Accounts Receivable, Costs and Earnings in Excess of Billings and Retainage, Net of Allowance

6 Months Ended

Jun. 30, 2011

Accounts Receivable, Costs and Earnings in Excess of Billings and Retainage, Net of Allowance

Accounts Receivable, Costs and Earnings in Excess of Billings and Retainage, Net of Allowance

Note 8 - Accounts Receivable, Costs and Earnings in Excess of Billings and Retainage, Net of Allowance

Accounts receivable, classified as current, consists of the following (in millions):

	June 30,			December 31,
	2011			2010
Contract billings	$	323.3		$	309.8
Retainage		33.3			32.7
Costs and earnings in excess of billings		235.0			110.4
	$	591.6		$	452.9
Less allowance for doubtful accounts		(8.5	)		(8.5	)
Accounts receivable, net	$	583.1		$	444.4

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. Any receivables, including retainage, expected to be collected beyond one year are recorded in other long-term assets.

The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. The allowance for doubtful accounts, both for specific customers and as a reserve against other past due balances, was $8.5 million as of both June 30, 2011 and December 31, 2010.

The Company has certain trade receivables for "pay-when-paid" projects, which provide for payment through June 2016. These receivables have been recorded at their net present value, with the non-current portion recorded within other long-term assets. Imputed interest is recognized as interest income as earned. As of June 30, 2011, $5.3 million was outstanding, with $3.8 million recorded in other long-term assets. As of December 31, 2010, $3.5 million was outstanding, with $2.7 million recorded in other long-term assets.