Annual report pursuant to Section 13 and 15(d)

Contract Assets and Liabilities

v3.20.2
Contract Assets and Liabilities
 12 Months Ended
Sep. 30, 2020
Contractors [Abstract]  
Contract Assets and Liabilities Contract Assets and Liabilities
Costs and estimated earnings compared to billings on uncompleted contracts at September 30, 2020 and 2019 consisted of the following (in thousands):
September 30,
2020 2019
Costs on uncompleted contracts $ 876,229  $ 900,880 
Estimated earnings to date on uncompleted contracts 101,055  123,256 
977,284  1,024,136 
Billings to date on uncompleted contracts (1,003,115) (1,043,221)
Net billings in excess of costs and estimated earnings on uncompleted contracts $ (25,831) $ (19,085)
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, 2019 to September 30, 2020 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, 2019 $ 12,030  $ (31,115) $ (19,085)
Changes in revenue billed, contract price or cost estimates (4,157) (2,589) (6,746)
September 30, 2020 $ 7,873  $ (33,704) $ (25,831)
At September 30, 2020, the Company had unsatisfied or partially unsatisfied performance obligations under construction project contracts representing approximately $469.7 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 $421.0 million during the fiscal year ending September 30, 2021 and approximately $48.7 million thereafter.