Customer Contracts

12 Months Ended

Jun. 30, 2018

Contractors [Abstract]

Customer 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 on uncompleted contracts is reported as a current liability. Gross and net amounts on uncompleted contracts are as follows:

	June 30, 2018			June 30, 2017
	(In thousands)
Costs and estimated earnings recognized on uncompleted contracts	$	2,081,799		$	1,919,054
Billings on uncompleted contracts	2,125,907			1,903,001
	$	(44,108	)	$	16,053
Shown in balance sheet as:
Costs and estimated earnings in excess of billings on uncompleted contracts	$	76,632		$	91,180
Billings on uncompleted contracts in excess of costs and estimated earnings	120,740			75,127
	$	(44,108	)	$	16,053

Progress billings in accounts receivable at June 30, 2018 and June 30, 2017 included retentions to be collected within one year of $25.9 million and $54.3 million, respectively. Contract retentions collectible beyond one year are included in other assets in the Consolidated Balance Sheets and totaled $2.6 million at June 30, 2018 and $1.9 million at June 30, 2017.

Other

Our fiscal 2017 results were negatively impacted by an increased cost estimate related to a large project in the Electrical Infrastructure segment, which resulted in a decrease in gross profit.  The change in cost estimate resulted from a deterioration in the financial forecast of the project during the third fiscal quarter and was caused by various factors that delayed schedule progress and reduced productivity. At June 30, 2018, the Company's scope of work is complete and the remaining impact of the project on the Company's future results is expected to be insignificant.