Uncompleted Contracts (Notes)

6 Months Ended

Dec. 31, 2013

Disclosure Customer Contracts Additional Information [Abstract]

Uncompleted Contracts

Uncompleted Contracts

Contract terms of the Company’s construction contracts generally provide for progress billings based on project milestones. The excess of costs incurred and estimated earnings over amounts billed on uncompleted contracts is reported as a current asset. The excess of amounts billed over costs incurred and estimated earnings recognized on uncompleted contracts is reported as a current liability. Gross and net amounts on uncompleted contracts are as follows:

	December 31, 2013			June 30, 2013
	(in thousands)
Costs incurred and estimated earnings recognized on uncompleted contracts	$	1,224,804		$	802,588
Billings on uncompleted contracts	1,228,365			791,663
	$	(3,561	)	$	10,925
Shown on balance sheet as:
Costs and estimated earnings in excess of billings on uncompleted contracts	$	92,212		$	73,773
Billings on uncompleted contracts in excess of costs and estimated earnings	95,773			62,848
	$	(3,561	)	$	10,925

Progress billings in accounts receivable at December 31, 2013 and June 30, 2013 included retentions to be collected within one year of $24.9 million and $19.9 million, respectively. Contract retentions collectible beyond one year totaled $3.7 million at December 31, 2013 and $3.1 million at June 30, 2013.

SME Receivables

The Company continues to pursue collection of a certain receivable acquired in connection with the purchase of S.M. Electric Company, Inc. in February 2009. The recorded values at December 31, 2013 include $0.7 million in claim receivables, which represents the Company’s best estimate of the amount to be collected under a claim, and an additional $2.9 million for amounts due under the related contract. Recovering the remaining receivables will require mediation or litigation and the ultimate amount realized may be significantly different than the recorded amounts, which could result in a material adjustment to future earnings.

Other

During the second quarter of fiscal 2014, our results of operations were materially impacted by a charge resulting from a change in estimate on an aboveground storage tank project. The charge resulted in a $4.4 million and $4.0 million decrease in operating income for the three and six months ended December 31, 2013, respectively. In the same period of the prior year, we recognized a project charge due to a change in estimate that resulted in a $3.3 million and $3.0 million decrease in operating income for the three and six months ended December 31, 2012, respectively.