2015

July 15, 2015

October 15, 2015

January 15, 2016

Total Dividend

1,021

1,020

1,005



Declaration Date	June 30, 2014		September 30, 2014		December 31, 2014
Holders of Record Date	June 30, 2014		September 30, 2014		December 31, 2014
Payment/Accrual Date	July 15, 2014		October 15, 2014		January 15, 2015
Total Dividend	$	307	$	897	$	777

Related Parties (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Balance Outstanding of Related Parties

A summary of transactions with such entities during the years ended December 31, 2015 and 2014 and balances outstanding at December 31, 2015 and 2014 is as follows (in thousands):



Years Ended December 31,	2015		2014
Net revenue	$	23,457	$	6,625
Operating expenses	2,888		900
Interest expense	1,590		436
Dividends received	12,357		3,714

December 31,	2015		2014
Accounts receivable	$	5,058	$	2,585
Long-term debt	37,627		42,296
Accounts payable	9		436

Operating Segment and Related Information (Tables)

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Summary of Company's Geographic and Operating Segments

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



	Years Ended December 31,
	2015			2014			2013
Net Revenue by Geographic Region
United States	$	712,498		$	442,472		$	108,563
United Kingdom	395,917			97,653			122,123
Other	12,391			7,313			—
Total	$	1,120,806		$	547,438		$	230,686
Net Revenue by Segment
Manufacturing	$	513,770		$	348,318		$	—
Marine Services	134,926			35,328			—
Insurance	2,865			—			—
Telecommunications	460,355			161,953			230,686
Utilities	6,765			1,839			—
Other	2,125			—			—
Total	$	1,120,806		$	547,438		$	230,686
Depreciation and Amortization
Manufacturing	$	2,016		$	1,053		$	—
Marine Services	17,255			4,424			—
Insurance	2			—			—
Telecommunications	417			529			12,032
Utilities	1,635			328			—
Life Sciences	21			—			—
Other				—			—
Non-operating Corporate	1,934			—			—
Total	$	23,280		$	6,334		$	12,032
Income (Loss) from Operations
Manufacturing	$	42,114		$	26,358		$	—
Marine Services (1)	12,414			(3,394		)	—
Insurance	(176		)	—			—
Telecommunications	238			(1,840		)	(20,037		)
Utilities	(888		)	(491		)	—
Life Sciences	(6,404		)	(4,762		)	—
Other	(6,198		)	(221		)	(679		)
Non-operating Corporate	(38,871		)	(29,256		)	(18,420		)
Total	$	2,229		$	(13,606	)	$	(39,136	)
Capital Expenditures
Manufacturing	$	4,969		$	5,039		$	—
Marine Services	10,651			(863		)	—
Insurance	—			—			—
Telecommunications	449			42			1,390
Utilities	4,750			803			—
Life Sciences	271			—			—
Other (2)	234			798			11,187
Non-operating Corporate	—			—			—
Total	$	21,324		$	5,819		$	12,577

(1) Amounts for 2014 include approximately $8.0 million of transaction costs related to the acquisition of GMSL.

(2) Other also includes capital expenditures related to discontinued operations.

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



	December 31,
	2015		2014
Investments
Marine Services	$	27,323	$	28,543
Insurance	1,299,764		—
Life Sciences	4,888		1,916
Other	22,395		25,224
Total	$	1,354,370	$	55,683



	December 31,
	2015		2014
Property, Plant and Equipment—Net
United States	$	82,540	$	87,091
United Kingdom	126,921		140,494
Other	5,005		5,437
Total	$	214,466	$	233,022



	December 31,
	2015		2014
Total Assets
Manufacturing	$	268,242	$	281,067
Marine Services	249,003		280,334
Insurance	1,952,402		—
Telecommunications	114,633		25,164
Utilities	31,462		26,765
Life Sciences	16,494		11,007
Other	34,841		65,255
Non-operating Corporate	75,435		22,571
Total	$	2,742,512	$	712,163

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Results of Operations



	Quarters Ended
	(in thousands, except per share amounts)
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Services revenue	$	73,718		$	147,841		$	151,933		$	221,788
Sales revenue	128,090			133,141			125,534			135,896
Other revenue	—			—			—			2,865
Net revenue	201,808			280,982			277,467			360,549
Cost of revenue—services	61,920			134,589			138,099			210,047
Cost of revenue—sales	110,536			110,909			103,375			113,148
Other operating expenses	29,240			32,452			33,732			40,068
Income (loss) from operations	112			3,032			2,261			(3,176		)

Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	(6,316		)	(11,979		)	(8,998		)	(12,536		)
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—			—			—
Gain (loss) from discontinued operations	(9		)	(11		)	(24		)	23
Net income (loss)—basic	$	(6,325	)	$	(11,990	)	$	(9,022	)	$	(12,513	)
Net income (loss)—diluted	$	(6,325	)	$	(11,990	)	$	(9,022	)	$	(12,513	)
Weighted average common shares outstanding-basic	24,146			25,514			25,592			30,588
Weighted average common shares outstanding-diluted	24,146			25,514			25,592			30,588
Basic income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	$	(0.26	)	$	(0.47	)	$	(0.35	)	$	(0.41	)
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—			—			—
Gain (loss) from discontinued operations	—			—			—			—
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.26	)	$	(0.47	)	$	(0.35	)	$	(0.41	)
Diluted income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	$	(0.26	)	$	(0.47	)	$	(0.35	)	$	(0.41	)
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—			—			—
Gain (loss) from discontinued operations	—			—			—			—
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.26	)	$	(0.47	)	$	(0.35	)	$	(0.41	)



	Quarters Ended
	(in thousands, except per share amounts)
	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Services revenue	$	43,354		$	42,178		$	45,177		$	66,571
Sales revenue	—			54,408			138,112			157,638
Net revenue	43,354			96,586			183,289			224,209
Cost of revenue—services	41,107			39,530			42,320			54,855
Cost of revenue—sales	—			43,330			119,175			134,025
Total cost of revenue	41,107			82,860			161,495			188,880
Income (loss) from operations	(4,087		)	(116		)	(2,580		)	(6,823		)
										—
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	(4,180		)	(4,136		)	(18,957		)	7,563
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—			—			3,416
Gain (loss) from discontinued operations	(767		)	27			557			37
Net income (loss)—basic	$	(4,947	)	$	(4,109	)	$	(18,400	)	$	11,016
Net income (loss)—diluted	$	(4,947	)	$	(4,109	)	$	(18,400	)	$	11,016
Weighted average common shares outstanding-basic	14,631			16,905			23,372			23,813
Weighted average common shares outstanding-diluted	14,631			16,905			23,372			28,962
Basic income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	$	(0.29	)	$	(0.24	)	$	(0.82	)	$	0.32
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—			—			0.34
Gain (loss) from discontinued operations	(0.05		)	—			0.03			—
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.34	)	$	(0.24	)	$	(0.79	)	$	0.66
Diluted income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders	$	(0.29	)	$	(0.24	)	$	(0.82	)	$	0.26
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders	—			—			—			0.34
Gain (loss) from discontinued operations	(0.05		)	—			0.03			—
Net income (loss) attributable to HC2 Holdings, Inc.	$	(0.34	)	$	(0.24	)	$	(0.79	)	$	0.60

(1)

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Summarized Operating Results of Discontinued Operations and Assets and Liabilities Classified as Held for Sale

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



	Years Ended December 31,
	2015			2014			2013
Net revenue	$	—		$	7,530		$	132,515
Operating expenses	38			7,610			119,392
Income (loss) from operations	(38		)	(80		)	13,123
Interest expense	—			(17		)	(11,362		)
Loss on early extinguishment or restructuring of debt	—			—			(21,124		)
Interest income and other income (expense)	4			(60		)	(51		)
Foreign currency transaction loss	—			—			(378		)
Loss before income tax	(34		)	(157		)	(19,792		)
Income tax benefit (expense)	13			132			171
Loss from discontinued operations	$	(21	)	$	(25	)	$	(19,621	)
Gain (loss) from sale of discontinued operations	—			(121		)	148,839
Gain (loss) from discontinued operations	$	(21	)	$	(146	)	$	129,218

- 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)

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Calculation 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):



	Years Ended December 31,
	2015			2014			2013
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.	(39,829		)	(16,294		)	(17,612		)
Gain (loss) from discontinued operations	(21		)	(146		)	129,218
Net income (loss)—basic	$	(39,850	)	$	(16,440	)	$	111,606
Net income (loss)—diluted	$	(39,850	)	$	(16,440	)	$	111,606
Weighted average common shares outstanding-basic	26,482			19,729			14,047
Weighted average common shares outstanding-diluted	26,482			19,729			14,047
Basic income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.	$	(1.50	)	$	(0.82	)	$	(1.25	)
Gain (loss) from discontinued operations	—			(0.01		)	9.20
Net income (loss) attributable to HC2 Holdings, Inc.	$	(1.50	)	$	(0.83	)	$	7.95
Diluted income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.	$	(1.50	)	$	(0.82	)	$	(1.25	)
Gain (loss) from discontinued operations	—			(0.01		)	9.20
Net income (loss) attributable to HC2 Holdings, Inc.	$	(1.50	)	$	(0.83	)	$	7.95

Organization and Business (Details) $ / shares in Units, individual in Thousands, £ in Millions, $ in Millions			1 Months Ended				3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 09, 2015 $ / shares shares	Sep. 22, 2014 USD ($)	Aug. 31, 2015 USD ($) shares	Apr. 30, 2015 USD ($) $ / shares	Mar. 31, 2015 USD ($) $ / shares shares	Feb. 28, 2015 USD ($) shares	Mar. 31, 2015 USD ($) $ / shares shares	Jun. 30, 2015 shares	Dec. 31, 2015 USD ($) individual segment	Dec. 31, 2014 USD ($)	Dec. 31, 2014 GBP (£)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments \| segment									7
Business And Organization [Line Items]
Number of individuals insured \| individual									99
Common Equity \| Novatel Wireless, Inc.
Business And Organization [Line Items]
Number of shares of common stock sold \| shares						586,095
DMi Inc. \| Other
Business And Organization [Line Items]
Percentage of ownership									100.00%
DTV America Corporation
Business And Organization [Line Items]
Convertible debt							$ 3.0
Investment interest rate (as a percent)							10.00%
DTV America Corporation \| Common Equity
Business And Organization [Line Items]
Warrants, exercise price (in usd per share) \| $ / shares							$ 2.00
Conversion of convertible debt into shares (in shares) \| shares								2,081,693
DTV America Corporation \| Common Equity \| January 20, 2018
Business And Organization [Line Items]
Warrant to purchase shares (in shares) \| shares					666,667		666,667
DTV America Corporation \| Common Equity \| March 6, 2018
Business And Organization [Line Items]
Warrant to purchase shares (in shares) \| shares					333,333		333,333
Gaming Nation, Inc. \| Debenture
Business And Organization [Line Items]
Convertible debt				$ 16.1
Investment interest rate (as a percent)				6.00%
Conversion of convertible debt into shares (in shares) \| shares	8,888,889
Conversion price (in usd per share) \| $ / shares				$ 2.25
Gaming Nation, Inc. \| Common Equity \| Debenture
Business And Organization [Line Items]
Warrant to purchase shares (in shares) \| shares	28,126,068
Warrants, exercise price (in usd per share) \| $ / shares	$ 5.00
Period for varying exercise prices	2 years
GMSL
Business And Organization [Line Items]
Minority interest percentage by noncontrolling interest		3.00%							3.00%
Parents controlling interest (as a percent)									97.00%
Cost of preferred stock		$ 260.0
Percentage of ownership interest acquired		97.00%
Basis difference, net of tax										$ 14.6	£ 9.0
GMSL \| Trade names
Business And Organization [Line Items]
Amortization period		3 years
Genovel Orthopedics, Inc
Business And Organization [Line Items]
Parents controlling interest (as a percent)									77.00%
GemDerm Aesthetics, Inc
Business And Organization [Line Items]
Parents controlling interest (as a percent)									61.00%
Novatel Wireless, Inc. \| Common Equity
Business And Organization [Line Items]
Percentage of ownership					23.00%		23.00%
Warrant to purchase shares (in shares) \| shares					3,824,600	293,047	3,824,600
Warrant to purchase common stock					$ 8.6	$ 1.0	$ 8.6
Gain on sale of shares						$ 0.2
New warrant to purchase shares (in shares) \| shares					1,593,583		1,593,583
Warrants, exercise price (in usd per share) \| $ / shares					$ 5.50
Basis difference, net of tax					$ 6.5		$ 6.5
Fair value of investment									$ 19.2
Novatel Wireless, Inc. \| Common Equity \| Trade names
Business And Organization [Line Items]
Basis difference, net of tax					$ 0.9		0.9
Amortization period					15 years
Novatel Wireless, Inc. \| Common Equity \| Technology and Customer Intangible
Business And Organization [Line Items]
Basis difference, net of tax					$ 1.3		1.3
Amortization period					7 years
Novatel Wireless, Inc. \| Common Equity \| Goodwill
Business And Organization [Line Items]
Basis difference, net of tax					$ 4.3		$ 4.3
MediBeacon, Inc. \| Preferred Stock
Business And Organization [Line Items]
Preferred stock purchased (in shares) \| shares			180,415
Cost of preferred stock			$ 2.9
Percentage of ownership interest acquired			9.00%

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) service_provider reporting_unit	Dec. 31, 2014 USD ($)	Dec. 31, 2013
Significant Accounting Policies [Line Items]
Number of reporting units subject to annual test of impairment \| reporting_unit	5
Dividend yield	0.00%	0.00%	0.00%
Buildings and Improvements \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful lives of property, plant and equipment	5 years
Buildings and Improvements \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives of property, plant and equipment	40 years
Cable-ships and submersibles \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives of property, plant and equipment	35 years
Machinery and Equipment \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful lives of property, plant and equipment	3 years
Machinery and Equipment \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives of property, plant and equipment	15 years
Plant and Motor Vehicles \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful lives of property, plant and equipment	3 years
Plant and Motor Vehicles \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives of property, plant and equipment	20 years
Long-term Debt
Significant Accounting Policies [Line Items]
Deferred financing costs reclassified from other assets		$ 7.8
Insurance Companies
Significant Accounting Policies [Line Items]
Percentage of ownership interest owned	100.00%
GMSL
Significant Accounting Policies [Line Items]
Percentage of ownership interest owned	97.00%
Number of telecommunications providers through contracts under maintenance (up to) \| service_provider	60
GMSL \| Minimum
Significant Accounting Policies [Line Items]
Maintenance contract term	5 years
Fixed price contracts installation term	1 month
GMSL \| Maximum
Significant Accounting Policies [Line Items]
Maintenance contract term	7 years
Fixed price contracts installation term	5 months
Schuff
Significant Accounting Policies [Line Items]
Percentage of ownership interest owned	91.00%
Unapproved change orders on open projects	$ 165.2
ANG
Significant Accounting Policies [Line Items]
Percentage of ownership interest owned	55.00%
DMi
Significant Accounting Policies [Line Items]
Percentage of ownership interest owned	100.00%
Genovel
Significant Accounting Policies [Line Items]
Percentage of ownership interest owned	77.00%
R2 Dermatology, Inc.
Significant Accounting Policies [Line Items]
Percentage of ownership interest owned	61.00%

