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Customer Contracts
 12 Months Ended
Jun. 30, 2012
Customer Contracts [Abstract]  
Customer Contracts

Note 4—Customer 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,
2012		     June 30,
2011		  
    (In thousands)  

Costs incurred and estimated earnings recognized on uncompleted contracts

   $ 774,749     $ 583,334  

Billings on uncompleted contracts

     736,480       578,763  
   

 

 

    

 

 

  
    $ 38,269     $ 4,571  
   

 

 

    

 

 

  

Shown on balance sheet as:

                

Costs and estimated earnings in excess of billings on uncompleted contracts

   $ 68,562     $ 40,056  

Billings on uncompleted contracts in excess of costs and estimated earnings

     30,293       35,485  
   

 

 

    

 

 

  
    $ 38,269     $ 4,571  
   

 

 

    

 

 

  

SME Claim Receivables

Included in the SME acquisition in fiscal 2009 were certain claim receivables which were recorded at their net realizable values, which included an allowance for estimated collection costs. In fiscal 2010, the cumulative collection costs exceeded the original estimate of the allowance for collection costs resulting in pretax SG&A charges of $1.9 million in fiscal 2010 and $0.3 million in fiscal 2011.

 

Additionally, in fiscal 2010 the Company was awarded $0.5 million through arbitration on one of the claims. The award was less than the claim’s recorded value and resulted in a pretax SG&A charge of $2.5 million. As a part of the Company’s ongoing assessment of the recoverability of the remaining uncollected balances, the Company recorded a pretax SG&A charge of $0.4 million in fiscal 2010. In September 2011, the Company received $1.5 million as settlement for a portion of these claims. The settlement amount approximated the book value of the receivable; therefore, no gain or loss was recognized. The recorded amount of these outstanding claims was $0.7 million at June 30, 2012 and $2.3 million at June 30, 2011.