Quarterly report pursuant to Section 13 or 15(d)

Costs and Estimated Earnings on Uncompleted Contracts

v3.19.1
Costs and Estimated Earnings on Uncompleted Contracts
 6 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]  
Costs and Estimated Earnings on Uncompleted Contracts
Costs and Estimated Earnings on Uncompleted Contracts
Costs and estimated earnings compared to billings on uncompleted contracts at March 31, 2019 and September 30, 2018 consisted of the following (in thousands):

March 31, 2019
 
September 30, 2018

(unaudited)
 
 
Costs on uncompleted contracts
$
810,269

 
$
743,322

Estimated earnings to date on uncompleted contracts
105,893

 
95,155


916,162

 
838,477

Billings to date on uncompleted contracts
(938,224
)
 
(867,881
)
Net billings in excess of costs and estimated earnings on uncompleted contracts
$
(22,062
)
 
$
(29,404
)


 


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, 2018 to March 31, 2019 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, 2018
$
9,334

 
$
(38,738
)
 
$
(29,404
)
Changes in revenue billed, contract price or cost estimates
3,261

 
4,081

 
7,342

March 31, 2019 (unaudited)
$
12,595

 
$
(34,657
)
 
$
(22,062
)

At March 31, 2019, the Company had unsatisfied or partially unsatisfied performance obligations under construction project contracts representing approximately $525 million in aggregate transaction price. The Company expects to earn revenue as it satisfies its performance obligations under those contracts in the amount of approximately $338 million during the remainder of the fiscal year ending September 30, 2019 and approximately $187 million thereafter.