Business Combinations - Insurance Companies (Details)		12 Months Ended
Business Combinations - Insurance Companies (Details)	Dec. 24, 2015 USD ($) $ / shares shares	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 61,178,000	$ 30,540,000	$ 3,378,000
Value of business acquired		$ (50,761,000)	$ 0
Insurance Companies
Business Acquisition [Line Items]
Percentage of ownership interest acquired	100.00%
Aggregate consideration	$ 18,572,000
Company’s Senior Secured Notes	1,879,000
Goodwill	29,021,000
Value of business acquired	50,900,000
Gross up and offset of reinsurance recoverable	515,900,000
Percentage of authorized control level risk based capital		4
Insurance Companies \| Premium Deficiency Reserves
Business Acquisition [Line Items]
Maximum payment	$ 13,000,000.0
Increase (decrease) in premium deficiency reserves		$ 8,000,000
Insurance Companies \| Capital Maintenance Agreement
Business Acquisition [Line Items]
Percentage of authorized control level risk based capital	4
Insurance Companies \| Capital Maintenance Agreement \| GAFRI
Business Acquisition [Line Items]
Maximum payment	$ 35,000,000
Insurance Companies \| Pro Forma \| Premium Deficiency Reserves
Business Acquisition [Line Items]
Increase (decrease) in premium deficiency reserves		$ (8,000,000)
Insurance Companies \| Common Equity
Business Acquisition [Line Items]
Shares of common stock \| shares	1,007,422
Exercise price (in dollars per share) \| $ / shares	$ 7.08
Insurance Companies \| Warrants
Business Acquisition [Line Items]
Shares of common stock \| shares	2,000,000
Warrants period	5 years
Insurance Companies \| Senior Notes
Business Acquisition [Line Items]
Company’s Senior Secured Notes	$ 2,000,000
CGI
Business Acquisition [Line Items]
Period following close of transaction	5 years
Percentage of authorized control level risk based capital	4
CGI \| Capital Maintenance Agreement \| GAFRI
Business Acquisition [Line Items]
Maximum payment	$ 10,000,000
UTA
Business Acquisition [Line Items]
Period following close of transaction	5 years
Percentage of authorized control level risk based capital	4
UTA \| Capital Maintenance Agreement \| GAFRI
Business Acquisition [Line Items]
Maximum payment	$ 25,000,000.0

Business Combinations - Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands	Dec. 24, 2015	Sep. 22, 2014	Aug. 01, 2014	Dec. 31, 2015	Dec. 31, 2014	May 29, 2014	Dec. 31, 2013
Purchase price allocation
Goodwill				$ 61,178	$ 30,540		$ 3,378
Insurance Companies
Fair value of consideration transferred
Cash	$ 6,981
Company’s Senior Secured Notes	1,879
Total fair value of consideration transfered	18,572
Purchase price allocation
Cash and cash equivalents	48,525
Mortgage loans	1,252
Policy loans	18,354
Other investments	183
Recoverable from reinsurers	523,076
Accrued investment income	14,417
Deferred tax asset	15,723
Goodwill	29,021
Intangibles	4,850
Other assets	12,869
Total assets acquired	1,934,005
Life, accident and health reserves	(1,592,722)
Annuity reserves	(259,675)
Value of business acquired	(50,857)
Other liabilities	12,179
Total liabilities assumed	1,915,433
Enterprise value	18,572
Insurance Companies \| Fixed maturity securities
Purchase price allocation
Securities available for sale at fair value	1,230,038
Insurance Companies \| Equity Securities
Purchase price allocation
Securities available for sale at fair value	35,697
Insurance Companies \| Company's common stock
Fair value of consideration transferred
Company's equity interests	5,380
Insurance Companies \| Warrant
Fair value of consideration transferred
Company's equity interests	$ 4,332
Schuff
Purchase price allocation
Cash and cash equivalents						$ (627)
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
Property and equipment, net						85,662
Goodwill				24,490	24,612	24,490	0
Investments						1,714
Other assets						2,947
Total assets acquired						293,978
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
Long-term debt						4,375
Deferred tax liability						7,693
Other liabilities						604
Noncontrolling interest						4,365
Total liabilities assumed						161,581
Enterprise value						132,397
Less fair value of noncontrolling interest				100	3,400	53,647
Purchase price attributable to controlling interest						78,750
Schuff \| Trade names
Purchase price allocation
Finite-lived intangibles						$ 4,478
ANG
Fair value of consideration transferred
Cash			$ 15,500
Purchase price allocation
Cash and cash equivalents			15,704
Accounts receivable			306
Prepaid expenses and other current assets			31
Inventories			27
Property and equipment, net			1,921
Goodwill			1,374	1,374	1,374		0
Other assets			2
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 noncontrolling interest			8,237
Purchase price attributable to controlling interest			15,500
ANG \| Customer contracts
Purchase price allocation
Finite-lived intangibles			2,700
ANG \| Trade names
Purchase price allocation
Finite-lived intangibles			$ 6,300
GMSL
Fair value of consideration transferred
Cash		$ 260,000
Purchase price allocation
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
Goodwill		1,366		$ 1,134	$ 1,176		$ 0
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
GMSL \| Customer contracts
Purchase price allocation
Finite-lived intangibles		8,121
GMSL \| Trade names
Purchase price allocation
Finite-lived intangibles		1,137
GMSL \| Developed technology
Purchase price allocation
Finite-lived intangibles		$ 1,299

Business Combinations - Schuff Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		15 Months Ended
	May 29, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Goodwill		$ 61,178	$ 30,540		$ 3,378
Schuff
Business Acquisition [Line Items]
Acquisition of shares of common stock (in shares)		823,694
Additional shares acquired (in shares)	198,411	14,551
Ownership interest (as a percent)	65.00%	91.00%		70.00%
Purchase price attributable to controlling interest	$ 78,750
Purchase price value (in usd per share)	$ 31.50
Interest (as a percent)	60.00%
Fair value of noncontrolling interest (as a percent)	40.00%
Goodwill	$ 24,490	$ 24,490	$ 24,612		$ 0
Schuff \| Common Equity
Business Acquisition [Line Items]
Acquisition of shares of common stock (in shares)	2,500,000

Business Combinations - Amortizable Intangible Assets, Schuff (Details) - Schuff - USD ($) $ in Thousands	May 29, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2014
Business Acquisition [Line Items]
Ownership interest (as a percent)	65.00%	91.00%		70.00%
Less fair value of noncontrolling interest	$ 53,647	$ 100	$ 3,400
Additional shares acquired (in shares)	198,411	14,551
Trade names
Business Acquisition [Line Items]
Estimated percentage of revenue	60.00%
Amortization period	15 years
Intangibles	$ 4,478

Business Combinations - ANG Narrative (Details) - USD ($) $ in Thousands	Aug. 01, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Goodwill		$ 61,178	$ 30,540	$ 3,378
ANG
Business Acquisition [Line Items]
Cash	$ 15,500
Ownership interest (as a percent)	51.00%
Value of purchase price	$ 23,700
Fair value of noncontrolling interest (as a percent)	49.00%
Fair value of noncontrolling interest	$ 8,237
Goodwill	1,374	$ 1,374	$ 1,374	$ 0
ANG \| ANG Preferred Stock
Business Acquisition [Line Items]
Cash	$ 15,500
Acquisition of shares of common stock (in shares)	15,500
ANG \| Common Equity
Business Acquisition [Line Items]
Shares of common stock (in shares)	1,033,333
Shares of common stock relating to noncontrolling interest (in shares)	1,000,000

Business Combinations - Amortizable Intangible Assets, ANG (Details) - ANG $ in Thousands	Aug. 01, 2014 USD ($)
Trade names
Business Acquisition [Line Items]
Amortization period	15 years
Royalty (as a percent)	4.00%
Intangibles	$ 6,300
Customer contracts
Business Acquisition [Line Items]
Amortization period	4 years
Intangibles	$ 2,700

Business Combinations - GMSL Narrative (Details) - USD ($) $ in Thousands	Sep. 22, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Goodwill		$ 61,178	$ 30,540	$ 3,378
GMSL
Business Acquisition [Line Items]
Cash	$ 260,000
Indebtedness	130,000
Total net assets acquired	$ 130,000
Ownership interest (as a percent)	97.00%
Fair value of noncontrolling interest (as a percent)	3.00%	3.00%
Goodwill	$ 1,366	$ 1,134	$ 1,176	$ 0

Business Combinations - Amortizable Intangible Assets, GMSL (Details) - Sep. 22, 2014 - GMSL £ in Millions, $ in Millions	USD ($) contract	GBP (£) contract
Customer contracts
Business Acquisition [Line Items]
Number of customer contracts	3	3
Value of customer contracts	$ 8.1	£ 5.0
Amortization period	15 years	15 years
Trade names
Business Acquisition [Line Items]
Value of customer contracts	$ 1.1	£ 0.7
Amortization period	3 years	3 years
Developed technology
Business Acquisition [Line Items]
Value of customer contracts	$ 1.3	£ 0.8
Amortization period	4 years	4 years

Business Combinations - GMSL's Joint Ventures (Details) $ in Thousands, £ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2015 GBP (£)	Dec. 31, 2014 GBP (£)
Business Acquisition [Line Items]
Carrying value \| $	$ 42,492	$ 47,610
GMSL
Business Acquisition [Line Items]
Fair value				£ 16.2
Carrying value				25.2
Basis difference		$ 14,600		9.0
Accretion period	9 years
GMSL \| SBSS [Member]
Business Acquisition [Line Items]
Discount for lack of marketability (as a percent)		35.00%
Fair value		$ 13,700		8.4
GMSL \| Huawei Marine Networks Co., Ltd [Member]
Business Acquisition [Line Items]
Discount for lack of marketability (as a percent)	30.00%
Fair value	$ 7,000		£ 4.3
GMSL \| International Cableship Pte., Ltd. [Member]
Business Acquisition [Line Items]
Discount for lack of marketability (as a percent)	20.00%
Fair value	$ 4,500		2.8
GMSL \| Sembawang Cable Depot Pte., Ltd. [Member]
Business Acquisition [Line Items]
Discount for lack of marketability (as a percent)		20.00%
Fair value		$ 1,100		£ 0.7
GMSL \| Other Investments [Member]
Business Acquisition [Line Items]
Fair value	$ 500		£ 0.3

Business Combinations - Pro Forma Adjusted Summary (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition, Pro Forma Information [Abstract]
Net revenue	$ 1,243,173	$ 1,006,091
Net income (loss) from continuing operations	23,026	10,859
Gain (loss) from discontinued operations	(21)	(3,105)
Net income (loss) attributable to HC2	$ 23,202	$ 7,754
Per share amounts:
Income (loss) from continuing operations (in usd per share)	$ 0.87	$ 0.55
Gain (loss) from discontinued operations (in usd per share)	0.00	(0.16)
Net income (loss) attributable to HC2 (in usd per share)	$ 0.87	$ 0.39

Business Combinations - Pro Forma Adjusted Summary Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schuff
Business Acquisition [Line Items]
Expenditures incurred in connection with acquisitions		$ 0.3
GMSL
Business Acquisition [Line Items]
Expenditures incurred in connection with acquisitions		$ 8.0
Insurance Companies
Business Acquisition [Line Items]
Expenditures incurred in connection with acquisitions	$ 4.3

Business Combinations - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Net Revenue	$ 360,549	$ 277,467	$ 280,982	$ 201,808	$ 224,209	$ 183,289	$ 96,586	$ 43,354	$ 1,120,806	$ 547,438	$ 230,686
Net Income (Loss)									(35,565)	(14,391)	$ 111,606
Insurance Companies
Business Acquisition [Line Items]
Net Revenue									2,865
Net Income (Loss)									$ 1,634
Schuff
Business Acquisition [Line Items]
Net Revenue										348,318
Net Income (Loss)										13,652
ANG
Business Acquisition [Line Items]
Net Revenue										1,839
Net Income (Loss)										415
GMSL
Business Acquisition [Line Items]
Net Revenue										35,328
Net Income (Loss)										$ 7,170

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Investments - Schedule of Fixed Maturity and Equity Securities Available-for-Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses	$ (5,667)
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,234,891	$ 250
Unrealized Gains	1,300	0
Unrealized Losses	(4,350)	0
Fair Value	1,231,841	250
U.S. Government and government agencies
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	17,131
Unrealized Gains	1
Unrealized Losses	(49)
Fair Value	17,083
States, municipalities and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	387,427
Unrealized Gains	60
Unrealized Losses	(1,227)
Fair Value	386,260
Foreign government
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	6,426
Unrealized Gains	3
Unrealized Losses	0
Fair Value	6,429
Residential mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	166,324
Unrealized Gains	579
Unrealized Losses	(588)
Fair Value	166,315
Commercial mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	74,898
Unrealized Gains	233
Unrealized Losses	(96)
Fair Value	75,035
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	34,396
Unrealized Gains	106
Unrealized Losses	(51)
Fair Value	34,451
Corporate and other
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	548,289	250
Unrealized Gains	318	0
Unrealized Losses	(2,339)	0
Fair Value	546,268	250
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	50,836	2,405
Unrealized Gains	163	2,462
Unrealized Losses	(1,317)	0
Fair Value	49,682	4,867
Common stocks
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	19,935	2,405
Unrealized Gains	1	2,462
Unrealized Losses	(1,311)	0
Fair Value	18,625	$ 4,867
Perpetual preferred stocks
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	30,901
Unrealized Gains	162
Unrealized Losses	(6)
Fair Value	$ 31,057

Investments - Narrative (Details) $ in Thousands	9 Months Ended	12 Months Ended
Investments - Narrative (Details) $ in Thousands	Sep. 30, 2015 USD ($)	Dec. 31, 2015 USD ($) security	Dec. 31, 2014 USD ($) security	Dec. 31, 2013 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Number of fixed maturity and equity securities \| security		527	0
Percentage of gross unrealized loss		100.00%
Percentage of total investments		3.90%	90.80%
Unrealized losses in other comprehensive income		$ 8,029	$ (1,551)	$ 0
Conversion to Gaming Nation's common stock
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses in other comprehensive income	$ 3,300
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Percentage of gross unrealized loss		100.00%	100.00%
Fixed maturity securities \| Investment grade
Schedule of Available-for-sale Securities [Line Items]
Percentage of gross unrealized loss		83.00%
Percentage of fair value		90.80%
Debenture
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses in other comprehensive income		$ 5,800
Warrants
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses in other comprehensive income		2,000
Not designated as hedging instrument \| Mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Investments at fair value		21,000
Gain resulting for changes in fair value of securities		$ 300

