Costs and Estimated Earnings on Uncompleted Contracts

9 Months Ended

Jun. 30, 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 June 30, 2019 and September 30, 2018 consisted of the following (in thousands):

	June 30, 2019		September 30, 2018
	(unaudited)
Costs on uncompleted contracts	$	913,628	$	743,322
Estimated earnings to date on uncompleted contracts	123,914		95,155
	1,037,542		838,477
Billings to date on uncompleted contracts	(1,055,843)		(867,881)
Net billings in excess of costs and estimated earnings on uncompleted contracts	$	(18,301)	$	(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 June 30, 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	4,709		6,394		11,103
June 30, 2019 (unaudited)	$	14,043	$	(32,344)	$	(18,301)

At June 30, 2019, the Company had unsatisfied or partially unsatisfied performance obligations under construction project contracts representing approximately $522 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 $201 million during the remainder of the fiscal year ending September 30, 2019 and approximately $321 million thereafter.