Post-effective amendment to a registration statement that is not immediately effective upon filing

Contracts in Progress

v3.22.0.1
Contracts in Progress
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Contracts in Progress
3. Contracts in Progress
Costs and billings on uncompleted construction-type contracts consist of the following (in millions):
 
    
Successor
     
Predecessor
  
    
December 31, 2021
     
June 30, 2021
    
June 30, 2020
  
Costs incurred on contracts (from inception to completion)
    $ 199.4    $ 185.8   $ 152.5
Estimated earnings
      125.5      133.2     108.9
  
 
 
     
 
 
    
 
 
  
Contracts in progress
      324.9      319.0     261.4
Less: billings to date
      (281.8 )       (261.9 )      (209.8 ) 
Less: write-offs
      —          (2.7 )      —    
  
 
 
     
 
 
    
 
 
  
   $ 43.1    $ 54.4   $ 51.6
  
 
 
     
 
 
    
 
 
  
The carrying amounts related to uncompleted construction-type contracts are included in the accompanying balance sheets under the following captions (in millions):
 
    
Successor
     
Predecessor
  
    
December 31, 2021
     
June 30, 2021
    
June 30, 2020
  
Costs and estimated earnings in excess of billings on uncompleted contracts – current
    $ 56.3    $ 57.2   $ 59.5
Costs and estimated earnings in excess of billings on uncompleted contracts – noncurrent (1)
      6.5      8.1     —    
Billings in excess of costs and estimated earnings on uncompleted contracts – current (2)
      (17.6 )       (8.0 )      (8.0 ) 
Billings in excess of costs and estimated earnings on uncompleted contracts – noncurrent (3)
      (2.1 )       (2.9 )      —    
  
 
 
     
 
 
    
 
 
  
   $ 43.1    $ 54.4   $ 51.5
  
 
 
     
 
 
    
 
 
  
 
(1)
Included in other assets within the consolidated balance sheets.
(2)
Included in deferred contract revenue – current within the consolidated balance sheets.
(3)
Included in other liabilities within the consolidated balance sheets.
Substantially all of the contract liabilities balance as of June 30, 2020 was recognized as revenue during the year ended June 30, 2021, and substantially all of the contract liabilities balance as of June 30, 2021 was recognized as revenue during the Predecessor Stub Period from July 1, 2021 to October 19, 2021 and the Successor Period from October 20, 2021 to December 31, 2021.