Supplementary Financial Information (Tables)
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6 Months Ended |
Jun. 30, 2022 |
Offsetting [Abstract] |
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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):
| | | | | | | | | | | | | | | | | June 30, 2022 | | December 31, 2021 | | | | Costs incurred on contracts in progress | | $ | 2,660.0 | | | $ | 2,161.5 | | Estimated earnings | | 377.9 | | | 316.4 | Contract revenue earned on uncompleted contracts | | 3,037.9 | | | 2,477.9 | | Less: progress billings | | 2,978.5 | | | 2,438.4 | | | | $ | 59.4 | | | $ | 39.5 | | | | | | | The above is included in the accompanying consolidated balance sheet under the following line items: | Contract assets | | $ | 152.7 | | | $ | 118.6 | | Contract liabilities | | (93.3) | | | (79.1) | | | | $ | 59.4 | | | $ | 39.5 | |
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Schedule of Inventory |
Inventory consists of the following (in millions): | | | | | | | | | | | | | | | | | June 30, 2022 | | December 31, 2021 | | | | Raw materials and consumables | | $ | 16.9 | | | $ | 14.3 | | Work in process | | 1.0 | | | 1.2 | | Finished goods | | 2.2 | | | 1.5 | | Total inventory | | $ | 20.1 | | | $ | 17.0 | |
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Schedule of Other Invested Assets |
Carrying values of other invested assets were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2022 | | December 31, 2021 | | | Measurement Alternative(1) | | Equity Method | | Total | | Measurement Alternative(1) | | Equity Method | | Total | Common stock | | $ | — | | | $ | 3.1 | | | $ | 3.1 | | | $ | — | | | $ | 2.1 | | | $ | 2.1 | | Preferred stock | | — | | | 3.2 | | | 3.2 | | | — | | | 7.5 | | | 7.5 | | Fixed maturities | | — | | | 5.0 | | | 5.0 | | | 0.5 | | | — | | | 0.5 | | Put option | | 11.3 | | | — | | | 11.3 | | | 11.3 | | | — | | | 11.3 | | Investment in securities | | — | | | 36.3 | | | 36.3 | | | — | | | 34.6 | | | 34.6 | | Total | | $ | 11.3 | | | $ | 47.6 | | | $ | 58.9 | | | $ | 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.
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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 and restricted cash, accounts receivable and contract assets, accounts payable, contract liabilities and other current liabilities, and other assets and liabilities that approximate fair value due to relatively short periods to maturity (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2022 | | | | | | Fair Value Measurement Using: | | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 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) | | $ | 666.5 | | | $ | 644.3 | | | $ | — | | | $ | 644.3 | | | $ | — | | Total liabilities not accounted for at fair value | | $ | 666.5 | | | $ | 644.3 | | | $ | — | | | $ | 644.3 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | | | | | Fair Value Measurement Using: | | Carrying Value | | Estimated Fair Value | | Level 1 | | Level 2 | | Level 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.
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Summarized Information for Equity Method Investments |
The following tables provide summarized financial information for the Company's equity method investments (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2022 | | December 31, 2021 | | | | | | | | Assets | | | | | | $ | 657.1 | | | $ | 604.5 | | Liabilities | | | | | | 534.0 | | | 481.5 | | Equity | | | | | | $ | 123.1 | | | $ | 123.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2022 | | 2021 | | 2022 | | 2021 | Total revenues | | $ | 139.1 | | | $ | 218.3 | | | 209.3 | | $ | 298.6 | | Gross profit | | 27.2 | | | 36.1 | | | 44.9 | | | 44.3 | | Income from continuing operations | | 6.6 | | | 7.6 | | | 5.4 | | | 0.9 | | Net income | | 4.9 | | | 6.2 | | | 6.8 | | | 0.1 | |
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Schedule of Other Non-Current Assets |
The following tables provide information relating to Other non-current assets (in millions): | | | | | | | | | | | | | | | | | June 30, 2022 | | December 31, 2021 | | | | Right-of-use assets | | $ | 67.7 | | | $ | 69.6 | | Other | | 4.7 | | | 3.7 | | Total other non-current assets | | $ | 72.4 | | | $ | 73.3 | |
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Schedule of Accrued Liabilities |
Accrued liabilities consist of the following (in millions): | | | | | | | | | | | | | | | | | June 30, 2022 | | December 31, 2021 | | | | Accrued expenses and other current liabilities | | $ | 27.6 | | | $ | 24.5 | | | | | | | Accrued payroll and employee benefits | | 33.5 | | | 38.9 | | Accrued interest | | 32.0 | | | 29.6 | | Accrued income taxes | | 0.2 | | | 0.4 | | Total accrued liabilities | | $ | 93.3 | | | $ | 93.4 | |
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Schedule of Other Noncurrent Liabilities |
The following tables provide information relating to Other non-current liabilities (in millions): | | | | | | | | | | | | | | | | | June 30, 2022 | | December 31, 2021 | | | | Lease liability, net of current portion | | $ | 55.0 | | | $ | 58.5 | | | | | | | Other | | 4.8 | | | 4.8 | | Total other non-current liabilities | | $ | 59.8 | | | $ | 63.3 | |
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