Percentage-of-Completion Contracts

3 Months Ended

Dec. 31, 2014

Disclosure Percentage Of Completion Contracts Additional Information [Abstract]

Percentage-of-Completion Contracts

Percentage-of-Completion Contracts

The Building Efficiency business records certain long-term contracts under the percentage-of-completion method of accounting. Under this method, sales and gross profit are recognized as work is performed based on the relationship between actual costs incurred and total estimated costs at completion. The Company records costs and earnings in excess of billings on uncompleted contracts primarily within accounts receivable - net and billings in excess of costs and earnings on uncompleted contracts primarily within other current liabilities in the consolidated statements of financial position. Costs and earnings in excess of billings related to these contracts were $498 million, $507 million and $486 million at December 31, 2014, September 30, 2014 and December 31, 2013, respectively. Billings in excess of costs and earnings related to these contracts were $339 million, $363 million and $302 million at December 31, 2014, September 30, 2014 and December 31, 2013, respectively.