Investments - Schedule of Maturities of Fixed Maturity Securities Available-for-Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Amortized Cost
Total	$ 1,234,891
Fair Value
Total	1,231,841	$ 250
Corporate, Municipal, U.S. Government and Other securities
Amortized Cost
Due in one year or less	16,711
Due after one year through five years	141,237
Due after five years through ten years	168,061
Due after ten years	633,264
Subtotal	959,273
Fair Value
Due in one year or less	16,700
Due after one year through five years	141,132
Due after five years through ten years	167,610
Due after ten years	630,598
Subtotal	956,040
Mortgage-backed securities
Amortized Cost
Amortized cost, without single maturity date	241,222
Fair Value
Fair value, without single maturity date	241,350
Asset-backed securities
Amortized Cost
Amortized cost, without single maturity date	34,396
Fair Value
Fair value, without single maturity date	$ 34,451

Investments - Schedule of Major Industry Types of Fixed Maturity Holdings (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 1,234,891
Fair Value	$ 1,231,841	$ 250
Percentage of total	100.00%
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 548,289	250
Fair Value	$ 546,268	$ 250
Percentage of total	100.00%	100.00%
Fixed maturity securities \| Finance, insurance, and real estate
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 217,946	$ 0
Fair Value	$ 217,377	$ 0
Percentage of total	39.80%	0.00%
Fixed maturity securities \| Transportation, communications, electric, gas and sanitary services
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 156,022	$ 0
Fair Value	$ 155,175	$ 0
Percentage of total	28.40%	0.00%
Fixed maturity securities \| Manufacturing
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 95,138	$ 0
Fair Value	$ 94,792	$ 0
Percentage of total	17.40%	0.00%
Fixed maturity securities \| Other
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 79,183	$ 250
Fair Value	$ 78,924	$ 250
Percentage of total	14.40%	100.00%

Investments - Schedule of Unrealized Losses for Fixed Maturities and Equity Securities (Details) $ in Thousands	Dec. 31, 2015 USD ($)
Unrealized Losses
Less than 20%	$ (5,667)
20% or more for less than six months	0
20% or more for six months or greater	0
Total	$ (5,667)
Percentage of Total
Less than 20%	100.00%
20% or more for less than six months	0.00%
20% or more for six months or greater	0.00%
Total	100.00%

Investments - Schedule of Estimated Fair Values and Gross Unrealized Losses (Details) $ in Thousands	Dec. 31, 2015 USD ($)
Fixed maturity securities
Less than 12 months
Fair Value	$ 915,808
Unrealized Loss	(4,350)
12 months or greater
Fair Value	0
Unrealized Loss	0
Total Fair Value	915,808
Total Unrealized Loss	(4,350)
U.S. Government and government agencies
Less than 12 months
Fair Value	15,409
Unrealized Loss	(49)
12 months or greater
Fair Value	0
Unrealized Loss	0
Total Fair Value	15,409
Total Unrealized Loss	(49)
States, municipalities and political subdivisions
Less than 12 months
Fair Value	294,105
Unrealized Loss	(1,227)
12 months or greater
Fair Value	0
Unrealized Loss	0
Total Fair Value	294,105
Total Unrealized Loss	(1,227)
Residential mortgage-backed securities
Less than 12 months
Fair Value	77,695
Unrealized Loss	(588)
12 months or greater
Fair Value	0
Unrealized Loss	0
Total Fair Value	77,695
Total Unrealized Loss	(588)
Commercial mortgage-backed securities
Less than 12 months
Fair Value	44,618
Unrealized Loss	(96)
12 months or greater
Fair Value	0
Unrealized Loss	0
Total Fair Value	44,618
Total Unrealized Loss	(96)
Asset-backed securities
Less than 12 months
Fair Value	22,550
Unrealized Loss	(51)
12 months or greater
Fair Value	0
Unrealized Loss	0
Total Fair Value	22,550
Total Unrealized Loss	(51)
Corporate and other
Less than 12 months
Fair Value	461,431
Unrealized Loss	(2,339)
12 months or greater
Fair Value	0
Unrealized Loss	0
Total Fair Value	461,431
Total Unrealized Loss	(2,339)
Equity securities
Less than 12 months
Fair Value	21,035
Unrealized Loss	(1,317)
12 months or greater
Fair Value	0
Unrealized Loss	0
Total Fair Value	21,035
Total Unrealized Loss	(1,317)
Common stocks
Less than 12 months
Fair Value	13,657
Unrealized Loss	(1,311)
12 months or greater
Fair Value	0
Unrealized Loss	0
Total Fair Value	13,657
Total Unrealized Loss	(1,311)
Perpetual preferred stocks
Less than 12 months
Fair Value	7,378
Unrealized Loss	(6)
12 months or greater
Fair Value	0
Unrealized Loss	0
Total Fair Value	7,378
Total Unrealized Loss	$ (6)

Investments - Schedule of Other Invested Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Summary of Investment Holdings [Line Items]
Cost Method	$ 5,784	$ 2,956
Equity Method	42,492	47,610
Common Equity
Summary of Investment Holdings [Line Items]
Cost Method	249	0
Equity Method	6,475	10,463
Preferred Equity
Summary of Investment Holdings [Line Items]
Cost Method	1,655	0
Equity Method	7,522	7,453
Warrants
Summary of Investment Holdings [Line Items]
Cost Method	3,880	2,956
Equity Method	0	0
Limited partnerships
Summary of Investment Holdings [Line Items]
Cost Method	0	0
Equity Method	1,171	1,151
GMSL Joint Ventures
Summary of Investment Holdings [Line Items]
Cost Method	0	0
Equity Method	$ 27,324	$ 28,543

Investments - Schedule of Other Invested Assets - Common Stock Purchase Warrants and Call Options (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investment Holdings [Line Items]
Fair Value	$ 49,682	$ 4,867
Derivative
Investment Holdings [Line Items]
Cost	8,063
Gains	428
Losses	(3,648)
Fair Value	4,843
Warrants
Investment Holdings [Line Items]
Cost	6,383
Gains	428
Losses	(2,600)
Fair Value	4,211
Call options
Investment Holdings [Line Items]
Cost	1,680
Gains	0
Losses	(1,048)
Fair Value	$ 632

Investments - Summarized Information for Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Net revenue	$ 502,122	$ 151,594
Gross profit	103,236	35,783
Loss from continuing operations	(18,743)	5,142
Net loss	(36,873)	5,142
Current assets	256,372	269,864
Noncurrent assets	219,434	149,995
Current liabilities	169,002	179,552
Noncurrent liabilities	$ 132,934	$ 18,063

- Definition

The amount of current liabilities reported by an equity method investment of the entity.

+ References + Details

- Definition

The amount of net income (loss) reported by an equity method investment of the entity.

+ References + Details

- Definition

The amount of noncurrent assets reported by an equity method investment of the entity.

+ References + Details

- Definition

The amount of noncurrent liabilities reported by an equity method investment of the entity.

+ References + Details

Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured At Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
U.S. Government and government agencies
Assets
Total securities	$ 17,083
States, municipalities and political subdivisions
Assets
Total securities	386,260
Foreign government
Assets
Total securities	6,429
Residential mortgage-backed securities
Assets
Total securities	166,315
Commercial mortgage-backed securities
Assets
Total securities	75,035
Asset-backed securities
Assets
Total securities	34,451
Corporate and other
Assets
Total securities	546,268	$ 250
Equity securities
Assets
Total securities	49,682	4,867
Common stocks
Assets
Total securities	18,625	4,867
Perpetual preferred stocks
Assets
Total securities	31,057
Recurring
Assets
Derivatives	4,843
Cash Equivalents		908
Total assets accounted for at fair value	1,286,366	6,025
Liabilities
Warrant liability	4,332
Total liabilities accounted for at fair value	4,332
Recurring \| Total fixed maturity securities
Assets
Total securities	1,231,841	250
Recurring \| U.S. Government and government agencies
Assets
Total securities	17,083
Recurring \| States, municipalities and political subdivisions
Assets
Total securities	386,260
Recurring \| Foreign government
Assets
Total securities	6,429
Recurring \| Residential mortgage-backed securities
Assets
Total securities	166,315
Recurring \| Commercial mortgage-backed securities
Assets
Total securities	75,035
Recurring \| Asset-backed securities
Assets
Total securities	34,451
Recurring \| Corporate and other
Assets
Total securities	546,268	250
Recurring \| Equity securities
Assets
Total securities	49,682	4,867
Recurring \| Common stocks
Assets
Total securities	18,625	4,867
Recurring \| Perpetual preferred stocks
Assets
Total securities	31,057
Recurring \| Level 1
Assets
Derivatives	632
Cash Equivalents		908
Total assets accounted for at fair value	37,439	5,775
Liabilities
Warrant liability	0
Total liabilities accounted for at fair value	0
Recurring \| Level 1 \| Total fixed maturity securities
Assets
Total securities	12,843	0
Recurring \| Level 1 \| U.S. Government and government agencies
Assets
Total securities	5,753
Recurring \| Level 1 \| States, municipalities and political subdivisions
Assets
Total securities	0
Recurring \| Level 1 \| Foreign government
Assets
Total securities	0
Recurring \| Level 1 \| Residential mortgage-backed securities
Assets
Total securities	0
Recurring \| Level 1 \| Commercial mortgage-backed securities
Assets
Total securities	0
Recurring \| Level 1 \| Asset-backed securities
Assets
Total securities	0
Recurring \| Level 1 \| Corporate and other
Assets
Total securities	7,090	0
Recurring \| Level 1 \| Equity securities
Assets
Total securities	23,964	4,867
Recurring \| Level 1 \| Common stocks
Assets
Total securities	13,693	4,867
Recurring \| Level 1 \| Perpetual preferred stocks
Assets
Total securities	10,271
Recurring \| Level 2
Assets
Derivatives	0
Cash Equivalents		0
Total assets accounted for at fair value	1,052,911	0
Liabilities
Warrant liability	0
Total liabilities accounted for at fair value	0
Recurring \| Level 2 \| Total fixed maturity securities
Assets
Total securities	1,032,125	0
Recurring \| Level 2 \| U.S. Government and government agencies
Assets
Total securities	11,257
Recurring \| Level 2 \| States, municipalities and political subdivisions
Assets
Total securities	380,601
Recurring \| Level 2 \| Foreign government
Assets
Total securities	6,429
Recurring \| Level 2 \| Residential mortgage-backed securities
Assets
Total securities	87,296
Recurring \| Level 2 \| Commercial mortgage-backed securities
Assets
Total securities	14,510
Recurring \| Level 2 \| Asset-backed securities
Assets
Total securities	6,798
Recurring \| Level 2 \| Corporate and other
Assets
Total securities	525,234	0
Recurring \| Level 2 \| Equity securities
Assets
Total securities	20,786	0
Recurring \| Level 2 \| Common stocks
Assets
Total securities	0	0
Recurring \| Level 2 \| Perpetual preferred stocks
Assets
Total securities	20,786
Recurring \| Level 3
Assets
Derivatives	4,211
Cash Equivalents		0
Total assets accounted for at fair value	196,016	250
Liabilities
Warrant liability	4,332
Total liabilities accounted for at fair value	4,332
Recurring \| Level 3 \| Total fixed maturity securities
Assets
Total securities	186,873	250
Recurring \| Level 3 \| U.S. Government and government agencies
Assets
Total securities	73
Recurring \| Level 3 \| States, municipalities and political subdivisions
Assets
Total securities	5,659
Recurring \| Level 3 \| Foreign government
Assets
Total securities	0
Recurring \| Level 3 \| Residential mortgage-backed securities
Assets
Total securities	79,019
Recurring \| Level 3 \| Commercial mortgage-backed securities
Assets
Total securities	60,525
Recurring \| Level 3 \| Asset-backed securities
Assets
Total securities	27,653
Recurring \| Level 3 \| Corporate and other
Assets
Total securities	13,944	250
Recurring \| Level 3 \| Equity securities
Assets
Total securities	4,932	0
Recurring \| Level 3 \| Common stocks
Assets
Total securities	4,932	$ 0
Recurring \| Level 3 \| Perpetual preferred stocks
Assets
Total securities	$ 0

Fair Value of Financial Instruments - Schedule of Changes in Balances of Level 3 Financial Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Changes in balances of Level 3 financial assets
Balance at beginning of period	$ 250	$ 0
Total realized/unrealized net earnings (loss)	(1,288)	0
Total realized/unrealized other comp. income (loss)	(644)	0
Purchases and issuances	198,198	250
Sales and settlements	(500)	0
Transfer into Level 3	0	0
Transfer out of Level 3	0	0
Balance at end of period	196,016	250
Changes in balances of Level 3 financial liabilities
Balance at beginning of period	0
Total realized/unrealized net earnings (loss)	0
Total realized/unrealized other comp. income (loss)	0
Purchases and issuances	4,332
Sales and settlements	0
Transfer into Level 3	0
Transfer out of Level 3	0
Balance at end of period	4,332	0
Fixed maturity securities
Changes in balances of Level 3 financial assets
Balance at beginning of period	250	0
Total realized/unrealized net earnings (loss)	256	0
Total realized/unrealized other comp. income (loss)	(16)	0
Purchases and issuances	186,883	250
Sales and settlements	(500)	0
Transfer into Level 3	0	0
Transfer out of Level 3	0	0
Balance at end of period	186,873	250
U.S. Government and government agencies
Changes in balances of Level 3 financial assets
Balance at beginning of period	0
Total realized/unrealized net earnings (loss)	0
Total realized/unrealized other comp. income (loss)	(1)
Purchases and issuances	74
Sales and settlements	0
Transfer into Level 3	0
Transfer out of Level 3	0
Balance at end of period	73	0
States, municipalities and political subdivisions
Changes in balances of Level 3 financial assets
Balance at beginning of period	0
Total realized/unrealized net earnings (loss)	0
Total realized/unrealized other comp. income (loss)	7
Purchases and issuances	5,652
Sales and settlements	0
Transfer into Level 3	0
Transfer out of Level 3	0
Balance at end of period	5,659	0
Foreign government
Changes in balances of Level 3 financial assets
Balance at beginning of period	0
Total realized/unrealized net earnings (loss)	0
Total realized/unrealized other comp. income (loss)	0
Purchases and issuances	0
Sales and settlements	0
Transfer into Level 3	0
Transfer out of Level 3	0
Balance at end of period	0	0
Residential mortgage-backed securities
Changes in balances of Level 3 financial assets
Balance at beginning of period	0
Total realized/unrealized net earnings (loss)	301
Total realized/unrealized other comp. income (loss)	(166)
Purchases and issuances	78,884
Sales and settlements	0
Transfer into Level 3	0
Transfer out of Level 3	0
Balance at end of period	79,019	0
Commercial mortgage-backed securities
Changes in balances of Level 3 financial assets
Balance at beginning of period	0
Total realized/unrealized net earnings (loss)	(45)
Total realized/unrealized other comp. income (loss)	197
Purchases and issuances	60,373
Sales and settlements	0
Transfer into Level 3	0
Transfer out of Level 3	0
Balance at end of period	60,525	0
Asset-backed securities
Changes in balances of Level 3 financial assets
Balance at beginning of period	0
Total realized/unrealized net earnings (loss)	0
Total realized/unrealized other comp. income (loss)	0
Purchases and issuances	27,653
Sales and settlements	0
Transfer into Level 3	0
Transfer out of Level 3	0
Balance at end of period	27,653	0
Corporate and other
Changes in balances of Level 3 financial assets
Balance at beginning of period	250	0
Total realized/unrealized net earnings (loss)	0	0
Total realized/unrealized other comp. income (loss)	(53)	0
Purchases and issuances	14,247	250
Sales and settlements	(500)	0
Transfer into Level 3	0	0
Transfer out of Level 3	0	0
Balance at end of period	13,944	250
Equity securities
Changes in balances of Level 3 financial assets
Balance at beginning of period	0
Total realized/unrealized net earnings (loss)	0
Total realized/unrealized other comp. income (loss)	0
Purchases and issuances	4,932
Sales and settlements	0
Transfer into Level 3	0
Transfer out of Level 3	0
Balance at end of period	4,932	0
Common stocks
Changes in balances of Level 3 financial assets
Balance at beginning of period	0
Total realized/unrealized net earnings (loss)	0
Total realized/unrealized other comp. income (loss)	0
Purchases and issuances	4,932
Sales and settlements	0
Transfer into Level 3	0
Transfer out of Level 3	0
Balance at end of period	4,932	0
Perpetual preferred stocks
Changes in balances of Level 3 financial assets
Balance at beginning of period	0
Total realized/unrealized net earnings (loss)	0
Total realized/unrealized other comp. income (loss)	0
Purchases and issuances	0
Sales and settlements	0
Transfer into Level 3	0
Transfer out of Level 3	0
Balance at end of period	0	0
Warrants
Changes in balances of Level 3 financial assets
Balance at beginning of period	0
Total realized/unrealized net earnings (loss)	(1,544)
Total realized/unrealized other comp. income (loss)	(628)
Purchases and issuances	6,383
Sales and settlements	0
Transfer into Level 3	0
Transfer out of Level 3	0
Balance at end of period	4,211	0
Changes in balances of Level 3 financial liabilities
Balance at beginning of period	0
Total realized/unrealized net earnings (loss)	0
Total realized/unrealized other comp. income (loss)	0
Purchases and issuances	4,332
Sales and settlements	0
Transfer into Level 3	0
Transfer out of Level 3	0
Balance at end of period	$ 4,332	$ 0

