Accounts Receivable-Net

9 Months Ended

Jun. 30, 2013

Accounts Receivable-Net

Accounts Receivable-Net

5. Accounts Receivable—Net

Net accounts receivable consisted of the following as of June 30, 2013 and September 30, 2012:

	June 30, 2013			September 30, 2012
	(in millions)
Billed	$	1,217.6		$	1,207.0
Unbilled	1,061.2			1,145.1
Contract retentions	165.9			156.6
Total accounts receivable—gross	2,444.7			2,508.7
Allowance for doubtful accounts	(103.6		)	(112.8		)
Total accounts receivable—net	$	2,341.1		$	2,395.9

Billed accounts receivable represent amounts billed to clients that have yet to be collected. Unbilled accounts receivable represent revenue recognized but not yet billed pursuant to contract terms or accounts billed after the period end. Substantially all unbilled receivables as of June 30, 2013 and September 30, 2012 are expected to be billed and collected within twelve months. Contract retentions represent amounts invoiced to clients where payments have been withheld pending the completion of certain milestones, or other contractual conditions, or upon the completion of a project. These retention agreements vary from project to project and could be outstanding for several months or years.

Allowances for doubtful accounts have been determined through specific identification of amounts considered to be uncollectible and potential write-offs, plus a non-specific allowance for other amounts for which some potential loss has been determined to be probable based on current and past experience.

Other than the U.S. Government, no single client accounted for more than 10% of the Company’s accounts receivable as of June 30, 2013 or September 30, 2012.

The Company sold trade receivables to financial institutions, of which $106.4 million and $31.2 million was outstanding as of June 30, 2013 and September 30, 2012, respectively. The Company does not retain financial or legal interest in these receivables.