Accounts Receivable, Net of Allowance

6 Months Ended

Jun. 30, 2017

Receivables [Abstract]

Accounts Receivable, Net of Allowance

Note 5 - Accounts Receivable, Net of Allowance

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

	June 30, 2017			December 31, 2016
Contract billings	$	784.5		$	564.2
Retainage	228.6			268.6
Costs and earnings in excess of billings	565.1			331.6
Accounts receivable, gross	$	1,578.2		$	1,164.4
Less allowance for doubtful accounts	(8.8		)	(8.4		)
Accounts receivable, net	$	1,569.4		$	1,156.0

Retainage, which has been billed, but is not due until completion of performance and acceptance by customers, is 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 June 30, 2017 and 2016 totaled $0.2 million and $1.3 million, respectively, and for the six month periods ended June 30, 2017 and 2016, totaled $0.7 million and $1.7 million, respectively.

The Company is party to non-recourse financing arrangements in the ordinary course of business, under which certain receivables are purchased by the customer’s bank in return for a nominal fee. These arrangements, under which amounts can vary based on levels of activity and changes in customer payment terms, improve the collection cycle time of the related receivables. The discount charge, which is included within interest expense, totaled approximately $1.7 million and $0.5 million, respectively, for the three month periods ended June 30, 2017 and 2016, and totaled approximately $2.6 million and $0.9 million, respectively, for the six month periods ended June 30, 2017 and 2016.