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured on Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Mortgage loans	$ 1,252	$ 0
Policy loans	18,476	0
Other invested assets	53,119	50,566
Nonrecurring \| Level 1
Assets
Mortgage loans	0
Policy loans	0
Other invested assets	0	0
Total assets not accounted for at fair value	0	0
Liabilities
Annuity benefits accumulated	0
Long-term obligations	0	0
Total liabilities not accounted for at fair value	0	0
Nonrecurring \| Level 2
Assets
Mortgage loans	0
Policy loans	18,476
Other invested assets	0	0
Total assets not accounted for at fair value	18,476	0
Liabilities
Annuity benefits accumulated	0
Long-term obligations	310,307	276,791
Total liabilities not accounted for at fair value	310,307	276,791
Nonrecurring \| Level 3
Assets
Mortgage loans	1,252
Policy loans	0
Other invested assets	3,434	7,988
Total assets not accounted for at fair value	4,686	7,988
Liabilities
Annuity benefits accumulated	258,847
Long-term obligations	0	0
Total liabilities not accounted for at fair value	258,847	0
Nonrecurring \| Carrying Value
Assets
Mortgage loans	1,252
Policy loans	18,476
Other invested assets	5,784	2,956
Total assets not accounted for at fair value	25,512	2,956
Liabilities
Annuity benefits accumulated	257,454
Long-term obligations	319,180	278,195
Total liabilities not accounted for at fair value	576,634	278,195
Nonrecurring \| Estimated Fair Value
Assets
Mortgage loans	1,252
Policy loans	18,476
Other invested assets	3,434	7,988
Total assets not accounted for at fair value	23,162	7,988
Liabilities
Annuity benefits accumulated	258,847
Long-term obligations	310,307	276,791
Total liabilities not accounted for at fair value	$ 569,154	$ 276,791

Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Contract receivables:
Contracts in progress	$ 103,178	$ 112,929
Unbilled retentions	31,195	32,850
Trade receivables	77,150	9,065
Other receivables	124	195
Allowance for doubtful accounts	(794)	(2,760)
Total accounts receivable	$ 210,853	$ 152,279

Contracts in Progress (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Contractors [Abstract]
Costs incurred on contracts in progress	$ 597,656	$ 531,129
Estimated earnings	99,985	73,540
Costs incurred on contracts in progress and estimated earnings, gross	697,641	604,669
Less progress billings	679,532	618,530
Costs incurred on contracts in progress and estimated earnings, net	18,109	(13,861)
The above is included in the accompanying consolidated balance sheet under the following captions:
Costs and recognized earnings in excess of billings on uncompleted contracts	39,310	28,098
Billings in excess of costs and recognized earnings on uncompleted contracts	$ 21,201	$ 41,959

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw materials	$ 10,485	$ 12,956
Work in process	1,289	1,779
Finished goods	346	240
Inventories, net	$ 12,120	$ 14,975

Property and Equipment, net - Summary of Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 249,854	$ 239,420
Less accumulated depreciation and amortization	35,388	6,398
Property, plant and equipment, net	214,466	233,022
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	15,521	19,179
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	31,530	29,520
Plant and transportation equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,747	7,090
Cable-ships and submersibles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	137,458	136,252
Equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	50,171	35,229
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 10,427	$ 12,150

Property and Equipment, net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 26,800,000	$ 9,800,000	$ 12,000,000
Depreciation expense with cost of revenue	7,900,000	4,300,000	$ 0
Cable-ships and submersibles
Property, Plant and Equipment [Line Items]
Net book value of equipment under capital leases	$ 66,800,000	$ 75,500,000

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Forecast period used in estimate of future income	5 years
Amortization expense for amortizable intangible assets	$ 4,419,000	$ 887,000	$ 0
Amortization expense for amortizable intangible assets for the year ending December 31, 2016	3,900,000
Amortization expense for amortizable intangible assets for the year ending December 31, 2017	3,500,000
Amortization expense for amortizable intangible assets for the year ending December 31, 2018	2,200,000
Amortization expense for amortizable intangible assets for the year ending December 31, 2019	1,900,000
Amortization expense for amortizable intangible assets for the year ending December 31, 2020	1,900,000
Amortization expense for amortizable intangible assets thereafter	11,200,000
Amortization of VOBA	100,000
Value of business acquired (VOBA)
Finite-Lived Intangible Assets [Line Items]
Amortization expense for amortizable intangible assets for the year ending December 31, 2016	5,000,000
Amortization expense for amortizable intangible assets for the year ending December 31, 2017	4,100,000
Amortization expense for amortizable intangible assets for the year ending December 31, 2018	3,800,000
Amortization expense for amortizable intangible assets for the year ending December 31, 2019	3,700,000
Amortization expense for amortizable intangible assets for the year ending December 31, 2020	3,400,000
Amortization expense for amortizable intangible assets thereafter	$ 30,800,000
Schuff
Finite-Lived Intangible Assets [Line Items]
Number of years used in fair value determination of goodwill	3 years
Discount rate (as a percent)	14.00%
Amortization expense for amortizable intangible assets	$ 299,000	174,000
ICS
Finite-Lived Intangible Assets [Line Items]
Discount rate (as a percent)	16.50%
DMi
Finite-Lived Intangible Assets [Line Items]
Discount rate (as a percent)	45.00%
GMSL
Finite-Lived Intangible Assets [Line Items]
Number of years used in fair value determination of goodwill	3 years
Discount rate (as a percent)	15.50%
Amortization expense for amortizable intangible assets	$ 1,135,000	$ 298,000
State licenses \| Insurance Companies
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 4,900,000

Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill [Roll Forward]
Beginning balance	$ 30,540	$ 3,378
Effect of change in foreign currency exchange rates	(56)	(190)
Reclassification	1,781
Acquisition of business	29,453	27,352
Impairment of goodwill	(540)
Ending balance	61,178	30,540
Schuff
Goodwill [Roll Forward]
Beginning balance	24,612	0
Effect of change in foreign currency exchange rates	0	0
Reclassification	0
Acquisition of business	(122)	24,612
Impairment of goodwill	0
Ending balance	24,490	24,612
GMSL
Goodwill [Roll Forward]
Beginning balance	1,176	0
Effect of change in foreign currency exchange rates	(56)	(190)
Reclassification	0
Acquisition of business	554	1,366
Impairment of goodwill	(540)
Ending balance	1,134	1,176
ICS
Goodwill [Roll Forward]
Beginning balance	3,378	3,378
Effect of change in foreign currency exchange rates	0	0
Reclassification	0
Acquisition of business	0	0
Impairment of goodwill	0
Ending balance	3,378	3,378
ANG
Goodwill [Roll Forward]
Beginning balance	1,374	0
Effect of change in foreign currency exchange rates	0	0
Reclassification	0
Acquisition of business	0	1,374
Impairment of goodwill	0
Ending balance	1,374	1,374
CIG
Goodwill [Roll Forward]
Beginning balance	0	0
Effect of change in foreign currency exchange rates		0
Reclassification	0
Acquisition of business	29,021	0
Impairment of goodwill	0
Ending balance	29,021	0
Other
Goodwill [Roll Forward]
Beginning balance	0	0
Effect of change in foreign currency exchange rates	0	0
Reclassification	1,781
Acquisition of business	0	0
Impairment of goodwill	0
Ending balance	$ 1,781	$ 0

Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accounts payable	$ 84,434	$ 80,183
Accrued interconnection costs	64,295	9,717
Accrued payroll and employee benefits	17,394	20,023
Accrued interest	2,895	3,125
Accrued income taxes	1,274	512
Accrued expenses and other current liabilities	55,097	34,042
Total accounts payable and other current liabilities	$ 225,389	$ 147,602

Long-Term Obligations - Schedule of Long-term Debt (Details) - USD ($)		1 Months Ended	12 Months Ended
	May 06, 2014	Jan. 31, 2014	Dec. 31, 2015	Dec. 24, 2015	Aug. 31, 2015	Aug. 05, 2015	Mar. 26, 2015	Dec. 31, 2014	Nov. 20, 2014	Oct. 31, 2013
Debt Instrument [Line Items]
Long-term debt			$ 381,614,000
Obligations under capital leases			52,697,000					$ 65,176,000
Other			19,000					30,000
Subtotal			381,614,000					345,716,000
Original issue discount and debt issuance costs on Senior Secured Notes			(9,738,000)					(10,185,000)
Total long-term obligations			371,876,000					335,531,000
GMSL \| Term Loan
Debt Instrument [Line Items]
Long-term debt			$ 5,260,000					16,732,000
Schuff \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			3.00%
Maximum amount of advances			$ 50,000,000
Schuff \| Real Estate Term Advance Working Capital \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt			$ 2,238,000					0
Basis spread on variable rate (as a percent)			4.00%
Debt instrument, final balloon payment			$ 300,000
ANG \| Term Loan
Debt Instrument [Line Items]
Long-term debt			660,000					810,000
Senior Secured Notes Collateralized by Assets
Debt Instrument [Line Items]
Long-term debt			$ 307,000,000					250,000,000
Interest rate (as a percent)			11.00%	11.00%	11.00%	11.00%	11.00%		11.00%
Note Payable Collateralized by Assets \| GMSL
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		3.65%	3.65%
Note Payable Collateralized by Assets \| ANG
Debt Instrument [Line Items]
Interest rate (as a percent)			5.50%							5.50%
Note Payable Collateralized by Equipment \| Schuff
Debt Instrument [Line Items]
Long-term debt			$ 8,129,000					8,333,000
Basis spread on variable rate (as a percent)			4.00%
Debt instrument, final balloon payment			$ 1,200,000
Note Payable Collateralized by Equipment \| Schuff \| Real Estate Term Advance
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	4.00%
Line of Credit Collateralized by Assets \| Schuff
Debt Instrument [Line Items]
Long-term debt			$ 1,600,000					0
Interest rate (as a percent)			5.25%
Interest on special interest compensation fund (as a percent)			1.00%
Credit and Security Agreement
Debt Instrument [Line Items]
Maximum amount of advances			$ 50,000,000.0
Credit and Security Agreement \| Schuff
Debt Instrument [Line Items]
Long-term debt			$ 0					$ 0
Schuff \| Note Payable Collaterized By Real Estate \| Real Estate Term Advance
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			4.00%
Debt instrument, final balloon payment			$ 1,900,000

Long-Term Obligations - Schedule of Aggregate Debt Maturities (Details) $ in Thousands	Dec. 31, 2015 USD ($)
Debt Maturities
2016	$ 13,273
2017	8,312
2018	11,529
2019	319,945
2020	8,875
Thereafter	19,680
Total debt	381,614
Capital Leases Maturities
2016	6,725
2017	6,716
2018	10,249
2019	10,247
2020	10,247
Thereafter	20,823
Total minimum principal & interest payments	65,007
Less: Amount representing interest	(12,310)
Total capital lease obligations	$ 52,697

Long-Term Obligations - Long-term Debt Narrative (Details)	12 Months Ended
	Dec. 31, 2015
Minimum
Debt Instrument [Line Items]
Capital leases rate (as a percent)	4.00%
Maximum
Debt Instrument [Line Items]
Capital leases rate (as a percent)	10.40%

Long-Term Obligations - 11% Senior Secured Notes due 2019 (Details) - USD ($)	Mar. 26, 2015	Nov. 20, 2014	Dec. 31, 2015	Dec. 24, 2015	Aug. 31, 2015	Aug. 05, 2015
Term Loan \| September Credit Facility
Debt Instrument [Line Items]
Debt instrument term		12 months
Proceeds from issuance of senior secured credit facility		$ 214,000,000
Senior Secured Notes Collateralized by Assets
Debt Instrument [Line Items]
Interest rate (as a percent)	11.00%	11.00%	11.00%	11.00%	11.00%	11.00%
11% Senior Secured Notes due 2019
Debt Instrument [Line Items]
Aggregate principal amount	$ 50,000,000.0	$ 250,000,000		$ 2,000,000.0		$ 5,000,000.0
Debt instrument discount percentage (as a percent)		99.05%
Senior secured notes original issue discount		$ 2,400,000
Senior secured notes premium percentage	100.50%
Premiums and other costs	$ 300,000
Redemption price, percentage		101.00%
11% Senior Secured Notes due 2019 \| Before December 1, 2016
Debt Instrument [Line Items]
Percentage of redemption from aggregate principal amount		100.00%
11% Senior Secured Notes due 2019 \| After December 1, 2016
Debt Instrument [Line Items]
Percentage of redemption from aggregate principal amount		100.00%
Delayed Draw Term Loan \| September Credit Facility
Debt Instrument [Line Items]
Proceeds from issuance of senior secured credit facility		$ 36,000,000
Note Payable Collateralized by Property and Plant Under Revolving Line of Credit Agreement [Member]
Debt Instrument [Line Items]
Percentage of principal amount (greater of)		1.00%

