Contract Assets and Liabilities
|12 Months Ended|
Sep. 30, 2020
|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):
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):
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 satisfiesits 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.
The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef