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Revenue and Contracts in Process
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue and Contracts in Process
3. Revenue and Contracts in Process

Revenue from contracts with customers consists of the following (in millions):

Three Months Ended March 31,
 20242023
Infrastructure
$307.9 $311.7 
Life Sciences1.0 0.5 
Spectrum6.3 5.7 
Total revenue$315.2 $317.9 

Accounts receivables, net, from contracts with customers consist of the following (in millions):
March 31,
2024		December 31,
2023
 
Infrastructure
$262.6 $271.5 
Life Sciences0.5 0.3 
Spectrum1.6 1.4 
Total accounts receivables with customers$264.7 $273.2 

As of January 1, 2023, total accounts receivable, net, from contracts with customers were $250.4 million.

Infrastructure Segment

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

Three Months Ended March 31,
 20242023
Transportation$100.4 $41.5 
Industrial84.1 91.3 
Commercial77.3 112.5 
Healthcare34.3 31.4 
Convention5.5 25.4 
Government2.7 3.7 
Energy2.2 2.7 
Leisure1.0 3.2 
Total revenue from contracts with customers$307.5 $311.7 
Other revenue0.4 — 
Total Infrastructure segment revenue$307.9 $311.7 

Contract assets and contract liabilities and recognized earnings consisted of the following (in millions):
March 31,
2024		December 31, 2023
Costs incurred on contracts in progress$2,979.0 $2,811.8 
Estimated earnings548.2 510.1
Contract revenue earned on uncompleted contracts3,527.2 3,321.9 
Less: progress billings3,570.4 3,356.8 
$(43.2)$(34.9)
The above is included in the accompanying Condensed Consolidated Balance Sheets under the following line items:
Contract assets$82.2 $118.6 
Contract liabilities(125.4)(153.5)
$(43.2)$(34.9)
March 31,
2024		December 31,
2023
 
Cost in excess of billings and estimated earnings
$46.4 $73.8 
Conditional retainage35.8 44.8 
Contract assets$82.2 $118.6 
Billings in excess of costs and estimated earnings
$(194.5)$(229.3)
Conditional retainage69.1 75.8 
Contract liabilities$(125.4)$(153.5)

As of January 1, 2023, contract assets were $165.1 million and contract liabilities were $98.6 million.

The change in contract assets during the three months ended March 31, 2024 is a result of the recording of $15.7 million of contract assets driven by new commercial projects, offset by $52.1 million of contract assets transferred to receivables from contract assets recognized at the beginning of the period.

The change in contract liabilities during the three months ended March 31, 2024 is a result of the recording of periodic contract liabilities of $62.9 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 $91.0 million.

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations

As of March 31, 2024, the transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions):
 Within One YearWithin Five YearsTotal
Healthcare$175.0 $194.5 $369.5 
Commercial219.0 0.4 219.4 
Industrial174.3 0.4 174.7 
Transportation107.0 32.1 139.1 
Government9.8 — 9.8 
Convention8.2 — 8.2 
Energy
1.9 — 1.9 
Leisure2.6 — 2.6 
Remaining unsatisfied performance obligations$697.8 $227.4 $925.2 

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 approximately within the next 3.0 years.

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 March 31,
20242023
Systems and consumables revenue$1.0 $0.5 
Total Life Sciences segment revenue$1.0 $0.5 
Spectrum Segment

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

Three Months Ended March 31,
20242023
Broadcast station$6.3 $5.2 
Other— 0.5 
Total Spectrum segment revenue$6.3 $5.7 

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations
As of March 31, 2024, the transaction price allocated to remaining unsatisfied performance obligations consisted of $15.3 million of broadcast station revenues of which $8.5 million is expected to be recognized within one year and $6.8 million is expected to be recognized within the next 3 years.