Long-Term Obligations - Terminated HC2 Credit Facilities (Details) - USD ($) $ in Millions		3 Months Ended			12 Months Ended
	Nov. 20, 2014	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2014
September Credit Facility \| Novatel Wireless, Inc.
Line of Credit Facility [Line Items]
Write-off of deferred financing cost		$ 0.5
Write-off of original issue discount		4.5
Net of credit for previous paid funding fees		$ 2.3
Term Loan \| Novatel Wireless, Inc.
Line of Credit Facility [Line Items]
Proceeds from issuance of senior secured credit facility					$ 17.0
Term Loan \| May Credit Facility
Line of Credit Facility [Line Items]
Debt instrument term					18 months
Proceeds from issuance of senior secured credit facility					$ 80.0
Term Loan \| September Credit Facility
Line of Credit Facility [Line Items]
Debt instrument term	12 months
Proceeds from issuance of senior secured credit facility	$ 214.0
Partial Prepayments \| May Credit Facility
Line of Credit Facility [Line Items]
Write-off of deferred financing cost			$ 0.1	$ 0.1
Write-off of original issue discount			1.9	$ 0.2
Payoff of Remaining Balance \| May Credit Facility
Line of Credit Facility [Line Items]
Write-off of deferred financing cost			0.3
Write-off of original issue discount			2.5
Premiums and other costs			0.9
Payoff of Remaining Balance \| May Credit Facility \| Novatel Wireless, Inc.
Line of Credit Facility [Line Items]
Write-off of deferred financing cost			0.4
Write-off of original issue discount			$ 0.8

Long-Term Obligations - Schuff Credit Facilities (Details) - USD ($)			12 Months Ended
	Oct. 21, 2014	May 06, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Line of Credit Facility [Line Items]
Additional borrowings			$ 0	$ 0	$ 7,393,000
Outstanding debt			381,614,000
Schuff \| International LOC
Line of Credit Facility [Line Items]
Line of credit, maximum amount			3,500,000
Schuff \| Real Estate Term Advance
Line of Credit Facility [Line Items]
Debt instrument term		5 years
Schuff \| Note Payable Collateralized by Equipment
Line of Credit Facility [Line Items]
Outstanding debt			$ 8,129,000	8,333,000
Basis spread on variable rate (as a percent)			4.00%
Schuff \| Note Payable Collateralized by Equipment \| Real Estate Term Advance
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)		4.00%
Schuff \| Note Payable Collateralized by Real Estate \| Real Estate Term Advance
Line of Credit Facility [Line Items]
Outstanding debt			$ 4,011,000	4,635,000
Basis spread on variable rate (as a percent)	4.00%
Schuff \| Line of Credit Collateralized by Assets
Line of Credit Facility [Line Items]
Outstanding debt			$ 1,600,000	0
Interest on special interest compensation fund (as a percent)			1.00%
Schuff \| Line of Credit Collateralized by Assets \| International LOC
Line of Credit Facility [Line Items]
Credit agreement interest rate (as a percent)			5.25%
Interest on special interest compensation fund (as a percent)			1.00%
Schuff \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit, maximum amount			$ 50,000,000
Basis spread on variable rate (as a percent)			3.00%
Credit agreement interest rate (as a percent)			3.61%
Line of credit outstanding amount			$ 0	0
Schuff \| Revolving Credit Facility \| Real Estate Term Advance M&E
Line of Credit Facility [Line Items]
Additional borrowings			1,800,000
Debt instrument term	5 years
Outstanding debt			8,100,000	8,300,000
Schuff \| Revolving Credit Facility \| Real Estate Term Advance Working Capital
Line of Credit Facility [Line Items]
Additional borrowings			2,700,000
Debt instrument term	4 years
Outstanding debt			$ 2,238,000	0
Basis spread on variable rate (as a percent)			4.00%
Schuff \| Revolving Credit Facility \| Note Payable Collateralized by Equipment
Line of Credit Facility [Line Items]
Proceeds from note payable collateralized (up to)	$ 10,000,000
Schuff \| Revolving Credit Facility \| Note Payable Collateralized by Real Estate
Line of Credit Facility [Line Items]
Proceeds from note payable collateralized (up to)	$ 5,000,000
Schuff \| Revolving Credit Facility \| Note Payable Collateralized by Real Estate \| Real Estate Term Advance
Line of Credit Facility [Line Items]
Proceeds from note payable collateralized (up to)		$ 5,000,000
Schuff \| Letter of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum amount			$ 14,500,000.0	$ 5,000,000.0
Line of credit outstanding amount			3,900,000
Line of credit borrowings			46,100,000
Schuff \| Letter of Credit \| International LOC
Line of Credit Facility [Line Items]
Outstanding debt			1,600,000
Line of credit outstanding amount			0
Line of credit borrowings			$ 1,900,000

Long-Term Obligations - GMSL Credit Facility (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Outstanding debt		$ 381,614,000
GMSL \| Note Payable Collateralized by Assets
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	3.65%	3.65%
GMSL \| Term Loan
Line of Credit Facility [Line Items]
Term loan amount established	$ 20,000,000
Outstanding debt		$ 5,260,000	$ 16,732,000
GMSL \| Term Loan \| LIBOR
Line of Credit Facility [Line Items]
Debt instrument term	4 years 6 months

Long-Term Obligations - ANG Term Loan (Details) - USD ($) $ in Thousands	1 Months Ended
	Oct. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Outstanding debt		$ 381,614
ANG \| Note Payable Collateralized by Assets
Debt Instrument [Line Items]
Interest rate (as a percent)	5.50%	5.50%
ANG \| Term Loan
Debt Instrument [Line Items]
Debt instrument term	5 years
Outstanding debt		$ 660	$ 810

Long-Term Obligations - GMSL Capital Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) vessel lease extension_option	Dec. 31, 2014 USD ($)
Debt Disclosure [Abstract]
Number of leases \| lease	2
Number of vessels \| vessel	2
Debt Instrument [Line Items]
Obligations under capital leases \| $	$ 52,697	$ 65,176
Innovator Lease
Debt Instrument [Line Items]
Number of lease extension options \| extension_option	4
Lease extension period	1 year
Interest rate (as a percent)	10.40%
Cable Lease
Debt Instrument [Line Items]
Interest rate (as a percent)	4.00%

Life, Accident and Health Reserves (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Liability for Claims and Claims Adjustment Expense [Line Items]
Total life, accident and health reserves	$ 1,593,330	$ 0
Long-term care insurance reserves
Liability for Claims and Claims Adjustment Expense [Line Items]
Total life, accident and health reserves	1,354,545
Traditional life insurance reserves
Liability for Claims and Claims Adjustment Expense [Line Items]
Total life, accident and health reserves	105,843
Other accident and health insurance reserves
Liability for Claims and Claims Adjustment Expense [Line Items]
Total life, accident and health reserves	$ 132,942

Income Taxes - Provisions (Benefits) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Current: Federal	$ 361	$ 5,527	$ (256)
State	1,215	1,600	147
Foreign	644	227	(7,333)
Subtotal Current	2,220	7,354	(7,442)
Deferred: Federal	(12,604)	(28,092)	0
State	(99)	(2,131)	0
Foreign	(399)	0	0
Subtotal Deferred	(13,102)	(30,223)	0
Income tax (benefit) expense	$ (10,882)	$ (22,869)	$ (7,442)

Income Taxes - Components of Income from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
US	$ (66,038)	$ (41,351)	$ (24,833)
Foreign	19,415	6,796	(221)
Loss from continuing operations before income taxes	$ (46,623)	$ (34,555)	$ (25,054)

Income Taxes - Federal Statutory Income Tax Rate to Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Tax provision (benefit) at federal statutory rate	$ (16,318)	$ (13,027)	$ (8,769)
Permanent differences	(272)	335	(536)
State tax (net of federal benefit)	1,068	1,170	95
Foreign rate differential	287	(838)	(235)
Foreign withholding taxes (net of federal)	1,229	231	(3,759)
Executive compensation	1,044	2,701	0
Uncertain tax positions	0	0	(3,575)
Adjustment to net operating losses	(1,104)	0	0
Increase (decrease) in valuation allowance	2,949	(17,520)	6,642
Contingent Value Rights	0	0	(5,216)
Reversing deferred taxes	0	0	(365)
Debt exchange costs	0	0	7,393
Transaction costs	473	2,106	(1,338)
Tax credits generated/utilized	(185)	0	0
UK Stewardship costs	0	0	1,455
199 Manufacturing Deduction	0	(594)	0
Bargain Purchase Gain	0	(496)	0
Officer Life Insurance Proceeds	0	(392)	0
Foreign E&P	0	3,395	0
Other	(53)	60	766
Income tax (benefit) expense	$ (10,882)	$ (22,869)	$ (7,442)

Income Taxes - Additional Information (Details) - USD ($)			12 Months Ended
	Nov. 05, 2015	Nov. 04, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Loss Carryforwards [Line Items]
Release of valuation allowances			$ (2,949,000)	$ 17,520,000	$ (6,642,000)
Insurance company investments			99,645,000	0
Foreign operating loss carryforward			54,642,000	$ 52,895,000
Operating loss carryforwards			46,100,000
Amount subject to annual limitation			83,100,000
Stock based compensation plan deductions in excess of accrued compensation cost			700,000
Net operating losses subject to expiration			146,200,000
Operating loss carryforward limitation		$ 83,100,000	2,300,000
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Foreign operating loss carryforward			303,200,000
Net operating losses subject to expiration			0
United Kingdom
Operating Loss Carryforwards [Line Items]
Foreign operating loss carryforward			224,500,000
Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards			$ 87,100,000
Common Equity
Operating Loss Carryforwards [Line Items]
Issuance and sale of common stock (in shares)	8,452,500	8,452,500	8,459,000	1,500,000	328,000

Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 230,838	$ 114,023
Valuation allowance	(68,104)	(68,983)
Deferred tax liabilities	(114,504)	(29,320)
Net deferred taxes	$ 48,230	$ 15,720

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Allowance for bad debt	$ 234	$ 351
Basis difference in intangibles	(8,402)	(7,527)
Equity investments	6,158	328
Net operating loss carryforwards	34,484	27,416
Basis difference in fixed assets	854	4,646
Deferred compensation	6,765	4,101
Foreign tax credit	1,190	0
Capital loss carryforwards	1,241	0
Insurance company investments	(99,645)	0
Foreign earnings	(6,458)	0
UK Trading loss carryforward	54,642	52,895
Unrealized gain/loss in OCI	1,177	(911)
Insurance claims and reserves	99,945	0
Value of insurance business acquired (VOBA)	17,837	0
Start-up cost	1,924	1,285
Other	4,388	2,119
Valuation allowance	(68,104)	(68,983)
Total deferred taxes	$ 48,230	$ 15,720

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 0	$ 35,196	$ 66,161
Foreign currency adjustments	0	0	0
Statute expiration	0	0	(3,295)
Gross increases (decreases) of tax positions in prior period	0	(35,196)	(28,178)
Audit resolution	0	0	0
Gross increases of tax positions in current period	0	0	508
Balance at end of period	$ 0	$ 0	$ 35,196

Commitments and Contingencies - Purchase Obligations and Non-Cancellable Operating Leases (Details) $ in Thousands	Dec. 31, 2015 USD ($)
Purchase Obligations
2016	$ 64,750
2017	0
2018	0
2019	0
2020	0
Thereafter	0
Total long-term obligations	64,750
Operating Leases
2016	5,797
2017	4,858
2018	3,476
2019	3,048
2020	2,299
Thereafter	9,011
Total long-term obligations	$ 28,489

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands				12 Months Ended
	Jan. 25, 2016	Dec. 28, 2015	Jul. 16, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 06, 2014
Commitments and Contingencies Disclosure [Abstract]
Rent expense				$ 5,000	$ 5,700	$ 2,100
Loss Contingencies [Line Items]
Shares of common stock issued (in shares)				35,281,375	23,844,711
SSC
Loss Contingencies [Line Items]
Amount of recovery seeked		$ 5,000
Additional damages (in excess)		$ 18,000
SSC \| Subsequent Event
Loss Contingencies [Line Items]
Amount of recovery seeked	$ 311
Schuff
Loss Contingencies [Line Items]
Shares of common stock issued (in shares)							721,000
Xplornet
Loss Contingencies [Line Items]
Damages foregone amount			$ 50,000

Employee Retirement Plans - HC2 Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
Defined contribution section employees contribution (as a percent)	50.00%
Defined benefit, maximum employees contributions percentage	6.00%
Employee annual salary contributions capped	$ 6,000
Defined benefit, matching contribution amount	$ 100,000	$ 100,000	$ 200,000

Employee Retirement Plans - Schuff Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) $ / h	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Mar. 31, 2012 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit pension plan contribution made by employer		$ 8	$ 32
Defined benefit, matching contribution amount			100	$ 100	$ 200
United States Postretirement Benefit Plan of US Entity
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit pension plan contribution made by employer			$ 200	100
Profit share contributions, probationary period			640 hours
Discretionary matching contributions vested percentage			100.00%
Discretionary matching contributions vested period			3 years
Profit share contributions rate for each hour \| $ / h			0.55
Schuff
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit, matching contribution amount			$ 1,100	400
Schuff \| Other Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension withdrawal liability		$ 2,400		2,400		$ 2,600
Defined benefit pension plan contribution made by employer	$ 200
Schuff \| United States Pension Plan of US Entity
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit pension plan contribution made by employer			$ 6,100	$ 2,500
Schuff \| Maximum \| United States Pension Plan of US Entity
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of employees covered under plan			5.00%

Employee Retirement Plans - Global Marine Systems Pension Plan - Defined Benefits Section Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Sep. 22, 2014	Mar. 31, 2012
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit, maximum employees contributions percentage	6.00%
Actuarial valuation assumption used, increase in return on investment per year (as a percent)	4.55%	4.50%
Market value of defined benefit plan assets	$ 172,511	$ 181,877	$ 160,812
Global Marine Systems Pension Plan—Defined Benefit Section
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit, maximum employees contributions percentage	5.00%
Defined benefit, minimum employees contributions percentage	8.00%
Percentage of pensionable salaries	9.20%
Defined benefit, employer deficit contributions per year	$ 1,400
Actuarial valuation assumption used, retail price Inflation rate per year (as a percent)	3.70%
Actuarial valuation assumption used, consumer price Inflation rate per year (as a percent)	2.70%
Actuarial valuation assumption used, pre-retirement return on investment per year (as a percent)	5.50%
Actuarial valuation assumption used, post-retirement return on investment per year (as a percent)	4.50%
Actuarial valuation assumption used, increase in return on investment per year (as a percent)	3.00%
Market value of defined benefit plan assets	$ 146,700			$ 1,900
Percentage of market value of defined benefit plan assets	74.00%			0.05594%
Contributions payable every month during year 2015 to 2018	$ 500
Contributions payable every month during year 2019 to May 2021	600
Contributions payable in June 2021	$ 100
Percentage of profits after tax before dividends	10.00%
Payment of profits, period	2 years
Percentage of future dividend payable in cash	50.00%

