Quarterly report pursuant to Section 13 or 15(d)

Contracts in Progress

v3.22.1
Contracts in Progress
 3 Months Ended
Mar. 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
March 31, 2022 December 31, 2021
Costs incurred on contracts (from inception to completion) $ 193.4  $ 199.4 
Estimated earnings 122.5  125.5 
Contracts in progress 315.9  324.9 
Less: billings to date (267.3) (281.8)
$ 48.6  $ 43.1 
The carrying amounts related to uncompleted construction-type contracts are included in the accompanying Condensed Consolidated Balance Sheets under the following captions (in millions):
Successor
March 31, 2022 December 31, 2021
Costs and estimated earnings in excess of billings on uncompleted contracts – current $ 60.7  $ 56.3 
Costs and estimated earnings in excess of billings on uncompleted contracts – non-current (1)
6.3  6.5 
Billings in excess of costs and estimated earnings on uncompleted contracts – current (2)
(16.2) (17.6)
Billings in excess of costs and estimated earnings on uncompleted contracts – non-current (3)
(2.2) (2.1)
$ 48.6  $ 43.1 
(1)Included in other assets within the Condensed Consolidated Balance Sheets.
(2)Included in deferred contract revenue – current within the Condensed Consolidated Balance Sheets.
(3)Included in other liabilities within the Condensed Consolidated Balance Sheets.
For the three months ended March 31, 2022 the Company has recognized revenue of $3.3 million related to the contract liabilities balance as of December 31, 2021.