INNOVATE Corp
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
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(2) Supplementary Financial Information
- Supplementary Financial Information
Other income (expense), net
The following table provides information relating to Other income (expense), net (in millions):
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Gain on sale of investments | $12.0 | $— |
| Gain on step-up of equity method investment | 3.8 | — |
| Other | 0.9 | (1.2) |
| Total | $16.7 | $(1.2) |
Supplemental Cash Flow Information
The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Consolidated Balance Sheets and Consolidated Statements of Cash Flows (in millions):
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Cash and cash equivalents, beginning of the year | $80.4 | $45.5 |
| Restricted cash | 0.3 | 2.0 |
| Restricted cash included in other assets (non-current) | 1.5 | — |
| Total cash, cash equivalents and restricted cash, beginning of the year | $82.2 | $47.5 |
| Cash and cash equivalents, end of the year | $80.8 | $80.4 |
| Restricted cash | 0.9 | 0.3 |
| Restricted cash included in other assets (non-current) | 0.6 | 1.5 |
| Total cash and cash equivalents and restricted cash, end of the year | $82.3 | $82.2 |
| Supplemental cash flow information: | ||
| Cash paid for interest | $49.0 | $42.5 |
| Cash paid for taxes, net of refunds | $6.7 | $5.9 |
| Non-cash investing and financing activities: | ||
| Unsecured note issued in connection with purchase of preferred stock and payment of dividends | $35.1 | $— |
| Accrued interest, exit fees and other fees capitalized into principal debt | $1.3 | $17.5 |
| Property, plant and equipment included in accounts payable or accrued expenses | $0.9 | $0.4 |
| Issuance of preferred stock | $— | $0.9 |
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