Annual report pursuant to Section 13 and 15(d)

Contracts in Progress

v3.22.4
Contracts in Progress
 12 Months Ended
Dec. 31, 2022
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):
Successor Predecessor
December 31, 2022 December 31, 2021 June 30, 2021
Costs incurred on contracts (from inception to completion) $ 249.6  $ 199.4  $ 185.8 
Estimated earnings 163.1  125.5  133.2 
Contracts in progress 412.7  324.9  319.0 
Less: billings to date (371.8) (281.8) (261.9)
Less: write-offs —  —  (2.7)
$ 40.9  $ 43.1  $ 54.4 
The carrying amounts related to uncompleted construction-type contracts are included in the accompanying consolidated balance sheets under the following captions (in millions):
Successor Predecessor
December 31, 2022 December 31, 2021 June 30, 2021
Costs and estimated earnings in excess of billings on uncompleted contracts – current $ 50.0  $ 56.3  $ 57.2 
Costs and estimated earnings in excess of billings on uncompleted contracts – non-current (1)
17.3  6.5  8.1 
Billings in excess of costs and estimated earnings on uncompleted contracts – current (2)
(25.5) (17.6) (8.0)
Billings in excess of costs and estimated earnings on uncompleted contracts – non-current (3)
(0.9) (2.1) (2.9)
$ 40.9  $ 43.1  $ 54.4 
(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, 2021 was recognized as revenue during the Predecessor period from July 1, 2021 to October 19, 2021 and the Successor period from October 20, 2021 to December 31, 2021.
For the year ended December 31, 2022 the Company has recognized revenue of $11.1 million related to the contract liabilities balance as of December 31, 2021.