INNOVATE Corp
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
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Sep 30, 2024 · Filed Nov 6, 2024
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(19) Fair Value of Financial Instruments
- Fair Value of Financial Instruments
Fair Value of Financial Instruments Not Measured at Fair Value
The following tables presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis. The tables exclude carrying amounts for cash and cash equivalents and restricted cash, accounts receivable and contract assets, accounts payable, contract liabilities and other current liabilities, and other assets and liabilities that approximate fair value due to relatively short periods to maturity (in millions):
| September 30, 2024 | Fair Value Measurement Using: | ||||
|---|---|---|---|---|---|
| Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |
| Assets | |||||
| Measurement alternative investment (1) | $0.9 | $0.9 | $— | $— | $0.9 |
| Total assets not accounted for at fair value | $0.9 | $0.9 | $— | $— | $0.9 |
| Liabilities | |||||
| Debt obligations (2) | $690.9 | $615.7 | $296.1 | $319.6 | $— |
| Total liabilities not accounted for at fair value | $690.9 | $615.7 | $296.1 | $319.6 | $— |
(1) Refer to Note 6. Investments for additional information.
(2) Excludes lease obligations accounted for under ASC 842, Leases.
| December 31, 2023 | Fair Value Measurement Using: | ||||
|---|---|---|---|---|---|
| Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | |
| Assets | |||||
| Measurement alternative investment (1) | $0.9 | $0.9 | $— | $0.9 | $— |
| Total assets not accounted for at fair value | $0.9 | $0.9 | $— | $0.9 | $— |
| Liabilities | |||||
| Debt obligations (2) | $707.4 | $621.8 | $283.2 | $338.6 | $— |
| Total liabilities not accounted for at fair value | $707.4 | $621.8 | $283.2 | $338.6 | $— |
(1) Refer to Note 6. Investments for additional information.
(2) Excludes lease obligations accounted for under ASC 842, Leases.
Debt Obligations. The fair value of the Company’s long-term obligations was determined using reporting from externally quoted market prices for INNOVATE's 8.50% 2026 Senior Secured Notes and for INNOVATE's 7.50% Convertible Senior Notes due 2026, which are reflected as Level 1 fair value measurements. All other long-term obligations of the Company are reflected as Level 2 fair value measurements, as this methodology combines direct recent transaction activity or, if available, market observations from contributed sources with quantitative pricing models or fair value reports from valuation providers to generate evaluated prices and are classified as Level 2 fair value measurements. Certain long-term obligations have a fair value estimate equal to their carrying value due to recent transaction activity. The fair value of the debt instruments is disclosed for informational purposes and does not necessarily represent the amount that would be realized upon settlement or transfer.
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