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Accounts Receivable, Net Of Allowance
9 Months Ended
Sep. 30, 2011
Accounts Receivable, Net Of Allowance 
Accounts Receivable, Net Of Allowance

Note 8 – Accounts Receivable, Net of Allowance

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

 

     September 30,
2011		     December 31,
2010		  

Contract billings

    $ 414.0      $ 309.8   

Retainage

      39.7        32.7   

Costs and earnings in excess of billings

      265.0        110.4   
  

 

 

    

 

 

  
   $ 718.7      $ 452.9   

Less allowance for doubtful accounts

      (7.5 )      (8.5 ) 
  

 

 

    

 

 

  

Accounts receivable, net

    $ 711.2      $ 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 $7.5 million and $8.5 million as of September 30, 2011 and December 31, 2010, respectively.

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 September 30, 2011, $5.9 million was outstanding, with $4.5 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.