Accounts Receivable, Net of Allowance

3 Months Ended

Mar. 31, 2015

Receivables [Abstract]

Accounts Receivable, Net of Allowance

Note 6 - Accounts Receivable, Net of Allowance

The following table provides details of accounts receivable, net of allowance, as of the dates indicated (in millions):

	March 31, 2015			December 31, 2014
Contract billings	$	552.1		$	669.7
Retainage	152.6			162.2
Costs and earnings in excess of billings	436.3			485.6
Accounts receivable, gross	$	1,141.0		$	1,317.5
Less allowance for doubtful accounts	(8.2		)	(13.9		)
Accounts receivable, net	$	1,132.8		$	1,303.6

Retainage, which has been billed, but is not due until the Company’s completion of performance and acceptance by customers, is generally expected to be collected within one year. Receivables expected to be collected beyond one year are recorded within other long-term assets. Provisions for doubtful accounts for the three month periods ended March 31, 2015 and 2014 totaled $0.5 million and $0.6 million, respectively.

During 2014, the Company entered into a non-recourse financing arrangement, under which certain receivables are purchased by the customer’s bank for a nominal fee. This arrangement improves the collection cycle time of the related receivables, the effect of which amounted to cash collections of approximately $33 million in the first quarter of 2015. Cash collected from this arrangement is reflected within cash provided by operating activities. The discount charge, which was immaterial for the three month period ended March 31, 2015, is included within interest expense in the consolidated statements of operations.