Employee Retirement Plans - Global Marine Personal Pension Plan Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit, maximum employees contributions percentage	6.00%
Defined benefit, matching contribution amount	$ 0.1	$ 0.1	$ 0.2
Global Marine Personal Pension Plan \| Global Marine Personal Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit, minimum employees contributions percentage	2.00%
Defined benefit, maximum employees contributions percentage	7.50%
Defined benefit, employer matching rate plus an additional fixed contributions percentage (as a percent)	5.00%
Defined benefit, matching contribution amount	$ 1.7	$ 0.4
Global Marine Personal Pension Plan \| Global Marine Personal Pension Plan \| Ex Care
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit, minimum employees contributions percentage	2.50%
Defined benefit, maximum employees contributions percentage	7.50%

Employee Retirement Plans - Merchant Navy Officers Pension Fund Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Oct. 01, 2013	Mar. 31, 2012	Dec. 31, 2015	Dec. 31, 2014	Sep. 22, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actuarial valuation assumption used, increase in return on investment per year (as a percent)			4.55%	4.50%
Market value of defined benefit plan assets			$ 172,511	$ 181,877	$ 160,812
Merchant Navy Officers Pension Fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actuarial valuation assumption used, retail price Inflation rate per year (as a percent)			3.20%
Actuarial valuation assumption used, consumer price Inflation rate per year (as a percent)			2.20%
Actuarial valuation assumption used, pre-retirement return on investment per year (as a percent)			5.70%
Actuarial valuation assumption used, post-retirement return on investment per year (as a percent)			4.00%
Actuarial valuation assumption used, increase in return on investment per year (as a percent)			4.20%
Expected rate of pensions increase per year (as a percent)			3.00%
Market value of defined benefit plan assets		$ 3,500,000
Global Marine Systems Pension Plan—Defined Benefit Section
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actuarial valuation assumption used, retail price Inflation rate per year (as a percent)			3.70%
Actuarial valuation assumption used, consumer price Inflation rate per year (as a percent)			2.70%
Actuarial valuation assumption used, pre-retirement return on investment per year (as a percent)			5.50%
Actuarial valuation assumption used, post-retirement return on investment per year (as a percent)			4.50%
Actuarial valuation assumption used, increase in return on investment per year (as a percent)			3.00%
Market value of defined benefit plan assets		1,900	$ 146,700
Deficit contributions receivable amount		$ 503,000
Percentage of market value of defined benefit plan assets		0.05594%	74.00%
Percentage of accrued service and projected salaries		94.00%
Percentage of pensionable salaries	20.00%

Employee Retirement Plans - Global Marine Systems (Guernsey) Pension Plan (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) contribution	Dec. 31, 2013 USD ($)	Dec. 31, 2014 USD ($)	Sep. 22, 2014 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution section employees contribution (as a percent)	50.00%
Market value of defined benefit plan assets	$ 172,511		$ 181,877	$ 160,812
Global Marine Systems (Guernsey) Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Inflation rate percentage	3.70%
Actuarial valuation assumption used, pre-retirement return on investment per year (as a percent)	5.30%
Actuarial valuation assumption used, post-retirement return on investment per year (as a percent)	4.40%
Expected rate of pensions increase per year (as a percent)	3.30%
Market value of defined benefit plan assets		$ 3,000
Amount of past service shortfall		$ 200
Percentage of funding ratio		93.00%
Number of annual contributions \| contribution	7
Amount of annual contributions	$ 100
Global Marine Systems (Guernsey) Pension Plan \| Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit, minimum employees contributions percentage	8.00%
Defined contribution section employees contribution (as a percent)	7.50%
Global Marine Systems (Guernsey) Pension Plan \| Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit, minimum employees contributions percentage	5.00%
Defined contribution section employees contribution (as a percent)	2.00%

Employee Retirement Plans - Schedule of Change in Projected Benefit Obligation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation, beginning balance	$ 206,735	$ 219,087
Service cost - benefits earning during the period	14	61	$ 14
Interest cost on projected benefit obligation	2,017	7,330	1,978
Contributions	8	32
Actuarial loss	12,480	2,375
Benefits paid	(2,167)	(7,499)
Foreign currency gain (loss)		(19,036)
Projected benefit obligation,ending balance	$ 219,087	$ 197,600	$ 219,087

Employee Retirement Plans - Schedule of Change in Value of Assets of Plans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance	$ 160,812	$ 181,877
Actual return on plan assets	14,873	4,619
Benefits paid	(2,167)	(7,499)
Contributions	6,641	11,136
Foreign currency gain (loss)	1,718	(17,622)
Ending balance	$ 181,877	172,511
Unfunded status at end of year		$ 25,089

Employee Retirement Plans - Schedule of Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Pension Asset	$ 68	$ 0
Pension Liability	25,157	37,210
Net liability amount recognized	25,089	$ 37,210
Contributions due to payable to plans	$ 100

Employee Retirement Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Service cost—benefits earning during the period	$ 14	$ 61	$ 14
Interest cost on projected benefit obligation	$ 2,017	7,330	1,978
Expected return on assets		(7,507)	(1,923)
Actuarial (gain) loss		512	(426)
Foreign currency gain (loss)		(12)	0
Net pension benefit		384	(357)
Net recognized benefit cost and other comprehensive income		100	100
Gain included in other comprehensive income		$ 500	$ 400

Employee Retirement Plans - Weighted Average Rate of Assumptions for Asset Allocation Plans (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Benefits increasing with RPI limited, percentage	5.00%
Discount rate	3.75%	3.60%
Rate of compensation increases (Merchant Navy Officers Pension Fund only)	4.55%	4.50%
Rate of future RPI inflation	3.05%	3.00%
Rate of future CPI inflation	1.95%	2.00%
Pension increases in payment	2.90%	2.85%
Long-term rate of return on assets	4.50%	4.43%

Employee Retirement Plans - Net Actuarial Loss (Gain) and Prior Service Cost Included in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Net loss (gain)	$ 396	$ (393)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	396	(393)
Actuarial (gain) loss	512	(393)
Total recognized in other comprehensive (income) loss	512	$ (393)
Estimated aggregate net actuarial loss and prior service cost to be amortized next year	$ 375

Employee Retirement Plans - Schedule of Expected Benefit Payments under Pension and Postretirement Plans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)
Compensation and Retirement Disclosure [Abstract]
2016	$ 7,239
2017	7,430
2018	7,625
2019	7,827
2020	8,031
Thereafter	43,451
Total	81,603
Aggregate expected contributions towards benefit plans	$ 5,900

Employee Retirement Plans - Summary of Plans' Weighted-Average Asset Targets and Actual Allocations as Percentage of Plan Assets (Details)	12 Months Ended
	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Actual Allocations (as a percent)	100.00%
Liability hedging
Defined Benefit Plan Disclosure [Line Items]
Target Allocations (as a percent)	25.00%
Actual Allocations (as a percent)	25.00%
Equities
Defined Benefit Plan Disclosure [Line Items]
Target Allocations (as a percent)	29.80%
Actual Allocations (as a percent)	29.00%
Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Target Allocations (as a percent)	24.70%
Actual Allocations (as a percent)	26.00%
Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Target Allocations (as a percent)	13.80%
Actual Allocations (as a percent)	14.00%
Property
Defined Benefit Plan Disclosure [Line Items]
Target Allocations (as a percent)	3.70%
Actual Allocations (as a percent)	5.00%
Other
Defined Benefit Plan Disclosure [Line Items]
Target Allocations (as a percent)	3.00%
Actual Allocations (as a percent)	1.00%

Employee Retirement Plans - Summary of GMSL's Investments Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Sep. 22, 2014
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	$ 172,511	$ 181,877	$ 160,812
Present value of liabilities	(197,600)	(219,087)	$ (206,735)
Global Marine Systems Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	169,574	169,539
Present value of liabilities	(194,730)	(206,853)
Net pension asset (liability)	(25,156)	(37,314)
Global Marine Systems Pension Plan \| Equities
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	49,535	45,198
Global Marine Systems Pension Plan \| Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	41,649	39,626
Global Marine Systems Pension Plan \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	44,363	40,853
Global Marine Systems Pension Plan \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	23,193	20,238
Global Marine Systems Pension Plan \| Property
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	9,137	8,847
Global Marine Systems Pension Plan \| Other
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	1,697	14,777
Merchant Navy Officers Pension Fund
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	2,937	3,104
Present value of liabilities	(2,869)	(3,000)
Net pension asset (liability)	68	104
Merchant Navy Officers Pension Fund \| Equities
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	660	699
Merchant Navy Officers Pension Fund \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	412	435
Merchant Navy Officers Pension Fund \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	675	715
Merchant Navy Officers Pension Fund \| LDI Strategy [Member]
Defined Benefit Plan Disclosure [Line Items]
Total market value of assets	$ 1,190	$ 1,255

Employee Retirement Plans - Summary of Fair Value of Pension Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Sep. 22, 2014
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	$ 172,511	$ 181,877	$ 160,812
Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	2,937	3,104	$ 2,908
Global Marine Systems Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	169,574	169,539
Global Marine Systems Pension Plan \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	49,535	45,198
Global Marine Systems Pension Plan \| Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	41,649	39,626
Global Marine Systems Pension Plan \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	44,363	40,853
Global Marine Systems Pension Plan \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	23,193	20,238
Global Marine Systems Pension Plan \| Property
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	9,137	8,847
Global Marine Systems Pension Plan \| Other
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	1,697	14,777
Global Marine Systems Pension Plan \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	1,697	14,777
Global Marine Systems Pension Plan \| Level 1 \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0	0
Global Marine Systems Pension Plan \| Level 1 \| Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0	0
Global Marine Systems Pension Plan \| Level 1 \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0	0
Global Marine Systems Pension Plan \| Level 1 \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0	0
Global Marine Systems Pension Plan \| Level 1 \| Property
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0	0
Global Marine Systems Pension Plan \| Level 1 \| Other
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	1,697	14,777
Global Marine Systems Pension Plan \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	167,877	154,762
Global Marine Systems Pension Plan \| Level 2 \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	49,535	45,198
Global Marine Systems Pension Plan \| Level 2 \| Liability Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	41,649	39,626
Global Marine Systems Pension Plan \| Level 2 \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	44,363	40,853
Global Marine Systems Pension Plan \| Level 2 \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	23,193	20,238
Global Marine Systems Pension Plan \| Level 2 \| Property
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	9,137	8,847
Global Marine Systems Pension Plan \| Level 2 \| Other
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	0	0
Merchant Navy Officers Pension Fund
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	2,937	3,104
Merchant Navy Officers Pension Fund \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	660	699
Merchant Navy Officers Pension Fund \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	412	435
Merchant Navy Officers Pension Fund \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	675	715
Merchant Navy Officers Pension Fund \| LDI Strategy [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	1,190	1,255
Merchant Navy Officers Pension Fund \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	2,937	3,104
Merchant Navy Officers Pension Fund \| Level 3 \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	660	699
Merchant Navy Officers Pension Fund \| Level 3 \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	412	435
Merchant Navy Officers Pension Fund \| Level 3 \| Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	675	715
Merchant Navy Officers Pension Fund \| Level 3 \| LDI Strategy [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Plan Net Assets	$ 1,190	$ 1,255

Employee Retirement Plans - Summary of Changes in Fair Value of Level 3 Pension Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	$ 160,812	$ 181,877
Actual return on plan assets	14,873	4,619
Contributions	8	32
Benefits paid	(2,167)	(7,499)
Foreign currency gain (loss)	1,718	(17,622)
Ending balance	181,877	172,511
Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Beginning balance	2,908	3,104
Actual return on plan assets	165	3
Contributions	59	84
Benefits paid	(28)	(109)
Foreign currency gain (loss)		(145)
Ending balance	$ 3,104	$ 2,937

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock outstanding awards		5,361,285	3,573,141	589,859
Options granted (in shares)		2,552,673	5,234,849
Weighted average fair value at date of grant for options granted (in usd per share)		$ 2.23	$ 1	$ 0.26
Share-based compensation expense recognized		$ 11,102	$ 11,028	$ 2,286
Unvested stock options outstanding (in shares)		2,273,895
Unvested shares expected to vest		2,273,895
Weighted average remaining life		8 years 8 months 12 days
Weighted average exercise price (in usd per share)		$ 5.48
Intrinsic value		$ 1,100
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 2,100
Weighted average remaining period		9 months 18 days
Unvested shares expected to vest		790,688
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs awarded to certain employees, vesting (in shares)	15,000
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining period		1 year 4 months 24 days
Compensation expense		$ 3,300
Philip Falcone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		249,083	5,133,028
Prior Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock outstanding awards		467,371
Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares authorized to issue		5,000,000

Share-Based Compensation - Fair Value of Each Option Grant Estimated (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life	4 years 9 months 18 days	5 years 6 months	4 years
Risk-free interest rate	1.49%	1.61%	1.17%
Expected volatility	36.29%	36.74%	35.55%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life	5 years 6 months	6 years	5 years 9 months
Risk-free interest rate	1.73%	2.73%	1.73%
Expected volatility	53.83%	40.50%	37.23%

Share-Based Compensation - Summary of Company's Restricted Stock Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Shares
Unvested at beginning of period (in shares)	338,702	22,500
Granted (in shares)	1,539,114	502,172
Vested (in shares)	(1,087,128)	(185,970)
Forfeitures (in shares)	0	0
Unvested at end of period (in shares)	790,688	338,702
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in usd per share)	$ 4.26	$ 13.59
Granted (in usd per share)	9.14	4.21
Vested (in usd per share)	8.35	5.25
Forfeitures (in usd per share)	0.00	0.00
Unvested at end of period (in usd per share)	$ 8.14	$ 4.26

Share-Based Compensation - Summary of Company's Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Shares
Outstanding at beginning of period (in shares)	3,573,141	589,859
Granted (in shares)	2,552,673	5,234,849
Exercised (in shares)	0	(230,300)
Forfeitures (in shares)	(764,529)	(2,021,267)
Outstanding at end of period (in shares)	5,361,285	3,573,141
Eligible for exercise (in shares)	3,087,390
Weighted Average Exercise Price
Outstanding at beginning of period (in usd per share)	$ 4.27	$ 3.17
Granted (in usd per share)	6.74	4.22
Exercised (in usd per share)	0.00	2.43
Forfeitures (in usd per share)	4.05	4.11
Outstanding at end of period (in usd per share)	5.48	$ 4.27
Eligible for exercise (in usd per share)	$ 5.11

Share-Based Compensation - Intrinsic Values and Remaining Contractual Terms of Company's Stock Options (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Intrinsic Value, Options outstanding	$ 3,586
Intrinsic Value, Options exercisable	$ 2,465
Weighted Average Remaining Life, Options outstanding	8 years 8 months 12 days
Weighted Average Remaining Life, Options exercisable	8 years 7 months 6 days

