Quarterly report pursuant to Section 13 or 15(d)

Contract Assets and Liabilities

v3.20.4
Contract Assets and Liabilities
 3 Months Ended
Dec. 31, 2020
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 December 31, 2020 and September 30, 2020 consisted of the following (in thousands):
December 31, 2020 September 30, 2020
(unaudited)
Costs on uncompleted contracts $ 855,498  $ 876,229 
Estimated earnings to date on uncompleted contracts 102,685  101,055 
958,183  977,284 
Billings to date on uncompleted contracts (976,965) (1,003,115)
Net billings in excess of costs and estimated earnings on uncompleted contracts $ (18,782) $ (25,831)
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, 2020 to December 31, 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, 2020 $ 7,873  $ (33,704) $ (25,831)
Changes in revenue billed, contract price or cost estimates $ 4,275  $ 2,774  $ 7,049 
December 31, 2020 (unaudited) $ 12,148  $ (30,930) $ (18,782)
At December 31, 2020, the Company had unsatisfied or partially unsatisfied performance obligations under construction project contracts representing approximately $516.3 million in aggregate transaction price. The Company expects to earn revenue as it satisfies its performance obligations under such contracts in the amount of approximately $415.9 million during the remainder of the fiscal year ending September 30, 2021 and $100.4 million thereafter.