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Supplementary Financial Information (Tables)
3 Months Ended
Mar. 31, 2022
Offsetting [Abstract]  
Schedule of Costs and Recognized Earnings in Excess of Billings and Billings in Excess of Costs and Recognized Earnings on Uncompleted Contracts
Contract assets and contract liabilities and recognized earnings consist of the following (in millions):

March 31,
2022
December 31,
2021
Costs incurred on contracts in progress$2,591.9 $2,161.5 
Estimated earnings368.1 316.4
Contract revenue earned on uncompleted contracts2,960.0 2,477.9 
Less: progress billings2,874.5 2,438.4 
$85.5 $39.5 
The above is included in the accompanying consolidated balance sheet under the following line items:
Contract assets$140.6 $118.6 
Contract liabilities(55.1)(79.1)
$85.5 $39.5 
Schedule of Inventory
Inventory consists of the following (in millions):
March 31,
2022
December 31,
2021
Raw materials and consumables$16.7 $14.3 
Work in process1.1 1.2 
Finished goods1.7 1.5 
Total inventory$19.5 $17.0 
Schedule of Other Invested Assets
Carrying values of other invested assets were as follows (in millions):
March 31, 2022December 31, 2021
Measurement
Alternative(1)
Equity
Method
Total
Measurement
Alternative(1)
Equity
Method
Total
Common stock$— $2.9 $2.9 $— $2.1 $2.1 
Preferred stock— 5.7 5.7 — 7.5 7.5 
Fixed maturities5.0 — 5.0 0.5 — 0.5 
Put option11.3 — 11.3 11.3 — 11.3 
Equity method securities— 35.3 35.3 — 34.6 34.6 
Total$16.3 $43.9 $60.2 $11.8 $44.2 $56.0 
(1) The Company accounts for its equity securities without readily determinable fair values under the measurement alternative election of ASC 321, whereby the Company can elect to measure an equity security without a readily determinable fair value, that does not qualify for the practical expedient to estimate fair value (net asset value), at its cost minus impairment, if any.
Schedule of Financial Instruments Measured at Fair Value on Nonrecurring Basis
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis. The table excludes carrying amounts for cash and cash equivalents, accounts receivable, accounts payable and other current liabilities, and other assets and liabilities that approximate fair value due to relatively short periods to maturity (in millions):

March 31, 2022Fair Value Measurement Using:
Carrying ValueEstimated Fair ValueLevel 1Level 2Level 3
Assets
Other invested assets$11.3 $11.3 $— $— $11.3 
Total assets not accounted for at fair value$11.3 $11.3 $— $— $11.3 
Liabilities
Debt obligations (1)
$681.1 $692.0 $— $692.0 $— 
Total liabilities not accounted for at fair value$681.1 $692.0 $— $692.0 $— 

December 31, 2021Fair Value Measurement Using:
Carrying ValueEstimated Fair ValueLevel 1Level 2Level 3
Assets
Other invested assets$11.3 $11.3 $— $— $11.3 
Total assets not accounted for at fair value$11.3 $11.3 $— $— $11.3 
Liabilities
Debt obligations (1)
$626.3 $648.2 $— $648.2 $— 
Total liabilities not accounted for at fair value$626.3 $648.2 $— $648.2 $— 
(1) Excludes certain lease obligations accounted for under ASC 842, Leases.
Summarized Information for Equity Method Investments
The following tables provide summarized financial information for the Company's equity method investments (in millions):

March 31,
2022
December 31,
2021
Assets$594.7 $604.5 
Liabilities469.6 481.5 
Equity$125.1 $123.0 

Three Months Ended March 31,
20222021
Total revenues$70.2 $80.3 
Gross profit$17.6 $8.2 
Loss from continuing operations$(1.2)$(6.7)
Net income (loss)$1.9 $(6.0)
Schedule of Other Non-Current Assets The following tables provide information relating to Other non-current assets (in millions):
March 31,
2022
December 31,
2021
Right of use asset$71.2 $69.6 
Other3.6 3.7 
Total other non-current assets$74.8 $73.3 
Schedule of Accrued Liabilities Accrued liabilities consist of the following (in millions):
March 31,
2022
December 31,
2021
 
Accrued expenses and other current liabilities$27.2 $24.5 
Accrued payroll and employee benefits36.4 38.9 
Accrued interest22.5 29.6 
Accrued income taxes— 0.4 
Total accrued liabilities$86.1 $93.4 
Schedule of Other Noncurrent Liabilities
The following tables provide information relating to Other non-current liabilities (in millions):
March 31,
2022
December 31,
2021
Lease liability, net of current portion$58.4 $58.5 
Other4.9 4.8 
Total other non-current liabilities$63.3 $63.3