Annual report pursuant to Section 13 and 15(d)

Contract Assets and Liabilities

v3.24.3
Contract Assets and Liabilities
 12 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Contract Assets and Liabilities Contract Assets and Liabilities
Costs and estimated earnings compared to billings on uncompleted contracts at September 30, 2024, 2023, and 2022 consisted of the following (in thousands):
September 30,
2024 2023 2022
Costs on uncompleted contracts $ 2,224,511  $ 1,831,106  $ 1,520,510 
Estimated earnings to date on uncompleted contracts 271,719  194,760  146,459 
2,496,230  2,025,866  1,666,969 
Billings to date on uncompleted contracts (2,590,329) (2,077,475) (1,690,175)
Net billings in excess of costs and estimated earnings on uncompleted contracts $ (94,099) $ (51,609) $ (23,206)
Significant changes to balances of costs and estimated earnings in excess of billings (contract asset) and billings in excess of costs and estimated earnings (contract liability) on uncompleted contracts from September 30, 2022 to September 30, 2024 are presented below (in thousands):
Costs and Estimated Earnings in Excess of Billings on
 Uncompleted Contracts		 Billings in Excess of Costs and Estimated Earnings on
 Uncompleted Contracts		 Net Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts
September 30, 2022 $ 29,271  $ (52,477) $ (23,206)
Changes in revenue billed, contract price or cost estimates (1,975) (26,428) (28,403)
September 30, 2023 27,296  (78,905) (51,609)
Changes in revenue billed, contract price or cost estimates (1,330) (41,160) (42,490)
September 30, 2024 $ 25,966  $ (120,065) $ (94,099)
As work is performed, revenue is recognized and the corresponding liability balance of billings in excess of costs and estimated earnings on uncompleted contracts is reduced. During the years ended September 30, 2024 and 2023 and 2022, the Company recognized revenue of $78.9 million, $52.5 million and $33.7 million, respectively, that was included in the billings in excess of costs and estimated earnings on uncompleted contracts liability balance at September 30, 2023, 2022 and 2021, respectively.
At September 30, 2024, the Company had unsatisfied or partially unsatisfied performance obligations under construction project contracts representing approximately $1.48 billion in aggregate transaction price. The Company expects to earn revenue as it satisfies the performance obligations under those contracts in the amount of approximately $1.18 billion during the fiscal year ending September 30, 2025, and approximately $0.30 billion thereafter.