INNOVATE Corp.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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(10) Other Assets, Accrued Liabilities and Other Liabilities
- Other Assets, Accrued Liabilities and Other Liabilities
Other Current Assets
Other current assets consisted of the following (in millions):
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Prepaid assets | $10.9 | $11.2 |
| Assets held-for-sale | 7.0 | 3.1 |
| Income tax receivable | 0.6 | 2.1 |
| Restricted cash - current | — | 0.9 |
| Other | 2.5 | 0.4 |
| Total other current assets | $21.0 | $17.7 |
Other Assets
Other assets, which are reflected within non-current assets in the Consolidated Balance Sheets, consisted of the following (in millions):
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Right-of-use assets | $53.7 | $58.0 |
| Restricted cash - non-current | 0.5 | 0.6 |
| Other | 8.1 | 2.7 |
| Total other assets | $62.3 | $61.3 |
Accrued Liabilities
Accrued liabilities consisted of the following (in millions):
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Accrued expenses | $13.4 | $14.3 |
| Accrued payroll and employee benefits | 34.1 | 29.2 |
| Accrued interest and exit fees (current portion) | 61.0 | 17.1 |
| Accrued sales and use taxes | 0.4 | 9.8 |
| Accrued income taxes | 0.8 | 0.4 |
| Total accrued liabilities | $109.7 | $70.8 |
Other Current Liabilities
Other current liabilities consisted of the following (in millions):
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating lease liability, current portion | $12.9 | $13.5 |
| Other | 4.3 | 2.6 |
| Total other current liabilities | $17.2 | $16.1 |
Other Liabilities
Other liabilities, which are reflected within non-current liabilities in the Consolidated Balance Sheets, consisted of the following (in millions):
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating lease liability, net of current portion | $43.5 | $48.6 |
| Accrued interest and exit fees (non-current portion) | 0.7 | 30.8 |
| Other | 2.6 | 3.3 |
| Total other liabilities | $46.8 | $82.7 |
Asset Retirement Obligations
The changes in the carrying amounts of the Company's Asset Retirement Obligations ("ARO") included in Other liabilities above are as follows (in millions):
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Carrying value, beginning of year | $1.9 | $1.7 |
| Accretion expense | 0.2 | 0.2 |
| Revisions in estimated cash flows | (0.2) | — |
| Carrying value, end of year | $1.9 | $1.9 |
The AROs relate to Spectrum’s tower leases and related tower assets, which are removable and can be retired or redeployed elsewhere. The Company’s obligations represent the present value of future costs associated with the removal of certain assets imposed by the existing tower lease agreements.
As of December 31, 2024, there was $0.7 million of non-current accrued interest included in Other liabilities. As of December 31, 2023, there was $14.9 million of non-current accrued interest and $15.9 million of exit fees payable included in Other liabilities. Refer to Note 11. Debt Obligations for additional information on the exit fees.
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