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Revenue and Contracts in Process
9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue and Contracts in Process
3. Revenue and Contracts in Process

Revenue from contracts with customers consist of the following (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Revenue
Infrastructure
$412.7 $383.0 $1,197.0 $776.3 
Life Sciences1.2 1.6 3.0 2.8 
Spectrum9.1 10.2 28.0 31.3 
Total revenue$423.0 $394.8 $1,228.0 $810.4 

Accounts receivables, net, from contracts with customers consist of the following (in millions):
September 30,
2022
December 31,
2021
 
Accounts receivables with customers
Infrastructure
$313.9 $226.8 
Life Sciences0.8 0.3 
Spectrum7.1 9.4 
Total accounts receivables with customers$321.8 $236.5 


Contract assets and contract liabilities and recognized earnings consist of the following (in millions):
September 30,
2022
December 31,
2021
Costs incurred on contracts in progress$2,098.3 $2,161.5 
Estimated earnings343.5 316.4
Contract revenue earned on uncompleted contracts2,441.8 2,477.9 
Less: progress billings2,381.2 2,438.4 
$60.6 $39.5 
The above is included in the accompanying consolidated balance sheets under the following line items:
Contract assets$156.0 $118.6 
Contract liabilities(95.4)(79.1)
$60.6 $39.5 
Infrastructure Segment

The following table disaggregates DBMG's revenue by market (in millions):

Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Commercial$187.3 $207.0 $643.9 $343.3 
Industrial96.3 92.9 270.5 207.9 
Healthcare36.0 17.1 93.3 37.2 
Convention55.5 23.4 97.2 51.7 
Transportation15.0 16.0 32.9 40.0 
Leisure7.9 4.8 17.7 16.5 
Government10.9 15.9 27.4 54.6 
Other3.7 5.9 13.7 25.1 
Total revenue from contracts with customers412.6 383.0 1,196.6 776.3 
Other revenue0.1 — 0.4 — 
Total Infrastructure segment revenue$412.7 $383.0 $1,197.0 $776.3 

Contract assets and contract liabilities consisted of the following (in millions):
September 30,
2022
December 31,
2021
 
Cost in excess of billings$85.4 $68.3 
Conditional retainage70.6 50.3 
Contract assets$156.0 $118.6 
Billings in excess of costs$(152.7)$(137.6)
Conditional retainage57.3 58.5 
Contract liabilities$(95.4)$(79.1)

The change in contract assets is a result of the recording of $171.4 million of contract assets driven by new commercial projects, offset by $134.0 million of contract assets transferred to receivables from contract assets recognized at the beginning of the period.

The change in contract liabilities is a result of periodic contract liabilities of $93.2 million driven largely by new commercial projects, offset by revenue recognized that was included in the contract liability balance at the beginning of the period in the amount of $76.9 million.

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations

As of September 30, 2022, the transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions):
 Within One YearWithin Five YearsTotal
Commercial$409.7 $110.4 $520.1 
Industrial243.4 18.5 261.9 
Transportation332.9 97.6 430.5 
Government13.2 — 13.2 
Leisure6.6 — 6.6 
Healthcare418.9 108.9 527.8 
Convention132.0 8.0 140.0 
Other3.0 — 3.0 
Remaining unsatisfied performance obligations$1,559.7 $343.4 $1,903.1 

DBMG's remaining unsatisfied performance obligations increase with awards of new contracts and decrease as it performs work and recognizes revenue on existing contracts. DBMG includes a project within its remaining unsatisfied performance obligations at such time the project is awarded and agreement on contract terms has been reached. DBMG's remaining unsatisfied performance obligations include amounts related to contracts for which a fixed price contract value is not assigned when a reasonable estimate of total transaction price can be made. DBMG expects to recognize this revenue within the next thirty-six months.
Remaining unsatisfied performance obligations include unrecognized revenues to be realized from uncompleted construction contracts. Although many of DBMG's contracts are subject to cancellation at the election of its customers, in accordance with industry practice, DBMG does not limit the amount of unrecognized revenue included within its remaining unsatisfied performance obligations due to the inherent substantial economic penalty that would be incurred by its customers upon cancellation.

Life Sciences Segment

The following table disaggregates the Life Sciences segment's revenue by type (in millions):

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Systems and consumables revenue$1.2 $1.6 $3.0 $2.8 
Total Life Sciences segment revenue$1.2 $1.6 $3.0 $2.8 

Spectrum Segment

The following table disaggregates the Spectrum segment's revenue by type (in millions):

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Broadcast station$4.7 $4.7 $14.2 $13.6 
Network advertising3.4 4.2 10.7 13.7 
Network distribution0.8 0.8 2.2 2.5 
Other0.2 0.5 0.9 1.5 
Total Spectrum segment revenue$9.1 $10.2 $28.0 $31.3 

As of September 30, 2022, the transaction price allocated to remaining unsatisfied performance obligations consisted of $3.4 million of broadcast station revenues, $0.1 million of network advertising and $0.1 million of other revenues, of which $2.8 million is expected to be recognized within one year and $0.8 million is expected to be recognized within the next thirty-six months.