INNOVATE Corp.
For the period ended Mar 31, 2026. Filed May 14, 2026.
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Mar 31, 2026 · Filed May 14, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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) Leases
- Leases
The Company has entered into operating leases for land, office space, and certain Company vehicles and equipment and has entered into finance leases for certain Company vehicles and equipment. The leases will expire between 2026 and 2045. Right-of-use lease assets and lease liabilities consisted of the following (in millions):
| Balance Sheet Location | March 31,2026 | December 31, 2025 | |
|---|---|---|---|
| Right-of-use assets: | |||
| Operating lease | Other assets (non-current) | $84.0 | $52.9 |
| Finance lease | Property, plant and equipment, net | 0.1 | 0.1 |
| Total right-of-use assets | $84.1 | $53.0 | |
| Lease liabilities: | |||
| Current portion of operating lease | Other current liabilities | $13.9 | $12.9 |
| Non-current portion of operating lease | Other liabilities | 72.0 | 42.9 |
| Finance lease | Debt obligations | 0.1 | 0.1 |
| Total lease liabilities | $86.0 | $55.9 | |
The following table summarizes the components of lease expense (in millions):
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Finance lease cost: | ||
| Amortization of right-of-use assets | $— | $0.1 |
| Net finance lease cost | — | 0.1 |
| Operating lease cost | 4.3 | 4.2 |
| Variable lease cost | 0.2 | 0.2 |
| Total non-current lease cost | $4.5 | $4.5 |
| Short-term lease costs | 6.0 | 8.0 |
| Total lease cost | $10.5 | $12.5 |
Cash flow information related to leases is as follows (in millions):
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash paid for amounts included in the measurement of lease liabilities: | ||
| Operating cash flows for operating leases | $5.3 | $5.2 |
| Financing cash flows for finance leases | $— | $0.1 |
| Right-of-use assets obtained in exchange for new lease liabilities: | ||
| Operating leases | $34.6 | $2.5 |
The weighted-average remaining lease terms and the weighted-average discount rates for the Company's leases were as follows:
| March 31,2026 | December 31, 2025 | |
|---|---|---|
| Weighted-average remaining lease term (years) - operating leases | 7.9 | 6.6 |
| Weighted-average remaining lease term (years) - finance leases | 2.4 | 2.1 |
| Weighted-average discount rate - operating leases | 6.4% | 6.4% |
| Weighted-average discount rate - finance leases | 5.1% | 5.0% |
Future minimum lease commitments (undiscounted) as of March 31, 2026, were as follows (in millions):
| Operating Leases · Finance Leases | ||
|---|---|---|
| 2026 (remaining period) | $12.2 | $0.1 |
| 2027 | 18.6 | — |
| 2028 | 15.2 | — |
| 2029 | 11.3 | — |
| 2030 | 9.6 | — |
| Thereafter | 43.1 | — |
| Total future minimum lease payments | 110.0 | 0.1 |
| Less: amounts representing interest | (24.1) | — |
| Total lease liability | $85.9 | $0.1 |
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