Accounts Receivable, Net Of Allowance

12 Months Ended

Dec. 31, 2011

Accounts Receivable, Net Of Allowance [Abstract]

Accounts Receivable, Net Of Allowance

Note 7 - Accounts Receivable, Net of Allowance

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

	December 31,
	2011			2010
Contract billings	$	398.8		$	309.8
Retainage		43.7			32.7
Costs and earnings in excess of billings		229.8			110.4
Accounts receivable, gross	$	672.3		$	452.9
Less allowance for doubtful accounts		(7.7	)		(8.5	)
Accounts receivable, net	$	664.6		$	444.4

Retainage, which has been billed, but is not due until 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 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 $7.7 million as of December 31, 2011 and $8.5 million as of December 31, 2010. Activity in the allowance for doubtful accounts for the periods indicated is as follows (in millions):

	Year Ended December 31,
	2011			2010
Allowance for doubtful accounts at beginning of year	$	8.5		$	10.3
Provision for doubtful accounts		2.0			2.9
Amounts charged against the allowance		(2.8	)		(4.7	)
Allowance for doubtful accounts at end of year	$	7.7		$	8.5

Amounts charged against the allowance primarily represent the write-off of accounts which had been fully reserved previously. The decrease in the allowance for doubtful accounts during the years ended December 31, 2011 and 2010 resulted from the collection or settlement of certain outstanding balances for which specific reserves had previously been established.

The Company has trade receivables for certain "pay-when-paid" projects, which provide for payment through September 2016. These receivables have been recorded at their net present values, with the non-current portion recorded within other long-term assets. Imputed interest is recognized as interest income as earned. As of December 31, 2011 and 2010, $6.8 million and $3.5 million were outstanding, respectively, with $4.8 million and $2.7 million, respectively, recorded in other long-term assets.

During the year ended December 31, 2011, certain of the Company's international subsidiaries utilized the sale of accounts receivable as short-term financing mechanisms. The amount of related receivables sold during the period ended, or outstanding as of December 31, 2011, was not material.