Equity - Additional Information (Details)							1 Months Ended	12 Months Ended
Equity - Additional Information (Details)	Nov. 09, 2015 USD ($)	Nov. 05, 2015 shares	Nov. 05, 2015 shares	Nov. 04, 2015 shares	Jan. 05, 2015 $ / shares shares	Sep. 22, 2014 $ / shares shares	Jul. 31, 2009 series shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) shares	Dec. 31, 2013 USD ($) shares	Dec. 24, 2015	Aug. 31, 2015	Aug. 05, 2015	Mar. 26, 2015	Nov. 20, 2014	May 29, 2014 shares
Equity [Abstract]
Common stock, shares outstanding								35,249,749	23,813,085
Preferred stock, shares outstanding								53,172	41,000
Class of Warrant or Right [Line Items]
Additional shares of common stock exercised to purchase								0	230,300
Net proceeds from offering \| $	$ 54,700,000							$ 53,975,000	$ 6,000,000	$ 1,158,000
Number of separate series \| series							3
Term of warrants							5 years
Total number of shares sold								35,281,375	23,844,711
Beneficial conversion feature \| $								$ (375,000)	$ 659,000
Conversion of preferred stock to common stock \| $								$ 1,839,000	$ 0	$ 0
Schuff
Class of Warrant or Right [Line Items]
Total number of shares sold																1,500,000
Preferred stock cumulative cash dividend rate (as a percent)					7.50%
Preferred stock dividend rate (as a percent)					4.00%
Volume weighted average price threshold percentage								150.00%
Preferred stock redemption price per share on accrued and unpaid dividends, percentage								150.00%
Convertible preferred stock volume weighted average price 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 \| Maximum
Class of Warrant or Right [Line Items]
Preferred stock dividend rate (as a percent)					2.00%
Schuff \| Minimum
Class of Warrant or Right [Line Items]
Preferred stock dividend rate (as a percent)					0.00%
Senior Secured Notes Collateralized by Assets
Class of Warrant or Right [Line Items]
Additional notes issued (as a percent)								11.00%			11.00%	11.00%	11.00%	11.00%	11.00%
Class A-1
Class of Warrant or Right [Line Items]
Number of warrants entitled for purchase (in shares)							1,000,000
Warrants exercised (in shares)									878,940
Issuance of common shares upon warrant exercised									3,855,289
Class A-2
Class of Warrant or Right [Line Items]
Number of warrants entitled for purchase (in shares)							1,000,000
Warrants exercised (in shares)									780,753
Issuance of common shares upon warrant exercised									3,424,641
Class A-3
Class of Warrant or Right [Line Items]
Number of warrants entitled for purchase (in shares)							1,000,000
Warrants exercised (in shares)									5,709
Issuance of common shares upon warrant exercised									25,041
Class A Warrants
Class of Warrant or Right [Line Items]
Aggregate amount of common stock							1,000,000
Class B Warrants
Class of Warrant or Right [Line Items]
Aggregate amount of common stock							1,500,000
Series A Preferred Stock
Class of Warrant or Right [Line Items]
Payment of the purchase price \| $								$ 5,000,000
Number of shares of preferred stock converted								828
Series A Preferred Stock \| Schuff
Class of Warrant or Right [Line Items]
Preferred stock, shares issued																30,000
Series A-1 Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Beneficial conversion feature \| $								$ 300,000
Conversion of preferred stock to common stock \| $								$ 11,000,000
Number of shares of preferred stock converted								1,000
Series A-1 Convertible Preferred Stock \| Maximum
Class of Warrant or Right [Line Items]
Intrinsic value \| $ / shares								$ 4.36
Series A-1 Convertible Preferred Stock \| Minimum
Class of Warrant or Right [Line Items]
Intrinsic value \| $ / shares								$ 4.25
Series A-1 Convertible Preferred Stock \| Schuff
Class of Warrant or Right [Line Items]
Preferred stock, shares issued						11,000
Preferred stock conversion price (in usd per share) \| $ / shares						$ 4.25
Series A-2 Preferred Stock \| Schuff
Class of Warrant or Right [Line Items]
Preferred stock, shares issued					14,000
Preferred stock conversion price (in usd per share) \| $ / shares					$ 8.25
Common Equity
Class of Warrant or Right [Line Items]
Issuance and sale of common stock (in shares)		8,452,500		8,452,500				8,459,000	1,500,000	328,000
Additional shares of common stock exercised to purchase			1,102,500
Common Equity \| Series A Preferred Stock
Class of Warrant or Right [Line Items]
Number of shares of common stock from conversion								197,471
Common Equity \| Series A-1 Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Number of shares of common stock from conversion								235,526
Common Equity \| November 2015 Offering
Class of Warrant or Right [Line Items]
Issuance and sale of common stock (in shares)				7,350,000

Equity - Summary of Cash Dividends (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Dividend Declared for Q1
Dividends Payable [Line Items]
Declaration Date	Mar. 31, 2015
Holders of Record Date	Mar. 31, 2015
Payment/Accrual Date	Apr. 15, 2015
Total Dividend	$ 1,021
Dividend Declared for Q2
Dividends Payable [Line Items]
Declaration Date	Jun. 30, 2015	Jun. 30, 2014
Holders of Record Date	Jun. 30, 2015	Jun. 30, 2014
Payment/Accrual Date	Jul. 15, 2015	Jul. 15, 2014
Total Dividend	$ 1,020	$ 307
Dividend Declared for Q3
Dividends Payable [Line Items]
Declaration Date	Sep. 30, 2015	Sep. 30, 2014
Holders of Record Date	Sep. 30, 2015	Sep. 30, 2014
Payment/Accrual Date	Oct. 15, 2015	Oct. 15, 2014
Total Dividend	$ 1,020	$ 897
Dividend Declared for Q4
Dividends Payable [Line Items]
Declaration Date	Dec. 31, 2015	Dec. 31, 2014
Holders of Record Date	Dec. 31, 2015	Dec. 31, 2014
Payment/Accrual Date	Jan. 15, 2016	Jan. 15, 2015
Total Dividend	$ 1,005	$ 777

Related Parties - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schuff
Related Party Transaction [Line Items]
Purchases of an asset on behalf of an executive	$ 1,700
Percentage of investment sold	25.00%
Shares purchased from the Chairman of the Board and former executives	74,625
Proceeds from sale of investment	$ 5,000
Shares purchased from the Chairman of the Board and former executives, amount	$ 2,000
Schuff \| Restricted Stock
Related Party Transaction [Line Items]
Shares purchased from the Chairman of the Board and former executives	253,039
GMH
Related Party Transaction [Line Items]
Management fees paid	$ 700	$ 100
Affiliated Entity \| Harbinger Capital Partners
Related Party Transaction [Line Items]
Expenses under service agreement	$ 1,800

Related Parties - Summary of Balance Outstanding of Related Parties (Details) - GMSL - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Net revenue	$ 23,457	$ 6,625
Operating expenses	2,888	900
Interest expense	1,590	436
Dividends received	12,357	3,714
Accounts receivable	5,058	2,585
Long-term debt	37,627	42,296
Accounts payable	$ 9	$ 436

Operating Segment and Related Information - Additional Information (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015 USD ($) segment	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) segment	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Segment Reporting [Abstract]
Number of reportable geographic segments \| segment									2
Number of reportable operating segments \| segment	7								7
Segment Reporting Information [Line Items]
Revenues	$ 360,549	$ 277,467	$ 280,982	$ 201,808	$ 224,209	$ 183,289	$ 96,586	$ 43,354	$ 1,120,806	$ 547,438	$ 230,686
Manufacturing
Segment Reporting Information [Line Items]
Revenues									513,770	$ 348,318	$ 0
Revenues \| Customer concentration risk \| Customer \| Manufacturing
Segment Reporting Information [Line Items]
Revenues									$ 120,000
Percentage of consolidated revenues									10.70%

Operating Segment and Related Information - Summary of Company's Geographic and Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended			18 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Revenue	$ 360,549	$ 277,467	$ 280,982	$ 201,808	$ 224,209	$ 183,289	$ 96,586	$ 43,354	$ 1,120,806	$ 547,438	$ 230,686
Depreciation and amortization									23,280	6,334	12,032	$ 12,000
Income (Loss) from Operations	$ (3,176)	$ 2,261	$ 3,032	$ 112	$ (6,823)	$ (2,580)	$ (116)	$ (4,087)	2,229	(13,606)	(39,136)
Capital Expenditures									21,324	5,819	12,577
GMSL
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Revenue										35,328
Acquisition costs										8,000
Manufacturing
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Revenue									513,770	348,318	0
Depreciation and amortization									2,016	1,053	0
Income (Loss) from Operations									42,114	26,358	0
Capital Expenditures									4,969	5,039	0
Marine Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Revenue									134,926	35,328	0
Depreciation and amortization									17,255	4,424	0
Income (Loss) from Operations									12,414	(3,394)	0
Capital Expenditures									10,651	(863)	0
Marine Services \| GMSL
Revenues from External Customers and Long-Lived Assets [Line Items]
Acquisition costs										8,000
Insurance
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Revenue									2,865	0	0
Depreciation and amortization									2	0	0
Income (Loss) from Operations									(176)	0	0
Capital Expenditures									0	0	0
Telecommunications
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Revenue									460,355	161,953	230,686
Depreciation and amortization									417	529	12,032
Income (Loss) from Operations									238	(1,840)	(20,037)
Capital Expenditures									449	42	1,390
Utilities
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Revenue									6,765	1,839	0
Depreciation and amortization									1,635	328	0
Income (Loss) from Operations									(888)	(491)	0
Capital Expenditures									4,750	803	0
Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Depreciation and amortization									21	0	0
Income (Loss) from Operations									(6,404)	(4,762)	0
Capital Expenditures									271	0	0
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Revenue									2,125	0	0
Depreciation and amortization										0	0
Income (Loss) from Operations									(6,198)	(221)	(679)
Capital Expenditures									234	798	11,187
Non-operating Corporate
Revenues from External Customers and Long-Lived Assets [Line Items]
Depreciation and amortization									1,934	0	0
Income (Loss) from Operations									(38,871)	(29,256)	(18,420)
Capital Expenditures									0	0	0
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Revenue									712,498	442,472	108,563
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Revenue									395,917	97,653	122,123
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Revenue									$ 12,391	$ 7,313	$ 0

Operating Segment and Related Information - Segment Reporting for Long-term investments, Property and Equipment - Net and Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	$ 1,354,370	$ 55,683
Property, Plant and Equipment—Net	214,466	233,022
Total Assets	2,742,512	712,163
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, Plant and Equipment—Net	82,540	87,091
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, Plant and Equipment—Net	126,921	140,494
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, Plant and Equipment—Net	5,005	5,437
Manufacturing
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	268,242	281,067
Marine Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	27,323	28,543
Total Assets	249,003	280,334
Insurance
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	1,299,764	0
Total Assets	1,952,402	0
Telecommunications
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	114,633	25,164
Utilities
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	31,462	26,765
Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	4,888	1,916
Total Assets	16,494	11,007
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	22,395	25,224
Total Assets	34,841	65,255
Non-operating Corporate
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	$ 75,435	$ 22,571

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended			18 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014
Quarterly Results Of Operations [Line Items]
Services revenue	$ 221,788	$ 151,933	$ 147,841	$ 73,718	$ 66,571	$ 45,177	$ 42,178	$ 43,354	$ 595,280	$ 197,280	$ 230,686
Sales revenue	135,896	125,534	133,141	128,090	157,638	138,112	54,408	0	522,661	350,158	0
Other revenue	2,865	0	0	0
Net revenue	360,549	277,467	280,982	201,808	224,209	183,289	96,586	43,354	1,120,806	547,438	230,686
Cost of revenue—services	210,047	138,099	134,589	61,920	54,855	42,320	39,530	41,107	544,655	177,812	220,315
Cost of revenue—sales	113,148	103,375	110,909	110,536	134,025	119,175	43,330	0	437,968	296,530	0
Other operating expenses	40,068	33,732	32,452	29,240
Total cost of revenue					188,880	161,495	82,860	41,107
Income (loss) from operations	(3,176)	2,261	3,032	112	(6,823)	(2,580)	(116)	(4,087)	2,229	(13,606)	(39,136)
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.									(35,741)	(11,686)	(17,612)
Gain (loss) from discontinued operations	23	(24)	(11)	(9)	37	557	27	(767)	(21)	(146)	129,218
Net income (loss)—basic	(12,513)	(9,022)	(11,990)	(6,325)	11,016	(18,400)	(4,109)	(4,947)	(39,850)	(16,440)	111,606
Net income (loss)—diluted	$ (12,513)	$ (9,022)	$ (11,990)	$ (6,325)	$ 11,016	$ (18,400)	$ (4,109)	$ (4,947)	$ (39,850)	$ (16,440)	$ 111,606
Weighted average common shares outstanding-basic	30,588	25,592	25,514	24,146	23,813	23,372	16,905	14,631	26,482	19,729	14,047
Weighted average common shares outstanding-diluted	30,588	25,592	25,514	24,146	28,962	23,372	16,905	14,631	26,482	19,729	14,047
Basic income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc. (in usd per share)									$ (1.50)	$ (0.82)	$ (1.25)
Gain (loss) from discontinued operations (in usd per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ 0.03	$ 0.00	$ (0.05)	0.00	(0.01)	9.20
Net income (loss) attributable to HC2 Holdings, Inc. (in usd per share)	(0.41)	(0.35)	(0.47)	(0.26)	0.66	(0.79)	(0.24)	(0.34)	(1.50)	(0.83)	7.95
Diluted income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc. (in usd per share)									(1.50)	(0.82)	(1.25)
Gain (loss) from discontinued operations (in usd per share)	0.00	0.00	0.00	0.00					0.00	(0.01)	9.20
Net income (loss) attributable to HC2 Holdings, Inc. (in usd per share)	$ (0.41)	$ (0.35)	$ (0.47)	$ (0.26)	$ 0.60	$ (0.79)	$ (0.24)	$ (0.34)	$ (1.50)	$ (0.83)	$ 7.95
Depreciation expense									$ 23,280	$ 6,334	$ 12,032	$ 12,000
Common Equity
Quarterly Results Of Operations [Line Items]
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.	$ (12,536)	$ (8,998)	$ (11,979)	$ (6,316)	$ 7,563	$ (18,957)	$ (4,136)	$ (4,180)
Basic income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc. (in usd per share)	$ (0.41)	$ (0.35)	$ (0.47)	$ (0.26)	$ 0.32	$ (0.82)	$ (0.24)	$ (0.29)
Diluted income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc. (in usd per share)	$ (0.41)	$ (0.35)	$ (0.47)	$ (0.26)	$ 0.26	$ (0.82)	$ (0.24)	$ (0.29)
Preferred Stock
Quarterly Results Of Operations [Line Items]
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.	$ 0	$ 0	$ 0	$ 0	$ 3,416	$ 0	$ 0	$ 0
Basic income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc. (in usd per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ 0.34	$ 0.00	$ 0.00	$ 0.00
Diluted income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc. (in usd per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ 0.34	$ 0.00	$ 0.00	$ 0.00

