INNOVATE Corp. Fair Value Disclosure
| December 31, 2024 | Fair Value Measurement Using: | |||||||||||||||||||||||||||||||
| Carrying Value | Estimated Fair Value | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (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) | $ | 662.2 | $ | 577.1 | $ | — | $ | 577.1 | $ | — | ||||||||||||||||||||||
| Total liabilities not accounted for at fair value | $ | 662.2 | $ | 577.1 | $ | — | $ | 577.1 | $ | — | ||||||||||||||||||||||
| December 31, 2023 | Fair Value Measurement Using: | |||||||||||||||||||||||||||||||
| Carrying Value | Estimated Fair Value | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (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 | $ | — | $ | 621.8 | $ | — | ||||||||||||||||||||||
| Total liabilities not accounted for at fair value | $ | 707.4 | $ | 621.8 | $ | — | $ | 621.8 | $ | — | ||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Mar 31, 2025 | Showing above |
| 2023 | Mar 6, 2024 | |
| 2022 | Mar 14, 2023 | |
| 2019 | Mar 16, 2020 | |
| 2017 | Mar 14, 2018 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.