Quarterly report pursuant to Section 13 or 15(d)

Contracts in Progress

v3.24.3
Contracts in Progress
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Contracts in Progress Contracts in Progress
Costs and billings on uncompleted construction-type contracts consist of the following (in millions):
September 30, 2024 December 31, 2023
Costs incurred on contracts (from inception to completion) $ 405.1  $ 324.5 
Estimated earnings 244.4  208.7 
Contracts in progress 649.5  533.2 
Less: billings to date (586.2) (511.3)
$ 63.3  $ 21.9 
The carrying amounts related to uncompleted construction-type contracts are included in the accompanying unaudited Condensed Consolidated Balance Sheets under the following captions (in millions):
September 30, 2024 December 31, 2023
Costs and estimated earnings in excess of billings on uncompleted contracts – current $ 70.3  $ 48.7 
Costs and estimated earnings in excess of billings on uncompleted contracts – non-current (1)
22.4  18.2 
Billings in excess of costs and estimated earnings on uncompleted contracts – current (2)
(28.6) (41.1)
Billings in excess of costs and estimated earnings on uncompleted contracts – non-current (3)
(0.8) (3.9)
$ 63.3  $ 21.9 
(1)Included in other assets within the unaudited Condensed Consolidated Balance Sheets.
(2)Included in deferred contract revenue – current within the unaudited Condensed Consolidated Balance Sheets.
(3)Included in other liabilities within the unaudited Condensed Consolidated Balance Sheets.
For the three and nine months ended September 30, 2024 the Company has recognized revenue of $4.2 million and $28.5 million, respectively, related to the contract liabilities balance as of December 31, 2023.