Backlog (Details) - Schuff $ in Millions	12 Months Ended
Backlog (Details) - Schuff $ in Millions	Dec. 31, 2015 USD ($) contract
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Backlog	$ 380.8
Contracts or Purchase Orders
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Backlog	252.7
Letters of Intent
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Backlog	128.1
Five Contracts, Letters of Intent, Notices to Proceed or Purchase Orders
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Backlog	$ 167.8
Backlog percentage	44.10%
Number of contracts attributable to backlog \| contract	5

Discontinued Operations - Additional Information (Details) $ in Thousands, $ in Millions		1 Months Ended		3 Months Ended	12 Months Ended
	Jul. 31, 2013 USD ($)	Oct. 31, 2014 USD ($)	Feb. 28, 2014 USD ($)	Jun. 30, 2013 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2014 CAD ($)	Apr. 17, 2013 USD ($)	Apr. 17, 2013 CAD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount released from escrow			$ 3,200
Net gain from transaction			13,000
Escrow deposit recorded			4,800
Adjustment to remaining carrying value of discontinued operation					$ 300
York
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount released from escrow			800
BLACKIRON Data
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Outstanding equity value								$ 195,600	$ 200.0
Gain from sale of discontinued operations, net of tax				$ 135,000
Proceeds from sale placed in escrow						$ 19,500	$ 20.0
North America Telecom
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain from sale of discontinued operations, net of tax					13,800
Proceeds from sale placed in escrow					15,250
Sale price of outstanding placed in escrow	$ 129,000
Escrow received					126,000
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
North America Telecom \| Working Capital Adjustment
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 \| Income Tax Related Liabilities
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
Purchase consideration reserved			$ 400

Discontinued Operations - Summarized Operating Results of Discontinued Operations and Assets and Liabilities Classified as Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]
Net revenue									$ 0	$ 7,530	$ 132,515
Operating expenses									38	7,610	119,392
Income (loss) from operations									(38)	(80)	13,123
Interest expense									0	(17)	(11,362)
Loss on early extinguishment or restructuring of debt									0	0	(21,124)
Interest income and other income (expense)									4	(60)	(51)
Foreign currency transaction loss									0	0	(378)
Loss before income tax									(34)	(157)	(19,792)
Income tax benefit (expense)									13	132	171
Loss from discontinued operations									(21)	(25)	(19,621)
Gain (loss) from sale of discontinued operations									0	(121)	148,839
Gain (loss) from discontinued operations	$ 23	$ (24)	$ (11)	$ (9)	$ 37	$ 557	$ 27	$ (767)	$ (21)	$ (146)	$ 129,218

Basic and Diluted Income (Loss) Per Common Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Dilutive common share equivalents	0	0	0

Basic and Diluted Income (Loss) Per Common Share - 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								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.									$ (39,829)	$ (16,294)	$ (17,612)
Gain (loss) from discontinued operations	$ 23	$ (24)	$ (11)	$ (9)	$ 37	$ 557	$ 27	$ (767)	(21)	(146)	129,218
Net income (loss)—basic	(12,513)	(9,022)	(11,990)	(6,325)	11,016	(18,400)	(4,109)	(4,947)	(39,850)	(16,440)	111,606
Net income (loss)—diluted	$ (12,513)	$ (9,022)	$ (11,990)	$ (6,325)	$ 11,016	$ (18,400)	$ (4,109)	$ (4,947)	$ (39,850)	$ (16,440)	$ 111,606
Weighted average common shares outstanding-basic	30,588	25,592	25,514	24,146	23,813	23,372	16,905	14,631	26,482	19,729	14,047
Weighted average common shares outstanding-diluted	30,588	25,592	25,514	24,146	28,962	23,372	16,905	14,631	26,482	19,729	14,047
Basic income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc. (in usd per share)									$ (1.50)	$ (0.82)	$ (1.25)
Gain (loss) from discontinued operations (in usd per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ 0.03	$ 0.00	$ (0.05)	0.00	(0.01)	9.20
Net income (loss) attributable to HC2 Holdings, Inc. (in usd per share)	(0.41)	(0.35)	(0.47)	(0.26)	0.66	(0.79)	(0.24)	(0.34)	(1.50)	(0.83)	7.95
Diluted income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc. (in usd per share)									(1.50)	(0.82)	(1.25)
Gain (loss) from sale of discontinued operations (in usd per share)					0.00	0.03	0.00	(0.05)	0.00	(0.01)	9.20
Net income (loss) attributable to HC2 Holdings, Inc. (in usd per share)	$ (0.41)	$ (0.35)	$ (0.47)	$ (0.26)	$ 0.60	$ (0.79)	$ (0.24)	$ (0.34)	$ (1.50)	$ (0.83)	$ 7.95

SCHEDULE I Summary of investments — other than investments in related parties (Details) $ in Thousands	Dec. 31, 2015 USD ($)
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	$ 1,376,709
Fair Value	1,364,706
Amount at which shown in the balance sheet	1,354,370
Fixed Maturities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	1,234,891
Fair Value	1,231,841
Amount at which shown in the balance sheet	1,231,841
United States Government and government agencies and authorities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	17,131
Fair Value	17,083
Amount at which shown in the balance sheet	17,083
States, municipalities and political subdivisions
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	387,427
Fair Value	386,260
Amount at which shown in the balance sheet	386,260
Foreign governments
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	6,426
Fair Value	6,429
Amount at which shown in the balance sheet	6,429
Public utilities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	120,771
Fair Value	120,009
Amount at which shown in the balance sheet	120,009
Convertibles and bonds with warrants attached
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	5,305
Fair Value	5,305
Amount at which shown in the balance sheet	5,305
All other corporate bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	697,296
Fair Value	696,214
Amount at which shown in the balance sheet	696,214
Redeemable preferred stock
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	535
Fair Value	541
Amount at which shown in the balance sheet	541
Equity securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	50,836
Fair Value	49,682
Amount at which shown in the balance sheet	49,682
Banks, trust and insurance companies
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	2,262
Fair Value	2,199
Amount at which shown in the balance sheet	2,199
Industrial, miscellaneous and all other
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	17,673
Fair Value	16,426
Amount at which shown in the balance sheet	16,426
Nonredeemable preferred stocks
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	30,901
Fair Value	31,057
Amount at which shown in the balance sheet	31,057
Mortgage loans
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	1,252
Fair Value	1,252
Amount at which shown in the balance sheet	1,252
Policy loans
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	18,476
Fair Value	18,476
Amount at which shown in the balance sheet	18,476
Other invested assets
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	71,254
Fair Value	63,455
Amount at which shown in the balance sheet	$ 53,119

SCHEDULE II Condensed Financial Information of the Registrant (Registrant Only) BALANCE SHEETS - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets
Cash and cash equivalents	$ 158,624	$ 107,978	$ 8,997	$ 23,197
Other assets	65,206	32,378
Total assets	2,742,512	712,163
Liabilities
Other long term liabilities	17,793	1,617
Total liabilities	2,569,247	563,919
Temporary equity
Preferred stock	52,619	39,845
Stockholders’ equity:
Common stock	35	24
Additional paid-in capital	209,477	141,948
Accumulated deficit	(79,729)	(44,164)
Treasury stock	(378)	(378)
Accumulated other comprehensive loss	(35,375)	(18,243)
Total stockholders’ equity	117,524	104,395	54,409	68,503
Total liabilities, temporary equity and stockholders’ equity	2,742,512	712,163
Parent Company
Assets
Cash and cash equivalents	41,079	17,542	$ 163	$ 227
Other current assets	1,270	2,247
Total current assets	42,349	19,789
Intercompany receivable	10,056	0
Investment in subsidiaries	375,412	325,533
Other assets	33,086	38,782
Total assets	460,903	384,104
Liabilities
Accounts payable	3,103	862
Accrued and other current liabilities	9,505	6,817
Total current liabilities	12,608	7,679
Intercompany payable	0	9,499
Long-term debt	297,262	247,655
Other long term liabilities	4,384	239
Total liabilities	314,254	265,072
Temporary equity
Preferred stock	52,619	39,845
Stockholders’ equity:
Common stock	35	24
Additional paid-in capital	209,477	141,948
Accumulated deficit	(79,729)	(44,164)
Treasury stock	(378)	(378)
Accumulated other comprehensive loss	(35,375)	(18,243)
Total stockholders’ equity	94,030	79,187
Total liabilities, temporary equity and stockholders’ equity	$ 460,903	$ 384,104

SCHEDULE II Condensed Financial Information of the Registrant (Registrant Only) BALANCE SHEETS - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Balance Sheet Statements, Captions [Line Items]
Revenue	$ 360,549	$ 277,467	$ 280,982	$ 201,808	$ 224,209	$ 183,289	$ 96,586	$ 43,354	$ 1,120,806	$ 547,438	$ 230,686
Operating expenses:
Gain on sale of assets									(170)	162	8
Total operating expenses									1,118,577	561,044	269,822
Income (loss) from operations	$ (3,176)	$ 2,261	$ 3,032	$ 112	$ (6,823)	$ (2,580)	$ (116)	$ (4,087)	2,229	(13,606)	(39,136)
Other income (expense):
Interest expense									(39,017)	(12,347)	(8)
Loss on debt extinguishment									0	(11,969)	(21,124)
Other income (expense), net									(6,820)	702	(814)
Loss from continuing operations before income taxes									(46,623)	(34,555)	(25,054)
Tax (benefit)/expense									(10,882)	(22,869)	(7,442)
Net income (loss)									(35,762)	(11,832)	111,606
Parent Company
Condensed Balance Sheet Statements, Captions [Line Items]
Revenue									0	0	0
Operating expenses:
General and administrative									38,410	29,715	8,435
Gain on sale of assets									0	1,837	15,250
Total operating expenses									38,410	27,878	(6,815)
Income (loss) from operations									(38,410)	(27,878)	6,815
Other income (expense):
Equity in net (loss) income of subsidiaries									26,879	33,810	89,999
Interest expense									(33,793)	(10,369)	0
Loss on debt extinguishment									0	(12,300)	0
Other income (expense), net									(4,736)	(174)	14,906
Loss from continuing operations before income taxes									(50,060)	(16,911)	111,720
Tax (benefit)/expense									(14,495)	(2,520)	114
Net income (loss)									$ (35,565)	$ (14,391)	$ 111,606

SCHEDULE II Condensed Financial Information of the Registrant (Registrant Only) BALANCE SHEETS - Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
	Nov. 09, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Cash Flow Statements, Captions [Line Items]
Net change in cash due to operating activities		$ (32,561)	$ 3,663	$ (20,315)
Cash flows from investing activities:
Contributions to subsidiaries		0	0	(1,235)
Payments to Acquire Businesses, Net of Cash Acquired		39,726	(146,026)	(397)
Purchase of noncontrolling interest		(54,598)	(33,034)	0
Net change in cash due to investing activities		(14,742)	(185,224)	258,144
Cash flows from financing activities:
Proceeds from long-term obligations		564,857	915,896	0
Principal payments on long-term obligations		(528,679)	(689,745)	(128,036)
Proceeds from sale of common stock, net	$ 54,700	53,975	6,000	1,158
Proceeds from sale of preferred stock, net		14,033	40,050	0
Other, net		(5,687)	(1,626)	(119,788)
Proceeds from the exercise of warrants and stock options		0	24,348	0
Payment of fees on restructuring of debt		0	(12,333)	(1,201)
Net change in cash due to financing activities		103,168	282,543	(250,102)
Net change in cash and cash equivalents		50,646	98,981	(14,200)
Cash and cash equivalents, beginning of period		107,978	8,997	23,197
Cash and cash equivalents, end of period		158,624	107,978	8,997
Parent Company
Condensed Cash Flow Statements, Captions [Line Items]
Net change in cash due to operating activities		(31,601)	(30,012)	(20,596)
Cash flows from investing activities:
Contributions to subsidiaries		(62,356)	(175,119)	0
Payments to Acquire Businesses, Net of Cash Acquired			(78,750)
Return of capital from subsidiaries		0	31,645	141,397
Purchase of noncontrolling interest		0	(38,403)	0
Other, net		(400)	0	0
Net change in cash due to investing activities		(62,756)	(260,627)	141,397
Cash flows from financing activities:
Proceeds from long-term obligations		50,250	330,000	0
Principal payments on long-term obligations		0	(80,000)	0
Proceeds from sale of common stock, net		53,975	6,000	0
Proceeds from sale of preferred stock, net		14,033	40,050	0
Payment of fees on restructuring of debt		5,000	0	0
Other, net		(4,066)	0	(119,788)
Proceeds from the exercise of warrants and stock options		0	24,348
Payment of fees on restructuring of debt		0	(12,333)
Other, net		(1,297)	(47)	(1,077)
Net change in cash due to financing activities		117,895	308,018	(120,865)
Net change in cash and cash equivalents		23,538	17,379	(64)
Cash and cash equivalents, beginning of period		17,542	163	227
Cash and cash equivalents, end of period		$ 41,079	$ 17,542	$ 163

SCHEDULE III Supplementary Insurance Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)
Supplementary Insurance Information [Abstract]
Deferred policy acquisition cost	$ 0
Future policy benefits, losses, claims and loss expenses	1,719,144
Unearned premiums	0
Net earned premiums	1,578
Net investment income	1,025
Benefits, claims, losses	1,293
Amortization of deferred policy acquisition cost	0
Other operating expenses	318
Net written premiums (excluding life)	$ 1,399

SCHEDULE IV Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
SCHEDULE IV Reinsurance (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Life insurance in force
Gross Amount	$ 820
Ceded to other companies	(532)
Assumed from other companies	38
Net Amount	$ 326
Percentage of amount assumed to net	11.60%
Premiums:
Gross Amount	$ 9,585
Ceded to other companies	(8,171)
Assumed from other companies	164
Net Amount	$ 1,578	$ 0	$ 0
Percentage of amount assumed to net	10.40%
Life insurance
Premiums:
Gross Amount	$ 262
Ceded to other companies	(91)
Assumed from other companies	8
Net Amount	$ 179
Percentage of amount assumed to net	4.40%
Accident and health insurance
Premiums:
Gross Amount	$ 9,323
Ceded to other companies	(8,080)
Assumed from other companies	156
Net Amount	$ 1,399
Percentage of amount assumed to net	11.10%

SCHEDULE V Valuation and Qualifying Accounts - Allowance Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Doubtful Accounts Receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 2,760	$ 2,476	$ 1,771
Charged to Costs and Expenses	99	403	1,507
Deductions	(2,065)	(119)	(2,816)
Other	0	0	2,014
Balance at End of Period	794	2,760	2,476
Deferred Tax Asset Valuation
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	68,983	118,323	149,494
Charged to Costs and Expenses	(879)	(49,340)	(31,171)
Deductions	0	0	0
Other	0	0	0
Balance at End of Period	$ 68,104	$ 68,983	$ 118,323

SCHEDULE V Valuation and Qualifying Accounts - Additional Information (Details) $ in Thousands	Dec. 31, 2013 USD ($)
Reclassified out of assets held for sale \| PTGi-ICS
Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for doubtful accounts receivable	$ 2,100
Assets held for sale \| PTI
Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for doubtful accounts receivable	$ 100