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Accounts Receivable-Net
 3 Months Ended
Dec. 31, 2012
Accounts Receivable-Net  
Accounts Receivable-Net

5.              Accounts Receivable—Net

 

Net accounts receivable consisted of the following as of December 31, 2012 and September 30, 2012:

 

 

 

December 31,
2012

 

September 30,
2012

 

 

 

(in millions)

 

Billed

 

$

1,277.6

 

$

1,207.0

 

Unbilled

 

1,152.7

 

1,145.1

 

Contract retentions

 

157.9

 

156.6

 

Total accounts receivable—gross

 

2,588.2

 

2,508.7

 

Allowance for doubtful accounts

 

(106.4

)

(112.8

)

Total accounts receivable—net

 

$

2,481.8

 

$

2,395.9

 

 

Billed accounts receivable represent amounts billed to clients that have yet to be collected. Unbilled accounts receivable represent revenue recognized but not yet billed pursuant to contract terms or accounts billed after the period end. Substantially all unbilled receivables as of December 31, 2012 and September 30, 2012 are expected to be billed and collected within twelve months. Contract retentions represent amounts invoiced to clients where payments have been withheld pending the completion of certain milestones, or other contractual conditions or upon the completion of a project. These retention agreements vary from project to project and could be outstanding for several months or years.

 

Allowances for doubtful accounts have been determined through specific identification of amounts considered to be uncollectible and potential write-offs, plus a non-specific allowance for other amounts for which some potential loss has been determined to be probable based on current and past experience.

 

Other than the U.S. Government, no single client accounted for more than 10% of the Company’s accounts receivable as of December 31, 2012 or September 30, 2012.

 

The Company sold trade receivables to financial institutions, of which $89.6 million was outstanding as of December 31, 2012. The Company does not retain financial or legal interest in these receivables.